-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 UjiJ306GRQbQm+OA5RwomfWmhUcUmtkFcZH180OIKfgnF/po5zAUPpYaeTvQu2XT
 ALdz9HM1AC59I8093lpmvQ==

<SEC-DOCUMENT>0000950124-04-001364.txt : 20040330
<SEC-HEADER>0000950124-04-001364.hdr.sgml : 20040330
<ACCEPTANCE-DATETIME>20040330165044
ACCESSION NUMBER:		0000950124-04-001364
CONFORMED SUBMISSION TYPE:	S-4
PUBLIC DOCUMENT COUNT:		181
FILED AS OF DATE:		20040330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF TEXAS
		CENTRAL INDEX KEY:			0001282068
		IRS NUMBER:				751316610
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-48
		FILM NUMBER:		04701965

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF WASHINGTON
		CENTRAL INDEX KEY:			0001282071
		IRS NUMBER:				910853577
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-45
		FILM NUMBER:		04701962

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF WEST VIRGINIA
		CENTRAL INDEX KEY:			0001282073
		IRS NUMBER:				550519098
		STATE OF INCORPORATION:			WV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-44
		FILM NUMBER:		04701961

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF WISCONSIN INC
		CENTRAL INDEX KEY:			0001282074
		IRS NUMBER:				391135417
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-43
		FILM NUMBER:		04701960

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF WYOMING INC
		CENTRAL INDEX KEY:			0001282075
		IRS NUMBER:				860668320
		STATE OF INCORPORATION:			WY
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-42
		FILM NUMBER:		04701959

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF MINNESOTA
		CENTRAL INDEX KEY:			0001282076
		IRS NUMBER:				410959566
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-41
		FILM NUMBER:		04701958

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF MISSISSIPPI
		CENTRAL INDEX KEY:			0001282077
		IRS NUMBER:				640479060
		STATE OF INCORPORATION:			MS
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-40
		FILM NUMBER:		04701957

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF MONTANA INC
		CENTRAL INDEX KEY:			0001282078
		IRS NUMBER:				860286953
		STATE OF INCORPORATION:			MT
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-39
		FILM NUMBER:		04701956

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF NEBRASKA
		CENTRAL INDEX KEY:			0001282079
		IRS NUMBER:				420952173
		STATE OF INCORPORATION:			NE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-38
		FILM NUMBER:		04701955

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF NEVADA INC
		CENTRAL INDEX KEY:			0001282081
		IRS NUMBER:				880109786
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-58
		FILM NUMBER:		04701975

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF NEW HAMPSHIRE INC
		CENTRAL INDEX KEY:			0001282083
		IRS NUMBER:				010286482
		STATE OF INCORPORATION:			NH
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-36
		FILM NUMBER:		04701953

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF NEW JERSEY INC
		CENTRAL INDEX KEY:			0001282084
		IRS NUMBER:				860660628
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-35
		FILM NUMBER:		04701952

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF NEW MEXICO INC
		CENTRAL INDEX KEY:			0001282085
		IRS NUMBER:				860660619
		STATE OF INCORPORATION:			NM
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-34
		FILM NUMBER:		04701951

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF NEW YORK INC
		CENTRAL INDEX KEY:			0001282086
		IRS NUMBER:				141511505
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-17
		FILM NUMBER:		04701933

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF NORTH CAROLINA
		CENTRAL INDEX KEY:			0001282087
		IRS NUMBER:				560945609
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-16
		FILM NUMBER:		04701932

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF NORTH DAKOTA
		CENTRAL INDEX KEY:			0001282088
		IRS NUMBER:				410959486
		STATE OF INCORPORATION:			ND
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-15
		FILM NUMBER:		04701931

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF OKLAHOMA INC
		CENTRAL INDEX KEY:			0001282089
		IRS NUMBER:				730788273
		STATE OF INCORPORATION:			OK
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-14
		FILM NUMBER:		04701930

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF OREGON
		CENTRAL INDEX KEY:			0001282090
		IRS NUMBER:				930581331
		STATE OF INCORPORATION:			OR
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-13
		FILM NUMBER:		04701929

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF PENNSYLVANIA
		CENTRAL INDEX KEY:			0001282091
		IRS NUMBER:				061307074
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-12
		FILM NUMBER:		04701928

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF SOUTH CAROLINA INC
		CENTRAL INDEX KEY:			0001282092
		IRS NUMBER:				570522150
		STATE OF INCORPORATION:			SC
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-11
		FILM NUMBER:		04701925

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF SOUTH DAKOTA INC
		CENTRAL INDEX KEY:			0001282093
		IRS NUMBER:				860669364
		STATE OF INCORPORATION:			SD
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-10
		FILM NUMBER:		04701924

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF TENNESSEE
		CENTRAL INDEX KEY:			0001282094
		IRS NUMBER:				620814808
		STATE OF INCORPORATION:			TN
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-09
		FILM NUMBER:		04701923

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF ARIZONA
		CENTRAL INDEX KEY:			0001282095
		IRS NUMBER:				860225558
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-08
		FILM NUMBER:		04701922

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF ARKANSAS
		CENTRAL INDEX KEY:			0001282096
		IRS NUMBER:				710414085
		STATE OF INCORPORATION:			AR
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-07
		FILM NUMBER:		04701921

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF FLORIDA
		CENTRAL INDEX KEY:			0001282104
		IRS NUMBER:				591286753
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-03
		FILM NUMBER:		04701917

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF GEORGIA
		CENTRAL INDEX KEY:			0001282105
		IRS NUMBER:				581083637
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-02
		FILM NUMBER:		04701915

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF HAWAII INC
		CENTRAL INDEX KEY:			0001282106
		IRS NUMBER:				990229610
		STATE OF INCORPORATION:			HI
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-01
		FILM NUMBER:		04701914

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERCO REAL ESTATE CO OF ALABAMA INC
		CENTRAL INDEX KEY:			0001282126
		IRS NUMBER:				860686822
		STATE OF INCORPORATION:			AL
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-20
		FILM NUMBER:		04701936

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL INSPECTIONS LTD
		CENTRAL INDEX KEY:			0001282032
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-81
		FILM NUMBER:		04702001

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONWIDE COMMERCIAL CO
		CENTRAL INDEX KEY:			0001282034
		IRS NUMBER:				920041014
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-78
		FILM NUMBER:		04701997

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERCO REAL ESTATE SERVICES INC
		CENTRAL INDEX KEY:			0001282035
		IRS NUMBER:				861021880
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-77
		FILM NUMBER:		04701996

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			YONKERS PROPERTY CORP
		CENTRAL INDEX KEY:			0001282036
		IRS NUMBER:				860770762
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-76
		FILM NUMBER:		04701995

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WEB TEAM ASSOCIATES INC
		CENTRAL INDEX KEY:			0001282037
		IRS NUMBER:				050581112
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-75
		FILM NUMBER:		04701993

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EMOVE INC
		CENTRAL INDEX KEY:			0001282038
		IRS NUMBER:				861045323
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-74
		FILM NUMBER:		04701992

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PF&F HOLDINGS CORP
		CENTRAL INDEX KEY:			0001282039
		IRS NUMBER:				113692160
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-73
		FILM NUMBER:		04701991

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EIGHT PAC CO
		CENTRAL INDEX KEY:			0001282040
		IRS NUMBER:				860783258
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-72
		FILM NUMBER:		04701990

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELEVEN PAC CO
		CENTRAL INDEX KEY:			0001282042
		IRS NUMBER:				860785559
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-71
		FILM NUMBER:		04701988

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIFTEEN PAC CO
		CENTRAL INDEX KEY:			0001282044
		IRS NUMBER:				860963486
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-70
		FILM NUMBER:		04701987

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIVE PAC CO
		CENTRAL INDEX KEY:			0001282045
		IRS NUMBER:				860782241
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-69
		FILM NUMBER:		04701986

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FOURTEEN PAC CO
		CENTRAL INDEX KEY:			0001282046
		IRS NUMBER:				860962242
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-68
		FILM NUMBER:		04701985

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ONE PAC CO
		CENTRAL INDEX KEY:			0001282047
		IRS NUMBER:				880329217
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-67
		FILM NUMBER:		04701984

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NINE PAC CO
		CENTRAL INDEX KEY:			0001282048
		IRS NUMBER:				860783259
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-66
		FILM NUMBER:		04701983

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TWO PAC CO
		CENTRAL INDEX KEY:			0001282049
		IRS NUMBER:				880329218
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-65
		FILM NUMBER:		04701982

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			THREE PAC CO
		CENTRAL INDEX KEY:			0001282050
		IRS NUMBER:				880329219
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-64
		FILM NUMBER:		04701981

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TWELVE PAC CO
		CENTRAL INDEX KEY:			0001282051
		IRS NUMBER:				860787487
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-63
		FILM NUMBER:		04701980

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIXTEEN PAC CO
		CENTRAL INDEX KEY:			0001282052
		IRS NUMBER:				861003763
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-62
		FILM NUMBER:		04701979

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEN PAC CO
		CENTRAL INDEX KEY:			0001282053
		IRS NUMBER:				860783260
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-61
		FILM NUMBER:		04701978

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SEVEN PAC CO
		CENTRAL INDEX KEY:			0001282054
		IRS NUMBER:				860783257
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-60
		FILM NUMBER:		04701977

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIX PAC CO
		CENTRAL INDEX KEY:			0001282055
		IRS NUMBER:				860781957
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-59
		FILM NUMBER:		04701976

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SEVENTEEN PAC CO
		CENTRAL INDEX KEY:			0001282058
		IRS NUMBER:				861013484
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-79
		FILM NUMBER:		04701998

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FOUR PAC CO
		CENTRAL INDEX KEY:			0001282059
		IRS NUMBER:				860782240
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-57
		FILM NUMBER:		04701974

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF MISSOURI
		CENTRAL INDEX KEY:			0001282060
		IRS NUMBER:				430949927
		STATE OF INCORPORATION:			MO
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-56
		FILM NUMBER:		04701973

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF MASSACHUSETTS & OHIO INC
		CENTRAL INDEX KEY:			0001282061
		IRS NUMBER:				860660629
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-55
		FILM NUMBER:		04701972

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF MARYLAND INC
		CENTRAL INDEX KEY:			0001282062
		IRS NUMBER:				520900011
		STATE OF INCORPORATION:			ME
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-54
		FILM NUMBER:		04701971

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO CANADA LTD
		CENTRAL INDEX KEY:			0001282063
		IRS NUMBER:				1193511
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-53
		FILM NUMBER:		04701970

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF RHODE ISLAND
		CENTRAL INDEX KEY:			0001282064
		IRS NUMBER:				860660627
		STATE OF INCORPORATION:			RI
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-52
		FILM NUMBER:		04701969

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL LEASING & SALES CO
		CENTRAL INDEX KEY:			0001282065
		IRS NUMBER:				880102705
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-51
		FILM NUMBER:		04701968

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL SELF STORAGE MANAGEMENT INC
		CENTRAL INDEX KEY:			0001282066
		IRS NUMBER:				200615812
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-50
		FILM NUMBER:		04701967

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL SELF STORAGE CORP
		CENTRAL INDEX KEY:			0001282067
		IRS NUMBER:				860740134
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-49
		FILM NUMBER:		04701966

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF UTAH INC
		CENTRAL INDEX KEY:			0001282069
		IRS NUMBER:				870285665
		STATE OF INCORPORATION:			UT
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-47
		FILM NUMBER:		04701964

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF VIRGINIA
		CENTRAL INDEX KEY:			0001282070
		IRS NUMBER:				540858070
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-46
		FILM NUMBER:		04701963

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF CALIFORNIA
		CENTRAL INDEX KEY:			0001282097
		IRS NUMBER:				941712079
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-37
		FILM NUMBER:		04701954

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF COLORADO
		CENTRAL INDEX KEY:			0001282099
		IRS NUMBER:				840598433
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-06
		FILM NUMBER:		04701920

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF CONNECTICUT
		CENTRAL INDEX KEY:			0001282101
		IRS NUMBER:				060861229
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-05
		FILM NUMBER:		04701919

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF DISTRICT OF COLUMBIA INC
		CENTRAL INDEX KEY:			0001282102
		IRS NUMBER:				860670348
		STATE OF INCORPORATION:			DC
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-04
		FILM NUMBER:		04701918

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF IDAHO INC
		CENTRAL INDEX KEY:			0001282108
		IRS NUMBER:				860251185
		STATE OF INCORPORATION:			ID
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-33
		FILM NUMBER:		04701950

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF ILLINOIS INC
		CENTRAL INDEX KEY:			0001282110
		IRS NUMBER:				363739811
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-32
		FILM NUMBER:		04701949

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF INDIANA INC
		CENTRAL INDEX KEY:			0001282112
		IRS NUMBER:				351167767
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-31
		FILM NUMBER:		04701947

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF IOWA INC
		CENTRAL INDEX KEY:			0001282113
		IRS NUMBER:				860668997
		STATE OF INCORPORATION:			IA
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-30
		FILM NUMBER:		04701946

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF KANSAS INC
		CENTRAL INDEX KEY:			0001282114
		IRS NUMBER:				480774691
		STATE OF INCORPORATION:			KS
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-29
		FILM NUMBER:		04701945

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF KENTUCKY INC
		CENTRAL INDEX KEY:			0001282115
		IRS NUMBER:				610706271
		STATE OF INCORPORATION:			KY
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-28
		FILM NUMBER:		04701944

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF LOUISIANA
		CENTRAL INDEX KEY:			0001282116
		IRS NUMBER:				720687697
		STATE OF INCORPORATION:			LA
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-27
		FILM NUMBER:		04701943

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF MAINE INC
		CENTRAL INDEX KEY:			0001282117
		IRS NUMBER:				860669886
		STATE OF INCORPORATION:			ME
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-26
		FILM NUMBER:		04701942

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF MICHIGAN
		CENTRAL INDEX KEY:			0001282119
		IRS NUMBER:				860660621
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-25
		FILM NUMBER:		04701941

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF ALABAMA INC
		CENTRAL INDEX KEY:			0001282120
		IRS NUMBER:				860660623
		STATE OF INCORPORATION:			AL
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-24
		FILM NUMBER:		04701940

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL CO OF ALASKA INC
		CENTRAL INDEX KEY:			0001282121
		IRS NUMBER:				860219511
		STATE OF INCORPORATION:			AK
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-23
		FILM NUMBER:		04701939

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			A&M ASSOCIATES INC
		CENTRAL INDEX KEY:			0001282122
		IRS NUMBER:				860253155
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-22
		FILM NUMBER:		04701938

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERCO REAL ESTATE CO
		CENTRAL INDEX KEY:			0001282123
		IRS NUMBER:				880210399
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-21
		FILM NUMBER:		04701937

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERCO REAL ESTATE CO OF TEXAS INC
		CENTRAL INDEX KEY:			0001282128
		IRS NUMBER:				860655547
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-19
		FILM NUMBER:		04701935

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL BUSINESS CONSULTANTS
		CENTRAL INDEX KEY:			0001282130
		IRS NUMBER:				930728694
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-18
		FILM NUMBER:		04701934

	BUSINESS ADDRESS:	
		STREET 1:		2721 NORTH CENTRAL AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636671

FILER:

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

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042-80
		FILM NUMBER:		04702000

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADVANCED MANAGEMENT ENGINEERING & RESEAR
		DATE OF NAME CHANGE:	19730830

FILER:

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

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-114042
		FILM NUMBER:		04701912

	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>S-4
<SEQUENCE>1
<FILENAME>p68936sv4.htm
<DESCRIPTION>REGISTRATION ON FORM S-4
<TEXT>
<HTML>
<HEAD>
<TITLE>sv4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">As filed with Securities and Exchange
Commission on March&nbsp;30, 2004</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Registration Statement
No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>
</DIV>

<DIV align="left">
<HR size="4" noshade color="#000000" style="margin-top: -5px">
</DIV>

<DIV align="left">
<HR size="1" noshade color="#000000" style="margin-top: -10px">
</DIV>

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

<DIV align="center">
<B>Washington, DC 20549</B>
</DIV>

<DIV align="center">
<B><FONT size="5">Form&nbsp;S-4</FONT></B>
</DIV>

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

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

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

<DIV align="center">
<I><FONT size="2">Co-registrants are listed on the following
page</FONT></I>
</DIV>

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

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

<TR>
    <TD width="34%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="28%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B><FONT size="2">Nevada</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">7510</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">86-0663060</FONT></B></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <I><FONT size="2">(State or Other Jurisdiction of<BR>
    Incorporation or Organization)</FONT></I></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">(Primary Standard Industrial<BR>
    Classification Code Number)</FONT></I></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">(I.R.S. Employer<BR>
    Identification Number)</FONT></I></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<B><FONT size="2">1325 Airmotive Way</FONT></B>

<DIV align="center">
<B><FONT size="2">Suite&nbsp;100</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Reno, Nevada 89502-3239</FONT></B>
</DIV>

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

<DIV align="center">
<I><FONT size="2">(Address,&nbsp;Including Zip Code, and
Telephone Number,&nbsp;Including</FONT></I>
</DIV>

<DIV align="center">
<I><FONT size="2">Area Code, of Registrant&#146;s Principal
Executive Offices)</FONT></I>
</DIV>

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

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

<TR>
    <TD width="54%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B><FONT size="2">Gary V. Klinefelter<BR>
    General Counsel<BR>
    1325 Airmotive Way, Suite&nbsp;100<BR>
    Reno, Nevada 89502-3239<BR>
    (775)&nbsp;688-6300</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">Copies to:<BR>
     </FONT></I><B><FONT size="2">Michael M. Donahey<BR>
    Snell&nbsp;&#38; Wilmer L.L.P.<BR>
    One Arizona Center<BR>
    400 East Van Buren Street<BR>
    Phoenix, Arizona 85004<BR>
    (602) 382-6000</FONT></B></TD>
</TR>

</TABLE>
</CENTER>

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

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Approximate
date of commencement of proposed sale to the public:</B> As soon
as practicable after this registration statement becomes
effective and all other conditions to the exchange offer
pursuant to the registration rights agreement described in the
enclosed prospectus have been satisfied or waived.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the securities being registered on this form are being offered
in connection with the formation of a holding company and there
is compliance with General Instruction G, check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this form is filed to register additional securities for an
offering pursuant to Rule&nbsp;462(b) under the Securities Act,
check the following box and list the Securities Act registration
statement number of the earlier effective registration statement
for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this form is a post-effective amendment filed pursuant to
Rule&nbsp;462(d) under the Securities Act, check the following
box and list the Securities Act registration statement number of
the earlier effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

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

<P align="center">
<B><FONT size="2">CALCULATION OF REGISTRATION FEE</FONT></B>

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

<TR>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

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

<TR>
    <TD align="center" nowrap><B><FONT size="1">Title of Each Class of</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Amount to be</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Offering Price Per</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Aggregate</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Amount of</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Securities to be Registered</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Registered</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Note(1)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Offering Price(1)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Registration Fee</FONT></B></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">9.0% Second Lien Senior Secured Notes due 2009
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$80,000,000
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">100%
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$80,000,000
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$10,136
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">Guarantees of 9.0% Second Lien Senior Secured
    Notes due 2009
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$80,000,000
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">(2)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">(2)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">(2)
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>
<P>

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

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

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Estimated solely for purposes of calculating the
    registration fee pursuant to Rule&nbsp;457(f) under the
    Securities Act of 1933.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">In accordance with Rule&nbsp;457(n), no separate
    fee for the registration of the guarantees is required.
    </FONT></TD>
</TR>

</TABLE>

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

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

<P align="left">
<HR size="1" noshade color="#000000" style="margin-top: -2px">

<DIV align="left">
<HR size="4" noshade color="#000000" style="margin-top: -10px">
</DIV>

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

<P align="center">
<B><FONT size="2">Table of Co-Registrants(1)</FONT></B>

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

<TR>
    <TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="27%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name of Each Co-Registrant</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">State or Other Jurisdiction of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">I.R.S. Employer</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">as Specified in Its Charter</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Incorporation or Organization</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Identification No.</FONT></B></TD>
</TR>

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">A&#38;M Associates,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Arizona
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0253155</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amerco Real Estate Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">88-0210399</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amerco Real Estate Company of
    Alabama,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Alabama
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0686822</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amerco Real Estate Company of
    Texas,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Texas
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0655547</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amerco Real Estate
    Services,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-1021880</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Eight PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0783258</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Eleven PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0785559</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">EMove,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-1045323</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fifteen PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0963486</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Five PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0782241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Four PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0782240</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fourteen PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0962242</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Nationwide Commercial Co.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Arizona
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">92-0041014</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Nine PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0783259</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">One PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">88-0329217</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">PF&#38;F Holdings Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Delaware
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">11-3692160</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Seven PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0783257</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Seventeen PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-1013484</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Six PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0781957</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Sixteen PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-1003763</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ten PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0783260</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Three PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">88-0329219</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Twelve PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0787487</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Two PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">88-0329218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Business
    Consultants,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Arizona
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">93-0728694</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Alabama,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Alabama
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0660623</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Alaska
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Alaska
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0219511</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Arizona
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Arizona
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0225558</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Arkansas
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Arkansas
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">71-0414085</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of California
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">California
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">94-1712079</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. (Canada) Ltd.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Ontario, Canada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">119351-1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Colorado
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Colorado
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">84-0598433</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Connecticut
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Connecticut
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">06-0861229</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of District of Columbia,
    Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">District of Columbia
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0670348</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Florida
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Florida
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">59-1286753</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Georgia
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Georgia
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">58-1083637</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul of Hawaii,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Hawaii
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99-0229610</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Idaho,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Idaho
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0251185</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Illinois,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Illinois
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-3739811</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Indiana,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Indiana
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">35-1167767</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Iowa,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Iowa
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0668997</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Kansas,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Kansas
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">48-0774691</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

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

<TR>
    <TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="27%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name of Each Co-Registrant</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">State or Other Jurisdiction of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">I.R.S. Employer</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">as Specified in Its Charter</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Incorporation or Organization</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Identification No.</FONT></B></TD>
</TR>

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Kentucky
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Kentucky
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">61-0706271</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Louisiana
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Louisiana
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">72-0687697</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Maine,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Maine
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0669886</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Maryland,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Maryland
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">52-0900011</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Massachusetts and Ohio,
    Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Massachusetts
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0660629</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Michigan
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Michigan
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0660621</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Minnesota
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Minnesota
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">41-0959566</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Mississippi
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Mississippi
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">64-0479060</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Company of Missouri
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Missouri
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">43-0949927</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Montana,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Montana
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0286953</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Nebraska
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nebraska
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">42-0952173</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Nevada,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">88-0109786</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of New
    Hampshire,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">New Hampshire
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">01-0286482</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of New Jersey,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">New Jersey
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0660628</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of New Mexico,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">New Mexico
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0660619</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of
    New&nbsp;York,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">New&nbsp;York
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">14-1511505</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of North Carolina
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">North Carolina
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">56-0945609</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of North Dakota
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">North Dakota
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">41-0959486</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Oklahoma,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Oklahoma
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">73-0788273</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Oregon
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Oregon
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">93-0581331</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Pennsylvania
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Pennsylvania
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">06-1307074</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Rhode Island
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Rhode Island
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0660627</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of South
    Carolina,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">South Carolina
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">57-0522150</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of South Dakota,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">South Dakota
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0669364</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Tennessee
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Tennessee
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">62-0814808</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Texas
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Texas
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">75-1316610</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Utah,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Utah
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">87-0285665</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Virginia
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Virginia
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">54-0858070</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Washington
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Washington
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">91-0853577</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of West Virginia
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">West Virginia
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">55-0519098</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Wisconsin,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Wisconsin
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">39-1135417</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Wyoming,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Wyoming
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0668320</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Inspections Ltd.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">British Columbia, Canada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul International, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0663060</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Leasing&nbsp;&#38; Sales Co.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">88-0102705</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Self-Storage Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0740314</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Self-Storage Management (WPC),
    Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20-0615812</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Web Team Associates,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Nevada
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">05-0581112</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Yonkers Property Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">New&nbsp;York
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0770762</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

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

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The address, including zip code, and telephone
    number, including area code, of each co-registrant is
    2727&nbsp;N. Central Avenue, Phoenix, Arizona 85004,
    (775)&nbsp;688-6300.
    </FONT></TD>
</TR>

</TABLE>

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

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

<TABLE width="100%" border="1" cellpadding="5"><TR><TD>
<FONT size="2" color="#E8112D">The information in this
prospectus is not complete and may be changed. We may not sell
these securities until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus
is not an offer to sell these securities and it is not
soliciting an offer to buy these securities in any state where
the offer or sale is not permitted.</FONT><FONT size="2"> <BR>
</FONT>
</TD></TR></TABLE>

<P align="center">
<FONT size="2"> <B><FONT color="#E8112D">SUBJECT TO COMPLETION,
DATED MARCH&nbsp;30, 2004</FONT></B>
</FONT>

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

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

<P align="center">
<B><FONT size="4">OFFER TO EXCHANGE</FONT></B>

<DIV align="center">
<B><FONT size="4">$80,000,000</FONT></B>
</DIV>

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

<DIV align="center">
<B>9.0% Second Lien Senior Secured Notes due 2009</B>
</DIV>

<DIV align="center">
<B>which have been registered under the Securities Act of 1933
and</B>
</DIV>

<DIV align="center">
<B>guaranteed fully and unconditionally by the subsidiary
guarantors listed on</B>
</DIV>

<DIV align="center">
<B>pages (i)&nbsp;and (ii)&nbsp;of this prospectus for any and
all of the outstanding AMERCO</B>
</DIV>

<DIV align="center">
<B>unregistered 9.0% Second Lien Senior Secured Notes due
2009</B>
</DIV>

<P align="center">
<B><FONT size="2">THE EXCHANGE OFFER AND WITHDRAWAL RIGHTS WILL
EXPIRE AT 5:00&nbsp;P.M.,</FONT></B>

<DIV align="center">
<B><FONT size="2">NEW YORK TIME,
ON &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004, UNLESS EXTENDED.</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are offering to exchange up to $80,000,000 of
our 9.0% Second Lien Senior Secured Notes due 2009 (the
&#147;exchange notes&#148;), which have been registered under
the Securities Act of 1933, as amended, for the identical
principal amount of our outstanding unregistered 9.0% Second
Lien Senior Secured Notes due 2009 (the &#147;outstanding
notes&#148; or the &#147;Series&nbsp;B Notes&#148;). The
aggregate principal amount at maturity of the outstanding notes,
and therefore, the principal amount at maturity of exchange
notes which would be issued if all the outstanding notes were
exchanged, is $80,000,000. The terms of the exchange notes will
be substantially identical with the terms of the outstanding
notes, except that the issuance of the exchange notes is being
registered under the Securities Act of 1933, and therefore the
exchange notes will not be subject to the restrictions on
transfer which apply to the outstanding notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Prior to the exchange offer, there has been no
public market for the exchange notes. We do not currently intend
to list the exchange notes on a securities exchange or seek
approval for quotation of the exchange notes on an automated
quotation system. Therefore, it is unlikely that an active
trading market for the exchange notes will develop.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange agent for the exchange offer is
Wells Fargo Bank, N.A.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>See &#147;Risk Factors,&#148; which begin on page&nbsp;13,
for a discussion of certain factors that should be considered in
evaluating the exchange offer.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">Neither the Securities and Exchange Commission
nor any state securities commission approved or disapproved of
these securities or passed upon the adequacy or accuracy of this
prospectus. Any representation to the contrary is a criminal
offense.</FONT></B>

<P align="center">
<FONT size="2">The date of this prospectus
is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004.
</FONT>

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This prospectus incorporates important business
and financial information about us that is not included in or
delivered with the prospectus. This information is available
without charge to security holders upon written or oral request.
You may request a copy of this information, at no cost, by
calling us or by writing to us at our principal executive
offices in Nevada at the following address: AMERCO, 1325
Airmotive Way, Suite&nbsp;100, Reno, Nevada 89502-3239,
Attention: Investor Relations. Our telephone number is
(775)&nbsp;688-6300. In order to obtain timely delivery, you
must make your request no later than five business days before
the expiration of the exchange offer. The exchange offer will
expire
on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004, unless extended.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our obligations under the Exchange Act to file
periodic reports and other information with the SEC may be
suspended, under certain circumstances, if our common stock and
exchange notes are each held of record by fewer than
300&nbsp;holders at the beginning of any fiscal year and are not
listed on a national securities exchange. We have agreed that,
whether or not we are required to do so by the rules and
regulations of the SEC, for so long as any of the exchange notes
remain outstanding we will furnish to the holders of the
exchange notes, and if required by the Exchange Act, file with
the SEC, all annual, quarterly and current reports that we are
or would be required to file with the SEC pursuant to
Section&nbsp;13(a) or 15(d) of the Exchange Act. In addition, we
have agreed that, as long as any of the outstanding notes remain
outstanding, we will take such further action as any holder may
reasonably request to enable such holder to sell exchange notes
without registration under Rule&nbsp;144(k) or Rule&nbsp;144A of
the Securities Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No person has been authorized to give any
information or to make any representations, other than those
contained in this prospectus. If given or made, that information
or those representations may not be relied upon as having been
authorized by us. This prospectus does not constitute an offer
to or solicitation of any person in any jurisdiction in which
such an offer or solicitation would be unlawful.
</FONT>

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

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

<TR>
    <TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">A&#38;M Associates,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Iowa,&nbsp;Inc.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amerco Real Estate Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Kansas,&nbsp;Inc.
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amerco Real Estate Company of
    Alabama,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Kentucky
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amerco Real Estate Company of
    Texas,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Louisiana
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amerco Real Estate
    Services,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Maine,&nbsp;Inc.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Eight PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Maryland,&nbsp;Inc.
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Eleven PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Massachusetts and Ohio,&nbsp;Inc.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">EMove,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Michigan
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fifteen PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Minnesota
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Five PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Mississippi
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Four PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Company of Missouri
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fourteen PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Montana,&nbsp;Inc.
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Nationwide Commercial Co.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Nebraska
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Nine PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Nevada,&nbsp;Inc.
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">One PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of New Hampshire,&nbsp;Inc.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">PF&#38;F Holdings Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of New Jersey,&nbsp;Inc.
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Seven PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of New Mexico,&nbsp;Inc.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Seventeen PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of New&nbsp;York,&nbsp;Inc.
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Six PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of North Carolina
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Sixteen PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of North Dakota
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ten PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Oklahoma,&nbsp;Inc.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Three PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Oregon
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

<DIV align="center">
<B><FONT size="2">SUBSIDIARY GUARANTORS&nbsp;&#151;
(Continued)</FONT></B>
</DIV>

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

<TR>
    <TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Twelve PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Pennsylvania
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Two PAC Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Rhode Island
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Business
    Consultants,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of South Carolina,&nbsp;Inc.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Alabama,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of South Dakota,&nbsp;Inc.
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Alaska
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Tennessee
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Arizona
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Texas
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Arkansas
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Utah,&nbsp;Inc.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of California
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Virginia
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. (Canada) Ltd.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Washington
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Colorado
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of West Virginia
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Connecticut
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Wisconsin,&nbsp;Inc.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of District of
    Columbia,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Co. of Wyoming,&nbsp;Inc.
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Florida
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Inspections Ltd.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Georgia
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul International, Inc.
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul of Hawaii,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Leasing&nbsp;&#38; Sales Co.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Idaho,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Self-Storage Corporation
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Illinois,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">U-Haul Self-Storage Management (WPC),&nbsp;Inc.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul Co. of Indiana,&nbsp;Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Web Team Associates,&nbsp;Inc.
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Yonkers Property Corporation
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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<DIV align="left">
<FONT size="2"> <A name='101'></A>
</FONT>
</DIV>

<!-- link1 "PROSPECTUS SUMMARY" -->

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following summary highlights selected
information contained elsewhere in this prospectus and may not
contain all of the information that is important to you. This
summary is not complete and does not contain all of the
information you should consider before investing in the notes.
For a more complete understanding of this exchange offer, we
encourage you to read this entire document and the documents to
which we have referred you.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO, a Nevada corporation (AMERCO), is the
holding company for U-Haul International,&nbsp;Inc. (U-Haul),
Amerco Real Estate Company (Real Estate), Republic Western
Insurance Company (RepWest) and Oxford Life Insurance Company
(Oxford). Throughout this prospectus, unless the context
otherwise requires, the term &#147;Company&#148; refers to
AMERCO and all of its legal subsidiaries. AMERCO&#146;s
executive offices are located at 1325 Airmotive Way,
Suite&nbsp;100, Reno, Nevada 89502-3239, and the telephone
number is (775)&nbsp;688-6300. As used in this prospectus, all
references to a fiscal year refer to AMERCO&#146;s fiscal year
ended March&nbsp;31 of that year. RepWest and Oxford are
consolidated on the basis of calendar years ended
December&nbsp;31. Accordingly, all references to the years 2002,
2001 and 2000 for RepWest and Oxford correspond to AMERCO&#146;s
fiscal years 2003, 2002 and 2001, respectively. The Company has
four industry segments represented by Moving and Storage
Operations (U-Haul), Real Estate, Property and Casualty
Insurance (RepWest) and Life Insurance (Oxford). See
Note&nbsp;22 of Notes to Consolidated Financial Statements
included in this prospectus for financial information regarding
the industry segments and geographic areas.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">SAC Holding Corporation and SAC Holding
Corporation&nbsp;II, Nevada corporations (collectively, SAC
Holdings), are the holding companies for several individual
corporations that own self-storage properties managed by AMERCO
subsidiaries in the ordinary course of business. The Company has
made significant loans to SAC Holdings and is entitled to
participate in certain SAC Holdings&#146; excess cash flows
(after senior debt service). Mark V. Shoen, a significant
shareholder of AMERCO and executive officer of U-Haul, owns
through its parent company substantially all of the equity
interest of SAC Holdings. 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. SAC Holdings is not a legal subsidiary
of AMERCO. The Company is not liable for the debts of SAC
Holdings. U-Haul currently manages the properties owned by SAC
Holdings under management agreements and receives a management
fee. SAC Holdings operates in one business segment&nbsp;&#151;
moving and storage operations. For financial reporting purposes,
SAC Holdings is consolidated in our consolidated financial
statements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are the largest do-it-yourself moving and
storage company in North America. Since 1945, our moving and
self-storage subsidiary, U-Haul, has developed the most
recognized brand in the rental of trucks, trailers and support
items to the do-it-yourself moving customer. We are the leading
&#147;one-stop shop&#148; for customers&#146; residential moving
and self-storage needs. As of March&nbsp;31, 2003, U-Haul moving
equipment was available for rent at 15,624&nbsp;locations in
50&nbsp;states and Canada, which we believe is more than twice
the number of locations of our national competitors combined.
Through the U-Haul network, do-it-yourself movers have access to
the largest fleet of moving equipment available for rent. We
also offer our customers an extensive line of moving and storage
supplies such as boxes, tape and tow dollies. We are the
second-largest operator of self-storage facilities in North
America with over 1,000 locations and approximately
32.5&nbsp;million square feet of total rentable self-storage
space as of March&nbsp;31, 2003. We also own real estate and
insurance businesses that complement our U-Haul business.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We believe that our focus on do-it-yourself
moving and storage customers, whose moving and self-storage
needs are not necessarily correlated with general economic
conditions, provides us with an operating profile that is less
vulnerable to economic downturns. A substantial majority of
U-Haul&#146;s rental revenues are generated from residential
do-it-yourself movers. Demand for our products and services is
driven primarily by the mobility of the population resulting
from, among other things, changes in employment, housing
preference
</FONT>

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

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<DIV align="left">
<FONT size="2">and marital status. Our self-storage business
also provides us with a predictable revenue stream given that
the duration of the industry average storage space rental is
over 13&nbsp;months.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of March&nbsp;31, 2003, we had over 92,000
trucks, 73,000 trailers and 19,000 tow dollies available for
rent, a majority of which are owned by us.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our real estate and insurance businesses support
our core do-it-yourself moving and storage focus. Real Estate
acquires properties for the development of, or conversion into,
U-Haul Centers and/or self-storage facilities. RepWest provides
property and casualty insurance to us and insures U-Haul&#146;s
customers, dealers and independent third parties. The majority
of our U-Haul customers purchase RepWest products. We believe
that these business lines assist us in maintaining our
competitive advantages in the do-it-yourself moving and storage
businesses. In addition, RepWest&#146;s business activities
include direct and assumed reinsurance underwriting. Oxford
originates and reinsures annuities, credit life and disability,
life insurance and supplemental health products.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Emergence From Chapter&nbsp;11
Restructuring.</FONT></I><FONT size="2"> 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. AMERCO&#146;s
other subsidiaries were not included in either of the filings.
The Chapter&nbsp;11 filing was undertaken to facilitate a
restructuring of AMERCO&#146;s debt in response to liquidity
issues, which developed in the second half of 2002. These
liquidity issues began when our prior independent auditors
advised the Company in 2002 that its financial statements would
have to be restated to consolidate, for reporting purposes, SAC
Holdings. This consolidation, and the resulting lack of clarity
regarding AMERCO&#146;s operating results and financial
condition, contributed substantially and directly to a series of
significant developments adversely impacting the Company&#146;s
access to capital. The consolidation of SAC Holdings resulted in
a material decrease in the Company&#146;s net worth and a
corresponding increase in its leverage ratios. Consolidating SAC
Holdings also required a costly and time-consuming restatement
of prior period results that led to the untimely filing of
quarterly and annual reports with the Securities and Exchange
Commission.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As this situation was occurring, AMERCO was
attempting to negotiate and replace its then existing revolving
credit facility and complete a $275&nbsp;million bond offering.
Although we were able to successfully renegotiate our revolving
credit facility, the amount of the facility was substantially
reduced. We were not able to successfully complete the
$275&nbsp;million bond offering, exemplifying AMERCO&#146;s
significantly reduced access to the capital markets to meet its
financial needs due to, among other things, the confusion and
adverse perception resulting from the SAC Holdings
consolidation. As a result of our failure to complete the
$275&nbsp;million bond offering, we did not have sufficient
funds to meet our maturity obligations for our
Series&nbsp;1997-C Bond Backed Asset Trust (BBAT)&nbsp;and
related SWAP agreements which were due on October&nbsp;15, 2002.
Our inability to meet these maturity obligations resulted in a
default on BBAT obligations, which led to cross-defaults and an
acceleration of substantially all of the other outstanding
instruments in the Company&#146;s debt structure. Although we
worked diligently with our creditors to resolve and cure or
restructure these defaults, we were left with no viable
alternative but to seek Chapter&nbsp;11 protection, which we did
on June&nbsp;20, 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On March&nbsp;15, 2004, we emerged from
Chapter&nbsp;11 (less than nine&nbsp;months from our petition
date) with full payment to our creditors and with no dilution to
our stockholders. In connection with our emergence from
bankruptcy, we believe our balance sheet is strengthened, having
restructured over $1.2&nbsp;billion in debt and lease
obligations. Following is a summary of the highlights of our
completed plan of reorganization and new financial structure.
For a more detailed description of our new capital structure,
see &#147;Description of the Exchange Notes&#148;;
&#147;Description of Other Indebtedness and Other
Obligations&#148;; and &#147;Management&#146;s Discussion and
Analysis of Financial Condition and Results of
Operations&nbsp;&#151; Liquidity and Capital Resources.&#148;
</FONT>

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

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<P align="left">
<B><FONT size="2">Exit Financing Facility</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We entered into a new $550&nbsp;million credit
facility with a banking syndicate led and arranged by Wells
Fargo Foothill, a part of Wells Fargo&nbsp;&#38; Company (the
&#147;Exit Financing Facility&#148;). The Exit Financing
Facility consists of two components, a $200&nbsp;million
revolving credit facility (including a $50&nbsp;million letter
of credit sub-facility) and a $350&nbsp;million amortizing term
loan. The proceeds we received from the Exit Financing Facility
were used primarily to satisfy the claims of the creditors in
our Chapter&nbsp;11 proceeding and pay related fees and expenses
incurred in connection therewith.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The $350&nbsp;million amortizing term loan calls
for monthly principal payments of $291,667 and monthly interest
payments with the balance due on maturity in 2009. Advances
under the revolving credit facility are based on a borrowing
base formula which is based on a percentage of the value of our
eligible real estate and rental vehicles. On March&nbsp;15, 2004
(the date of our Chapter&nbsp;11 emergence), outstanding
advances under the revolving credit facility totaled
$165&nbsp;million and $35&nbsp;million was available to borrow.
The Exit Financing Facility is secured by a first priority
position in substantially all of the assets of AMERCO and its
subsidiaries, except for our notes receivable from SAC Holdings,
real estate subject to synthetic leases, certain real property
held for sale on the date of our emergence from bankruptcy
(which property secures the New AMERCO Notes) and the capital
stock of our insurance subsidiaries.
</FONT>

<P align="left">
<B><FONT size="2">9.0% Second Lien Senior Secured
Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO issued $200&nbsp;million aggregate
principal amount of 9.0% Second Lien Senior Secured Notes due
2009. AMERCO issued an aggregate principal amount of
$120&nbsp;million of these notes to our existing creditors in
connection with our emergence from Chapter&nbsp;11 bankruptcy
and we issued $80&nbsp;million aggregate principal amount to new
investors in a private placement exempt from the registration
requirements of the Securities Act. This prospectus is for the
purpose of offering to exchange $80&nbsp;million aggregate
principal amount of registered 9.0% Second Lien Senior Secured
Notes due 2009 for an identical amount of the unregistered 9.0%
Second Lien Senior Secured Notes due 2009 that were issued to
the new investors in connection with our emergence from
bankruptcy. These notes represent our senior secured obligations
and rank <I>pari passu </I>in right of payment to all other
indebtedness of AMERCO, including our obligations under the Exit
Financing Facility. These notes are secured by a second priority
position in the same collateral which secures our obligations
under the Exit Financing Facility. See &#147;Description of the
Exchange Notes.&#148;
</FONT>

<P align="left">
<B><FONT size="2">New AMERCO Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO issued 12%&nbsp;senior subordinated notes
due 2011 in the aggregate principal amount of $148,646,137 (the
&#147;New AMERCO Notes&#148;) to our unsecured creditors in the
Chapter&nbsp;11 proceeding. No principal payments are due on the
New AMERCO Notes until maturity. These notes, which are
subordinated to all of AMERCO&#146;s senior indebtedness
(including the Exit Financing Facility and the 9.0% Second Lien
Senior Secured Notes due 2009), are secured by certain assets of
AMERCO, including the capital stock of our life insurance
subsidiary (Oxford Life Insurance Company), real property having
an approximate book value of $7.7&nbsp;million that is under
contract for sale on March&nbsp;15, 2004 (the date of our
emergence from Chapter&nbsp;11), 75% of the net proceeds in
excess of $50&nbsp;million associated with the settlement,
judgment or recovery related to our litigation against
PricewaterhouseCoopers (after deduction of attorneys&#146; fees
and costs and taxes payable with respect to such proceeds), and
payments from notes receivable from SAC Holdings having an
aggregate outstanding principal balance at March&nbsp;15, 2004
of approximately $203.8&nbsp;million.
</FONT>

<P align="left">
<B><FONT size="2">New SAC Holdings Senior Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with AMERCO&#146;s Chapter&nbsp;11
bankruptcy restructuring, our SAC Holdings affiliates agreed to
issue to creditors in our Chapter&nbsp;11 proceeding
8.5%&nbsp;senior notes due 2014 in aggregate principal amount of
$200&nbsp;million (the &#147;New SAC Holdings Notes&#148;). The
issuance of these notes by SAC Holdings was part of an agreed
upon set of transactions in connection with our bankruptcy
reorganization plan which had the effect of eliminating
$200&nbsp;million of notes receivable from SAC Holdings that
were previously held by AMERCO.
</FONT>

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

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<P align="left">
<B><FONT size="2">Restructuring of Synthetic Lease
Arrangements</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At the time of our emergence from bankruptcy,
Amerco Real Estate restructured approximately
$249.5&nbsp;million of our obligations under synthetic lease
arrangements (the &#147;Synthetic Leases&#148;). As part of this
restructuring we paid down approximately $31&nbsp;million of
obligations under the Synthetic Leases and entered into new
lease agreements with the lessors. Our obligations under the new
Synthetic Leases are approximately $218.5&nbsp;million. The new
lease agreements are for a term of three years, and include four
one year renewal options.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The purpose of these leases was to finance the
purchase of self-storage properties and construct self-storage
facilities on existing properties. AMERCO continues to guarantee
each of these restructured Synthetic Leases. Title to the real
property subject to these leases is in the name of off balance
sheet special purpose entities. These entities are lessors who
then lease the properties to one or more subsidiaries of AMERCO.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our approved Chapter&nbsp;11 plan of
reorganization contemplates that our obligations under the
Synthetic Leases will be satisfied when the real property
subject to the leases is sold to a third party. We anticipate
that such a transaction will be closed into escrow by
March&nbsp;31, 2004. As a result of such transaction, we expect
that over approximately the next 24&nbsp;months we will be
reimbursed for capital improvements we made to the leased
properties. In addition, as part of this transaction U-Haul will
enter into arrangements to manage these properties that will
allow us to continue to operate them as part of the U-Haul
moving and self-storage system.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Upgraded Ratings of AMERCO Life Insurance
Subsidiaries.</FONT></I><FONT size="2"> A.M. Best Co. recently
upgraded the financial strength ratings to B- (fair)&nbsp;from
C+ (weak)&nbsp;of Oxford Life Insurance Company and its
subsidiaries Christian Fidelity Life Insurance Company and North
American Insurance Company. The rating outlook for all three
companies is positive. Although our life insurance subsidiaries
continue to face challenges to regain their marketing momentum,
we believe these rating upgrades will favorably impact the
operations of our life insurance subsidiaries.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Financial Statement Re-audit and Resulting
Restatement of 2002 and 2001 Financial
Statements.</FONT></I><FONT size="2"> BDO Seidman, LLP
(BDO)&nbsp;has completed the re-audit of the financial
statements of AMERCO and its subsidiaries and SAC Holdings and
its subsidiaries for the fiscal years ended March&nbsp;31, 2002
and 2001. In connection with this re-audit, it was determined
that there was a need for the Company to record adjustments
relating to insurance reserves for prior periods at AMERCO and
its subsidiary, RepWest; to adjust for recognizing losses of
Private Mini pursuant to the equity method; as well as other
significant adjustments. These adjustments have resulted in the
restatement of the Company&#146;s financial statements for the
fiscal years ended March&nbsp;31, 2002 and 2001.
</FONT>

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

<TR>
    <TD width="42%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
</TR>

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

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

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

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

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

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,058,506</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,193,579</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,882,447</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,029,480</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,721</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(47,440</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,012</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(42,110</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This report contains restated consolidated
financial statements for the years ended March&nbsp;31, 2002 and
2001, and for the quarters ended in the periods ended
March&nbsp;31, 2002 and December&nbsp;31, 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The major components for the restatement were
related to 1)&nbsp;insurance and 2) the equity loss recognition
of Private Mini by AMERCO. For 2002 the insurance related after
tax adjustment was $45&nbsp;million and for 2001 it was
$38&nbsp;million. The Private Mini related adjustment for 2002
was $7&nbsp;million and for 2001 it was $5.7&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As a result of the restatement, total assets as
of March&nbsp;31, 2002 decreased from $3,773,455 to $3,732,317
and total stockholders&#146; equity as of March&nbsp;31, 2002
decreased from $499,106 to $381,524.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For more information about the reinstatements,
see Note&nbsp;2 to the Consolidated Financial Statements
included in this prospectus.
</FONT>

<P align="center"><FONT size="2">4
</FONT>
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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">SEC Investigation.</FONT></I><FONT size="2">
The Securities and Exchange Commission (SEC)&nbsp;has issued a
formal order of investigation to determine whether the Company
has violated the Federal securities laws. On January&nbsp;7,
2003, the Company received the first of four subpoenas issued by
the SEC. SAC Holdings, the Company&#146;s current and former
auditors, and others have also received one or more subpoenas
relating to this matter. The Company is cooperating fully with
the SEC and is facilitating the expeditious review of its
financial statements and any other issues that may arise. The
Company has produced a large volume of documents and other
materials in response to the subpoenas, and the Company is
continuing to assemble and produce additional documents and
materials for the SEC. Although the Company has fully cooperated
with the SEC in this matter and intends to continue to fully
cooperate, the SEC may determine that the Company has violated
Federal securities laws. We cannot predict when this
investigation will be completed or its outcome. If the SEC makes
a determination that we have violated Federal securities laws,
we may face sanctions, including, but not limited to,
significant monetary penalties and injunctive relief.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Arizona Department of Insurance Supervision of
Republic Western.</FONT></I><FONT size="2"> On May&nbsp;20,
2003, RepWest consented to an Order for Supervision issued by
the Arizona Department of Insurance (DOI). The DOI determined
that RepWest&#146;s level of risk based capital
(&#147;RBC&#148;) allowed for regulatory control. Pursuant to
this order and Arizona law, during the period of supervision,
RepWest may not engage in any of the following activities
without the prior approval of the DOI:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">a.&nbsp;dispose of, convey or encumber any of its
    assets or its business in force;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">b.&nbsp;withdraw any of its bank accounts;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">c.&nbsp;lend any of its funds;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">d.&nbsp;invest any of its funds;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">e.&nbsp;transfer any of its property;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">f.&nbsp;incur any debt, obligation or liability
    including the issuance of all new and renewal business;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">g.&nbsp;merge or consolidate with another company;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">h.&nbsp;enter into any new reinsurance contract
    or treaty;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">i.&nbsp;enter into any affiliate transactions
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In order to abate the DOI&#146;s order, RepWest
must establish that it possesses surplus in compliance with
Arizona law and as the Arizona Director of Insurance may require
based on type, volume or nature of its business pursuant to
Arizona law and establish that certain credit risks associated
with the exposures to AMERCO and its affiliates have been
eliminated.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If RepWest fails to satisfy the requirements to
abate DOI&#146;s concerns, the DOI may take further action,
including, but not limited to, commencing a conservatorship.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In April 2003, RepWest announced that in
connection with the Company&#146;s overall restructuring
efforts, it is redirecting its operating focus. In particular,
RepWest is exiting non-U-Haul related lines of business. This
exit has resulted in near term losses as these lines were
eliminated.
</FONT>

<P align="center">
<B><FONT size="2">Issuance of the Outstanding Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The outstanding $80&nbsp;million principal amount
9.0% Second Lien Senior Secured Notes due 2009 were sold by us
to investors on March&nbsp;15, 2004 pursuant to a purchase
agreement dated March&nbsp;1, 2004, between the initial
purchasers and us. We and the initial purchasers also entered
into a registration rights agreement pursuant to which we agreed
to offer to exchange the exchange notes registered under the
Securities Act for the outstanding notes and also granted
holders of outstanding notes rights under some circumstances to
have resales of outstanding notes registered under the
Securities Act. The exchange offer is intended to satisfy
certain of our obligations under the registration rights
agreement. See &#147;Description of the Exchange
Notes&nbsp;&#151; Registered Exchange Offer; Registration
Rights&#148; and &#147;The Exchange Offer&nbsp;&#151; Purposes
and Effects.&#148;
</FONT>

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

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The outstanding notes were issued under an
indenture dated as of March&nbsp;1, 2004, between AMERCO, its
subsidiary guarantors and Wells Fargo Bank, N.A., as trustee.
The exchange notes also are being issued under the indenture and
are entitled to the benefits of the indenture. The form and
terms of the exchange notes will be identical in all material
respects with the form and terms of the outstanding notes,
except that (1)&nbsp;the exchange notes will have been
registered under the Securities Act and, therefore, will not
bear legends describing restrictions on transferring them, and
(2)&nbsp;holders of exchange notes will not be, and upon the
completion of the exchange offer, holders of outstanding notes
will no longer be, entitled to certain rights under the
registration rights agreement intended for the holders of
unregistered securities. The exchange offer will be deemed
completed upon the delivery by us to the exchange agent under
the indenture of exchange notes in the same aggregate principal
amount as the aggregate principal amount of outstanding notes
that are validly tendered and not withdrawn by holders of them
in response to the exchange offer. See &#147;The Exchange
Offer&nbsp;&#151; Termination of Certain Rights&#148; and
&#147;&#151;&nbsp;Procedures for Tendering&#148; and
&#147;Description of the Exchange Notes.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will receive no proceeds from completion of
the exchange offer. The proceeds we received from the issuance
of the outstanding notes were used to satisfy the claims of
existing creditors and provide working capital in connection
with our Chapter&nbsp;11 plan of reorganization.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our principal executive office in Nevada is
located at 1325 Airmotive Way, Suite&nbsp;100, Reno, Nevada
89502-3239, and our telephone number there is
(775)&nbsp;688-6300. Information about our company is provided
through our website www.amerco.com. Information on this website
is not incorporated by reference in or otherwise part of this
prospectus.
</FONT>

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

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<P align="center">
<B><FONT size="2">Summary Description of the Exchange
Offer</FONT></B>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">The Exchange Offer
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We are offering to exchange $80&nbsp;million of
    our 9.0% Second Lien Senior Secured Notes due 2009 for identical
    principal amounts of our outstanding unregistered 9.0% Second
    Lien Senior Secured Notes due 2009. At the date of this
    prospectus, $80&nbsp;million principal amount at maturity of
    outstanding notes are outstanding. See &#147;The Exchange
    Offer&nbsp;&#151; Terms of the Exchange Offer.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Expiration of the Exchange Offer
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">5:00&nbsp;p.m., New&nbsp;York time,
    on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2004, unless the exchange offer is extended (the day on which
    the exchange offer expires being the expiration date). See
    &#147;The Exchange Offer&nbsp;&#151; Expiration Date; Extension;
    Termination; Amendments.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Conditions of the Exchange Offer
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The exchange offer is not conditioned upon any
    minimum principal amount of outstanding notes being tendered for
    exchange. However, the exchange offer is subject to certain
    customary conditions, which we may waive. See &#147;The Exchange
    Offer&nbsp;&#151; Conditions of the Exchange Offer.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Accrued Interest on the Outstanding Notes
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The exchange notes will bear interest at the rate
    of 9.0%&nbsp;per annum from and including their date of
    issuance. When the first interest payment is made with regard to
    the exchange notes, we will also pay interest on the outstanding
    notes which are exchanged, from the date they were issued or the
    most recent interest date on which interest had been paid (if
    applicable) to, but not including, the day the exchange notes
    are issued. Interest on the outstanding notes which are
    exchanged will cease to accrue on the day prior to the day on
    which the exchange notes are issued. The interest rate on the
    outstanding notes may increase under certain circumstances if we
    are not in compliance with our obligations under the
    registration rights agreement or the indenture. See
    &#147;Description of the Exchange Notes.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Procedures for Tendering the Outstanding
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">A holder of outstanding notes who wishes to
    accept the exchange offer must complete, sign and date a letter
    of transmittal, or a facsimile of one, in accordance with the
    instructions contained under the &#147;The Exchange
    Offer&nbsp;&#151; Procedures for Tendering&#148; and in the
    letter of transmittal, and deliver the letter of transmittal, or
    facsimile, together with the outstanding notes and any other
    required documentation to the exchange agent at the address set
    forth in &#147;The Exchange Offer &#150; Exchange Agent.&#148;
    Outstanding notes will be delivered physically. By executing a
    letter of transmittal, a holder will represent to us that, among
    other things, the person acquiring the outstanding notes will be
    doing so in the ordinary course of the person&#146;s business,
    whether or not the person is the holder, that neither the holder
    nor any other person is engaged in, or intends to engage in, or
    has an arrangement or understanding with any person to
    participate in, the distribution of the exchange notes and that
    neither the holder nor any such other person is an
    &#147;affiliate,&#148; as defined under Rule&nbsp;405 of the
    Securities Act. Each broker or dealer that receives exchange
    notes for its own account in exchange for outstanding notes
    which were acquired by
    </FONT></TD>
</TR>

</TABLE>

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

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

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

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the broker or dealer as a result of market-making
    activities or other trade activities, must acknowledge that it
    will deliver a prospectus in connection with any resale of the
    exchange notes. See &#147;The Exchange Offer&nbsp;&#151;
    Procedures for Tendering.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Guaranteed Delivery Procedures
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eligible holders of outstanding notes who wish to
    tender their outstanding notes and (1)&nbsp;whose outstanding
    notes are not immediately available or (2)&nbsp;who cannot
    deliver their outstanding notes or any other documents required
    by the letter of transmittal to the exchange agent prior to the
    expiration date, may tender their outstanding notes according to
    the guaranteed delivery procedures described in the letter of
    transmittal. See &#147;The Exchange Offer&nbsp;&#151; Guaranteed
    Delivery Procedures.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Acceptance of the Outstanding Notes and Delivery
    of the Exchange Notes
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Upon satisfaction or waiver of all conditions to
    the exchange offer, we will accept any and all outstanding notes
    that are properly tendered in response to the exchange offer
    prior to 5:00&nbsp;p.m., New&nbsp;York time, on the expiration
    date. The exchange notes issued pursuant to the exchange offer
    will be delivered promptly after expiration of the exchange
    offer. See &#147;The Exchange Offer&nbsp;&#151; Procedures for
    Tendering.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Withdrawal Rights
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Tenders of outstanding notes may be withdrawn at
    any time prior to 5:00&nbsp;p.m., New&nbsp;York time, on the
    expiration date. See &#147;The Exchange Offer&nbsp;&#151;
    Withdrawal of Tenders.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">The Exchange Agent
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Wells Fargo Bank, N.A. is the exchange agent. The
    address and telephone number of the exchange agent are set forth
    in &#147;The Exchange Offer&nbsp;&#151; Exchange Agent.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Fees and Expenses
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We will bear all expenses incident to our
    consummation of the exchange offer and compliance with the
    registration rights agreement. We will also pay any transfer
    taxes which are applicable to the exchange offer (but not
    transfer taxes due to transfers of outstanding notes or exchange
    notes by the holder). See &#147;The Exchange Offer&nbsp;&#151;
    Fees and Expenses.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Resales of the Exchange Notes
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Based on interpretations by the staff of the SEC
    set forth in no-action letters issued to persons unrelated to
    us, we believe exchange notes issued pursuant to the exchange
    offer in exchange for outstanding notes may be offered for
    resale, resold and otherwise transferred by the holder (other
    than (1)&nbsp;a broker-dealer who purchased the outstanding
    notes directly from us for resale pursuant to Rule&nbsp;144A
    under the Securities Act or another exemption under the
    Securities Act or (2)&nbsp;a person that is an affiliate of
    ours, as that term is defined in Rule&nbsp;405 under the
    Securities Act), without registration or the need to deliver a
    prospectus under the Securities Act, provided that the holder is
    acquiring the exchange notes in the ordinary course of business
    and is not participating, and has no arrangement or
    understanding with any person to participate, in a distribution
    of the exchange notes. Each broker-dealer that receives exchange
    notes for its own account in exchange for outstanding notes,
    which outstanding notes were acquired by the broker as a result
    of market-making or other trading activities, must acknowledge
    that it will deliver a prospectus in connection
    </FONT></TD>
</TR>

</TABLE>

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

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

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

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">with any resale of the exchange notes. See
    &#147;The Exchange Offer&nbsp;&#151; Purposes and Effects.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Federal Income Tax Consequences
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The exchange offer will not be treated as a
    taxable event for United States federal income tax purposes. See
    &#147;United States Federal Income Tax Considerations.&#148;
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">Summary Description of the Exchange
Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange notes will evidence the same debt as
the outstanding notes and will be entitled to the benefits of
the indenture under which both the outstanding notes were, and
the exchange notes will be, issued. The following summary is not
intended to be complete. For a more detailed description of the
notes, see &#147;Description of the Exchange Notes.&#148;
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Issuer
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">AMERCO.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Securities Offered
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">$80&nbsp;million aggregate principal amount of
    9.0% Second Lien Senior Secured Notes due 2009 that have been
    registered under the Securities Act. The form and term of the
    exchange notes are substantially identical in all material
    respects to the form and terms of the outstanding notes for
    which they may be exchanged pursuant to the exchange offer,
    except for certain transfer restrictions and registration rights
    relating to the outstanding notes and except for certain
    provisions providing for an increase in the interest rate on the
    outstanding notes under circumstances relating to the exchange
    offer. On March&nbsp;15, 2004 in connection with the
    confirmation of our Chapter&nbsp;11 restructuring plan, we also
    issued an additional $120&nbsp;million aggregate principal
    amount of our 9.0% Second Lien Senior Secured Notes due 2009
    (collectively, the &#147;exempt notes&#148; or the
    &#147;Series&nbsp;A Notes&#148;). The exempt notes were issued
    pursuant to an exemption available under section&nbsp;1145 of
    the United States Bankruptcy Code. The exempt notes are not part
    of this exchange offer but are part of the same series of debt
    securities under the indenture governing the outstanding notes.
    As of the date of this prospectus, we have outstanding
    $200&nbsp;million aggregate principal amount of our 9.0% Second
    Lien Senior Secured Notes. Unless the context otherwise
    requires, the outstanding notes, the exempt notes and the
    exchange notes are sometimes referred to in this prospectus as
    the &#147;notes.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Maturity Date
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">February&nbsp;27, 2009.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Interest
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The exchange notes will accrue interest from the
    date of their issuance at the rate of 9.0%&nbsp;per year.
    Interest on the exchange notes will be payable quarterly in
    arrears on each March&nbsp;15, June&nbsp;15, September&nbsp;15
    and December&nbsp;15 commencing on June&nbsp;15, 2004. In
    connection with the issuance of the outstanding notes on
    March&nbsp;15, 2004, we and the guarantors agreed to:
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;file
    a registration statement to enable holders of the outstanding
    notes to exchange the outstanding notes for registered notes
    within 60&nbsp;days of the original issue date of the
    outstanding notes, or by May&nbsp;14, 2004;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;use
    our respective reasonable best efforts to cause the registration
    statement to become effective under the Securi-
    </FONT></TD>
</TR>

</TABLE>

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

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

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

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">ties Act within 150&nbsp;days following the
    original issue date of the outstanding notes, or by
    August&nbsp;12, 2004;&nbsp;and
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;use
    our respective reasonable best efforts to complete the exchange
    offer within 180&nbsp;days after the original issue date of the
    outstanding notes, or by September&nbsp;11, 2004.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If we do not comply with these obligations (a
    &#147;registration default&#148;), we will be required to pay
    liquidated damages to the holders of the outstanding notes in
    the form of higher interest rates. Upon the occurrence of a
    registration default, the interest rate borne by the notes will
    be increased by 0.25%&nbsp;per annum for the first 90-day period
    immediately following the registration default and will continue
    to increase by 0.50% each subsequent 90&nbsp;day period that the
    liquidated damages continue to accrue, up to a maximum of
    2.0%&nbsp;per annum. After the cure of registration defaults,
    the accrual of liquidated damages will stop and the interest
    rate will revert to the original rate.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">In addition, under the terms of the indenture we
    have 150&nbsp;days after the issue date of the outstanding notes
    to register our vehicles and obtain new certificates of title
    naming Wells Fargo Foothill as first priority lienholder and the
    trustee as second priority lienholder. If at least 90% of the
    certificates of title are not registered in accordance with the
    terms of the indenture within 150&nbsp;days after the issue date
    of the outstanding notes, the interest rate on the notes will
    automatically increase by 0.25% retroactive to the issue date
    and will increase an additional 0.25% each succeeding
    91st&nbsp;day thereafter up to a maximum of 1.0% until such time
    as at least 90% of the certificates of title are so registered.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Optional Redemption
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We may redeem the notes, in whole or in part, at
    any time on one or more occasions on or after March&nbsp;16,
    2005, at the redemption prices (expressed as percentages of
    principal amount) set forth below, together with accrued
    interest to the redemption date, if redeemed during the 12-month
    period beginning March&nbsp;16 of the years indicated:
    </FONT></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="50%" align="center" cellspacing="0" cellpadding="0" border="0">

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

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

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2005
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">105.50</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2006
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">104.50</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2007
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">101.00</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2008 and thereafter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.00</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Ranking and Guarantees
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The notes represent our senior secured
    obligations and rank pari passu in right of payment to our Exit
    Financing Facility, except that the notes are secured on a
    second-priority basis behind the first-priority basis held by
    the holders of the Exit Financing Facility obligations.
    Borrowings under our Exit Financing Facility rank senior in
    right of payment to all other indebtedness of AMERCO and its
    legal subsidiaries, except for indebtedness of our insurance
    subsidiaries, Oxford and RepWest and except for SAC Holdings.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The notes are guaranteed by all affiliates and
    subsidiaries of AMERCO, except for SAC Holdings, our insurance
    subsidiaries Oxford and RepWest and their respective
    subsidiaries, and Storage
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">10
</FONT>

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

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

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Realty, L.L.C., a Texas limited liability
    company, INW Company, a Washington corporation and certain
    dormant subsidiaries.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Restrictive Covenants
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The indenture governing the notes contains
    covenants that, among other things, limit our ability and the
    ability of our subsidiaries to:
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;incur
    additional indebtedness or liens;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;enter
    into sale/leaseback transactions;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;consolidate
    or merge;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;sell
    our assets;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;change
    our name or corporate structure;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;change
    the nature of our business or relocate our chief executive
    office;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;transfer
    our ownership of assets to subsidiaries that are not, or do not
    become, guarantors under the indenture;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;pay
    dividends or make other distributions or repurchase or redeem
    our stock;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;make
    investments;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;enter
    into transactions with affiliates;&nbsp;and
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;amend
    existing agreements.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">These covenants are subject to important
    exceptions and qualifications, which are described under the
    heading &#147;Description of the Exchange Notes-Certain
    Covenants&#148; in this prospectus.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Financial Covenants
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The indenture requires that we not allow our
    EBITDA minus capital expenditures (as defined), each measured on
    a fiscal quarter-end basis for the applicable period set forth
    below, to be less than the applicable amounts set forth below:
    </FONT></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="50%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="56%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Applicable Amount</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Applicable Date</FONT></B></TD>
</TR>

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$15&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">For the three month period ending June&nbsp;30,
    2004;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$65&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">For the six month period ending
    September&nbsp;30, 2004;
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$65&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">For the nine month period ending
    December&nbsp;31, 2004;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$60&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">For the twelve month period ending March&nbsp;31,
    2005;
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$48&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">For the twelve month period ending June&nbsp;30,
    2005;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$25&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">For the twelve month period ending
    September&nbsp;30, 2005;
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$25&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">For the twelve month period ending
    December&nbsp;31, 2005;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$30&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">For the twelve month period ending March&nbsp;31,
    2006;
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$80&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">For the twelve month period ending June&nbsp;30,
    2006;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$115&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">For the twelve month period ending
    September&nbsp;30, 2006;
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

<CENTER>
<TABLE width="50%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="56%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Applicable Amount</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Applicable Date</FONT></B></TD>
</TR>

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$110&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">For the twelve month period ending
    December&nbsp;31, 2006;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$105&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">For the twelve month period ending March&nbsp;31,
    2007
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We are also restricted in the amount of capital
    expenditures we can make in any fiscal year as follows: fiscal
    2005, $185&nbsp;million; fiscal 2006, $245&nbsp;million; and
    fiscal 2007, $195&nbsp;million.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">For each fiscal quarter after March&nbsp;31,
    2007, each of the above covenants will be established using the
    same methodology as utilized for 2004, 2005 and 2006, based on
    financial projections we submit to the trustee. The trustee will
    present the new covenants to us for approval, which we shall not
    unreasonably withhold. In the event we do not approve the
    trustee&#146;s calculations of the new covenants, the holders of
    51% of the commitments for the Term&nbsp;A Notes under the Exit
    Financing Facility will establish such covenants.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Absence of a Public Market
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The exchange notes will be a new issue of
    securities and there is currently no established market for
    them. The exchange notes, when issued, will generally be freely
    transferable (subject to restrictions discussed elsewhere
    herein) but will be a new issue of securities for which there
    will not initially be a market. Accordingly, there can be no
    assurance as to the development or liquidity of any market for
    the outstanding notes or, when issued, the exchange notes.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Use of Proceeds
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We will receive no proceeds from the exchange of
    the exchange notes for the outstanding notes pursuant to the
    exchange offer. The net proceeds we received from the
    outstanding notes were used to satisfy the claims of existing
    creditors and provide working capital in connection with our
    Chapter&nbsp;11 plan of reorganization.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Trustee
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Wells Fargo Bank, N.A.
    </FONT></TD>
</TR>

</TABLE>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You should consider carefully the information set
forth in the section of this prospectus entitled &#147;Risk
Factors&#148; beginning on page&nbsp;13 and all the other
information provided to you in this prospectus in deciding
whether to invest in the notes.
</FONT>

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

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<DIV align="left">
<A name='102'></A>
</DIV>

<!-- link1 "RISK FACTORS" -->

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You should consider carefully the information set
forth in this section along with all the other information
provided to you or incorporated by reference in this prospectus
in deciding whether to invest in the notes.
</FONT>

<P align="left">
<B><FONT size="2">Risks Relating to AMERCO</FONT></B>

<P align="left">
<B><I><FONT size="2">We operate in a highly competitive
industry.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The truck rental industry is highly competitive
and includes a number of significant national and hundreds of
regional and local competitors. Competition is generally based
on price, product quality, convenience, availability, brand name
recognition and service. In our truck rental business, we face
competition from Budget Car and Truck Rental Company and Penske
Truck Leasing. Some of our competitors may have greater
financial resources than we have. We cannot assure you that we
will not be forced to reduce our rental prices or delay price
increases.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We compete with national and regional
self-storage operators as well as local operators. Competition
in the market areas in which we operate is significant and
affects the occupancy levels, rental rates and operating
expenses of our facilities. Competition might cause us to
experience a decrease in occupancy levels, limit our ability to
increase rental rates and compel us to offer discounted rental
rates which could have a material adverse effect on our
operating results.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Entry into the self-storage business through
acquisition of existing facilities is possible for persons or
institutions with the required initial capital. Development of
new self-storage facilities is more difficult, however, due to
zoning, environmental and other regulatory requirements. The
self-storage industry has in the past experienced overbuilding
in response to perceived increases in demand. We cannot assure
you that we will be able to successfully compete in existing
markets or expand into new markets.
</FONT>

<P align="left">
<B><I><FONT size="2">Control of AMERCO remains in the hands of a
small contingent.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of December&nbsp;31, 2003, Edward J. Shoen,
Chairman of the Board of Directors and President of the Company,
James P. Shoen, a director of AMERCO, and Mark V. Shoen, an
executive officer of the Company, collectively own
8,689,933&nbsp;shares (approximately 42.4%) of the outstanding
common shares of AMERCO. Accordingly, Edward J. Shoen, Mark V.
Shoen and James P. Shoen will be in a position to continue to
influence the election of the members of the Board of Directors
and approval of significant transactions. In addition,
2,372,002&nbsp;shares (approximately 11.5%) of the outstanding
common shares of AMERCO, including shares allocated to employees
and unallocated shares, are held by our Employee Savings and
Employee Stock Ownership Trust.
</FONT>

<P align="left">
<B><I><FONT size="2">Our operations subject us to numerous
environmental regulations and the possibility that environmental
liability in the future could adversely affect our
operations.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Compliance with environmental requirements of
federal, state and local governments significantly affects our
business. Among other things, these requirements regulate the
discharge of materials into the water, air and land and govern
the use and disposal of hazardous substances. Under
environmental laws, we can be held strictly liable for hazardous
substances that are found on real property we have owned or
operated. We are aware of issues regarding hazardous substances
on some of our real estate and we have put in place a remedial
plan at each site where we believe such a plan is necessary. We
regularly make capital and operating expenditures to stay in
compliance with environmental laws. In particular, we have
managed a testing and removal program since 1988 for our
underground storage tanks. Under this program, we spent
$43.7&nbsp;million between April 1988 and December&nbsp;31,
2003. Despite these compliance efforts, risk of environmental
liability is part of the nature of our business.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Environmental laws and regulations are complex,
change frequently and could become more stringent in the future.
We cannot assure you that future compliance with these
regulations or future environmental liabilities will not have a
material adverse effect on our business.
</FONT>

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

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<P align="left">
<B><I><FONT size="2">Our business is seasonal.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our business is seasonal and our results of
operations and cash flows fluctuate significantly from quarter
to quarter. Historically, revenues have been stronger in the
first and second fiscal quarters due to the overall increase in
moving activity during the spring and summer months. The fourth
fiscal quarter is generally weakest, when there is a greater
potential for adverse weather conditions.
</FONT>

<P align="left">
<B><I><FONT size="2">We obtain our rental trucks from a limited
number of manufacturers.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the last ten years, we purchased all of our
rental trucks from Ford and General Motors. Although we believe
that we have alternative sources of supply for our rental
trucks, termination of one or more of our relationships with any
of these suppliers could have a material adverse effect on our
business, financial condition or results of operations.
</FONT>

<P align="left">
<B><I><FONT size="2">Our property and casualty insurance
business has suffered extensive losses.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our property and casualty insurance business,
RepWest, has reported losses through September&nbsp;30, 2003
totaling approximately $135&nbsp;million since January&nbsp;1,
2000. These losses are primarily attributable to business lines
that were unprofitable as underwritten. To restore profitability
in RepWest, we are exiting all non-U-Haul related lines and the
exit may result in near term losses as these lines are
eliminated. Although we believe the changes will have a positive
impact on the financial position of RepWest, we cannot assure
you that we will be successful in returning RepWest to sustained
profitability. Our inability to sustain profitability could have
a material adverse effect on our earnings and financial position.
</FONT>

<P align="left">
<B><I><FONT size="2">Our insurance businesses have suffered
downgrades in their ratings from national insurance company
rating agencies.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A.M. Best has downgraded RepWest and Oxford,
although Oxford was subsequently upgraded in March 2004. These
downgrades have affected their standing in the insurance
industry and caused their premiums to decrease. Ratings have
become an increasingly important factor in establishing the
competitive position of insurance companies. A.M. Best ratings
reflect its opinion of an insurance company&#146;s financial
strength, operating performance, strategic position and ability
to meet its obligations to policyholders. As of March&nbsp;19,
2004, the A.M. Best ratings are C for RepWest and B- for Oxford.
</FONT>

<P align="left">
<B><I><FONT size="2">Notes receivable from SAC Holdings are a
significant portion of AMERCO&#146;S total assets.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At March&nbsp;15, 2004, we held approximately
$203.8&nbsp;million of notes due from SAC Holdings. Although
these assets have been eliminated in our consolidated financial
statements included in this prospectus, we have significant
economic exposure to SAC Holdings. SAC Holdings is highly
leveraged with total outstanding indebtedness and other
obligations of $990.1&nbsp;million at December&nbsp;31, 2003. We
hold various senior and junior unsecured notes of SAC Holdings.
The senior unsecured notes of SAC Holdings that we hold rank
equal in right of payment with the notes of certain senior
mortgage holders, but junior to the extent of the collateral
securing the applicable mortgages and junior to the extent of
the cash flow waterfalls that favor the senior mortgage holders.
If SAC Holdings are unable to meet their obligations to their
senior lenders, it could trigger a default on their obligations
to us. In such an event of default, we could suffer a
significant loss to the extent the value of the underlying
collateral on our loans to SAC Holdings is inadequate to repay
SAC Holdings&#146; senior lenders and us. We cannot assure you
that SAC Holdings will not default on their loans to their
senior lenders or that the value of SAC Holdings&#146; assets
upon liquidation would be sufficient to repay us in full.
</FONT>

<P align="left">
<B><I><FONT size="2">AMERCO is a holding company and is
dependent on its subsidiaries for cash flow.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As a holding company with no business operations,
AMERCO&#146;s material assets consist only of the stock of its
subsidiaries. AMERCO will have to rely upon dividends and other
payments from its subsidiaries to generate the funds necessary
to pay its obligations. The ability of AMERCO&#146;s
subsidiaries to make dividend and other payments to AMERCO is
subject to, among other things, the availability of funds, the
terms of the indebtedness of AMERCO&#146;s subsidiaries and
applicable state laws and insurance regulations.
</FONT>

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

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<P align="left">
<B><I><FONT size="2">This prospectus includes forward-looking
statements and there are a number of risk and uncertainties that
could cause our actual results to differ materially form these
forward-looking statements.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This prospectus includes forward-looking
statements. Forward-looking statements include statements
concerning our plans, objectives, goals, strategies, capital
expenditures, financings needs and resources, the success of our
Chapter&nbsp;11 bankruptcy reorganization, plans and intentions
regarding the payment of dividend arrearages, perceptions of
AMERCO&#146;s legal positions and anticipated outcome of pending
litigation against us and liquidity. When used in this
prospectus, the words &#147;believe&#148;, &#147;expect&#148;,
&#147;anticipate&#148;, &#147;estimate&#148;,
&#147;project&#148;, &#147;may&#148;, &#147;will&#148;,
&#147;intends&#148;, &#147;plans&#148; and variations of such
words and similar expressions are intended to identify
forward-looking statements. All forward-looking statements are
based upon our current expectations and various assumptions. Our
expectations, beliefs and projections are expressed in good
faith and we believe there is a reasonable basis for them.
However, there can be no assurance that management&#146;s
expectations, beliefs and projections will be achieved.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">There are a number of risks and uncertainties
that could cause our actual results to differ materially from
the forward-looking statements contained in this prospectus.
Important factors that could cause our actual results to differ
materially from the forward-looking statements we make in this
prospectus are set forth in this Risk Factors section.
</FONT>

<P align="left">
<B><I><FONT size="2">We face risks related to an SEC
investigation and securities litigation.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The SEC has issued a formal order of
investigation to determine whether we have violated the Federal
securities laws. Although we have fully cooperated with the SEC
in this matter and intend to continue to fully cooperate, the
SEC may determine that we have violated Federal securities laws.
We cannot predict when this investigation will be completed or
its outcome. If the SEC makes a determination that we have
violated Federal securities laws, we may face sanctions,
including, but not limited to, significant monetary penalties
and injunctive relief.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, the Company has been named a
defendant in a number of class action and related lawsuits. The
findings and outcome of the SEC investigation may affect the
class-action lawsuits that are pending. We are generally
obliged, to the extent permitted by law, to indemnify our
directors and officers who are named defendants in some of these
lawsuits. We are unable to estimate what our liability in these
matters may be, and we may be required to pay judgments or
settlements and incur expenses in aggregate amounts that could
have a material adverse effect on our financial condition or
results of operations.
</FONT>

<P align="left">
<B><I><FONT size="2">Our common stock may be delisted from the
NASDAQ Stock Market.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On June&nbsp;24, 2003, we received a letter from
NASDAQ indicating that, in light of AMERCO&#146;s
Chapter&nbsp;11 filing, a NASDAQ Listing Qualifications Panel
(the &#147;Panel&#148;) would consider such filing and
associated concerns in rendering a determination regarding
AMERCO&#146;s listing status. NASDAQ has requested, and we have
provided, information regarding the Chapter&nbsp;11 filing and
the anticipated effect of the filing on the shareholders of
AMERCO. Nasdaq has indicated that the Panel has determined to
continue the listing of AMERCO&#146;s common stock on Nasdaq
provided that AMERCO complies with all requirements for
continued listing on Nasdaq and timely files all periodic
reports with the SEC for all periods ending on or before
June&nbsp;30, 2004, without the benefit of any extensions
provided pursuant to Exchange Act Rule&nbsp;12b-25. Although we
intend to take all actions available to maintain our Nasdaq
listing, there can be no assurance that AMERCO will be able to
do so.
</FONT>

<P align="left">
<B><I><FONT size="2">RepWest has consented to an Order of
Supervision issued by the Arizona Department of
Insurance.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On May&nbsp;20, 2003, RepWest consented to an
Order of Supervision issued by the DOI. Pursuant to this Order
and Arizona law, during the period of supervision, RepWest may
not engage in certain activities without the prior approval of
the DOI.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The requirements to abate the order are for
RepWest to eliminate the specific credit risk associated with
the exposures to AMERCO and its affiliates and establish that it
possesses surplus sufficient with Arizona law
</FONT>

<P align="center"><FONT size="2">15
</FONT>
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<DIV align="left">
<FONT size="2">and as the Arizona Director of Insurance may
require based on type, volume or nature of its business pursuant
to Arizona law. If RepWest fails to satisfy the requirements to
abate DOI&#146;s concerns, the DOI may take further action,
including, but not limited to, commencing a conservatorship.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Risks Associated with the Notes</FONT></B>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Our substantial level of indebtedness could
    adversely affect our financial condition and prevent us from
    fulfilling our obligations on the notes.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of March&nbsp;15, 2004, we had approximately
$997&nbsp;million of indebtedness, excluding the debt of SAC
Holdings. In addition, subject to restrictions in the indenture
for the notes we are offering and our Exit Financing Facility
and New AMERCO notes, we may incur additional indebtedness. The
high level of our indebtedness could have important consequences
to you, including the following:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to obtain additional financing for
    working capital and capital expenditures or general corporate
    purposes may be impaired;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">we must use a substantial portion of our cash
    flow from operations to pay interest and principal on the notes
    and other indebtedness, which will reduce the funds available to
    us for other purposes such as capital expenditures;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our high level of indebtedness may put us at a
    competitive disadvantage and reduce our flexibility
    in&nbsp;planning for, or responding to, changing conditions in
    our industry, including increased competition;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">we are more vulnerable to economic downturns and
    adverse developments in our business.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We expect to obtain the money to pay our expenses
and to pay the principal and interest on the 9.0% Second Lien
Senior Secured Notes due 2009, our Exit Financing Facility, the
New AMERCO notes and other debt from cash flow from our
operations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our annual debt service requirements for the 9.0%
Second Lien Senior Secured Notes due 2009 is approximately
$18&nbsp;million. Because the notes carry a fixed rate of
interest, we are not subject to interest rate risk for these
obligations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our annual debt service requirements for the
revolving credit portion of our Exit Financing Facility depends
on a number of factors, including the level of borrowings under
the facility and interest rates. Our projected annual debt
service requirements relating to the 9.0% Second Lien Senior
Secured Notes, Exit Financing Facility and the New AMERCO notes
is approximately $67.7&nbsp;million based on outstanding
borrowings under these facilities at March&nbsp;15, 2004. For
each one percent increase in interest rates, the debt service
requirement on the Exit Financing Facility would increase by
approximately $5.15&nbsp;million per year. The scheduled
maturity for the outstanding borrowings under the 9.0% Second
Lien Senior Secured Notes and the Exit Financing Facility is in
fiscal year 2009 and the maturity date of the New AMERCO Notes
is in fiscal year 2011. Our ability to meet our expenses thus
depends on our future performance, which will be affected by
financial, business, economic and other factors. We will not be
able to control many of these factors, such as economic
conditions in the markets where we operate and pressure from
competitors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We cannot be certain that our cash flow will be
sufficient to allow us to pay principal and interest on our
debt, including the notes, and meet our other obligations. If we
do not have sufficient funds, we may be required to refinance
all or part of our existing debt, including the notes, sell
assets or borrow more money. We cannot guarantee that we will be
able to do so on terms acceptable to us, if at all. In addition,
the terms of existing or future debt agreements, including our
Exit Financing Facility and the indenture, may restrict us from
pursuing any of these alternatives.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture for the notes we are offering, the
Exit Financing Facility and the New AMERCO notes impose
significant operating and financial restrictions, which may
prevent us from capitalizing on business
</FONT>

<P align="center"><FONT size="2">16
</FONT>
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<DIV align="left">
<FONT size="2">opportunities and taking some corporate actions.
These restrictions limit the ability of us and our subsidiaries,
among other things, to:
</FONT>
</DIV>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">incur additional indebtedness or liens;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">enter into certain sale/leaseback transactions;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">consolidate or merge;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">sell our assets;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">change our name or corporate structure;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">change the nature of our business or relocate our
    chief executive office;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">transfer our ownership of assets to subsidiaries
    that are not, or do not become, guarantors under the indenture;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">pay dividends or make other distributions or
    repurchase or redeem our stock;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">make investments;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">enter into transactions with affiliates;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">amend existing agreements.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We cannot assure you that these covenants will
not adversely affect our ability to finance our future
operations or capital needs or to pursue available business
opportunities. A breach of any of these covenants or our
inability to maintain the required financial ratios could result
in a default in respect of the related indebtedness. If a
default occurs, the relevant lenders could elect to declare the
indebtedness, together with accrued interest and other fees, to
be immediately due and payable.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For a more detailed discussion of our existing
indebtedness and other obligations, see the section titled
&#147;Description of Other Indebtedness and Other
Obligations.&#148; See also &#147;Description of the Exchange
Notes.&#148;
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">We could enter into transactions that would
    increase the amount of our indebtedness
    outstanding.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture for the notes and the agreements
that govern our Exit Financing Facility and New AMERCO Notes
impose significant restrictions on our ability to incur
additional indebtedness or liens, make investments, and sell
assets, among others. Nevertheless, we could, in the future,
enter into transactions such as acquisitions, refinancings or
other recapitalizations or highly leveraged transactions, that
could increase the amount of indebtedness outstanding. Such
transactions could affect our capital structure or credit
ratings or otherwise affect the holders of the notes.
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">The guarantees may be voided under specific
    legal circumstances.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The outstanding notes are, and the exchange notes
will be, guaranteed by certain of our existing subsidiaries and
certain future subsidiaries. The guarantees may be subject to
review under U.S.&nbsp;federal bankruptcy law and comparable
provisions of state fraudulent conveyance laws if a bankruptcy
or reorganization case or lawsuit is commenced by or on behalf
of our or one of a guarantor&#146;s unpaid creditors. Under
these laws, if a court were to find in such a bankruptcy or
reorganization case or lawsuit that, at the time any guarantor
issued a guarantee of the notes:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">it issued the guarantee to delay, hinder or
    defraud present or future creditors;&nbsp;or
    </FONT></TD>
</TR>

</TABLE>

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

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

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">it received less than reasonably equivalent value
    or fair consideration for issuing the guarantee at the time it
    issued the guarantee and:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">it was insolvent or rendered insolvent by reason
    of issuing the guarantee;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">it was engaged, or about to engage, in a business
    or transaction for which its remaining unencumbered assets
    constituted unreasonably small capital to carry on its
    business;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">it intended to incur, or believed that it would
    incur, debts beyond its ability to pay as they mature;
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">then the court could void the obligations under
the guarantee, subordinate the guarantee of the notes to that
guarantor&#146;s other debt or take other action detrimental to
holders of the notes and the guarantees of the notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The measures of insolvency for purposes of
fraudulent transfer laws vary depending upon the law of the
jurisdiction that is being applied in any proceeding to
determine whether a fraudulent transfer had occurred. Generally,
however, a person would be considered insolvent if, at the time
it incurred the debt:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the present fair saleable value of its assets was
    less than the amount that would be required to pay its probable
    liability on its existing debts, including contingent
    liabilities, as they become absolute and mature;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">it could not pay its debts as they become due.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We cannot be sure as to the standard that a court
would use to determine whether or not a guarantor was solvent at
the relevant time, or, regardless of the standard that the court
uses, that the issuance of the guarantees would not be voided or
the guarantees would not be subordinated to the guarantors&#146;
other debt. If such a case were to occur, the guarantee could
also be subject to the claim that, since the guarantee was
incurred for our benefit, and only indirectly for the benefit of
the guarantor, the obligations of the applicable guarantor were
incurred for less than fair consideration.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Based upon financial and other information
currently available to us, we believe that the debt evidenced by
the guarantees is being incurred for proper purposes and in good
faith. We believe that the guarantors:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">are solvent and will continue to be solvent after
    issuing the guarantees;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">will have sufficient capital for carrying on the
    business we intend to conduct after this offering is completed;
    and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">will be able to service their debts as they come
    due.
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">There is no established trading market for
    the exchange notes and you may not be able to sell the notes
    quickly or at the price that you paid.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We expect that there will be a limited trading
market for the exchange notes, if any. Although the exchange
notes will be registered, we do not intend to list the exchange
notes on any securities exchange or to arrange for quotation on
any automated dealer quotation systems. As a result, we cannot
assure you as to the liquidity of any trading market for the
exchange notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We also cannot assure you that you will be able
to sell your exchange notes at a particular time or that the
prices that you receive when you sell will be favorable. We also
cannot assure you as to the level of liquidity of the trading
market for the exchange notes or, in the case of any holders of
outstanding notes that do not exchange them, the trading market
for the notes following the offer to exchange the outstanding
notes for exchange notes. Future trading prices of the
outstanding notes and exchange notes will depend on many
factors, including:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our operating performance and financial condition;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to complete the offer to exchange the
    notes for the exchange notes;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the interest of securities dealers in making a
    market;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the market for similar securities.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">18
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Historically, the market for non-investment grade
debt has been subject to disruptions that have caused volatility
in prices. It is possible that the market for the outstanding
notes and, if issued, the exchange notes will be subject to
disruptions. Any disruptions may have a negative effect on
noteholders, regardless of our prospects and financial
performance.
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">There may be adverse consequences to
    holders of outstanding notes that do not tender their
    outstanding notes pursuant to the exchange offer.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you fail to properly exchange your outstanding
notes for exchange notes, you will continue to hold outstanding
notes subject to transfer restrictions, and the liquidity of the
trading market for any untendered outstanding notes may be
substantially limited.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will only issue exchange notes in exchange for
outstanding notes that you timely and properly tendered. You
should allow sufficient time to ensure timely delivery of the
outstanding notes, and you should carefully follow the
instructions on how to tender your outstanding notes set forth
under the &#147;The Exchange Offer&nbsp;&#151; Procedures for
Tendering&#148; and in the letter of transmittal that
accompanies this prospectus. Neither we nor the exchange agent
are required to notify you of any defects or irregularities
relating to your tender of notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The holders of outstanding notes that do not
exchange them pursuant to this exchange offer will continue to
be subject to restrictions on the transfer of the outstanding
notes because the issuance of the outstanding notes was not
registered under the Securities Act or registered or qualified
under any state securities laws. We do not currently anticipate
that, except in certain limited circumstances, we will register
the outstanding notes under the Securities Act. To the extent
that we exchange outstanding notes a result of this exchange
offer, the ability to trade untendered outstanding notes may be
adversely affected.
</FONT>

<DIV align="left">
<A name='103'></A>
</DIV>

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

<P align="center">
<B><FONT size="2">USE OF PROCEEDS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will receive no proceeds from the exchange of
the exchange notes for the outstanding notes pursuant to the
exchange offer. We used the gross proceeds of $80&nbsp;million
from the sale of the outstanding notes to satisfy the claims of
existing creditors and provide working capital in connection
with our Chapter&nbsp;11 plan of reorganization.
</FONT>

<P align="center"><FONT size="2">19
</FONT>

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

<DIV align="left">
<A name='104'></A>
</DIV>

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

<P align="center">
<B><FONT size="2">RATIO OF EARNINGS TO FIXED CHARGES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have calculated the ratio of earnings to fixed
charges by dividing earnings by fixed charges. For purposes of
computing the ratio of earnings to fixed charges,
&#147;earnings&#148; consists of pretax earnings from operations
plus total fixed charges and non-cash charges excluding interest
capitalized during the period and &#147;fixed charges&#148;
consists of interest expense, preferred stock dividends
capitalized interest, amortization of debt charges and
discounts, and one-third of AMERCO&#146;s annual rental expense
(which we believe is a reasonable approximation of the interest
factor of such rentals).
</FONT>

<CENTER>
<TABLE width="50%" align="center" cellspacing="0" cellpadding="0" border="0">

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

<TR>
    <TD colspan="19"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">Year Ended March&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Nine Months Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December&nbsp;31, 2003</FONT></B></TD>
</TR>

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.21</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.20</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">0.55</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">x(1)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">0.53</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">x(1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">) 0.74</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">x(</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1) 1.44</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">x</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

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

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">For the years ended March&nbsp;31, 2001, 2002 and
    2003, earnings were inadequate to cover fixed charges by
    approximately $87.0&nbsp;million, $87.7&nbsp;million and
    $59.8&nbsp;million, respectively.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<A name='105'></A>
</DIV>

<!-- link1 "CAPITALIZATION" -->

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth capitalization as
of December&nbsp;31, 2003, on an actual basis and on an as
adjusted basis to give effect to the issuance of our new debt
obligations (including the New SAC Holdings Notes) issued on
March&nbsp;15, 2004 upon our emergence from bankruptcy and the
satisfaction of the debt obligations discharged in connection
therewith. You should read the following information in
conjunction with the information contained in the audited
consolidated financial statements and the unaudited condensed
consolidated financial statements, and the notes to those
statements appearing elsewhere in this prospectus.
</FONT>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="65%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">As of December&nbsp;31, 2003</FONT></B></TD>
</TR>

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

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

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

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

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Long-term debt (including current portion):
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Exit financing revolving credit facility
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">194.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Term A Notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">350.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">New AMERCO notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">148.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Term B Notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revolving credit facility, secured by
    intercompany notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">153.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior notes, secured, Series&nbsp;A, due 2012
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">95.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior notes, secured, Series&nbsp;B, due 2007
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior notes, unsecured, 7.85% interest rate, due
    2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">175.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior notes, unsecured, 8.80% interest rate, due
    2005
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Medium-term notes, unsecured, 7.23% to 8.08%
    interest rate, due through 2027
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">109.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes payable under Bond Backed Asset Trust,
    unsecured, 7.14% interest rate, due through 2032
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">DIP financing
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">55.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">BBAT termination debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total AMERCO notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">957.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">933.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SAC Holdings&#146; notes payable*
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">586.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">586.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">New SAC Holdings Notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">401.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">401.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total capitalization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,945.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,122.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

</TABLE>
</CENTER>

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

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

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

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Excluding inter-company amounts owed to AMERCO of
    $403.5&nbsp;million under the &#147;Actual&#148; column and
    $203.5&nbsp;million under the &#147;As Adjusted&#148; column,
    respectively.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">20
</FONT>

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

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

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD align="left">
    <A name='106'></A></TD>
</TR>

</TABLE>

<!-- link1 "BUSINESS The Company" -->

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

<P align="left">
<B><FONT size="2">The Company</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are the largest do-it-yourself moving and
storage company in North America. Since 1945, our moving and
self-storage subsidiary, U-Haul, has developed the most
recognized brand in the rental of trucks, trailers and support
items to the do-it-yourself moving customer. We are the leading
&#147;one-stop shop&#148; for customers&#146; residential moving
and self-storage needs. As of December&nbsp;31, 2003, U-Haul
moving equipment was available for rent at 15,624 locations in
50&nbsp;states and Canada, which we believe is more than twice
the number of locations of our national competitors combined.
Through the U-Haul network, do-it-yourself movers have access to
the largest fleet of moving equipment available for rent. We
also offer our customers an extensive line of moving and storage
supplies such as boxes, tape and tow dollies. We are the
second-largest operator of self-storage facilities in North
America with over 1,000 locations and approximately
32.5&nbsp;million square feet of total rentable self-storage
space as of March&nbsp;31, 2003. We also own real estate and
insurance businesses that complement our U-Haul business.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We believe that our focus on do-it-yourself
moving and storage customers, whose moving and self-storage
needs are not necessarily correlated with general economic
conditions, provides us with an operating profile that is less
vulnerable to economic downturns. A substantial majority of
U-Haul&#146;s rental revenues are generated from residential
do-it-yourself movers. Demand for our products and services is
driven primarily by the mobility of the population resulting
from, among other things, changes in employment, housing
preference and marital status. Our self-storage business also
provides us with a predictable revenue stream given that the
duration of the industry average storage space rental is over
13&nbsp;months.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of March&nbsp;31, 2003, we had over 92,000
trucks, 73,000 trailers and 19,000 tow dollies available for
rent, a majority of which are owned by us.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our real estate and insurance businesses support
our core do-it-yourself moving and storage focus. Real Estate
acquires properties for the development of, or conversion into,
U-Haul Centers and/or self-storage facilities. RepWest provides
property and casualty insurance to us and insures U-Haul&#146;s
customers, dealers and independent third parties. The majority
of our U-Haul customers purchase RepWest products. We believe
that these business lines assist us in maintaining our
competitive advantages in the do-it-yourself moving and storage
businesses. In addition, RepWest&#146;s business activities
include direct and assumed reinsurance underwriting. Oxford
originates and reinsures annuities, credit life and disability,
life insurance and supplemental health products. Information on
industry segments is incorporated by reference to Notes&nbsp;1,
21 and 22 to the consolidated financial statements for the year
ended March&nbsp;31, 2003 and Note&nbsp;6 to the unaudited
consolidated financial statements for the quarter ended
December&nbsp;31, 2003, which are contained elsewhere in this
prospectus. The notes discuss the general principles of
consolidation, summarized consolidated information and industry
segment and geographic data.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Chapter&nbsp;11 Proceedings</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On June&nbsp;20, 2003, AMERCO filed a voluntary
petition for relief under Chapter&nbsp;11 of the United States
Bankruptcy Code. Amerco Real Estate Company also filed a
voluntary petition for relief under Chapter&nbsp;11 on
August&nbsp;13, 2003. AMERCO&#146;s other subsidiaries were not
included in either of the filings. The Chapter&nbsp;11 filing
was undertaken to facilitate a restructuring of AMERCO&#146;s
debt in response to liquidity issues, which developed in the
second half of 2002. 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 and with no dilution to our
stockholders. In connection with our emergence from bankruptcy,
we believe our balance sheet is strengthened, having
restructured over $1.2&nbsp;billion in debt and lease
obligations. See &#147;Prospectus Summary&nbsp;&#151; Recent
Developments&nbsp;&#151; Emergence From Chapter&nbsp;11
Restructuring.&#148;
</FONT>

<P align="center"><FONT size="2">21
</FONT>

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

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Moving and Storage Operations</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Moving and self-storage operations consist of the
rental of equipment such as trucks and trailers, the sale of
moving and storage supplies such as boxes and the rental of
self-storage spaces to both moving and storage customers.
Operations are conducted using the registered tradename U-Haul
throughout the United States and Canada.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Real Estate Operations</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Real Estate owns approximately 90% of the
Company&#146;s real estate assets, including U-Haul Center and
Storage locations. Various U-Haul and Insurance companies own
the remainder of the real estate assets. Real Estate is
responsible for overseeing property acquisitions, dispositions
and managing environmental risks of the properties.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Property and Casualty Insurance</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RepWest originates and reinsures property and
casualty-type insurance products for various market
participants, including independent third parties, U-Haul&#146;s
customers, independent dealers and the Company. In April 2003,
RepWest announced that in connection with AMERCO&#146;s overall
restructuring efforts, in order to reduce costs and to build
upon its core strengths, RepWest is exiting non-U-Haul related
lines of business. This exit has resulted in near term losses as
these lines were eliminated.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Life Insurance</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Oxford originates and reinsures annuities, credit
life and disability, single premium whole life, group life and
disability coverage, and Medicare supplement insurance. Oxford
also administers the self-insured employee health and dental
plans for AMERCO.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On November&nbsp;13, 2000, Oxford acquired all of
the issued and outstanding shares of Christian Fidelity Life
Insurance Company (CFLIC)&nbsp;in an exchange of cash for stock.
CFLIC is a Texas-based insurance company specializing in
providing supplemental health insurance and is licensed in
31&nbsp;states. The acquisition was accounted for using the
purchase method of accounting and, accordingly, CFLIC&#146;s
results of operations have been included in the consolidated
financial statements since the date of acquisition. Oxford
funded the acquisition from available cash and short-term funds.
</FONT>

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</TR>

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">U-Haul was founded in 1945 under the name
&#147;U-Haul Trailer Rental Company&#148;. From 1945 to 1974,
U-Haul rented trailers and, starting in 1959, trucks on a
one-way and In-Town&#174; basis exclusively through independent
dealers. Since 1974, U-Haul has developed a network of Company
managed rental centers (U-Haul Centers) through which U-Haul
also rents its trucks and trailers and provides related products
and services (for example, the sale and installation of hitches,
as well as the sale of boxes and other moving and storage
supplies). At March&nbsp;31, 2003, U-Haul&#146;s distribution
network included 1,350 Company operated centers and 14,274
independent dealers.
</FONT>

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</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Moving and Storage Operations</FONT></I></B></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Business Strategies</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The U-Haul business strategy remains focused on
do-it-yourself moving and self-storage customers. U-Haul
believes that customer access, in terms of truck or trailer
availability and proximity of rental locations, is critical to
its success. Under the U-Haul name, our strategy is to offer, in
an integrated manner over an extensive and geographically
diverse network of 15,624 Company operated Centers and
independent dealers, a wide range of products and services to
do-it-yourself moving and self-storage customers.
</FONT>

<P align="center"><FONT size="2">22
</FONT>

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</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Moving Operations</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">U-Haul has a variety of product offerings. Rental
trucks are designed with do-it-yourself customers in mind.
U-Haul trailers are suited to the low profile of many newly
manufactured automobiles. As of March&nbsp;31, 2003, the U-Haul
rental equipment fleet consisted of approximately 92,000 trucks,
73,000 trailers and 19,000 tow dollies. Additionally, U-Haul
provides support items such as furniture pads, utility dollies
and handtrucks.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Approximately 90% of U-Haul&#146;s gross rental
revenue is generated from do-it-yourself residential movers.
Moving rentals include:
</FONT>
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    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;In-Town&#174; rentals, where the
    equipment is returned to the originating U-Haul location&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;One-way rentals, where the equipment is
    returned to a U-Haul location in another city.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">U-Haul&#146;s truck and trailer rental business
tends to be seasonal, with proportionally more transactions and
revenues generated in the spring and summer months than during
the balance of the year.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">U-Haul sells a wide selection of moving supplies
that include boxes, tape and packaging materials. U-Haul Centers
also sell and install hitches and towing systems, and sell
propane.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">U-Haul offers protection packages such as:
</FONT>
<P>

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    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;Safemove&#174;&nbsp;&#151; which
    currently provides moving customers with a damage waiver, cargo
    protection and medical and life coverage;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;Safestor&#174;&nbsp;&#151; which
    currently provides self-storage rental customers with various
    types of protection for their goods in storage;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iii)&nbsp;Safetow&#174;&nbsp;&#151; which
    currently provides towing customers with a damage waiver, cargo
    protection and medical and life coverage.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Independent dealers receive U-Haul equipment on a
consignment basis and are paid a commission on gross revenues
generated from their rentals. U-Haul maintains contracts with
its independent dealers that may typically be terminated upon
30&nbsp;days written notice by either party.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Historically U-Haul has designed and manufactured
its truck van boxes, trailers and various other support rental
equipment items. Truck chassis are manufactured by both foreign
and domestic truck manufacturers. These chassis receive certain
post-delivery modifications and are joined with van boxes at
strategically located Company-owned manufacturing and assembly
facilities in the United States. From time to time, U-Haul buys
its truck bodies from a third party provider of such items.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">U-Haul services and maintains its trucks and
trailers through an extensive preventive-maintenance program,
generally performed at Company-owned facilities located at or
near U-Haul Centers. Major repairs are performed either by the
chassis manufacturers&#146; dealers or by Company-owned repair
shops.
</FONT>

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</TR>

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A highly competitive industry exists within the
moving truck and trailer rental market. There are two distinct
users of rental trucks: commercial users and do-it-yourself
users. U-Haul focuses on the do-it-yourself residential user.
Within this group, U-Haul believes that the principal
competitive factors are convenience of rental locations,
availability of quality rental equipment and price.
U-Haul&#146;s major competitors in the rental market are Budget
Car and Truck Rental Company and Penske Truck Leasing.
</FONT>

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</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Self-storage Business</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">U-Haul entered the self-storage business in 1974
and has increased its presence in the industry through the
acquisition and conversion of existing facilities and new
construction. In addition, U-Haul has entered into management
agreements to manage self-storage properties owned by others,
including SAC Holdings. U-Haul has also entered into a strategic
relationship with Private Mini Storage Realty, L.P., a
Texas-based operator of self-storage properties.
</FONT>

<P align="center"><FONT size="2">23
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Through 1,023 owned, managed or equity
participating self-storage locations in the United States and
Canada, U-Haul offers for rent more than 32.5&nbsp;million
square feet of self-storage at March&nbsp;31, 2003. This is an
increase of 1.4&nbsp;million square feet over the prior year.
U-Haul&#146;s self-storage facility locations range in sizes up
to 152,600&nbsp;square feet of storage space, with individual
storage units in sizes from 15 to 400&nbsp;square feet.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The primary market for storage rooms is the
storage of household goods. With the addition of 18,833 storage
rooms during fiscal year 2003, the average occupancy rate of
same store facilities operating over one year was 82.9%, with
modest seasonal variations.
</FONT>

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</TR>

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The primary competition for a U-Haul self-storage
location is other self-storage facilities within a geographic
area offering a comparable level of convenience to the customer.
</FONT>

<DIV>&nbsp;</DIV>

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of March&nbsp;31, 2003, U-Haul&#146;s
non-seasonal work force consisted of 16,145 full and part-time
employees.
</FONT>

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<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Real Estate Operations</FONT></I></B></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Real Estate Operations</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Real Estate owns approximately 90% of the
Company&#146;s real estate assets, including U-Haul Center and
Storage locations. Various U-Haul and Insurance companies own
the remainder of the real estate assets. Real Estate is
responsible for overseeing property acquisitions, dispositions
and managing environmental risks of the properties.
</FONT>

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Environmental Matters</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Compliance with environmental requirements of
federal, state and local governments significantly affects Real
Estate&#146;s business operations. Among other things, these
requirements regulate the discharge of materials into the water,
air and land and govern the use and disposal of hazardous
substances. Real Estate is aware of issues regarding the
presence of hazardous substances on some of its properties. Real
Estate regularly makes capital and operating expenditures to
stay in compliance with environmental laws and has put in place
a remedial plan at each site where it believes such a plan is
necessary. Since 1988, Real Estate has managed a testing and
removal program for underground storage tanks. Under this
program, we have spent $43.7&nbsp;million through March&nbsp;31,
2003.
</FONT>

<DIV>&nbsp;</DIV>

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</TR>

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

</TABLE>

<DIV>&nbsp;</DIV>

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Business Strategies</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RepWest originates and reinsures property and
casualty type insurance products for various market
participants, including independent third parties, U-Haul&#146;s
customers, independent dealers and the Company. In April 2003,
RepWest announced that in connection with AMERCO&#146;s overall
restructuring efforts, and in order to reduce costs and to build
upon its core strengths, RepWest has ceased writing and is
exiting non-U-Haul related lines of business.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Oxford&#146;s business strategy is long-term
capital growth through direct writing and reinsuring of annuity,
credit life and disability and Medicare supplement products. In
the past Oxford has pursued a growth strategy of increased
direct writing via acquisitions of insurance companies, expanded
distribution channels and product development. The acquisitions
of North American Insurance Company and Safe Mate Life Insurance
Company in 1997 and Christian Fidelity Life Insurance Company in
2000 represent a significant movement toward this long-term
goal. Oxford has significantly expanded product offerings,
distribution channels and administrative capabilities through
these acquisitions.
</FONT>

<P align="center"><FONT size="2">24
</FONT>

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<DIV>&nbsp;</DIV>

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RepWest and Oxford investments must comply with
the insurance laws of the state of domicile. These laws
prescribe the type, quality and concentration of investments
that may be made. Moreover, in order to be considered an
acceptable reinsurer by cedents and intermediaries, a reinsurer
must offer financial security. The quality and liquidity of
invested assets are important considerations in determining such
security.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The investment strategies of RepWest and Oxford
emphasize protection of principal through the purchase of
investment grade fixed-income securities. Approximately 88.0% of
RepWest&#146;s and 88.6% of Oxford&#146;s fixed-income
securities consist of investment grade securities (NAIC-2 or
greater). The maturity distributions are designed to provide
sufficient liquidity to meet future cash needs.
</FONT>

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RepWest and Oxford assume and cede insurance from
and to other insurers and members of various reinsurance pools
and associations. Reinsurance arrangements are utilized to
provide greater diversification of risk and to minimize exposure
to large risks. However, the original insurer retains primary
liability to the policyholder should the assuming insurer not be
able to meet its obligations under the reinsurance agreements.
</FONT>

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RepWest and Oxford are subject to regulation by
state insurance regulatory agencies. The regulation extends to
such matters as licensing companies and agents, restricting the
types, quality or quantity of investments, regulating capital
and surplus and actuarial reserve maintenance, setting solvency
standards, filing of annual and other reports on financial
condition, and regulating trade practices. State laws also
regulate transactions and dividends between an insurance company
and its parent or affiliates, and generally require prior
approval or notification for any change in control of the
insurance subsidiary.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The insurance and reinsurance regulatory
framework has been subjected to increased scrutiny by the
National Association of Insurance Commissioners (NAIC), federal
and state legislatures and insurance regulators. These
regulators are considering increased regulations, with an
emphasis on insurance company investment and solvency issues. It
is not possible to predict the future impact of changing state
and federal regulations on the operations of RepWest and Oxford.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 1998, the NAIC adopted the Codification of
Statutory Accounting Principles guidance, which replaced the
prior Accounting Practices and Procedures manual as the
NAIC&#146;s primary guidance for statutory accounting as of
January&nbsp;1, 2001. The codification provides guidance for
areas where statutory accounting has been silent and changes
current statutory accounting practices in some areas. The DOI
has adopted the Codification guidance, effective January&nbsp;1,
2001. Oxford and RepWest have implemented the new Codification
effective January&nbsp;1, 2001. In order to enhance the
regulation of insurer solvency, the NAIC has adopted a formula
and model law to implement risk-based capital
(RBC)&nbsp;requirements for insurance companies designed to
assess minimum capital requirements and to raise the level of
protection that statutory surplus provides for policyholder
obligations. The RBC formula measures areas of risk facing
insurers. Pursuant to the model law, insurers having less
statutory surplus than that required by the RBC calculation will
be subject to varying degrees of regulatory action, depending on
the level of capital inadequacy.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The RBC model law provides for four levels of
regulatory action. The extent of regulatory intervention and
action increases as the level of surplus to RBC decreases. The
first level, the Company Action Level (as defined by the NAIC),
requires an insurer to submit a plan of corrective actions to
the regulator if surplus falls below 200% of the RBC amount. The
Regulatory Action Level requires an insurer to submit a plan
containing corrective actions and requires the relevant
insurance commissioner to perform an examination or other
analysis and issue a corrective order if surplus falls below
150% of the RBC amount. The Authorized Control Level gives the
relevant insurance commissioner the option either to take the
aforementioned actions or to rehabilitate or liquidate the
insurer if surplus falls below 100% of the RBC amount. The
fourth action level is the Mandatory Control Level that requires
the relevant insurance commissioner to rehabilitate or liquidate
the insurer if surplus falls below 70% of the RBC amount.
</FONT>

<P align="center"><FONT size="2">25
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Oxford is in compliance with the NAIC minimum RBC
requirements. On May&nbsp;20, 2003, the DOI determined that
RepWest&#146;s level of RBC allowed for regulatory control and
accordingly placed RepWest under supervision.
</FONT>

<DIV>&nbsp;</DIV>

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</TR>

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The highly competitive insurance industry
includes a large number of property and casualty insurance
companies and life insurance companies. In addition, the
marketplace now includes financial service firms offering both
insurance and financial products. Stockholders own some
insurance companies and policyholders own others. Many
competitors have been in business for a longer period of time or
possess substantially greater financial resources and broader
product portfolios than RepWest and Oxford. RepWest and Oxford
compete in the insurance business based upon price, product
design and services rendered to producers and policyholders.
</FONT>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RepWest&#146;s non-seasonal work force consists
of 343 full and part-time employees.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Oxford&#146;s non-seasonal work force consists of
148 full and part-time employees.
</FONT>

<DIV>&nbsp;</DIV>

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Life Insurance</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Oxford originates and reinsures annuities, credit
life and disability, single premium whole life, group life and
disability coverage, and Medicare supplement insurance. Oxford
also administers the self-insured group health and dental plans
for the Company. Reinsurance arrangements are entered into with
unaffiliated reinsurers.
</FONT>

<DIV>&nbsp;</DIV>

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Property and Casualty</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RepWest&#146;s historical business activities
consisted of three basic areas: U-Haul, direct and assumed
reinsurance. U-Haul underwritings include coverage for U-Haul
customers, independent dealers, fleet owners and employees of
the Company. RepWest&#146;s direct underwriting was done through
Company-employed underwriters and selected general agents. The
products provided include liability coverage for rental
vehicles, coverage for commercial multiple peril, commercial
auto, mobile homes and excess workers&#146; compensation. As
part of its restructuring, RepWest has determined to eliminate
these direct lines. RepWest&#146;s assumed reinsurance
underwriting was done via broker markets and RepWest has exited
this line. In an effort to decrease risk, RepWest has entered
into various catastrophe cover policies to limit its exposure.
The liability for reported and unreported losses is based on
both RepWest&#146;s historical and industry averages. Unpaid
loss adjustment expenses are based on historical ratios of loss
adjustment expenses paid to losses paid. The liability for
unpaid losses and loss adjustment expenses is based on estimates
of the amount necessary to settle all claims as of the statement
date. Both reported and unreported losses are included in the
liability. RepWest updates the liability estimate as additional
facts regarding claim costs become available. These estimates
are subject to uncertainty and variation due to numerous
factors. In estimating reserves, no attempt is made to isolate
inflation from the combined effect of other factors including
inflation. Unpaid losses and loss adjustment expense are not
discounted.
</FONT>

<P align="center"><FONT size="2">26
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Activity in the liability for unpaid losses and
loss adjustment expenses is summarized as follows:
</FONT>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="62%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
</TR>

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

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

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Balance at January 1
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">448,987</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">382,651</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">334,857</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less reinsurance recoverable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">128,044</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">80,868</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">58,403</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net balance at January 1
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">320,943</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">301,783</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">276,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Incurred related to:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Current year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">112,284</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">232,984</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">162,265</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Prior years
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,396</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,042</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,285</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total incurred
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">128,680</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">256,026</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">203,550</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Paid related to:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Current year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">66,728</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">106,395</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">61,196</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Prior years
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">130,070</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">130,471</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">117,025</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total paid
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">196,798</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">236,866</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">178,221</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net balance at December&nbsp;31
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">252,825</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">320,943</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">301,783</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Plus reinsurance recoverable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">146,622</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">128,044</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">80,868</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Balance at December&nbsp;31
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">399,447</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">448,987</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">382,651</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As a result of changes in estimates of insured
events in prior years, the provision for unpaid losses and loss
adjustment expenses (net of reinsurance recoveries of
$90.1&nbsp;million) increased by $16.4&nbsp;million in 2002.
</FONT>

<P align="center"><FONT size="2">27
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table illustrates the change in
unpaid loss and loss adjustment expenses. First line&nbsp;&#151;
reserves as originally reported at the end of the stated year.
Second section, reading down,&nbsp;&#151; cumulative amounts
paid as of the end of successive years with respect to that
reserve. Third section, reading down,&nbsp;&#151; revised
estimates of the original recorded reserve as of the end of
successive years. Last section&nbsp;&#151; compares the latest
revised estimated reserve amount to the reserve amount as
originally established. This last section is cumulative and
should not be summed.
</FONT>

<P align="center">
<B><FONT size="2">Unpaid Loss and Loss Adjustment
Expenses</FONT></B>

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

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="16%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="43"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="43" align="center" nowrap><B><FONT size="1">December&nbsp;31</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="43" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1992</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1993</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1994</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1995</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1996</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1997</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1998</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="43"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="43" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Unpaid Loss and Loss Adjustment Expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">238,762</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">314,482</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">329,741</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">341,981</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">332,674</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">384,816</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">344,748</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">334,858</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">382,651</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">448,987</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">399,447</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Paid (Cumulative) as of:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">One year later
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">83,923</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">70,382</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">86,796</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">89,041</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">89,336</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">103,752</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">82,936</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">117,025</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">130,471</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">130,070</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Two years later
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">123,310</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">115,467</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">139,247</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">150,001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">161,613</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">174,867</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">164,318</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">186,193</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">203,605</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Three years later
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">153,030</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">146,640</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">173,787</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">195,855</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">208,168</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">216,966</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">218,819</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">232,883</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Four years later
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">173,841</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">166,068</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">198,434</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">226,815</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">232,726</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">246,819</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">255,134</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Five years later
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">181,677</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">181,174</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">219,425</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">243,855</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">250,312</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">269,425</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Six years later
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">191,938</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">194,652</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">231,447</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">254,204</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">263,645</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Seven years later
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">200,281</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">203,535</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">237,118</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">264,120</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Eight years later
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">207,719</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">207,834</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">242,450</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Nine years later
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">211,075</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">211,493</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Ten years later
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">213,852</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Reserve Reestimated as of:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">One year later
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">251,450</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">321,058</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">338,033</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">353,508</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">354,776</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">357,733</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">339,602</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">377,096</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">433,222</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">454,510</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Two years later
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">254,532</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">323,368</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">340,732</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">369,852</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">342,164</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">361,306</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">371,431</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">432,714</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">454,926</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Three years later
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">253,844</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">309,936</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">349,459</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">328,445</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">346,578</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">369,598</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">429,160</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">437,712</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Four years later
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">231,536</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">317,687</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">302,808</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">331,897</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">349,810</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">398,899</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">413,476</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Five years later
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">239,888</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">267,005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">300,180</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">339,665</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">376,142</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">398,184</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Six years later
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">263,843</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">262,517</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">307,306</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">347,664</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">369,320</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Seven years later
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">259,798</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">267,948</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">332,762</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">344,451</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Eight years later
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">265,285</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">303,457</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">311,682</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Nine years later
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">265,538</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">270,300</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Ten years later
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">267,029</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cumulative Redundancy (Deficiency)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(28,267</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">44,182</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,059</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,470</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(36,646</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,368</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(68,728</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(102,854</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(72,275</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,523</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Retro Premium Recoverable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,209</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,239</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,231</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,294</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,905</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,350</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">25,569</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">29,852</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">39,731</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,206</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Reestimated Reserve:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Amount (Cumulative)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(26,058</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">48,421</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">26,290</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,824</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(22,741</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,982</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(43,159</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(73,002</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(32,545</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">35,683</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO&#146;s subsidiaries own property, plant
and equipment that are utilized in the manufacture, repair and
rental of U-Haul equipment and that provide office space for the
Company. Such facilities exist throughout the United States and
Canada. U-Haul also manages storage facilities owned by others.
In addition, the Company owns certain real estate not currently
used in its operations. U-Haul operates 1,350 U-Haul Centers
(including Company-owned storage locations), and operates 11
manufacturing and assembly facilities. U-Haul also operates 105
fixed site repair facilities located at or near a U-Haul Center.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">SAC Holdings own property, plant and equipment
that are utilized in the rental of self-storage rooms and U-Haul
equipment. Such facilities exist throughout the United States
and Canada. Such facilities also secure various promissory notes
held by unrelated third parties. There is no debt held by the
Company that is secured by SAC Holdings&#146; real estate.
U-Haul manages the storage facilities under management
agreements whereby the management fees are consistent with
management fees received by U-Haul for other properties owned by
unrelated parties and managed by U-Haul.
</FONT>

<P align="center"><FONT size="2">28
</FONT>

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

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On July&nbsp;20, 2000, Charles Kocher (Kocher)
filed suit in Wetzel County, West Virginia, Civil Action
No.&nbsp;00-C-51-K, entitled Charles Kocher&nbsp;v. Oxford Life
Insurance Co. (Oxford) seeking compensatory and punitive damages
for breach of contract, bad faith and unfair claims settlement
practices arising from an alleged failure of Oxford to properly
and timely pay a claim under a disability and dismemberment
policy. On March&nbsp;22, 2002, the jury returned a verdict of
$5&nbsp;million in compensatory damages and $34.0&nbsp;million
in punitive damages. On November&nbsp;5, 2002, the trial court
entered an Order (Order) affirming the $39.0&nbsp;million jury
verdict and denying Oxford&#146;s motion for New Trial Or, in
The Alternative, Remittitur. Oxford has perfected its appeal to
the West Virginia Supreme Court. On January&nbsp;27, 2004, the
matter was argued before the West Virginia Supreme Court and
taken under advisement. Management does not believe that the
Order is sustainable and expects the Order to be overturned by
the West Virginia Supreme Court, in part because the jury award
has no reasonable nexus to the actual harm suffered by Kocher.
The Company has accrued $725,000, which represents
management&#146;s best estimate of the costs associated with
legal fees to appeal and re-try the case and the company&#146;s
uninsured exposure to an unfavorable outcome.
</FONT>

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO is a defendant in four putative class
action lawsuits. Article Four Trust&nbsp;v. AMERCO, et&nbsp;al.,
District of Nevada, United States District Court, Case
No.&nbsp;CV-N-03-0050-DWH-VPC. Article&nbsp;Four Trust, a
purported AMERCO shareholder, commenced this action on
January&nbsp;28, 2003 on behalf of all persons and entities who
purchased or acquired AMERCO securities between
February&nbsp;12, 1998 and September&nbsp;26, 2002. The
Article&nbsp;Four Trust action alleges one claim for violation
of Section&nbsp;10(b) of the Securities Exchange Act and
Rule&nbsp;10b-5 thereunder. Mates&nbsp;v. AMERCO, et&nbsp;al.,
United States District Court, District of Nevada, Case
No.&nbsp;CV-N-03-0107. Maxine Mates, an AMERCO shareholder,
commenced this putative class action on behalf of all persons
and entities who purchased or acquired AMERCO securities between
February&nbsp;12, 1998
</FONT>

<P align="center"><FONT size="2">29
</FONT>

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<DIV align="left">
<FONT size="2">and September&nbsp;26, 2002. The Mates action
asserts claims under section&nbsp;10(b) and Rule&nbsp;10b-5, and
section&nbsp;20(a) of the Securities Exchange Act. Klug&nbsp;v.
AMERCO, et&nbsp;al., United States District Court of Nevada,
Case No.&nbsp;CV-S-03-0380. Edward Klug, an AMERCO shareholder,
commenced this putative class action on behalf of all persons
and entities who purchased or acquired AMERCO securities between
February&nbsp;12, 1998 and September&nbsp;26, 2002. The Klug
action asserts claims under section&nbsp;10(b) and
Rule&nbsp;10b-5 and section&nbsp;20(a) of the Securities
Exchange Act. IG Holdings&nbsp;v. AMERCO, et&nbsp;al., United
States District Court, District of Nevada, Case
No.&nbsp;CV-N-03-0199. IG Holdings, an AMERCO bondholder,
commenced this putative class action on behalf of all persons
and entities who purchased, acquired, or traded AMERCO bonds
between February&nbsp;12, 1998 and September&nbsp;26, 2002,
alleging claims under section&nbsp;11 and section&nbsp;12 of the
Securities Act of 1933 and section&nbsp;10(b) and
Rule&nbsp;10b-5, and section&nbsp;20(a) of the Securities
Exchange Act. Each of these four securities class actions allege
that AMERCO engaged in transactions with SAC entities that
falsely improved AMERCO&#146;s financial statements, and that
AMERCO failed to disclose the transactions properly. The actions
are at a very early stage. The Klug action has not been served.
In the other three actions, AMERCO does not currently have a
deadline by which it must respond to the complaints. Management
has stated that it intends to defend these cases vigorously.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Reference is also made to the discussion of the
SEC investigation included under the heading &#147;Prospectus
Summary&nbsp;&#151; Recent Developments&#148; in this prospectus
and is incorporated by reference in this discussion of Legal
Proceedings.
</FONT>

<P align="center"><FONT size="2">30
</FONT>

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<DIV align="left">
<A name='107'></A>
</DIV>

<!-- link1 "SELECTED HISTORICAL FINANCIAL DATA" -->

<P align="center">
<B><FONT size="2">SELECTED HISTORICAL FINANCIAL DATA</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the following table, we provide you with our
selected historical consolidated financial and operating data as
of and for the periods indicated. The information in this table
should be read in conjunction with the financial statements and
notes thereto and &#147;Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations&#148;
appearing elsewhere in this prospectus. The consolidated balance
sheet data presented below as of March&nbsp;31, 2003 and 2002
and the consolidated statements of earnings data for the fiscal
years ended March&nbsp;31, 2003, 2002 and 2001 have been derived
from the consolidated financial statements, which have been
audited by BDO Seidman, LLP, our independent auditors, which
report contains an explanatory paragraph regarding the
Company&#146;s ability to continue as a going concern, and which
appear elsewhere in this prospectus. The amounts for 2002, 2001
and 2000 were restated, see Note&nbsp;2 to the consolidated
financial statements. The consolidated balance sheet data for
the fiscal years ended March&nbsp;31, 2001, 2000 and 1999 and
the consolidated statements of earnings data for the fiscal
years ended March&nbsp;31, 2000 and 1999 have been derived from
our consolidated financial statements, which are not included in
this prospectus. The consolidated statements of earnings data
for the nine months ended December&nbsp;31, 2003 and 2002 and
the selected balance sheet data as of December&nbsp;31, 2003,
are derived from our unaudited condensed consolidated financial
statements appearing elsewhere in this prospectus and include,
in our management&#146;s opinion, all adjustments, consisting
only of normal recurring adjustments necessary to present fairly
the data for such periods. The results for the nine months ended
December&nbsp;31, 2003 are not necessarily indicative of the
results to be expected for the fiscal year ending March&nbsp;31,
2004 or for any future period.
</FONT>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="26%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Nine Months Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">For the Years Ended March&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

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

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

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

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

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,560,005</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,512,250</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,436,832</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,334,923</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,204,380</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,304,470</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,233,043</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">222,889</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">222,816</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">212,243</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">201,355</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">220,994</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">182,048</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">175,709</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">307,925</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">411,170</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">328,108</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">262,057</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">226,847</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">188,024</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">243,131</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,568</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47,343</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">52,297</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">61,021</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">64,964</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,614</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,508</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,132,387</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,193,579</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,029,480</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,859,356</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,717,185</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,710,156</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,683,391</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,134,460</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,146,305</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,076,307</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">951,196</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">892,355</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">909,380</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">900,655</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Commission expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">136,827</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">140,442</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">132,865</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">134,135</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">130,160</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">116,132</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">122,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">115,115</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">122,694</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">126,506</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">115,390</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">112,300</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">87,023</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">87,484</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">281,868</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">423,709</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">331,079</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">244,579</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">208,281</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">169,801</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200,142</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37,819</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,674</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36,232</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34,987</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,721</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28,886</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,895</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">179,642</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">174,664</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">175,460</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">130,951</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">118,742</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">112,058</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">122,628</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation, net(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">137,446</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">102,957</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">103,807</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">96,090</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">77,429</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">113,356</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">102,402</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,023,177</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,151,445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,982,256</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,707,328</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,570,988</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,536,636</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,563,647</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">109,210</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">42,134</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47,224</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">152,028</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">146,198</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">173,520</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">119,744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">121,580</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">109,465</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">111,878</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">97,187</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">85,611</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">92,839</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">86,306</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fees on early termination of BBATs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,551</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,551</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(38,921</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(67,331</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(64,654</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">54,841</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">60,587</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">80,681</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,887</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,935</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19,891</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,544</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(19,362</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(22,745</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(30,587</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,783</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(24,986</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(47,440</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(42,110</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,479</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37,842</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,094</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">124</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">31
</FONT>

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

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="26%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Nine Months Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">For the Years Ended March&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

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

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

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,963</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,963</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,963</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,641</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,414</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,723</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,723</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss) available to common shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(37,949</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(60,403</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(55,073</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,838</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,428</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,371</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9,599</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss) per common share (basic and
    diluted)(2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1.83</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2.87</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2.56</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">.99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">.93</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.48</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Weighted average common shares outstanding basic
    and (diluted)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,743,072</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,022,712</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,486,370</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,934,930</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,937,686</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,082,632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,005,502</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash dividends declared and accrued
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,963</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,963</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,963</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,641</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,414</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,723</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,723</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TABLE>
</CENTER>

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

<TR>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

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

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
</TR>

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <I><FONT size="2">Balance Sheet Data:</FONT></I></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant and equipment, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,946,317</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,936,076</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,882,010</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,704,483</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,532,239</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="7" align="center" valign="bottom">
    <FONT size="2">$1,916,681
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,805,666</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,732,317</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,599,658</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,280,884</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,127,739</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="7" align="center" valign="bottom">
    <FONT size="2">3,806,455
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities subject to compromise and
    AMERCO&#146;s notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">954,856</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,045,801</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,156,849</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,137,840</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,114,748</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="7" align="center" valign="bottom">
    <FONT size="2">960,752
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SAC Holdings&#146; notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">589,019</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">561,887</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">376,146</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">230,776</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">115,609</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="7" align="center" valign="bottom">
    <FONT size="2">586,558
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">327,448</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">381,524</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">446,354</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">504,749</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">543,739</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="7" align="center" valign="bottom">
    <FONT size="2">401,836
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

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

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Reflects the change in salvage value and
    estimated useful lives during the fiscal year ended
    March&nbsp;31, 2002. The net effect of these changes was to
    reduce net loss for the fiscal year 2002 by $3.1&nbsp;million or
    $0.15&nbsp;per share.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Earnings and net earnings per common share were
    computed after giving effect to the dividends on the
    Company&#146;s Series&nbsp;B floating rate stock for all years
    presented.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">32
</FONT>

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

<DIV align="left">
<A name='108'></A>
</DIV>

<!-- link1 "MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" -->

<P align="center">
<B><FONT size="2">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION</FONT></B>

<DIV align="center">
<B><FONT size="2">AND RESULTS OF OPERATIONS</FONT></B>
</DIV>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following discussion should be read in
conjunction with the Company&#146;s consolidated financial
statements and the related notes which are included in this
prospectus. The accompanying consolidated financial statements
have been prepared on a going concern basis, which contemplates
the continuity of operations, realization of assets and the
satisfaction of liabilities in the normal course of business. As
a result of AMERCO&#146;s Chapter&nbsp;11 filing, the
Company&#146;s independent auditors qualified their opinions on
the Company&#146;s March&nbsp;31, 2003 financial statements by
including an explanatory paragraph in which they expressed
substantial doubt about the Company&#146;s ability to continue
as a going concern. The consolidated financial statements do not
include any adjustments that might be required if AMERCO is
unable to continue as a going concern. As discussed elsewhere,
AMERCO emerged from Chapter&nbsp;11 bankruptcy on March&nbsp;15,
2004 with full payment to our creditors and with no dilution to
our stockholders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO&#146;s fiscal year end is March&nbsp;31
and is named for the calendar year in which the fiscal year ends
(for example, we refer to our fiscal year ended March&nbsp;31,
2003 as &#147;fiscal year 2003&#148;). Information on industry
segments is incorporated by reference to Notes&nbsp;1, 21 and 22
to the consolidated financial statements for the year ended
March&nbsp;31, 2003 and Note&nbsp;6 to the unaudited
consolidated financial statements for the quarter ended
December&nbsp;31, 2003, which are contained elsewhere in this
prospectus. The notes discuss the general principles of
consolidation, summarized consolidated information and industry
segment and geographic data. In consolidation, all intersegment
premiums are eliminated and the uninsured portion of the related
benefits, losses and expenses are retained by the insurance
companies. RepWest and Oxford have been consolidated on the
basis of calendar years ended December&nbsp;31. Accordingly, all
references to the years 2002, 2001 and 2000 correspond to
AMERCO&#146;s fiscal years 2003, 2002 and 2001.
</FONT>

<P align="left">
<B><FONT size="2">Results of Operations&nbsp;&#151; Comparison
of Fiscal Years Ended March&nbsp;31, 2003, 2002 and
2001</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">U-Haul Moving and Storage
    Operations</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Rental revenue was $1,433.4&nbsp;million,
$1,425.7&nbsp;million and $1,364.5&nbsp;million in fiscal years
2003, 2002 and 2001, respectively. Rental revenues increased
from 2003 compared to fiscal 2002, due to price and productivity
gains. The increase from fiscal year 2001 to fiscal year 2002 is
due to an increase in one-way transactions with an improved
average dollar per transaction on one-way rentals as well as
growth in transactions in trailer rentals and support rental
items. Storage revenue decreased all of the years due to the
sale of properties to SAC Holdings.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net sales revenues were $174.1&nbsp;million,
$198.3&nbsp;million and $194.3&nbsp;million in fiscal years
2003, 2002 and 2001, respectively. Revenue declines in the sale
of hitches, moving support items (i.e. boxes, etc.) and propane
for 2003 from 2002 was largely due to the sale of centers to SAC.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest income, before consolidating entries,
was $29.4&nbsp;million, $22.7&nbsp;million and
$24.3&nbsp;million in fiscal years 2003, 2002 and 2001,
respectively. The increase during fiscal year 2003 can be
attributed to an increase in the average investment balance of
SAC notes. The decrease in fiscal year 2002 is mainly related to
a decrease in average investment balance in SAC notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating expenses, before intercompany
eliminations, were $992.2&nbsp;million, $1,041.4&nbsp;million
and $1,021.6&nbsp;million in fiscal years 2003, 2002 and 2001,
respectively. The decrease in operating expenses for fiscal year
2003 was due to the incorporation of cost reduction programs and
the sale of centers to SAC. The increase in fiscal year 2002 is
due to increased personnel costs and higher repair expense.
Also, the addition of storage rooms will initially cause an
increase in operating expenses without corresponding increases
in earnings until the properties reach a stabilized level of
occupancy.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Commission expense was $164.5&nbsp;million,
$153.5&nbsp;million and $143.6&nbsp;million for fiscal years
2003, 2002 and 2001 respectively. The increase in commissions
paid was due to the overall increase in rental revenues
generated by independent dealers (including SAC).
</FONT>

<P align="center"><FONT size="2">33
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cost of sales was $93.7&nbsp;million,
$110.4&nbsp;million and $116.6&nbsp;million in fiscal years
2003, 2002 and 2001, respectively. The decrease in fiscal year
2003 was due to lower sales volume, better sourcing and the
sales of certain locations to SAC during the last quarter of
fiscal year 2002. The decrease in fiscal year 2002 is due to
lower sales volume and lower costs of propane and other
materials.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Benefits and losses were $37.6&nbsp;million,
$47.0&nbsp;million and $40.5&nbsp;million for fiscal years 2003,
2002 and 2001 respectively. This expense represents an
adjustment in the reserve for insurance claims on U-Haul&#146;s
financial statements. This was partially due to U-Haul&#146;s
&#147;Self-Insurance Retention Level&#148; increasing to 95% for
2001 and 2002 and 100% in 2003. The Self-Insurance Retention is
currently $5.0&nbsp;million per event. This is a non-cash
expense until claims are paid.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Lease expense before intercompany elimination was
$165.0&nbsp;million, $171.7&nbsp;million and $167.3&nbsp;million
in fiscal years 2003, 2002 and 2001, respectively. The decrease
in lease expense for fiscal year 2003 was due to a decline in
rental trucks under lease. The increase in fiscal year 2002 is
due to an increase in the value of properties leased that was
partially offset by a decrease in rental equipment lease expense.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Depreciation expense, net was
$112.8&nbsp;million, $92.4&nbsp;million and $87.5&nbsp;million
in fiscal years 2003, 2002 and 2001, respectively. The increase
in depreciation expense, net, for fiscal year 2003 was caused by
an increase in the number of trucks owned. The increase in
fiscal years 2002 reflects an overall increase in depreciation
expense on the rental truck fleet offset in fiscal year 2002 by
gains on the sale of surplus assets. A change in estimated
salvage value and increase in our estimate of the useful lives
of certain of our trucks further reduced depreciation expense
for fiscal year 2002. An internal analysis of sales of trucks
was completed for the fiscal years ending March&nbsp;31, 1996
through March&nbsp;31, 2001. The study compared the truck model,
size, age and average residual value of units sold for each
fiscal year indicated. The analysis revealed that average
residual values (as computed) when compared to sales prices were
not reflective of the values that the Company was receiving upon
disposition. Based on the analysis, the estimated residual
values were decreased to approximately 25% of historic cost. In
addition, this analysis revealed that our estimates of useful
lives were not reflective of the economic lives of our trucks,
which ultimately were being utilized by the Company for longer
periods of time. Thus the useful lives of certain of our trucks
were increased by approximately 3&nbsp;years. The net effect of
these changes was to decrease net losses for the fiscal year
2002 by $3.1&nbsp;million or $0.15&nbsp;per share.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Earnings from operations, before intercompany
eliminations, were $71.0&nbsp;million, $30.4&nbsp;million and
$6.0&nbsp;million in fiscal years 2003, 2002 and 2001,
respectively. The increase in earnings from operations in fiscal
year 2003 was due to a reduction in all expense categories
except depreciation. Tighter cost controls and the reduction in
expenses due to the sale to SAC were the largest contributors.
The increase in fiscal year 2002 is due to the increase in
rental revenues offset by increases in operating expenses.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest expense before intercompany eliminations
was $10.0&nbsp;million, $11.7&nbsp;million and
$17.1&nbsp;million in fiscal years 2003, 2002 and 2001,
respectively. The decrease in fiscal years 2003 and 2002 can be
attributed to lower average debt balance and interest rate
reductions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pretax earnings (loss) before intercompany
eliminations were $61.0&nbsp;million, $18.7&nbsp;million and
$(11.1)&nbsp;million for the fiscal years 2003, 2002, and 2001,
respectively.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">SAC Moving and Storage
    Operations</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Rental revenue was $168.0&nbsp;million,
$112.7&nbsp;million and $92.5&nbsp;million in fiscal years 2003,
2002 and 2001, respectively. Increased facility capacity through
the acquisition of new locations and increased storage rates
accounted for the increase. The occupancy of existing storage
locations has remained stable.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net sales revenues were $48.8&nbsp;million,
$24.4&nbsp;million and $17.9&nbsp;million in fiscal years 2003,
2002 and 2001, respectively. Revenue growth was due to the
addition of new locations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating expenses, before intercompany
eliminations, were $105.3&nbsp;million, $68.2&nbsp;million and
$49.2&nbsp;million in fiscal years 2003, 2002 and 2001,
respectively. Personnel expenses, liability insurance, property
taxes
</FONT>

<P align="center"><FONT size="2">34
</FONT>

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

<DIV align="left">
<FONT size="2">and utility expenses all increased
proportionately in relation to the increased revenues from the
acquisition of new locations.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cost of sales was $21.4&nbsp;million,
$12.2&nbsp;million and $9.9&nbsp;million in fiscal years 2003,
2002 and 2001, respectively. Higher sales volume related to
moving support items contributed to the increases in both fiscal
years 2003 and 2002 along with the addition of new locations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Depreciation expense, net was $21.4&nbsp;million,
$15.1&nbsp;million and $12.4&nbsp;million in fiscal years 2003,
2002 and 2001, respectively. The increase is attributed to the
acquisition of new locations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Earnings from operations were $68.8&nbsp;million,
$41.7&nbsp;million and $38.9&nbsp;million in fiscal years 2003,
2002 and 2001, respectively. The increase is due to the addition
of locations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest expense before intercompany elimination
was $81.2&nbsp;million, $61.1&nbsp;million and
$53.5&nbsp;million in fiscal years 2003, 2002 and 2001,
respectively. The average debt level outstanding continued to
increase due to the acquisition of storage properties in fiscal
year 2002 compared to fiscal year 2001.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pretax losses before intercompany eliminations
were $12.4&nbsp;million, $19.4&nbsp;million, and
$14.6&nbsp;million for the fiscal years 2003, 2002, and 2001,
respectively.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Real Estate Operations</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Rental revenue, before intercompany eliminations,
were $59.2&nbsp;million, $68.2&nbsp;million and
$72.0&nbsp;million in fiscal years 2003, 2002 and 2001,
respectively. Intercompany rental revenue was
$56.2&nbsp;million. $64.3&nbsp;million and $71.1&nbsp;million in
fiscal years 2003, 2002 and 2001, respectively. The decrease in
fiscal years 2003 and 2002 is related to the sale of properties
to SAC Holdings.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net investment and interest income was
$10.7&nbsp;million, $8.3&nbsp;million and $11.0&nbsp;million in
fiscal years 2003, 2002 and 2001, respectively. The increase in
fiscal 2003 is related to increased investments in mortgage
notes. The decline in 2002 was due to a reduction in mortgage
notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating (income) expenses, before intercompany
eliminations, were $(5.5)&nbsp;million, $(4.4)&nbsp;million and
$0.5&nbsp;million in fiscal years 2003, 2002 and 2001,
respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Lease expense before intercompany eliminations,
for real estate operations was $14.2&nbsp;million,
$11.2&nbsp;million and $11.6&nbsp;million for the fiscal years
2003, 2002 and 2001, respectively. The increase in fiscal year
2003 was due to more properties under lease and the default
lease rates on three multi-property leases. The lease expense in
fiscal year 2002 was virtually unchanged over the fiscal year
2001.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Depreciation expense, net, was $5.2&nbsp;million,
$(2.0)&nbsp;million and $5.3&nbsp;million in fiscal years 2003,
2002 and 2001, respectively. The increase in depreciation
expense in 2003 was due to no gains from the disposition of
surplus real estate. The decrease in fiscal years 2002 reflects
an increase in gains from the disposition of property, plant and
equipment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Earnings from operations, before intercompany
eliminations, were $56.0&nbsp;million, $71.9&nbsp;million and
$65.7&nbsp;million in fiscal years 2003, 2002 and 2001,
respectively. The decline in earnings from operations in fiscal
year 2003 was due to a reduction in rental revenues and an
increase in lease expense. The increase in fiscal year 2002 is
mainly related to lower operating costs and expenses, and gains
recorded on sales of surplus properties.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest expense was $23.7&nbsp;million,
$34.3&nbsp;million and $44.3&nbsp;million for fiscal years 2003,
2002 and 2001, respectively. Declining intercompany loan
balances and declining rates led to the overall decline in
interest expense for fiscal years 2003 and 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pretax earnings before intercompany eliminations
were $32.4&nbsp;million, $37.6&nbsp;million and
$21.5&nbsp;million for the fiscal years ended March&nbsp;31,
2003, 2002, and 2001, respectively.
</FONT>

<P align="center"><FONT size="2">35
</FONT>

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<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Premium revenues, before intercompany
eliminations, were $152.6&nbsp;million, $262.0&nbsp;million and
$226.1&nbsp;million for the years ended December&nbsp;31, 2002,
2001 and 2000, respectively. General agency premiums were
$66.0&nbsp;million, $107.4&nbsp;million and $64.3&nbsp;million
for the years ended December&nbsp;31, 2002, 2001 and 2000,
respectively. The decrease in 2002 from 2001 is due to the
run-off of RepWest&#146;s Non-Standard Auto business which was
cancelled in 2001, as well as increased quota share reinsurance
on the trucking program. The increase in 2001 from 2000 was due
to trucking, commercial lines business, and the non-standard
auto program, which was cancelled in 2001. Assumed treaty
reinsurance premiums were $34.9&nbsp;million, $73.0&nbsp;million
and $83.2&nbsp;million for the years ended December&nbsp;31,
2002, 2001 and 2000, respectively. The decrease in 2002 from
2001 is due to the non-renewal and cancellation of the assumed
reinsurance treaty business. Rental industry revenues were
$32.6&nbsp;million, $47.5&nbsp;million and $51.3&nbsp;million
for the years ended December&nbsp;31, 2002, 2001 and 2000,
respectively. The decrease in 2002 from 2001 was due to a change
in policy structure on U-Haul business effective April&nbsp;1,
2002. Under the new policy U-Haul is now responsible for losses
from $2.0&nbsp;million per occurrence. The increase from 2000
was the result of an increase in premiums of a retrospectively
rated policy on the U-Haul industry liability policy. Net
investment income was $22.3&nbsp;million, $20.7&nbsp;million and
$25.5&nbsp;million for the years ended December&nbsp;31, 2002,
2001 and 2000, respectively. The increase in 2002 from 2001 is
due to increased earnings on real estate offset by a decrease in
income on fixed maturities due to lower average invested assets.
The decrease in 2001 from 2000 is due to lower invested asset
balances, lower interest rates, as well as the write down of
$4.1&nbsp;million of fixed maturity investments during 2001.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating expenses, before intercompany
eliminations, were $37.0&nbsp;million, $77.2&nbsp;million and
$56.5&nbsp;million for the years ended December&nbsp;31, 2002,
2001 and 2000, respectively. The decrease in 2002 from 2001 is
due to decreased commission expense on decreased premium
writings. The increase in 2001 from 2000 is due to a change in
estimate on an aggregate stop loss treaty in which RepWest had
originally recorded the treaty as if it would be commuted.
Estimates in 2001 have changed and the treaty was not commuted.
The original amount was a reduction to commissions of
$17.7&nbsp;million of which RepWest had to recognize as
additional commission expense in 2001. Commission expenses were
$13.9&nbsp;million, $51.2&nbsp;million and $33.1&nbsp;million
for the years ended December 2002, 2001 and 2000, respectively.
Lease expenses were $1.1&nbsp;million, $1.7&nbsp;million and
$2.1&nbsp;million for the years ended December 2002, 2001 and
2000, respectively. All other underwriting expenses were
$22.0&nbsp;million, $24.3&nbsp;million and $21.3&nbsp;million
for the years ended December 2002, 2001 and 2000, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Benefits and losses incurred were
$128.7&nbsp;million, $255.8&nbsp;million and $211.3&nbsp;million
for the years ended December&nbsp;31, 2002, 2001 and 2000,
respectively. The decrease in 2002 from 2001 is due to decreased
earned premiums in all segments of RepWest&#146;s business. The
increase in 2001 to 2000 was due to increased earned premium in
three general agency programs and reserve strengthening in the
assumed reinsurance treaty segment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Amortization of deferred acquisition costs was
$17.3&nbsp;million, $22.1&nbsp;million and $16.6&nbsp;million
for the years ended December&nbsp;31, 2002, 2001 and 2000,
respectively. The decrease in 2002 from 2001 is due to
RepWest&#146;s decreased premium writings. The increase in 2001
from 2000 is due to the amortization of higher commissions
deferred in the 2000&nbsp;year.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pretax losses from operations were
$8.0&nbsp;million, $72.4&nbsp;million and $32.9&nbsp;million for
the years ended December&nbsp;31, 2002, 2001 and 2000,
respectively. The decrease in losses in 2002 from 2001 is due to
RepWest exiting multiple unprofitable lines of business as well
as reduced expenses. The increase in losses in 2001 from 2000
was due to the increase in earned premium from unprofitable
lines, increased commissions due to the commutation write-off,
reserve strengthening, and development in older years on the
assumed treaty reinsurance business.
</FONT>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Premium revenues, before intercompany
eliminations, were $161.4&nbsp;million, $159.4&nbsp;million and
$112.6&nbsp;million for the years ended December&nbsp;31, 2002,
2001 and 2000, respectively. Oxford increased
</FONT>

<P align="center"><FONT size="2">36
</FONT>
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<DIV align="left">
<FONT size="2">Medicare supplement premiums through direct
writings and the acquisition of Christian Fidelity Life
Insurance Company (&#147;CFLIC&#148;); these actions increased
premiums by $6.3&nbsp;million from 2001 and $54.5&nbsp;million
from 2000. Premiums from Oxford&#146;s life insurance lines
increased $2.5&nbsp;million from 2001 and $3.7&nbsp;million from
2000. Credit life and disability premiums decreased
$2.9&nbsp;million from 2001 and $6.6&nbsp;million from 2000 due
to account cancellations in specific states and decreased
penetration. Annuitizations decreased by $0.7&nbsp;million from
2001 and $2.6&nbsp;million from 2000. Other health insurance
premiums decreased $3.2&nbsp;million from 2001 and decreased
$0.2&nbsp;million from 2000 due to termination of major medical
programs. Net investment income before intercompany eliminations
was $13.9&nbsp;million, $23.2&nbsp;million, and
$19.0&nbsp;million for the years ended December&nbsp;31, 2002,
2001, and 2000. The change in 2002 from 2001 is due to lower
interest rates, larger short-term balances and write-downs for
other than temporary declines in the investment portfolio. The
increase between 2001 and 2000 is primarily due to write-downs
for other than temporary declines in the investment portfolio in
2000.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating expenses were $40.5&nbsp;million,
$37.5&nbsp;million and $29.4&nbsp;million for the years ended
December&nbsp;31, 2002, 2001 and 2000, respectively. Commissions
have increased $1.0&nbsp;million from 2001 and $4.9&nbsp;million
from 2000, primarily due to the increases in Medicare supplement
premiums. General and administrative expenses net of fees
collected increased $2.1&nbsp;million from 2001 and
$6.3&nbsp;million from 2000. The acquisition of CFLIC resulted
in $3.3&nbsp;million of the increase from 2000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Benefits incurred were $115.6&nbsp;million,
$120.9&nbsp;million and $79.2&nbsp;million for the years ended
December&nbsp;31, 2002, 2001 and 2000. Medicare supplement
benefits decreased $1.8&nbsp;million from 2001 primarily due to
decreased exposure and improved experience, and increased
$36.8&nbsp;million from 2000 due to the acquisition of CFLIC.
Credit insurance benefits decreased $1.7&nbsp;million from 2001
and $1.2&nbsp;million from 2000 due to decreased exposure.
Benefits from other health lines decreased $4.1&nbsp;million
from 2001 and $.5&nbsp;million from 2000 due to the termination
of major medical programs. Annuity and life benefits increased
$2.3&nbsp;million from 2001 and $1.3&nbsp;million from 2000 due
to increases in life insurance exposure.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Amortization of deferred acquisition costs
(DAC)&nbsp;and the value of business acquired (VOBA)&nbsp;was
$20.5&nbsp;million, $18.6&nbsp;million and $19.6&nbsp;million
for 2002, 2001 and 2000. These costs are amortized for life and
health policies as the premium is earned over the term of the
policy; and for deferred annuities, amortized in relation to
interest spreads. Amortization increased $1.9&nbsp;million and
$0.9&nbsp;million from 2001 and 2000 due to the annuity and
credit segments.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pretax earnings (losses) before intercompany
eliminations were $(1.4)&nbsp;million, $5.6&nbsp;million and
$3.4&nbsp;million for the years ended December&nbsp;31, 2002,
2001 and 2000, respectively. The decrease from 2001 is primarily
due to other than temporary declines in the investment portfolio
and poor experience in the credit insurance lines. The increase
from 2000 is due to realized gains in the investment portfolio.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Consolidated Group Earnings</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As a result of the foregoing, pretax losses were
$38.9&nbsp;million, $67.3&nbsp;million and $64.7&nbsp;million in
fiscal years 2003, 2002 and 2001, respectively. After providing
for income taxes, losses were $25.0&nbsp;million,
$47.4&nbsp;million and $42.1&nbsp;million in fiscal years 2003,
2002 and 2001 respectively. On a combined basis SAC Holdings and
RepWest accounted for $14.1&nbsp;million, $62.7&nbsp;million and
$32.4&nbsp;million of the total losses for fiscal years 2003,
2002 and 2001 respectively.
</FONT>

<P align="left">
<B><FONT size="2">Results of Operations&nbsp;&#151; Comparison
of Nine Months Ended December&nbsp;31, 2003 and Nine Months
Ended December&nbsp;31, 2002</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">U-Haul Moving and Storage</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Revenues consist of rental revenues, net sales
and investment earnings.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Rental revenue was $1,220.0&nbsp;million and
$1,146.8&nbsp;million for the nine months ended
December&nbsp;31, 2003 and 2002, respectively. The increase from
the prior year reflects increased equipment rental revenues
which can be attributed to an increase in the average dollar per
transaction, improved equipment utilization, and increases in
storage revenues due to an increase in the number of rooms
rented and improved pricing.
</FONT>

<P align="center"><FONT size="2">37
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net sales revenues were $142.4&nbsp;million and
$137.6&nbsp;million for the nine months ended December&nbsp;31,
2003 and 2002, respectively. The increase in sales reflects
improved sales of propane and moving support items.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cost of sales were $70.1&nbsp;million and
$71.5&nbsp;million for the nine months ended December&nbsp;31,
2003 and 2002, respectively. The decrease was due to a shift in
the mix of products sold.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating expenses before intercompany
eliminations were $817.8&nbsp;million and $824.3&nbsp;million
for the nine months ended December&nbsp;31, 2003 and 2002,
respectively. Decreases in advertising, telephone, utility and
other operating expenses caused the decrease.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Lease expense was $110.8&nbsp;million and
$120.4&nbsp;million for the nine months ended December&nbsp;31,
2003 and 2002, respectively. The decrease is due to a decrease
in the number of trucks leased.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net depreciation expense was $93.7&nbsp;million
and $83.9&nbsp;million for the nine months ended
December&nbsp;31, 2003 and 2002, respectively. Depreciation from
rental trucks acquired off lease, an increase in depreciation on
pickups and vans, and increased losses on disposition of fixed
assets is responsible for the increase in net depreciation
expense.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating profit before intercompany eliminations
was $153.8&nbsp;million and $63.4&nbsp;million for the nine
months ended December&nbsp;31, 2003 and 2002, respectively.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Amerco Real Estate (AREC)</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Rental revenue before intercompany eliminations
was $50.3&nbsp;million and $51.4&nbsp;million for the nine
months ended December&nbsp;31, 2003 and 2002, respectively.
Inter-company revenue was $45.7 and $45.1&nbsp;million for the
nine months ended December&nbsp;31, 2003 and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net investment and interest income was
$6.0&nbsp;million and $8.0&nbsp;million for the nine months
ended December&nbsp;31, 2003 and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Lease expense was $10.7&nbsp;million and $7.5 for
the nine months ended December&nbsp;31, 2003 and 2002,
respectively. The increase is a result of the increase in lease
expense for storage facilities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net depreciation expense was $5.1&nbsp;million
and $5.4&nbsp;million for the nine months ended
December&nbsp;31, 2003 and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating profit before intercompany eliminations
was $40.5&nbsp;million and $41.5&nbsp;million for the nine
months ended December&nbsp;31, 2003 and 2002, respectively.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Property and Casualty
    (RepWest)</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RepWest&#146;s earned premiums were
$78.2&nbsp;million and $126.9&nbsp;million for the nine months
ended September&nbsp;30, 2003 and 2002, respectively. General
agency premiums were $56.4&nbsp;million and $68.5&nbsp;million
for the nine months ended September&nbsp;30, 2003 and 2002,
respectively. The decrease in 2003 is due to RepWest exiting its
non-U-Haul related lines. Assumed treaty reinsurance premiums
were $2.1&nbsp;million and $29.1&nbsp;million for the nine
months ended September&nbsp;30, 2003 and 2002, respectively. The
decrease from 2002 to 2003 is due to the cancellation of
RepWest&#146;s assumed treaty business. Rental industry earned
premiums were $19.7&nbsp;million and $29.2&nbsp;million for the
nine months ended September&nbsp;30, 2003 and 2002,
respectively. The 2003 decrease was from a change in policy
structure on U-Haul business effective April&nbsp;1, 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net investment income was $19.2&nbsp;million and
$21.5&nbsp;million for the nine months ended September&nbsp;30,
2003 and 2002, respectively. The decrease is attributable to
lower average invested assets.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Benefits and losses incurred were
$89.6&nbsp;million and $111.7&nbsp;million for the nine months
ended September&nbsp;30, 2003 and 2002, respectively. The
decrease is primarily due to decreased earned premiums in all
segments of the RepWest&#146;s business, which was offset
partially by the reserve strengthening on discontinued lines.
</FONT>

<P align="center"><FONT size="2">38
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The net amortization of deferred acquisition
costs (DAC)&nbsp;were $11.8&nbsp;million and $13.2&nbsp;million
for the nine months ended September&nbsp;30, 2003 and 2002,
respectively. The decrease is due to RepWest&#146;s decreased
earned premiums.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating expenses were $17.8&nbsp;million and
$26.2&nbsp;million for the nine months ended September&nbsp;30,
2003 and 2002, respectively. The decrease is due to reduced
general administrative expenses, as a result of the
discontinuance of non-related U-Haul lines.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating loss before tax was $21.8&nbsp;million
and $2.8&nbsp;million for the nine months ended
September&nbsp;30, 2003 and 2002, respectively. The increase in
the loss is due to further loss development and reserve
strengthening on cancelled lines of business that were written
in prior years.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In April 2003, RepWest announced that in
conjunction with the Company&#146;s overall restructuring
efforts, it is redirecting its operating focus. In particular,
RepWest is exiting non-U-Haul related lines of business.
Management estimates that approximately 75% and 81% of earned
premium and balance sheet reserves, respectively, relate to the
operations that are being discontinued. The process is being
conducted in an orderly fashion to help minimize related costs.
</FONT>

<P align="center">
<B><FONT size="2">Republic Western Business Breakdown</FONT></B>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Net Earned Premium</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Net Earned Premium</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Outstanding</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Outstanding</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Nine Months Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Nine Months Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Reserves at</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Reserves at</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Insurance Line</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">September&nbsp;30, 2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">September&nbsp;30, 2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">September&nbsp;30, 2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">September&nbsp;30, 2002</FONT></B></TD>
</TR>

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

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

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul business
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">266</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,469</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">70,224</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">85,197</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Safestor, Safetow, Safemove
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,995</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,531</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,596</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,698</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Storage
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,470</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,953</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,712</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,871</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">NAFCIC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,018</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,293</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,249</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,628</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Total</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19,749</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,246</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">81,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98,394</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Non-AMERCO Related Business:</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Agency
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">56,366</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">68,537</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">277,924</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">227,776</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Assumed business
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,132</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,093</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">63,019</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">73,278</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Total</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">58,498</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">97,630</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">340,943</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">301,054</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Total RepWest</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">78,247</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">126,876</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">422,724</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">399,448</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Life Insurance (Oxford)</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net premiums were $112.9&nbsp;million and
$121.1&nbsp;million for the nine months ended September&nbsp;30,
2003 and 2002, respectively. Life insurance premium and
annuitizations decreased $2.8&nbsp;million from the same period
in 2002. Credit insurance premiums decreased $3.6&nbsp;million
for the nine months. Other business segments had premium
decreases totaling $1.9&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net investment income before intercompany
eliminations was $15.4&nbsp;million and $13.0&nbsp;million for
the nine months ended September&nbsp;30, 2003 and 2002,
respectively. This is primarily due to fewer other than
temporary decline write-downs in the bond portfolio offset by
reduced investment yields and a lower invested asset base.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Benefits incurred were $80.2&nbsp;million and
$88.4&nbsp;million for the nine months ended September&nbsp;30,
2003 and 2002, respectively. Medicare supplement incurred
benefits decreased $4.7&nbsp;million and credit life and
disability decreased $1.8&nbsp;million from reduced populations
and improved loss experience. Other segments had benefit
decreases totaling $1.7&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Amortization of deferred acquisition cost
(DAC)&nbsp;and the value of business acquired (VOBA)&nbsp;was
$17.0&nbsp;million and $14.7&nbsp;million for the nine months
ended September&nbsp;30, 2003 and 2002, respectively. The
</FONT>

<P align="center"><FONT size="2">39
</FONT>

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

<DIV align="left">
<FONT size="2">increase is primarily due to surrender activity
from the deferred annuity segment that has occurred since
AMERCO&#146;s bankruptcy filing and Oxford&#146;s subsequent
rating decline.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating expenses were $23.2&nbsp;million and
$29.6&nbsp;million for the nine months ended September&nbsp;30,
2003, and 2002, respectively. Commission expenses decreased
$2.0&nbsp;million as new sales declined. Fees collected from
annuity policies that surrendered increased $3.2&nbsp;million
offsetting the increases in DAC amortization. General and
administrative expenses net of fees collected decreased
$1.2&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating profit before tax and intercompany
eliminations was $7.8&nbsp;million and $1.4&nbsp;million for the
nine months ended September&nbsp;30, 2003 and 2002,
respectively. The improvement is due to fewer write-downs of
bonds and from better loss experience in the Medicare supplement
segment.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">SAC Moving and Storage</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Total revenues consist of storage rental
revenues, vehicle rental commissions and net sales. Total rental
revenue was $127.4&nbsp;million and $123.8&nbsp;million for the
nine months ended December&nbsp;31, 2003 and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net sales revenues were $39.6&nbsp;million and
$38.1&nbsp;million for the nine months ended December&nbsp;31,
2003 and 2002, respectively. Propane and hitch sales accounted
for the increase.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating expenses before intercompany
eliminations were $81.5&nbsp;million and $74.9&nbsp;million for
the nine months ended December&nbsp;31, 2003 and 2002,
respectively. Increased expenses were the result of increased
payroll, advertising, property tax expenses, and liability
insurance.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cost of sales increased to $16.9&nbsp;million
from $16.0&nbsp;million for the nine months ended
December&nbsp;31, 2003 and 2002, respectively. This increase was
due to increased sales volume.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net depreciation expense was $16.0&nbsp;million
and $14.5&nbsp;million for the nine months ended
December&nbsp;31, 2003 and 2002, respectively. The increase is
due to an increased loss on disposal of assets.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating profits were $52.6&nbsp;million and
$56.5&nbsp;million for the nine months ended December&nbsp;31,
2003 and 2002, respectively.
</FONT>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest expense was $92.8&nbsp;million and
$86.3&nbsp;million for the nine months ended December&nbsp;31,
2003 and 2002, respectively. AMERCO&#146;s interest expense was
$60.4 and $54.1&nbsp;million for the nine months ended
December&nbsp;31, 2003 and 2002, respectively. AMERCO&#146;s
interest expense increased despite lower overall average debt
outstanding due to an increase in the average cost of debt
resulting from default interest. Interest expense of SAC
Holdings on third party debt was $32.5&nbsp;million and
$32.2&nbsp;million for the nine months ended December&nbsp;31,
2003 and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pretax earnings were $80.7&nbsp;million and
$6.9&nbsp;million for the nine months ended December&nbsp;31,
2003 and 2002, respectively. After providing for income taxes,
net earnings were $50.1&nbsp;million and $0.1&nbsp;million for
the nine months ended December&nbsp;31, 2003 and 2002,
respectively.
</FONT>

<P align="left">
<B><FONT size="2">Disclosures About Contractual Obligations and
Commercial Commitments</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table of contractual commitments
and contingencies was prepared based on our outstanding
obligations and commitments at December&nbsp;31, 2003, as
adjusted to give effect to the issuance of our new debt
obligations (including the New SAC Holdings Notes) issued on
March&nbsp;15, 2004 upon our emergence from bankruptcy and the
satisfaction of the debt obligations discharged in connection
therewith. In light of our Chapter&nbsp;11 reorganization, we
believe this information is more useful to investors than
information about our capital structure and obligations as they
existed prior to our emergence from Chapter&nbsp;11. We have
elected to show our contractual obligations and commercial
commitments for the periods beginning with the start of our
fiscal year on April&nbsp;1, 2004 rather than as of
January&nbsp;1, 2004 so that the disclosure will conform to
prior and
</FONT>

<P align="center"><FONT size="2">40
</FONT>

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

<DIV align="left">
<FONT size="2">future disclosures and because we believe the
difference of three months is not material. None of the listed
debt or contractual obligations have scheduled maturities due
during the quarter ended March&nbsp;31, 2004.
</FONT>
</DIV>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="40%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="15"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><B><FONT size="1">Payments Due by Period</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><B><FONT size="1">(as of December&nbsp;31, 2003, as adjusted)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Prior to</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">04/01/05</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">04/01/07</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">April&nbsp;1, 2009</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Financial Obligations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">03/31/05</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">03/31/07</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">03/31/09</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Thereafter</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Exit Financing Facility (Revolver Portion)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">194,800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">194,800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Exit Financing Facility (Term Loan Portion)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">350,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">339,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">9.0% Second Lien Senior Secured Notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">New AMERCO Notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">148,646</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">148,646</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">AMERCO&#146;s operating leases
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">604,904</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">377,673</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">169,207</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">53,964</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,060</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Private Mini Support Agreement
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">70,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">70,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">New SAC Holdings Notes*
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SAC Holdings&#146; notes and loans**
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">790,079</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">155,089</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,803</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">602,087</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Elimination of SAC Holdings&#146; obligations to
    AMERCO
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(203,521</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(203,521</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total contractual obligations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,354,908</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">536,262</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">191,010</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">611,564</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,016,072</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

</TABLE>
</CENTER>

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

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

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

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">New SAC Holdings Notes issued to AMERCO creditors
    in connection with AMERCO&#146;s approved Chapter&nbsp;11 plan
    of reorganization.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

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

<TR valign="top">
    <TD><FONT size="2">**&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">These notes and loans represent obligations of
    SAC Holdings issued to AMERCO and other third party lenders
    prior to or outside of AMERCO&#146;s Chapter&nbsp;11 plan of
    reorganization.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO uses certain equipment and occupies
certain facilities under operating lease commitments with terms
expiring through 2079. In the event of a shortfall in proceeds
from the sale of the underlying assets, AMERCO has guaranteed
approximately $162.0&nbsp;million of residual values at
December&nbsp;31, 2003, for these assets at the end of the
respective lease terms. See details related to operating lease
commitments in Note&nbsp;15 to the consolidated financial
statements.
</FONT>

<P align="left">
<B><FONT size="2">Liquidity and Capital Resources</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our successful emergence Chapter&nbsp;11 has
provided us with a strengthened balance sheet and we believe a
capital structure that will allow us to achieve our operational
plans and goals and provide us with sufficient liquidity. The
majority of the obligations that we incurred in connection with
our emergence from Chapter&nbsp;11 mature at the end of fiscal
2009 while the New AMERCO Notes do not mature until fiscal 2011.
As a result, we believe that our near term liquidity (one to
three years) is strong, which will allow us the ability to focus
on our operations and business to improve our liquidity in the
long term. As of December&nbsp;31, 2003, AMERCO had on hand cash
and cash equivalents of approximately $136.9&nbsp;million, of
which approximately $4.8&nbsp;million was held by our insurance
subsidiaries. We believe that if we are successful in improving
our operations and further strengthening our liquidity, we will
improve our access to the capital markets in the long term.
There is no assurance, however, that future cash flows will be
sufficient to meet our outstanding obligations or our future
capital needs. The terms of our new indebtedness place stringent
financial and operating covenants on AMERCO and its
subsidiaries, which could constrain our ability to take certain
actions with respect to the operation of our business. In
addition, if we were to fail to comply with these financial
covenants or otherwise breach other covenants contained in the
agreements governing our indebtedness, a substantial portion of
our indebtedness could be declared in default and accelerated.
The terms of our new indebtedness also severely restrict our
ability to incur additional indebtedness and other obligations,
which limits our ability to obtain other financial resources.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Following is a discussion of the liquidity and
capital resources and needs of our operating segments. This
discussion is based on our new capital structure upon our
emergence from bankruptcy on March&nbsp;15, 2004. We
</FONT>

<P align="center"><FONT size="2">41
</FONT>

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

<DIV align="left">
<FONT size="2">also refer you to the discussion of our existing
indebtedness located under the captions &#147;Description of
Other Indebtedness and Other Obligations&#148; and
&#147;Description of the Exchange Notes.&#148;
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">U-Haul Moving and Storage Capital
    Expenditures</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To meet the needs of its customers, U-Haul must
maintain a large inventory of fixed asset rental items.
Historically capital expenditures have primarily reflected new
rental truck acquisitions and storage expansion. The capital
required to fund these expenditures has historically been
obtained through internally generated funds from operations,
indebtedness and lease financing. Going forward, we anticipate
that a substantial portion of our internally generated funds
will be used to satisfy existing indebtedness and our ability to
incur additional indebtedness over the next five or so years
will be severally limited. As a result, we expect to finance our
rental truck acquisitions through lease financing
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During each of the fiscal years ending
March&nbsp;31, 2005, 2006 and 2007, U-Haul estimates that gross
capital expenditures will average approximately
$150&nbsp;million to maintain its fleet at current levels. The
Exit Financing Facility and 9.0% Second Lien Senior Secured
Notes due 2009 limit the amount of capital expenditures we can
make in 2005, 2006, and 2007 to $185&nbsp;million,
$245&nbsp;million and $195&nbsp;million, respectively.
Management estimates that U-Haul will fund its fleet
requirements from leasing and from the proceeds from the sale of
trucks. We intend to focus our growth on expanding our
independent dealer network, which does not require a substantial
amount of capital resources. We believe that AMERCO&#146;s
emergence from Chapter&nbsp;11 will improve our access to
leasing markets, which we anticipate will result in more
favorable lease terms and additional financing sources.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Amerco Real Estate</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Real Estate has traditionally financed the
acquisition of self-storage properties though lease and debt
financing. During the next five or so years, Real Estate&#146;s
ability to acquire and construct additional facilities using
debt financing may be severely limited.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Property and Casualty
    (RepWest)</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of December&nbsp;31, 2003, RepWest had no
notes or loans due in less than one year and its accounts
payable and accrued expenses were approximately
$1.2&nbsp;million. RepWest&#146;s financial assets (cash,
receivables, inventories, short-term investments and fixed
maturities) at December&nbsp;31, 2003 were approximately
$546.4&nbsp;million. State insurance regulations restrict the
amount of dividends that can be paid to stockholders of
insurance companies. As a result, RepWest&#146;s funds are
generally not available to satisfy the claims of AMERCO or its
subsidiaries.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with AMERCO&#146;s emergence from
Chapter&nbsp;11, RepWest&#146;s liquidity and financial position
were strengthened as a result of a cash payment from AMERCO
totaling $2.7&nbsp;million in satisfaction of an intercompany
obligation. We believe that RepWest has sufficient liquidity and
financial resources to meet its claims and other obligations for
the foreseeable future, without additional funding from AMERCO.
As discussed elsewhere in this prospectus, although RepWest was
not a party to our bankruptcy filing, it remains under
supervision by the Arizona Department of Insurance and as a
result, it is severely restricted in the actions that it may
take without obtaining prior approval from the Arizona
Department of Insurance.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Life Insurance (Oxford)</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of December&nbsp;31, 2003, Oxford had no notes
and loans payable due in less than one year and its accounts
payable and accrued expenses total approximately
$2.6&nbsp;million. Oxford&#146;s financial assets (cash,
receivables, inventories, short-term investments, other
investments, and fixed maturities at December&nbsp;31, 2003 were
approximately $852.4&nbsp;million. State insurance regulations
restrict the amount of dividends that can be paid to
stockholders of insurance companies. As a result, Oxford&#146;s
funds are generally not available to satisfy the claims of
AMERCO or its subsidiaries.
</FONT>

<P align="center"><FONT size="2">42
</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition to cash flows from operating and
financing activities, a substantial amount of liquid funds is
available though Oxford&#146;s short-term portfolio. In
connection with AMERCO&#146;s emergence from Chapter&nbsp;11,
Oxford&#146;s liquidity and financial position were
significantly strengthened as a result of AMERCO&#146;s
repayment of an intercompany loan (including principal and
interest) due to Oxford in the amount of $18.3&nbsp;million,
which provided Oxford with additional cash liquidity. In
addition, A.M. Best Co. recently increased its financial
strength ratings of Oxford and its insurance subsidiaries to
B-(fair)&nbsp;from C+ (weak), in large part as a result of
AMERCO&#146;s repayment of the $18.3&nbsp;million intercompany
loan and AMERCO&#146;s emergence from Chapter&nbsp;11
bankruptcy. We believe that Oxford has sufficient liquidity and
financial resources to meet its claims and other obligations for
the foreseeable future, without additional funding from AMERCO.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Oxford was not a party to our Chapter&nbsp;11
bankruptcy filing and it is in compliance with NAIC minimum
risk-based capitalization requirements.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">SAC Moving and Storage</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">SAC Holdings operations are funded by various
mortgage loans and unsecured notes, with interest rates ranging
from 7.5% to 9.0%. SAC Holdings does not utilize revolving lines
of credit to finance operations or acquisitions. Certain of SAC
Holdings agreements contain restrictive covenants and
restrictions on incurring additional subsidiary indebtedness. At
December&nbsp;31, 2003, SAC Holdings was in compliance with all
of these covenants.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At December&nbsp;31, 2003, SAC Holdings&#146;
notes and loans payable due in less than one year total
approximately $155.1&nbsp;million, excluding amounts owed to
AMERCO, and its accounts payable and accrued expenses total
approximately $46.2&nbsp;million. SAC Holdings&#146; financial
assets (cash, receivables, inventories and short term
investments) at December&nbsp;31, 2003 were approximately
$4.1&nbsp;million. Because AMERCO does not have any equity
ownership in SAC Holdings (other than investments made by
RepWest and Oxford in a SAC Holdings-controlled limited
partnership which holds Canadian self-storage properties), these
assets are not available to meet the obligations of AMERCO.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At March&nbsp;15, 2004, total outstanding notes
and loans payable for SAC Holdings and consolidated subsidiaries
before inter-company eliminations were approximately
$988.4&nbsp;million. Of this amount, approximately
$203.8&nbsp;million was owed to AMERCO. SAC Holdings&#146;
creditors have no recourse to AMERCO. AMERCO is not liable for
the debts of SAC Holdings.
</FONT>

<P align="left">
<B><FONT size="2">Cash Provided by Operating
Activities</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">U-Haul Moving and Storage
    Operations</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cash provided by operating activities was
$83.5&nbsp;million, $96.2&nbsp;million and $106.9&nbsp;million
in fiscal years 2003, 2002 and 2001, respectively. The decrease
in 2003 was due to a decline in intercompany payables that was
partially offset by an increase in depreciation of rental
equipment. The decrease in fiscal year 2002 from 2001 is due to
an increase in earnings and offset by an increase in other
investments.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">SAC Moving and Storage
    Operations</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cash provided (used)&nbsp;by operating activities
was $13.5&nbsp;million, ($1.3)&nbsp;million and
$15.1&nbsp;million in fiscal years 2003, 2002 and 2001,
respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At March&nbsp;31, 2003, total outstanding notes
and mortgages payable before intercompany eliminations of
$394.2&nbsp;million were $983.2&nbsp;million compared to
$961.5&nbsp;million at March&nbsp;31, 2002.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Real Estate Operations</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cash provided (used)&nbsp;by operating activities
was $(87.1)&nbsp;million, $(144.1)&nbsp;million and
$68.7&nbsp;million in fiscal years 2003, 2002 and 2001,
respectively. The decrease in fiscal years 2003 and 2002 was due
to a decrease in the intercompany payable with AMERCO.
</FONT>

<P align="center"><FONT size="2">43
</FONT>

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

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cash provided (used) by operating activities was
$(75.1)&nbsp;million, $(61.5)&nbsp;million and
$15.2&nbsp;million for the years ended December&nbsp;31, 2002,
2001 and 2000, respectively. The change in 2002 from 2001 is due
to increased receivables. The change in 2001 from 2000 change is
due to decreased unearned premiums, increased receivables, and
an increase in federal income tax recoverable.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RepWest&#146;s cash and cash equivalents and
short-term investment portfolio were $35.1&nbsp;million,
$18.3&nbsp;million and $17.0&nbsp;million at December&nbsp;31,
2002, 2001 and 2000, respectively. This balance reflects funds
in transition from maturity proceeds to long-term investments.
This level of liquid assets, combined with anticipated operating
cash flow, is adequate to meet periodic needs. Capital and
operating budgets allow RepWest to schedule cash needs in
accordance with investment and underwriting proceeds.
</FONT>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Oxford&#146;s primary sources of cash are
premiums, receipts from interest-sensitive products and
investment income. The primary uses of cash are operating costs
and benefit payments to policyholders. Matching the investment
portfolio to the cash flow demands of the types of insurance
being written is an important consideration. Benefit and claim
statistics are continually monitored to provide projections of
future cash requirements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cash provided (used) by operating activities was
$(18.0)&nbsp;million, $(5.2)&nbsp;million and $3.5&nbsp;million
for the years ended December&nbsp;31, 2002, 2001 and 2000,
respectively. The decrease in cash flows from operating
activities in 2001 and 2000 relates to federal income taxes
paid, general and administrative expenses and paid loss
experience. Cash flows provided by financing activities were
$67.3&nbsp;million, $58.1&nbsp;million and $13.7&nbsp;million
for the years ended December&nbsp;31, 2002, 2001 and 2000,
respectively. Cash flows from deferred annuity sales increase
investment contract deposits, which are a component of financing
activities. The increase in investment contract deposits over
2001 and 2000 is due to growth in new deposits offset by
withdrawals and terminations of existing deposits.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition to cash flows from operating and
financing activities, a substantial amount of liquid funds is
available through Oxford&#146;s short-term portfolio. At
December&nbsp;31, 2002, 2001 and 2000, short-term investments
amounted to $80.4&nbsp;million, $53.5&nbsp;million and
$44.9&nbsp;million, respectively. Management believes that the
overall sources of liquidity will continue to meet foreseeable
cash needs.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal 2002, Oxford realized a write-down
of investments due to other than temporary declines
approximating $2.3&nbsp;million. During fiscal 2003, Oxford
realized a write-down of investments due to other than temporary
declines of approximately $7.9&nbsp;million.
</FONT>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cash provided (used)&nbsp;by operating activities
were $74.5&nbsp;million, ($19.6)&nbsp;million and
$172.6&nbsp;million for fiscal year 2003, 2002 and 2001,
respectively.
</FONT>

<P align="left">
<B><FONT size="2">Stockholders&#146; Equity</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">U-Haul&#146;s Moving and Storage
    Operations</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">U-Haul&#146;s stockholders&#146; equity was
$499.4&nbsp;million, $458.6&nbsp;million and $449.6&nbsp;million
as of March&nbsp;31, 2003, 2002 and 2001, respectively. Earnings
or losses from operating activities was the cause for the change
in each of the years.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">SAC Moving and Storage
    Operations</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">SAC Holdings&#146; stockholders&#146; deficit was
$45.1&nbsp;million, $37.7&nbsp;million and $23.5&nbsp;million as
of March&nbsp;31, 2003, 2002 and 2001, respectively
</FONT>

<P align="center"><FONT size="2">44
</FONT>

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

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">AMERCO&#146;S Real Estate
    Operations</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Real Estate stockholders&#146; equity was
$215.0&nbsp;million, $195.5&nbsp;million and $88.4&nbsp;million
as of March&nbsp;31, 2003, 2002 and 2001, respectively. The
increase in fiscal year 2003 and 2002 is due to increased
earnings and the sale of storage properties during fiscal year
2002.
</FONT>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RepWest&#146;s stockholder&#146;s equity was
$199.1&nbsp;million, $205.3&nbsp;million and $186.7&nbsp;million
at December&nbsp;31, 2002, 2001 and 2000, respectively. The
decrease in 2002 from 2001 is due to the operating losses in
2002. The increase in 2001 from 2000 was due to a
$60.2&nbsp;million capital contribution from the RepWest&#146;s
parent AMERCO, offset by operating losses in 2001. RepWest does
not use debt or equity issues to increase capital and therefore
has no exposure to capital market conditions. RepWest did not
pay dividends to its parent during 2002, 2001 or 2000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Applicable laws and regulations of the State of
Arizona require RepWest and Oxford to maintain minimum capital
and surplus determined in accordance with statutory accounting
practices. The amount of dividends that can be paid to
shareholders by insurance companies domiciled in the State of
Arizona is limited. Any dividend in excess of the limit requires
prior regulatory approval. At December&nbsp;31, 2002, RepWest
has $6.5&nbsp;million of statutory surplus available for
distribution. However, as discussed in Item&nbsp;1, subsequent
to December&nbsp;31, 2002, RepWest consented to an Order of
Supervision which, among other things, prohibits any dividend
payments to AMERCO without prior approval of the DOI.
</FONT>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Oxford&#146;s stockholder&#146;s equity was
$111.1&nbsp;million, $117.7&nbsp;million and $90.9&nbsp;million
as of December&nbsp;31, 2002, 2001 and 2000, respectively. The
decrease from 2001 to 2002 is from investment losses, the
increase from 2000 to 2001 is a result of earnings, changes in
market value of the available for sale investment portfolio and
a $15.4&nbsp;million contribution from AMERCO. Oxford did not
pay dividends in 2002, 2001 or 2000. At December&nbsp;31, 2002,
Oxford cannot distribute any of its statutory surplus as
dividends without regulatory approval.
</FONT>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Consolidated group&#146;s stockholder equity
was $327.5&nbsp;million, $381.5&nbsp;million and
$446.4&nbsp;million as of the end of fiscal years 2003, 2002 and
2001, respectively.
</FONT>

<P align="left">
<B><FONT size="2">Quarterly Results</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The quarterly results shown below are derived
from unaudited financial statements for the eleven quarters
beginning April&nbsp;1, 2001 and ending December&nbsp;31, 2003.
The Company believes that all necessary adjustments have been
included in the amounts stated below to present fairly, and in
accordance with generally accepted accounting principles, such
results. U-Haul moving and storage operations are seasonal and
proportionally more of the Company&#146;s revenues and net
earnings from its U-Haul moving and storage operations are
generated in the first and second quarters of each fiscal year
(April through September). The operating results for the periods
presented are not necessarily indicative of results for any
future period.
</FONT>

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

<TR>
    <TD width="58%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Quarter Ended</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Dec&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Sep&nbsp;30,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Jun&nbsp;30,</FONT></B></TD>
</TR>

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

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

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

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands, except for share and per</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">share data)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">502,583</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">627,457</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">580,116</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings/ (loss) from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,030</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98,990</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">75,560</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(21,667</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">44,025</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,736</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss) per common Share basic and diluted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1.24</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">45
</FONT>

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

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

<TR>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><B><FONT size="1">Quarter Ended</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Mar&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Dec&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Sep&nbsp;30,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Jun&nbsp;30,</FONT></B></TD>
</TR>

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

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

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

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><B><FONT size="1">(In thousands, except for share and per share data)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">448,997</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">467,223</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">636,874</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">579,294</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings/ (loss) from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(10,534</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,722</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">62,869</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">63,597</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(25,110</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(64,692</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,128</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,779</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss) per common Share basic and diluted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1.36</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2.45</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.91</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

<TR>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><B><FONT size="1">Quarter Ended</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Mar&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Dec&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Sep&nbsp;30,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Jun&nbsp;30,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
</TR>

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

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

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><B><FONT size="1">(In thousands, except for share and per share data)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">461,881</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">480,630</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">655,150</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">595,917</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings from (loss) from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(19,879</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(31,657</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">61,510</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,161</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(39,410</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(36,061</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,757</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,274</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss) per common Share basic and diluted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2.05</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1.88</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">.83</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<B><FONT size="2">Critical Accounting Policies and
Estimates</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Management&#146;s discussion and analysis of
financial condition and results of operations are based upon the
consolidated financial statements, which have been prepared in
accordance with accounting principles generally accepted in the
United States of America. The preparation of our financial
statements requires the use of estimates and judgments that
affect the reported amounts of assets, liabilities, revenues and
expenses, and related disclosure of contingent assets and
liabilities. On an ongoing basis, estimates are reevaluated,
including those related to areas that require a significant
level of judgment or are otherwise subject to an inherent degree
of uncertainty. These areas include allowances for doubtful
accounts, depreciation of revenue earning vehicles and
buildings, self-insured liabilities, impairments of assets,
insurance reserves, premiums and acquisition cost amortization,
income taxes and commitments and contingencies. Our estimates
are based on historical experience, observance of trends in
particular areas, information and/or valuations available from
outside sources and on various other assumptions that we believe
to be reasonable under the circumstances and which form the
basis for making judgments about the carrying values of assets
and liabilities that are not readily apparent from other
sources. Actual amounts may differ from these estimates under
different assumptions and conditions. Such differences may be
material.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Accounting policies are considered critical when
they are significant and involve difficult, subjective or
complex judgments or estimates. We consider the following to be
critical accounting policies:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Principles of
Consolidation</FONT></I><FONT size="2">&nbsp;&#151; The
financial statements presented in this prospectus include the
accounts of AMERCO and its wholly-owned subsidiaries and SAC
Holdings and their subsidiaries. All material intercompany
accounts and transactions have been eliminated in consolidation.
AMERCO has made significant loans to SAC Holdings and is
entitled to participate in SAC Holdings&#146; excess cash flow
(after senior debt service). All of the equity interest of SAC
Holdings is owned by Mark V. Shoen, a significant shareholder
and executive officer of AMERCO. AMERCO does not have an equity
ownership interest in SAC Holdings, except for investments made
by RepWest and Oxford in a SAC Holdings-controlled limited
partnership which holds Canadian self-storage properties. SAC
Holdings are not legal subsidiaries of AMERCO. AMERCO is not
liable for the debts of SAC Holdings and there are no default
provisions in AMERCO indebtedness that cross-default to SAC
Holdings&#146; obligations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Revenue Earning Vehicles and
Buildings</FONT></I><FONT size="2">&nbsp;&#151; Depreciation is
recognized in amounts expected to result in the recovery of
estimated residual values upon disposal (i.e., no gains or
losses). In determining the depreciation rate, we review
historical disposal experience and holding periods. Due to
longer holding periods on trucks and the resulting increased
possibility of changes in the economic environment and market
conditions, these estimates are subject to a greater degree of
risk.
</FONT>

<P align="center"><FONT size="2">46
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Long-lived Assets and Intangible
Assets</FONT></I><FONT size="2">&nbsp;&#151; We review carrying
value whenever events or circumstances indicate the carrying
values may not be recoverable through projected undiscounted
future cash flows. The events could include significant
underperformance relative to expected, historical or projected
future operating results, significant changes in the manner of
using the assets, overall business strategy, significant
negative industry or economic trends and an unexpected
non-compliance with significant debt agreements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Investments</FONT></I><FONT size="2">&nbsp;&#151;
For investments accounted for under SFAS&nbsp;115, in
determining if and when a decline in market value below
amortized cost is other than temporary, quoted market prices,
dealer quotes or discounted cash flows are reviewed.
Other-than-temporary declines in value are recognized in the
current period operating results to the extent of the decline.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Insurance Revenue and Expense
Recognition</FONT></I><FONT size="2">&nbsp;&#151; Premiums are
recognized as revenue as earned over the terms of the respective
policies. Benefits and expenses are matched with recognized
premiums to result in revenue and expense recognition over the
life of the contracts. This match is accomplished by recording a
provision for future policy benefits and unpaid claims and claim
adjustment expenses and by amortizing deferred policy
acquisition costs. Charges related to services to be performed
are deferred until earned. The amounts received in excess of
premiums and fees are included in other policyholder funds in
the consolidated balance sheets.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unearned premiums represent the portion of
premiums written which relate to the unexpired term of policies.
Liabilities for health and disability and other policy claims
and benefits payable represent estimates of payments to be made
on insurance claims for reported losses and estimates of losses
incurred but not yet reported. These estimates are based on past
claims experience and current claim trends as well as social and
economic conditions such as changes in legal theories and
inflation. Due to the nature of underlying risks and the high
degree of uncertainty associated with the determination of the
liability for future policy benefits and claims, the amounts to
be ultimately paid to settle liabilities cannot be precisely
determined and may vary significantly from the estimated
liability.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Acquisition costs related to insurance contracts
have been deferred to accomplish matching against future premium
revenue. The costs are charged to current earnings to the extent
it is determined that future premiums are not adequate to cover
amounts deferred.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">U-Haul Insurance
Expense</FONT></I><FONT size="2">&nbsp;&#151; Expense is
recognized annually based on reported claims and an estimate of
future claims. A reserve is booked for unpaid losses.
U-Haul&#146;s self-insured retention is paid out over time as
claims are settled, relieving the reserve for unpaid losses.
</FONT>

<P align="left">
<B><FONT size="2">IRS Examination</FONT></B>

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

<P align="left">
<B><FONT size="2">New Accounting Pronouncements</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Statement of Financial Accounting Standards
(SFAS)&nbsp;No.&nbsp;143 (SFAS&nbsp;143), Accounting for Asset
Retirement Obligations, requires recognition of the fair value
of liabilities associated with the retirement of long-lived
assets when a legal obligation to incur such costs arises as a
result of the acquisition, construction, development and/or the
normal operation of a long-lived asset. Upon recognition of the
liability, a corresponding asset is recorded at present value
and accreted over the life of the asset and depreciated over the
remaining life of the long-lived asset. SFAS&nbsp;143 defines a
legal obligation as one that a party is required to settle as a
result of an existing or enacted law, statute, ordinance, or
written or oral contract or by legal
</FONT>

<P align="center"><FONT size="2">47
</FONT>

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

<DIV align="left">
<FONT size="2">construction of a contract under the doctrine of
promissory estoppel. SFAS&nbsp;143 is effective for fiscal years
beginning after September&nbsp;15, 2002. We adopted this
statement effective April&nbsp;1, 2003, and it did not affect
our consolidated financial position or results of operations.
</FONT>
</DIV>

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In November 2002, the FASB issued FASB
Interpretation No.&nbsp;45 (FIN&nbsp;45), Guarantor&#146;s
Accounting for Disclosure Requirements for
Guarantees,&nbsp;Including Indirect Guarantees of Indebtedness
of Others, an interpretation of FASB Statements No.&nbsp;5, 57,
and 107 and rescission of FASB Interpretation No.&nbsp;34,
Disclosure of Indirect Guarantees of Indebtedness of Others.
FIN&nbsp;45 clarifies the requirements for a guarantor&#146;s
accounting for and disclosure of certain guarantees issued and
outstanding. It also requires a guarantor to recognize, at the
inception of a guarantee, a liability for the fair value of the
obligation undertaken in issuing the guarantee. This
Interpretation also incorporates without reconsideration the
guidance in FASB Interpretation No.&nbsp;34, which was
superseded. As a result of FIN&nbsp;45, the Company has recorded
a $125&nbsp;million liability at March&nbsp;31, 2003 and
December&nbsp;31, 2003, which is management&#146;s estimate of
the liability associated with the guarantee of the indebtedness
of an affiliate of Private Mini Storage Realty, L. P. which was
entered into in February 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In December 2002, the FASB issued
SFAS&nbsp;No.&nbsp;148 (SFAS&nbsp;148), &#147;Accounting for
Stock-Based Compensation&nbsp;&#151; Transition and
Disclosure&#148;, which amends Statement of Financial Accounting
Standards No.&nbsp;123 (SFAS&nbsp;123), &#147;Accounting for
Stock-Based Compensation&#148;. SFAS&nbsp;148 provides
alternative methods of transition for a voluntary change to the
fair value based method of accounting for stock-based employee
compensation. In addition, SFAS&nbsp;148 amends the disclosure
requirement of SFAS&nbsp;123 to require more prominent and more
frequent disclosures in financial statements of the effects of
stock-based compensation. The transition guidance and annual
disclosure provisions of SFAS&nbsp;148 are effective for fiscal
years ending after December&nbsp;15, 2002. The interim
disclosure provisions are effective for financial reports
containing condensed financial statements for interim periods
beginning after December&nbsp;15, 2002. We have adopted this
statement and it had no impact on the Company&#146;s
consolidated balance sheet or results of operations.
</FONT>

<P align="center"><FONT size="2">48
</FONT>

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

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

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

<P align="center"><FONT size="2">49
</FONT>

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<DIV align="left">
<A name='109'></A>
</DIV>

<!-- link1 "QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK" -->

<P align="center">
<B><FONT size="2">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK</FONT></B>

<P align="left">
<B><FONT size="2">Interest Rate Risk</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the normal course of business, AMERCO is
exposed to fluctuations in interest rates. AMERCO manages such
exposure through the use of a variety of derivative financial
instruments when deemed prudent. AMERCO does not enter into
leveraged financial transactions or use derivative financial
instruments for trading purposes. The exposure to market risk
for changes in interest rates relates primarily to debt
obligations. AMERCO&#146;s objective is to mitigate the impact
of changes in interest rates on its variable rate debt.
Historically, AMERCO has used interest rate swap agreements to
provide for matching the gain or loss recognition on the hedging
instrument with the recognition of the changes in the cash flows
associated with the hedged asset or liability attributable to
the hedged risk or the earnings effect of the hedged forecasted
transaction. At March&nbsp;31, 2003, no interest rate swap
contracts existed. At March&nbsp;31, 2002, the Company had
interest rate swap contracts to pay variable rates of interest
at the 3-month LIBOR and receive fixed rates of interest
(average rate of 8.6%) on $45&nbsp;million notional amount of
indebtedness. This resulted in approximately $238&nbsp;million
of the Company&#146;s underlying debt being subject to variable
interest rates. See Note&nbsp;6 of Notes to Consolidated
Financial Statements. A fluctuation in the interest rates of
100&nbsp;basis points would change AMERCO&#146;s interest
expense by approximately $2.5&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">SAC Holdings debt is primarily fixed rate.
Fluctuations in interest rates for new operations could have an
impact on operations. SAC Holdings does not enter into leveraged
financial transactions or use derivative financial instruments
for trading purposes.
</FONT>

<P align="left">
<B><FONT size="2">Foreign Currency Exchange Rate Risk</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s earnings are affected by
fluctuations in the value of foreign currency exchange rates.
Approximately 2.0% of the Company&#146;s revenue is generated in
Canada. The result of a 10% change in the value of the
U.S.&nbsp;dollar relative to the Canadian dollar would not be
material. The Company does not typically hedge any foreign
currency risk since the exposure is not considered material.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">SAC Holdings earnings are affected by
fluctuations in the value of foreign currency exchange rates.
Approximately 6.4% of SAC Holdings revenue is generated in
Canada. SAC Holdings does not typically hedge any foreign
currency risk since the exposure is not considered material.
</FONT>

<P align="center"><FONT size="2">50
</FONT>

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<DIV align="left">
<A name='110'></A>
</DIV>

<!-- link1 "MANAGEMENT" -->

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

<P align="left">
<B><FONT size="2">Directors and Executive Officers of
AMERCO</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO&#146;s Directors and Executive Officers
are:
</FONT>

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

<TR>
    <TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Age*</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Office</FONT></B></TD>
</TR>

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Edward J. Shoen
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">54</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chairman of the Board, President, and Director
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">William E. Carty
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">John M. Dodds
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">66</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Charles J. Bayer
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">63</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">John P. Brogan
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">59</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">James J. Grogan
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">49</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">M. Frank Lyons
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">67</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">James P. Shoen
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">43</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Gary B. Horton
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">59</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Treasurer of AMERCO and Asst. Treasurer of U-Haul
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Gary V. Klinefelter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">55</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Secretary&nbsp;&#38; General Counsel of AMERCO
    and U-Haul
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rocky D. Wardrip
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Assistant Treasurer of AMERCO
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mark V. Shoen
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">52</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">President of U-Haul Phoenix Operations
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">John C. Taylor
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director and Executive V.P. of U-Haul
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ronald C. Frank
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">62</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Executive V.P. of U-Haul Field Operations
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mark A. Haydukovich
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">46</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">President of Oxford Life Insurance Company
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Carlos Vizcarra
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">56</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">President of Amerco Real Estate Company
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Richard M. Amoroso
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">President of Republic Western Insurance Company
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

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

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Ages are as of June&nbsp;30, 2003
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Class&nbsp;I (Term Expires at 2007
    Meeting)</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">John P. Brogan </FONT></I><FONT size="2">has
served as a Director of AMERCO since August 1998 and has served
as the Chairman of Muench-Kreuzer Candle Company since 1980. He
has been involved with various companies including a seven year
association with Alamo Rent-A-Car that ended in 1986. He is a
member of the American Institute of Certified Public Accountants
and served as Chairman of the Board of Trustees, College of the
Holy Cross, from 1988 to 1996.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">James J. Grogan </FONT></I><FONT size="2">has
served as a Director of AMERCO since August 1998 and is the CEO
of Loreto Bay Company. He was President of G.W. Holdings, a
diversified investment company, from 2001 to 2002. Throughout
1999 and 2000, he served as President and CEO of Sterling
Financial Corporation, a Toronto Stock Exchange company focused
on real estate investments. He was the Senior Executive Vice
President of UDC Homes, a homebuilder, from 1996 to 1998. He
serves on the Board of Directors of several charitable
organizations.
</FONT>

<P align="center"><FONT size="2">51
</FONT>

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<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Class&nbsp;II (Term Expires at 2004
    Meeting)</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Edward J. Shoen </FONT></I><FONT size="2">has
served as a Director and Chairman of the Board of AMERCO since
1986, as President since 1987, as a Director of U-Haul since
1990, and as the President of U-Haul since 1991. Mr.&nbsp;Shoen
has been associated with the Company since 1971.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">M.&nbsp;Frank Lyons
</FONT></I><FONT size="2">was elected to the Board of AMERCO on
February&nbsp;6, 2002 to fill the vacancy created by the
resignation of Richard J. Herrera. Mr.&nbsp;Lyons served in
various positions with the Company from 1959 until 1991,
including 25&nbsp;years as the president of Warrington
Manufacturing. From 1991 until his retirement in 2000 he was
president of Evergreen Realty,&nbsp;Inc.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Class&nbsp;III (Term Expires at 2005
    Meeting)</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">John M. Dodds </FONT></I><FONT size="2">has
served as a Director of AMERCO since 1987 and Director of U-Haul
since 1990. Mr.&nbsp;Dodds has been associated with the Company
since 1963. He served in regional field operations until 1986
and served in national field operations until 1994.
Mr.&nbsp;Dodds retired from the Company in 1994.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">James P. Shoen </FONT></I><FONT size="2">has
served as a director of AMERCO since 1986 and was Vice President
of AMERCO from 1989 to November 2000. Mr.&nbsp;Shoen has been
associated with the Company since 1976. He served from 1990 to
November 2000 as Executive Vice President of U-Haul and is
employed by U-Haul Business Consultants, a subsidiary of U-Haul.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Class&nbsp;IV (Term Expires at 2006
    Meeting)</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">William E. Carty </FONT></I><FONT size="2">has
served as a Director of AMERCO since 1987 and as a Director of
U-Haul since 1986. He has been associated with the Company since
1946. He has served in various executive positions in all areas
of the Company. Mr.&nbsp;Carty retired from the Company in 1987.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Charles J. Bayer </FONT></I><FONT size="2">has
served as a Director of AMERCO since 1990 and has been
associated with the Company since 1967. He has served in various
executive positions and served as President of Amerco Real
Estate Company until his retirement in October 2000.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Other Executive Officers</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Gary B. Horton </FONT></I><FONT size="2">has
served as Treasurer of AMERCO since 1982 and Assistant Treasurer
of U-Haul since 1990. He has been associated with the Company
since 1969.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Gary V. Klinefelter,</FONT></I><FONT size="2">
Secretary of AMERCO since 1988 and Secretary of U-Haul since
1990, is licensed as an attorney in Arizona and has served as
General Counsel of AMERCO and U-Haul since June 1988. He has
been associated with the Company since 1978.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Rocky D. Wardrip,</FONT></I><FONT size="2">
Assistant Treasurer of AMERCO since 1990, has been associated
with the Company since 1978 in various capacities within
accounting and treasury operations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Mark V. Shoen </FONT></I><FONT size="2">has
served as a Director of AMERCO from 1990 until February 1997. He
has served as a Director of U-Haul from 1990 until November 1997
and as President, Phoenix Operations, from 1994 to present.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">John C. Taylor,</FONT></I><FONT size="2">
Director of U-Haul since 1990, has been associated with the
Company since 1981. He is presently an Executive Vice President
of U-Haul.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Ronald C. Frank </FONT></I><FONT size="2">has
been associated with the Company since 1959. He is presently
Executive Vice President of U-Haul Field Operations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Mark A. Haydukovich
</FONT></I><FONT size="2">has served as President of Oxford
since June 1997. From 1980 to 1997 he served as Vice President
of Oxford.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Carlos Vizcarra </FONT></I><FONT size="2">has
served as President of Amerco Real Estate Company since
September 2000. He began his previous position as Vice
President/ Storage Product Group for U-Haul in 1988.
</FONT>

<P align="center"><FONT size="2">52
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Richard M. Amoroso
</FONT></I><FONT size="2">has served as President of RepWest
since August 2000. He was Assistant General Counsel of U-Haul
from 1993 until February 2000. He served as Assistant General
Counsel of ON Semiconductor Corporation from February to August
2000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Edward&nbsp;J., Mark&nbsp;V., and James&nbsp;P.
Shoen are brothers. William&nbsp;E. Carty is the uncle of
Edward&nbsp;J. and Mark&nbsp;V. Shoen. M. Frank Lyons was
married to William&nbsp;E. Carty&#146;s sister and the aunt of
Edward&nbsp;J. and Mark&nbsp;V. Shoen until her death in 1992.
</FONT>

<P align="left">
<B><FONT size="2">Executive Compensation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following Summary Compensation Table shows
the annual compensation for fiscal years 2003, 2002 and 2001
paid to (1)&nbsp;the Company&#146;s chief executive officer; and
(2)&nbsp;the four most highly compensated executive officers of
the Company, other than the chief executive officer.
</FONT>

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

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="58%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Annual Compensation</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">All Other</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Name and Principal Position</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)(2)</FONT></B></TD>
</TR>

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

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

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

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

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

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

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">623,077</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Secretary and General Counsel of AMERCO and U-Haul
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">222,547</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">67,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">224,239</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">60,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

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

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

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

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">188,471</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

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

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes annual fees paid to Directors of AMERCO
    and U-Haul.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Represents the value of Common Stock allocated
    under the AMERCO Employee Savings, Profit Sharing and Employee
    Stock Ownership Plan.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The annual fee for all services as a director of
AMERCO prior to June&nbsp;4, 2003 was $26,400. Effective on that
date, the annual fee was increased to $50,000. This amount is
paid in equal monthly installments. Audit Committee members
receive an additional $50,000 annual fee. Executive Finance
Committee and Compensation Committee members each receive an
additional $20,000 annual fee. Independent Governance Committee
members receive an annual fee of $50,000.
</FONT>

<P align="left">
<B><FONT size="2">Involvement in Certain Legal
Proceedings</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Reference is made in the disclosure under the
caption in this prospectus &#147;Business&nbsp;&#151; Legal
Proceedings.&#148;
</FONT>

<P align="center"><FONT size="2">53
</FONT>

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

<P align="center">
<B><FONT size="2">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT</FONT></B>

<DIV align="center">
<B><FONT size="2">AND RELATED STOCKHOLDER MATTERS</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To the best of the Company&#146;s knowledge, the
following table lists, as of February&nbsp;13, 2004 (1)&nbsp;the
beneficial ownership of AMERCO&#146;s equity securities of each
director and director nominee of AMERCO, of each executive
officer named in this prospectus in the section titled
&#147;Executive Compensation&#148;, and of all directors and
executive officers of AMERCO as a group; (2)&nbsp;the beneficial
ownership of Common Stock of those persons who beneficially own
more than five&nbsp;percent (5%) of AMERCO&#146;s Common Stock;
and (3)&nbsp;the beneficial ownership of each director of
AMERCO, of each executive officer named in this prospectus in
the section titled &#147;Executive Compensation&#148;, and of
all directors and executive officers of the Company as a group,
of the percentage of net payments received by such persons
during the 2003 fiscal year in respect of fleet-owner contracts
issued by U-Haul.
</FONT>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="44%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Shares of Common</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percentage of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percentage of Net</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Name and Address of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Stock Beneficially</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Common Stock</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Fleet Owner</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Beneficial Owner</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Owned</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Class</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Contract Payments</FONT></B></TD>
</TR>

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Edward J. Shoen(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,487,705</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">.001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chairman of the Board,<BR>
    President and Director<BR>
    2727&nbsp;N.&nbsp;Central Ave.<BR>
    Phoenix, AZ 85004
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mark V. Shoen(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,252,231</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">President, U-Haul<BR>
    Phoenix Operations<BR>
    2727&nbsp;N.&nbsp;Central Ave.<BR>
    Phoenix, AZ 85004
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">James P. Shoen(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,949,997</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director<BR>
    1325 Airmotive Way<BR>
    Reno, NV 89502
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Sophia M. Shoen
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,388,668</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">5104&nbsp;N.&nbsp;32nd&nbsp;Street<BR>
    Phoenix, AZ 85018
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Heartland Advisors,&nbsp;Inc.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,009,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(3)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">789 North Water Street<BR>
    Milwaukee, WI 53202
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Paul F. Shoen
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">806,133</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">P.O. Box&nbsp;524<BR>
    Glenbrook, NV 89413
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">The ESOP Trust(2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,339,401</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">2727&nbsp;N.&nbsp;Central Ave.<BR>
    Phoenix, AZ 85004
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">John M. Dodds
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director<BR>
    2727&nbsp;N.&nbsp;Central Ave.<BR>
    Phoenix, AZ 85004
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">William E. Carty(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director<BR>
    2727&nbsp;N.&nbsp;Central Ave.<BR>
    Phoenix, AZ 85004
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Charles J. Bayer
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,186</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">**</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">.001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director<BR>
    2727&nbsp;N.&nbsp;Central Ave.<BR>
    Phoenix, AZ 85004
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">54
</FONT>

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

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="44%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Shares of Common</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percentage of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percentage of Net</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Name and Address of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Stock Beneficially</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Common Stock</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Fleet Owner</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Beneficial Owner</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Owned</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Class</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Contract Payments</FONT></B></TD>
</TR>

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">John P. Brogan
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">**</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director and Director Nominee<BR>
    2727&nbsp;N.&nbsp;Central Ave.<BR>
    Phoenix, AZ 85004
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">James J. Grogan
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,605</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">**</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director and Director Nominee<BR>
    2727&nbsp;N.&nbsp;Central Ave.<BR>
    Phoenix, AZ 85004
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">M. Frank Lyons
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">300</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">**</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director<BR>
    2727&nbsp;N.&nbsp;Central Ave.<BR>
    Phoenix, AZ 85004
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Gary V. Klinefelter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,513</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">**</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Secretary and General Counsel<BR>
    2727&nbsp;N.&nbsp;Central Ave.<BR>
    Phoenix, AZ 85004
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Gary B. Horton
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,657</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">**</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Treasurer of AMERCO and<BR>
    Assistant Treasurer of U-Haul<BR>
    2727&nbsp;N.&nbsp;Central Ave.<BR>
    Phoenix, AZ 85004
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Executive V.P. Field<BR>
    Operations of U-Haul<BR>
    2727&nbsp;N.&nbsp;Central Ave.<BR>
    Phoenix, AZ 85004
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Officers and Directors as a group
    (12&nbsp;persons)(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,709,786</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">42.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

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

<TR valign="top">
    <TD><FONT size="2">&nbsp;**&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The percentage of the referenced class
    beneficially owned is less than one&nbsp;percent.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

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

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Edward&nbsp;J. Shoen, Mark&nbsp;V. Shoen,
    James&nbsp;P. Shoen, and William&nbsp;E. Carty beneficially own
    16,300&nbsp;shares (0.26%), 16,700&nbsp;shares (0.27%),
    31,611&nbsp;shares (0.51%), and 12,000&nbsp;shares (0.19%) of
    AMERCO&#146;s Series&nbsp;A 8&nbsp;1/2% Preferred Stock,
    respectively. The executive officers and directors as a group
    beneficially own 77,611&nbsp;shares (1.27%) of AMERCO&#146;s
    Series&nbsp;A 8&nbsp;1/2% Preferred Stock.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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 December&nbsp;31, 2003, of the
    2,339,401&nbsp;shares of Common Stock held by the ESOP Trust,
    1,612,639&nbsp;shares were allocated to participants and
    726,762&nbsp;shares remained unallocated. The number of shares
    reported as beneficially owned by Edward&nbsp;J. Shoen,
    Mark&nbsp;V. Shoen, James&nbsp;P. Shoen, Paul&nbsp;F. Shoen, and
    Sophia&nbsp;M. Shoen include Common Stock held directly by those
    individuals and 3,694, 3,690, 3,648, 779 and 196&nbsp;shares of
    Common Stock, respectively, allocated by the ESOP Trust to those
    individuals. Those shares are also included in the number of
    shares held by the ESOP Trust.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">55
</FONT>

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

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

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

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The ownership information set forth herein is
    based on material contained in a Schedule&nbsp;13G, dated
    February&nbsp;12, 2004, filed with the SEC by William Nasgovitz
    and Heartland Advisors,&nbsp;Inc. According to the
    Schedule&nbsp;13G, Heartland Advisors,&nbsp;Inc. and William
    Nassovitz each have shared voting and shared dispositive power
    over 960,800 and 1,009,000&nbsp;shares, respectively.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To the best of the Company&#146;s knowledge,
there are no arrangements giving any stockholder the right to
acquire the beneficial ownership of any shares owned by any
other stockholder.
</FONT>

<P align="center"><FONT size="2">56
</FONT>

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

<P align="center">
<B><FONT size="2">CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO has engaged in related party transactions,
and has continuing related party interests, with certain major
stockholders, directors and officers of the consolidated group
as disclosed below and in Notes&nbsp;11 and 19 of Notes to
Consolidated Financial Statements for the fiscal years ended
March&nbsp;31, 2003, 2002 and 2001, which are contained in this
prospectus. 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.
</FONT>

<P align="left">
<B><FONT size="2">Single Transactions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal 2001, U-Haul sold
$10.5&nbsp;million of remanufactured engines and small
automotive parts and purchased $53.7&nbsp;million of automotive
parts and tools from Equipment Universe. James&nbsp;P.
Shoen&#146;s minority ownership interest in Equipment Universe
ended December 2000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal 2001, U-Haul purchased
$1.1&nbsp;million of rebuilt torque converters and other related
transmission parts from Automatic Machine Works
(&#147;AMW&#148;). James&nbsp;P. Shoen&#146;s mother has a major
ownership interest in AMW. U-Haul ceased purchasing from AMW
during December 2000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On August&nbsp;1, 2001, we sold one self-storage
property to a subsidiary of SAC Holdings for $530,000 in cash
and notes. The purchase price was determined by the Treasurer of
U-Haul, based on an analysis of the net operating income of the
properties.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On September&nbsp;28, 2001, we purchased nine
self-storage properties from SAC Holdings for $35.2&nbsp;million
in cash. These properties were not previously owned by us. The
purchase price was negotiated with SAC Holdings by the Treasurer
of U-Haul, based on an analysis of the net operating income of
the properties.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On December&nbsp;20, 2001, we sold 14
self-storage properties to a subsidiary of SAC Holdings for
$43.8&nbsp;million in cash and notes. The purchase price was
negotiated with SAC Holdings by the Assistant Treasurer of
U-Haul, based on an analysis of the net operating income of the
properties.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On January&nbsp;11, 2002, we sold 37 self-storage
properties to a subsidiary of SAC Holdings for
$93.7&nbsp;million in cash and notes. The purchase price was
negotiated with SAC Holdings by the Assistant Treasurer of
U-Haul, based on an analysis of the net operating income of the
properties.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On March&nbsp;28, 2002, we sold 62 self-storage
properties to a subsidiary of SAC Holdings for
$146.9&nbsp;million in notes. The purchase price was negotiated
with SAC Holdings by the Assistant Treasurer of U-Haul, based on
an analysis of the net operating income of the properties. On
March&nbsp;28, 2002, the purchaser paid down the notes in the
amount of $75.9&nbsp;million from cash proceeds obtained from a
third-party financing.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On December&nbsp;23, 2002, Mark&nbsp;V. Shoen,
President, U-Haul Phoenix Operations and a significant
stockholder of AMERCO, purchased a condominium in Phoenix,
Arizona from Oxford Life Insurance Company. The purchase price
was $279,573, which was in excess of the appraised value.
</FONT>

<P align="left">
<B><FONT size="2">Continuing Interests</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal 2003, 2002, and 2001, U-Haul
purchased $2.1&nbsp;million, $3.2&nbsp;million,
$3.46&nbsp;million, respectively, of printing from
Form&nbsp;Builders,&nbsp;Inc. Mark&nbsp;V. Shoen, his daughter
and Edward J. Shoen&#146;s sons are major stockholders of
Form&nbsp;Builders,&nbsp;Inc. Edward&nbsp;J. Shoen is Chairman
of the Board of Directors and President of AMERCO and is a
significant stockholder of AMERCO. Mark&nbsp;V. Shoen is
President, U-Haul Phoenix Operations and is a significant
stockholder of AMERCO. The Company ceased doing business with
Form&nbsp;Builders,&nbsp;Inc. on April&nbsp;18, 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Samual J. Shoen, the son of Edward&nbsp;J. Shoen,
is employed by U-Haul as project group supervisor.
Mr.&nbsp;Shoen was paid an aggregate salary and bonus of
$64,800, $79,200 and $79,900 for his services during the
calendar years 2001, 2002 and 2003, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal 2003, 2002, and 2001, 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 owned by Mark&nbsp;V. Shoen, a
</FONT>

<P align="center"><FONT size="2">57
</FONT>

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<DIV align="left">
<FONT size="2">significant shareholder and executive officer of
AMERCO. The Company does not have an equity ownership interest
in SAC Holdings, except for minority investments made by RepWest
and Oxford in a SAC Holdings-controlled limited partnership
which holds Canadian self-storage properties. The senior
unsecured notes of SAC Holdings that the Company holds rank
equal in right of payment with the notes of certain senior
mortgage holders, but junior to the extent of the collateral
securing the applicable mortgages and junior to the extent of
the cash flow waterfalls that favor the senior mortgage holders.
The Company received cash interest payments of
$26.6&nbsp;million, $24.5&nbsp;million, and $27.6&nbsp;million
from SAC Holdings during fiscal year 2003, 2002, and 2001,
respectively. The notes receivable balance outstanding at
March&nbsp;31, 2003 was, in the aggregate, $394.2&nbsp;million.
The largest aggregate amount outstanding during the fiscal year
ended March&nbsp;31, 2003 was $407.4&nbsp;million. At
March&nbsp;31, 2003, SAC Holdings&#146; notes and loans payable
to third parties totaled $589.0&nbsp;million. Interest on the
senior and junior notes accrues at rates ranging from 6.5% to
13%. During the first three fiscal quarters of 2004, the Company
received cash interest payments of $14.4&nbsp;million from SAC
Holdings. As discussed elsewhere in this prospectus, in
connection with our emergence from Chapter&nbsp;11 bankruptcy on
March&nbsp;15, 2004, $200&nbsp;million SAC Holdings notes held
by us were restructured and issued directly to our creditors.
See &#147;Description of Other Indebtedness and Other
Obligations&nbsp;&#151; New SAC Holdings Notes.&#148;
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest accrues on the outstanding principal
balance of senior notes of SAC Holdings that the Company holds
at a fixed rate and is paid on a monthly basis.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Additional interest is paid on the same payment
date based on the difference between the amount of remaining
basic interest and an amount equal to a specified percentage of
the net cash flow before interest expense generated by the
underlying property minus the sum of the principal and interest
due on the senior notes of SAC Holdings relating to that
property and a multiple of the fixed portion of basic interest
paid on that monthly payment date. This amount is referred to as
the &#147;cash flow-based calculation.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To the extent that this cash flow-based
calculation exceeds the amount of remaining basic interest,
contingent interest equal to that excess and the amount of
remaining basic interest are paid on the same monthly date as
the fixed portion of basic interest. To the extent that the cash
flow-based calculation is less than the amount of remaining
basic interest, the additional interest payable on the
applicable monthly date is limited to the amount of that cash
flow-based calculation. In such a case, the excess of the
remaining basic interest over the cash flow-based calculation is
deferred and all amounts so deferred bear the stated rate of
basic interest until maturity of the junior note. In addition,
subject to certain contingencies, the junior notes provide that
the holder of the note is entitled to receive 90% of the
appreciation realized upon, among other things, the sale of such
property by SAC Holdings. To date, no such properties have been
sold by SAC Holdings.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company currently manages the self-storage
properties owned by SAC Holdings pursuant to a standard form of
management agreement with each SAC Holdings subsidiary, under
which the Company receives a management fee equal to 6% of the
gross receipts. The Company received management fees of
$12.3&nbsp;million, $8.3&nbsp;million, and $6.2&nbsp;million
during fiscal year 2003, 2002, and 2001, respectively and
$9.8&nbsp;million during the first three quarters of fiscal
2004. This management fee is consistent with the fees received
for other properties the Company manages for third parties.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RepWest and Oxford currently hold a 46% limited
partnership interest in Securespace Limited Partnership
(&#147;Securespace&#148;), a Nevada limited partnership. A SAC
Holdings subsidiary serves as the general partner of Securespace
and owns a 1% interest. Another SAC Holdings subsidiary owns the
remaining 53% limited partnership interest in Securespace.
Securespace was formed by SAC Holdings to be the owner of
various Canadian self-storage properties.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal years 2004, 2003 and 2002 the
Company leased space for marketing company offices, vehicle
repair shops and hitch installation centers in 35 locations
owned by subsidiaries of SAC Holdings. Total lease payments
pursuant to such leases were $2.1&nbsp;million, and $410,000
during fiscal year 2003, and
</FONT>

<P align="center"><FONT size="2">58
</FONT>

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<DIV align="left">
<FONT size="2">2002, respectively and $1.9&nbsp;million during
the first three quarters of fiscal 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.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At March&nbsp;31, 2003, subsidiaries of SAC
Holdings acted as U-Haul independent dealers. The financial and
other terms of the dealership contracts with subsidiaries of SAC
Holdings are substantially identical to the terms of those with
the Company&#146;s other independent dealers. During fiscal
2003, and fiscal 2002, the Company paid subsidiaries of SAC
Holdings $27.7&nbsp;million, and $13.7&nbsp;million,
respectively, in commissions pursuant to such dealership
contracts. During the first three quarters of fiscal 2004, the
Company paid $22.9&nbsp;million in commissions pursuant to these
contracts.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The transactions discussed above involving SAC
Holdings have all been eliminated from the Company&#146;s
consolidated financial statements. Although these transactions
have been eliminated for financial statement reporting purposes,
except for minority investments made by RepWest and Oxford in
Securespace, the Company has not had any equity ownership
interest in SAC Holdings.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">SAC Holdings were established in order to acquire
self-storage properties which are being managed by the Company
pursuant to management agreements. The sale of self-storage
properties by the Company to SAC Holdings has in the past
provided significant cash flows to the Company and the
Company&#146;s outstanding loans to SAC Holdings entitle the
Company to participate in SAC Holdings&#146; excess cash flows
(after senior debt service). 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, certain SAC&nbsp;Holdings notes payable to the
Company were paid in full thereby extinguishing the &#147;cash
flow-based calculation.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Management believes that its sales of
self-storage properties to SAC Holdings over the past several
years provided a unique structure for the Company to earn rental
revenues from the SAC Holdings self-storage properties that the
Company manages and participate in SAC Holdings&#146; excess
cash flows as described above.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Although the Board of Directors of the
appropriate subsidiary which was a party to each transaction
with SAC Holdings approved such transaction at the time it was
completed, the Company did not seek approval by AMERCO&#146;s
Board of Directors for such transactions. However, AMERCO&#146;s
Board of Directors, including the independent members, was made
aware of and received periodic updates regarding such
transactions from time to time. All future real estate
transactions with SAC Holdings that involve the Company or any
of its subsidiaries will have the prior approval of
AMERCO&#146;s Board of Directors, even if it is not legally
required, including a majority of the independent members of
AMERCO&#146;s Board of Directors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with both the single transactions
and the continuing interests described above regarding parts,
tools and printing services, the Internal Audit Department of
U-Haul periodically tests pricing against competitive third
party bids for fairness.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with both the single transactions
and the continuing interests described above, management
believes that the foregoing transactions were consummated on
terms equivalent to those that prevail in arm&#146;s-length
transactions.
</FONT>

<P align="center"><FONT size="2">59
</FONT>

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<P align="center">
<B><FONT size="2">DESCRIPTION OF OTHER INDEBTEDNESS AND OTHER
OBLIGATIONS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following is a summary of certain of our and
our subsidiaries&#146; indebtedness and the indebtedness of SAC
Holdings.
</FONT>

<P align="left">
<B><FONT size="2">Exit Financing Facility</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">General.</FONT></I><FONT size="2"> Upon our
emergence from bankruptcy, AMERCO, U-Haul, AMERCO Real Estate
Company and certain of our subsidiaries entered into a loan and
security agreement with Wells Fargo Foothill,&nbsp;Inc. (the
&#147;Exit Financing Facility&#148;). The Exit Financing
Facility consists of two components:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;$200&nbsp;million revolving credit
    facility (the &#147;Revolver&#148;), including a
    $50&nbsp;million letter of credit sub-facility;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;$350&nbsp;million amortizing term loan
    (the &#147;Term&nbsp;A Notes&#148;).
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Available Credit.</FONT></I><FONT size="2">
The amounts available for borrowing under the Revolver are
determined based on a borrowing base formula which is based upon
a percentage of the value of our eligible real estate
collateral. The amount of advances that we can request cannot
exceed at any one time outstanding an amount equal to the lesser
of:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;$200&nbsp;million (unless reduced by the
    lender in situations where we repay the Revolver as a result of
    sales of our assets) less the aggregate amount of all
    outstanding letters of credit;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;the &#147;borrowing base&#148; less
    (x)&nbsp;the aggregate amount of all outstanding letters of
    credit and (y)&nbsp;the outstanding balance of the Term&nbsp;A
    Notes.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The borrowing base is defined as 60% of the most
recent fair market valuation of the real property collateral
securing the Exit Financing Facility. The borrowing base at any
time is reduced for the following:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">required reserves relating to our credit card,
    debit card and other bank clearing system reserves which relate
    to our cash accounts securing the Exit Financing Facility;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">environmental remediation reserves relating to
    the real property collateral;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">title reserves with respect to title defects and
    exceptions for the real property collateral;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">other reserves for taxes, assessments, insurance
    premiums and other items that the lender determines would
    constitute a priority lien with respect to the real property
    collateral.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of March 15, 2004, the gross value of our
collateral that was eligible for inclusion in the borrowing base
was sufficient to enable us to borrow the entire amount of the
Revolver ($200&nbsp;million). At March 15, 2004, outstanding
advances under the Exit Financing Facility totaled
$515&nbsp;million, consisting of $165&nbsp;million outstanding
under the Revolver and $350&nbsp;million outstanding under the
Term&nbsp;A Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Swing Loans and
Overadvances.</FONT></I><FONT size="2"> The Revolver
contemplates that the lender may, in its discretion, make swing
loans to us. Each swing loan is deemed to be an advance under
the Exit Financing Facility and shall be subject to all the
terms and conditions applicable to other advances, except that
swing loans are not eligible for the LIBOR interest rate option
(discussed below). In addition, the lender may, in its
discretion, knowingly continue to advance funds to us in amounts
that exceed the borrowing base. These overadvances are limited
such that after giving effect to the advances, the sum of
outstanding amounts under the Revolver (including outstanding
letters of credit), does not exceed the borrowing base by an
amount equal to the lesser of (x)&nbsp;5% of the borrowing base
and (y) $10&nbsp;million, and in any event does not exceed the
maximum available credit under the revolver ($200&nbsp;million).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Maturity and
Payments.</FONT></I><FONT size="2"> The Exit Financing Facility
matures on February&nbsp;27, 2009. Monthly principal payments of
$291,667 are required for the Term&nbsp;A Notes commencing on
April&nbsp;1, 2004, with the balance due at maturity. No
principal payments are due for the Revolver before maturity.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If we terminate the Exit Financing Facility, or
make prepayments on the Term&nbsp;A Notes, prior to
March&nbsp;15, 2007, we are subject to a prepayment penalty as
follows: before March&nbsp;15, 2005, 2.00%; after
</FONT>

<P align="center"><FONT size="2">60
</FONT>

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<DIV align="left">
<FONT size="2">March&nbsp;15, 2005 and before March&nbsp;15,
2006, 1.50%; and after March&nbsp;15, 2006 and before
March&nbsp;15, 2007, 1.00%. The prepayment penalty is determined
based upon on the average daily outstanding balance of the
Revolver and the average daily balance of undrawn letters of
credit.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Ranking.</FONT></I><FONT size="2"> Borrowings
under the Exit Financing Facility represent our senior secured
obligations and rank <I>pari passu </I>in right of payment to
the 9.0% Second Lien Senior Secured Notes. Borrowings under the
Exit Financing Facility rank senior in right of payment to all
other indebtedness of AMERCO and its legal subsidiaries (except
for indebtedness of Oxford and RepWest).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Guarantees.</FONT></I><FONT size="2"> The Exit
Financing Facility is guaranteed by substantially all direct and
indirect subsidiaries of the Company except for (i)&nbsp;the
subsidiaries that are actual borrowers under the agreement,
(ii)&nbsp;our insurance subsidiaries Oxford and RepWest and
their respective subsidiaries, (iii)&nbsp;Storage Realty,
L.L.C., a Texas limited liability company, (iv)&nbsp;INW, a
Washington corporation, and (v)&nbsp;certain dormant
subsidiaries. As discussed elsewhere in this prospectus, SAC
Holdings are not legal subsidiaries of AMERCO and do not
guarantee any borrowings under the Exit Financing Facility.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Collateral.</FONT></I><FONT size="2"> All
amounts outstanding under the Revolver and Term&nbsp;A Notes are
secured by a first priority security interest in substantially
all of the assets of the borrowers and the guarantors, except
for the following assets:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">synthetic leases and synthetic lease collateral;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">notes receivable from SAC Holdings existing on
    our date of emergence from Chapter&nbsp;11;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">real property having an approximate book value of
    $7.7&nbsp;million under contract for sale on the closing date of
    the Exit Financing Facility.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">real estate subject to synthetic leases at the
    date of our emergence from bankruptcy;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the capital stock of Oxford and RepWest owned by
    AMERCO;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">real property secured by a lien in favor of
    Oxford;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">surplus property;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">proceeds in excess of $50&nbsp;million associated
    with the settlement, judgment or recovery related to our
    litigation against PricewaterhouseCoopers;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">vehicles that are subject to an operating lease
    arrangement;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">certain cash accounts for the benefit of third
    parties.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Interest.</FONT></I><FONT size="2"> As of
March&nbsp;15, 2004, $349&nbsp;million of the Term&nbsp;A Loans
bear interest at LIBOR plus 4.00% and $1&nbsp;million bear
interest at the base rate plus 1.50%. Monthly interest payments
are due commencing April&nbsp;1, 2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest on the Revolver is payable monthly for
base rate option advances. Interest on LIBOR rate option
advances is generally payable every three&nbsp;months and/ or
the last day of the interest period selected. Advances
outstanding under the Revolver bear interest under the base rate
option or the LIBOR option, which we select, described as
follows.
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">Base Rate Option.</FONT></I><FONT size="2">
    The base rate option is defined as the base rate plus the
    applicable margin. The base rate means the prime rate as
    announced by Wells Fargo Bank. The applicable margin is based on
    our EBITDA for the prior 12&nbsp;months as follows:
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="87%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">less than $275&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.50</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">greater than $275&nbsp;million but less than
    $300&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.25</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">greater than $300&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.00</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">61
</FONT>

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

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">At March&nbsp;15, 2004, the base rate was 4% and
    our EBITDA for the prior 12&nbsp;months was less than
    $275&nbsp;million. The applicable margin is adjusted quarterly
    at the end of each fiscal quarter based on our EBITDA for the
    trailing twelve&nbsp;months.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">LIBOR Rate Option.</FONT></I><FONT size="2">
    The LIBOR rate option is defined as the LIBOR rate plus the
    applicable margin. The LIBOR rate means the rate per annum at
    which dollar deposits are offered by major banks in the London
    interbank market (after consideration of a customary reserve
    percentage, if any), provided that the rate shall never be less
    than 1%. We select the interest period for which each LIBOR rate
    option advance is to be calculated with such period being 1, 2,
    3 or 6&nbsp;months. We may not have more than six LIBOR rate
    option advances outstanding at any one time and each LIBOR
    advance must be of at least $1&nbsp;million and integral
    multiples of $500,000 in excess thereof. In addition, we can
    prepay any outstanding LIBOR rate option advances under the
    Revolver, but we must reimburse the lenders for any funding
    losses they suffer as a result of such prepayment. The
    applicable margin is based on our EBITDA for the prior
    12&nbsp;months as follows:
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="87%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">less than $275&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.00</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">greater than $275&nbsp;million but less than
    $300&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.75</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">greater than $300&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.50</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At March&nbsp;15, 2004 our EBITDA was less than
$275&nbsp;million. The applicable margin is adjusted quarterly
at the end of each fiscal quarter based on our EBITDA for the
trailing twelve&nbsp;months. If an event of default occurs, we
may no longer select the LIBOR rate option and any then
outstanding LIBOR rate option advances (including amounts
outstanding under the Term A Notes) can be converted to the base
rate option, at the option of the lender.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Default Interest.</FONT></I><FONT size="2"> In
the event of any event of default, interest on outstanding
advances and outstanding letters of credit will accrue at a rate
of 2% in excess of the then applicable rate otherwise in effect.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Letter of Credit Fees; Facility
Fees.</FONT></I><FONT size="2"> We are charged a letter of
credit fee (plus issuance charges) at a rate based on our EBITDA
for the prior 12&nbsp;months, as follows:
</FONT>

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

<TR>
    <TD width="82%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

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

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">less than $275&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.00</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">greater than $275&nbsp;million but less than
    $300&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.75</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">greater than $300&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.50</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">The letter of credit fee accrues on the undrawn
amount of all outstanding letters of credit at the applicable
margin set forth above. In addition, we are charged a fee of
0.50% of the unused portion of the Revolver, including the
letter of credit sub-facility.
</FONT>

<P align="center"><FONT size="2">62
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Covenants.</FONT></I><FONT size="2"> Under the
Exit Financing Facility, we are required to comply with a number
of affirmative and negative covenants. These covenants apply to
the borrowers. These covenants provide that:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">On a quarterly basis, we cannot allow our EBITDA
    minus capital expenditures (as defined), each measured on a
    fiscal quarter-end basis for the applicable period set forth
    below, to be less than the amounts set forth below:
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Applicable Amount</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Applicable Date</FONT></B></TD>
</TR>

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$15&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the three month period ending June&nbsp;30,
    2004;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$65&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the six month period ending
    September&nbsp;30, 2004;
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$65&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the nine month period ending
    December&nbsp;31, 2004;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$60&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the twelve month period ending March&nbsp;31,
    2005;
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$48&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the twelve month period ending June&nbsp;30,
    2005;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$25&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the twelve month period ending
    September&nbsp;30, 2005;
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$25&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the twelve month period ending
    December&nbsp;31, 2005;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$30&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the twelve month period ending March&nbsp;31,
    2006;
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$80&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the twelve month period ending June&nbsp;30,
    2006;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$115&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the twelve month period ending
    September&nbsp;30, 2006;
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$110&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the twelve month period ending
    December&nbsp;31, 2006; and
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$105&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the twelve month period ending March&nbsp;31,
    2007.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For each fiscal quarter after March&nbsp;31,
2007, the above covenant will be established using the same
methodology as utilized for 2004, 2005 and 2006, based on
financial projections we submit to the lenders. The lender will
present the new covenants to us for approval, which we shall not
unreasonably withhold. In the event we do not approve the
lender&#146;s calculations of the new covenant, the holders of
51% of the commitments for the Term&nbsp;A Notes will establish
this covenant.
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We are restricted in the amount of capital
    expenditures that we can make in any fiscal year as follows:
    fiscal 2005, $185&nbsp;million; fiscal 2006, $245&nbsp;million;
    and fiscal 2007, $195&nbsp;million. For each fiscal quarter
    after March&nbsp;31, 2007, this covenant will be established
    using the same methodology as utilized for 2005, 2006 and 2007,
    based on financial projections we submit to the lenders. The
    lender will present the new covenants to us for approval, which
    we shall not unreasonably withhold. In the event we do not
    approve the lender&#146;s calculations of the new covenants, the
    holders of 51% of the commitments for the Term&nbsp;A Notes will
    establish this covenant.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We cannot incur any additional indebtedness,
    except for:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">indebtedness existing under the Exit Financing
    Facility;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">indebtedness existing on March&nbsp;15, 2004;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">purchase money indebtedness and capitalized lease
    obligations (excluding synthetic lease obligations) in an
    aggregate amount not to exceed $30&nbsp;million;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">63
</FONT>

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

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

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">capital leases, to the extent such capital leases
    arise our of the treatment of our synthetic leases (including
    refinancings) as capital leases in accordance with GAAP (see
    &#147;&#151;&nbsp;Synthetic Lease Arrangements&#148;);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">indebtedness under the New AMERCO Notes and the
    9.0% Second Lien Senior Secured Notes due 2009;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">permitted guarantees;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">indebtedness comprising investments specifically
    permitted under the Exit Financing Facility;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">letters of credit issued outside the Exit
    Financing Facility and secured by cash collateral in an
    aggregate amount not to exceed $3&nbsp;million at any
    time;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">subject to certain conditions, refinancings,
    renewals, or extensions of permitted indebtedness.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We cannot create, incur, assume or permit to
    exist any lien on or against any of our assets, except for,
    among others, the following permitted liens:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the interest of lessors under permitted operating
    leases and synthetic leases;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">liens related to permitted purchase money
    indebtedness and capital leases;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">liens relating to the New AMERCO Notes;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">liens relating to the 9.0% Second Lien Senior
    Secured notes due 2009;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">liens on real property in favor of Oxford;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">liens on collateral securing synthetic
    leases;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">other customary liens that arise in the ordinary
    course of business.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We cannot enter into any merger, consolidation,
    reorganization, or recapitalization (subject to exceptions) and
    we cannot liquidate, wind up or dissolve any of our subsidiaries
    that is a borrower under the Exit Financing Facility, unless the
    assets of the dissolved entity are transferred to another
    subsidiary that is a borrower under the Exit Financing Facility
    and certain other conditions are met.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We cannot convey, sell, lease, assign, transfer
    or otherwise dispose of any of our assets, except for certain
    permitted dispositions, including:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">sales of worn out, damaged or obsolete property;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">sales of assets that are not part of the
    collateral that secures the Exit Financing Facility;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">sales of rental vehicles in the ordinary course
    of our fleet rotation program, so long as the aggregate net book
    value of rental vehicles subject to liens under the Exit
    Financing Facility does not decrease by more than (x)
    $40&nbsp;million during any of (i)&nbsp;the first quarter of
    fiscal 2005, (ii)&nbsp;the first two quarters of fiscal 2005,
    (iii)&nbsp;the first three quarters of fiscal 2005 or
    (iv)&nbsp;each 12-month period thereafter, in each case to be
    tested at the end of each quarter or (y) $160&nbsp;million in
    the aggregate after March&nbsp;15, 2004;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">sales in the ordinary course of business of
    rental vehicles subject to operating leases;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">sales or other dispositions contemplated under
    our approved Chapter&nbsp;11 of reorganization;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">sales of real property collateral in an aggregate
    amount not to exceed $10&nbsp;million during any fiscal year or
    $35&nbsp;million in total after March&nbsp;15, 2004, subject to
    certain conditions.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We cannot guarantee the obligations of our
    insurance subsidiaries or any third party, except for:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">guarantees of AMERCO existing on March&nbsp;15,
    2004;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">guarantees of AMERCO that are part of our
    Chapter&nbsp;11 reorganization plan;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">64
</FONT>

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

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

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">guarantees of AMERCO with respect to the Private
    Mini support party agreements (see &#147;&#151;&nbsp;Private
    Mini Storage Credit Facility&#148;);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">guarantees with respect to rental vehicle
    operating leases;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">guarantee obligations pursuant to any permitted
    indebtedness;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">guarantees pursuant to any permitted refinancing,
    renewal or extension of any permitted indebtedness.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We cannot prepay, redeem, defease, purchase or
    otherwise acquire any of our indebtedness or any indebtedness of
    a subsidiary that is a borrower under the Exit Financing
    Facility, except:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">indebtedness relating to our debtor-in-possession
    credit facility;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">obligations in accordance with the Exit Financing
    Facility;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">as required by our Chapter&nbsp;11 confirmation
    order;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">in connection with a permitted refinancing;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">prepayments of indebtedness under the New AMERCO
    Notes, from the proceeds from the monetization or sale of assets
    excluded from the collateral securing the Exit Financing
    Facility;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">that so long as no event of default exists under
    the Exit Financing Facility, we can prepay indebtedness under
    the 9.0% Second Lien Senior Secured Notes due 2009 or the New
    AMERCO Notes so long as (a)&nbsp;the aggregate amount of
    prepayments under our synthetic leases plus the aggregate amount
    of dividends paid in arrears in such fiscal year shall not, in
    the aggregate, exceed the &#147;ECF Carry Forward Amount&#148;
    (summarized below), if any then in existence, and (b)&nbsp;on
    the date of such prepayment, we are in compliance with the
    &#147;Excess Availability Test&#148; (summarized below);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">prepayments of indebtedness under our synthetic
    leases upon the sale of any real property collateral securing
    such synthetic lease pursuant to an arms-length sale to a bona
    fide non-affiliate purchaser, up to the amount of the sales
    proceeds;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">that so long as no event of default exists under
    the Exit Financing Facility, we can prepay indebtedness required
    pursuant to the provisions of our synthetic leases so long as
    (a)&nbsp;the aggregate amount of such prepayments in any fiscal
    year, together with the aggregate amount of permitted
    prepayments in such fiscal year by us with respect to the 9.0%
    Second Lien Senior Secured Notes due 2011 and the amount of
    dividends paid in arrears in such fiscal year, shall not, in the
    aggregate, exceed the &#147;ECF Carry Forward Amount&#148;
    (summarized below) and (b)&nbsp;on the date of such prepayment
    we are in compliance with the &#147;Excess Availability
    Test&#148; (summarized below);&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">scheduled payments of principal and interest due
    under our synthetic leases.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For purposes of this covenant:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">ECF Carry Forward Amount
    </FONT></I><FONT size="2">means:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">through September&nbsp;30, 2004,
    $3.335&nbsp;million;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">as of October&nbsp;1, 2004 though March&nbsp;31,
    2005, 50% of our excess cash flow (EBITDA minus cash interest
    expense and dividend and other distributions, plus permitted
    capital expenditures and repayments of certain indebtedness, in
    each case as defined and subject to exceptions) for the period
    commencing April&nbsp;1, 2004 and ending September&nbsp;30,
    2004;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">as of March&nbsp;31, 2005 and at all times
    thereafter, (a)&nbsp;50% of our excess cash flow for the fiscal
    year ending March&nbsp;31, 2005, plus our excess cash flow for
    each fiscal year thereafter, minus (b)&nbsp;the sum of
    (i)&nbsp;the aggregate amount of dividends paid in arrears on
    account of our preferred stock on or after January&nbsp;1, 2004,
    (ii ) the aggregate amount of permitted prepayments of
    indebtedness under the New AMERCO Notes and the 9.0% Second Lien
    Senior Secured Notes due 2009 and (iii)&nbsp;the
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">65
</FONT>

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

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">aggregate amount of permitted prepayments of the
    principal amount of indebtedness under our synthetic leases.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">Excess Availability Test
    </FONT></I><FONT size="2">means:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">at the time of payment of any indebtedness under
    the New AMERCO Notes or 9.0% Second Lien Senior Secured Notes
    due 2009 or at the time of declaration or payment of any
    dividend or dividend in arrears, (a)&nbsp;our &#147;Excess
    Availability&#148; (as summarized below) plus cash securing the
    Exit Financing Facility exceeds (i)&nbsp;$35&nbsp;million plus
    (ii)&nbsp;the amount of such debt payment or dividend payment as
    of the date of such payment and as of the month end for each of
    the preceding consecutive 12 fiscal months immediately preceding
    such payment date and (b)&nbsp;after giving effect to such
    payment, our &#147;Excess Availability&#148; plus cash securing
    the Exit Financing Facility is projected to exceed
    $35&nbsp;million for the month end of each of the 12 fiscal
    months immediately succeeding such payment date.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I><FONT size="2">Excess Availability means:</FONT></I></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">the amount, as of the date of any determination,
    equal to the difference between the lesser of (i)&nbsp;the
    borrowing base, or (ii)&nbsp;$550&nbsp;million (subject to
    adjustment in certain situations) and the amount outstanding
    under the Exit Financing Facility.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="10%"></TD>
    <TD width="1%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We cannot cause any change of control of AMERCO;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">All real property collateral and rental vehicle
    collateral securing the Exit Financing Facility must be owned by
    a subsidiary that is a borrower under the Exit Financing
    Facility.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We cannot make any distribution or declare or pay
    any dividends except that we are permitted to (i)&nbsp;make
    inter-company dividends and distributions within Exit Financing
    Facility borrower group; (ii)&nbsp;pay dividends on our
    preferred stock accrued after March&nbsp;15, 2004 (including the
    payment of dividends for the period ending February&nbsp;29,
    2004), in an aggregate amount not to exceed $13&nbsp;million in
    any fiscal year, so long as we are in compliance with the
    &#147;Excess Availability Test&#148; (as summarized above) and
    (iii)&nbsp;pay dividends on our preferred stock accrued prior to
    or for the period ended November&nbsp;30, 2003, so long as
    (x)&nbsp;the aggregate amount of such dividends do not exceed
    the lesser of (I) $19.6&nbsp;million or (II)&nbsp;together with
    the amount of any permitted prepayments during such fiscal year
    under the 9.0% Second Lien Senior Secured Notes due 2009 and
    prepayments during such fiscal year of indebtedness relating to
    our synthetic lease agreements, the &#147;ECF Carry Forward
    Amount&#148; (as summarized above) and (y)&nbsp;at the time of
    any such payment, we are in compliance with the &#147;Excess
    Availability Test&#148; (as summarized above).
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We cannot make any investments, or incur any
    liabilities for or in connection with any investments, except
    for defined &#147;permitted investments&#148;, which include:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="11%"></TD>
    <TD width="1%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">advances made in connection with the purchase of
    goods or services in the ordinary course of business;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">investments by any party to the Exit Financing
    Facility in another party to the Exit Financing Facility;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">investments in SAC Holdings notes to the extent
    outstanding on March&nbsp;15, 2004 (and any accrued interest
    thereon);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">payments on behalf of SAC Holdings pursuant to
    our management agreements with those entities;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">investments in Private Mini Storage Realty, L.P.
    or PM Preferred Properties, L.P. or any of their affiliates
    solely to the extent required pursuant to the Private Mini
    Storage support party agreements (see &#147;&#151;&nbsp;Private
    Mini Storage Credit Facility&#148;) (subject to additional
    conditions);
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">66
</FONT>

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<P>

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

<TR>
    <TD width="11%"></TD>
    <TD width="1%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">permitted guarantees;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">payments in the ordinary course of business to
    U-Haul dealers;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">other investments in an aggregate amount not to
    exceed $5&nbsp;million per year.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="10%"></TD>
    <TD width="1%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Unless otherwise set forth in our Chapter&nbsp;11
    reorganization plan and except to reimburse SAC Holdings for its
    transaction costs incurred with respect to the New SAC Holdings
    Notes, we cannot enter into transactions with affiliates,
    including SAC Holdings, Self-Storage International Holding
    Corporation, Private Mini Storage Realty, L.P. or PM Preferred
    Properties, L.P. unless the transactions are in the ordinary
    course of business and are no less favorable to us than would be
    obtained in an arm&#146;s length transaction with a
    non-affiliate.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Except for permitted dispositions, we cannot
    enter into any sales and leaseback transaction.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">New AMERCO Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">General.</FONT></I><FONT size="2"> Upon our
emergence from bankruptcy, AMERCO issued senior subordinated
notes in the aggregate principal amount of $148,646,137 (the
&#147;New AMERCO Notes&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Maturity.</FONT></I><FONT size="2"> The New
AMERCO Notes mature on March&nbsp;15, 2011. No principal
payments are due prior to maturity.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Redemption.</FONT></I><FONT size="2"> We must
redeem New AMERCO Notes at a redemption price of 100% of the
aggregate outstanding principal amount plus unpaid interest from
(i)&nbsp;the net available proceeds from the sale of some or all
of the collateral securing the New AMERCO Notes and
(ii)&nbsp;75% of any of the net recovery above $50&nbsp;million
resulting from our litigation against PricewaterhouseCoopers
after reduction for attorneys&#146; fees and costs and taxes
payable by us with respect to such recovery.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have the option to redeem at any time the New
AMERCO Notes in whole or in part at the redemption prices
(expressed as a percentage of principal amount) set forth below,
plus accrued interest to the applicable redemption date, if
redeemed during the 12-month period beginning on March&nbsp;15
of the years indicated below:
</FONT>

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

<TR>
    <TD width="83%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2004
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">102.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2005
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">101.5</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2006
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">101.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2007 and thereafter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If we experience a change of control, each holder
of New AMERCO Notes will have the right to require us to
repurchase that holder&#146;s New AMERCO Notes at an amount
equal to 101% of the principal amount of the New AMERCO Notes
plus accrued and unpaid interest.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Ranking;
Subordination.</FONT></I><FONT size="2"> Payment of principal of
and interest on of the New AMERCO Notes is subordinated in right
of payment to the prior payment in full or discharge of our
senior indebtedness. For this purpose, senior indebtedness means
our obligations under the Exit Financing Facility and our
outstanding 9.0% Second Lien Senior Secured Notes due 2009. We
may not make any direct or indirect payments with respect to the
New AMERCO Notes, whether pursuant to the terms of the New
AMERCO Notes or the indenture governing the New AMERCO Notes,
upon acceleration or otherwise, if at the time of such payment
there exists (i)&nbsp;a default in the payment of all or any
portion of the obligations under our senior indebtedness or
(ii)&nbsp;any other default under any document or instrument
governing or evidencing our senior indebtedness, and the trustee
for the New AMERCO Notes has received a written notice of such
default from an authorized representative of the holders of the
senior indebtedness, and in either case, the default has not
been cured or waived in writing. Notwithstanding the previous
sentence, in the event of a non-payment default described in
(ii) of the previous sentence, if the holders of our senior
indebtedness have not declared the
</FONT>

<P align="center"><FONT size="2">67
</FONT>

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<DIV align="left">
<FONT size="2">senior indebtedness to be immediately due and
payable (or have rescinded a declaration of acceleration) within
180&nbsp;days after the notice of such default, then payment of
principal of and interest on the New AMERCO Notes may resume.
The indenture governing the New AMERCO Notes provides that only
one such 180&nbsp;day period may commence within any 360
consecutive days.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Guarantees.</FONT></I><FONT size="2"> The New
AMERCO Notes are guaranteed by almost all of the subsidiaries of
AMERCO except for Oxford, RepWest, Storage Realty, L.L.C., a
Texas limited liability company, INW Company, a Washington
Corporation, and certain dormant subsidiaries. As discussed
elsewhere in this prospectus, SAC Holdings are not legal
subsidiaries of AMERCO and do not guarantee the New AMERCO Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Collateral.</FONT></I><FONT size="2"> The New
AMERCO Notes are secured by the following collateral:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the capital stock of Oxford;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">certain real property having an approximate book
    value of $7.7&nbsp;million, which was under contract for sale on
    the closing date of the New AMERCO Notes;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">75% of the net proceeds in excess of
    $50&nbsp;million associated with the settlement, judgment or
    recovery related to our litigation against
    PricewaterhouseCoopers (after deduction of attorneys&#146; fees
    and costs and taxes payable with respect to such proceeds);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">payments under notes receivable from SAC
    Holdings, having an outstanding principal balance at
    March&nbsp;15, 2004 of approximately
    $203.8&nbsp;million;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">certain surplus property.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Interest.</FONT></I><FONT size="2"> The New
AMERCO Notes bear interest at 12.0%. Interest is payable
quarterly. In the event of default, interest will accrue at an
additional 2%.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Covenants.</FONT></I><FONT size="2"> The
indenture for the New AMERCO Notes requires us to comply with a
number of customary affirmative and negative covenants,
including the following:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We are limited in the amount of dividends and
    other equity distributions or redemptions, investments and
    redemptions or repayments of subordinated indebtedness that we
    can make (restricted payments). We cannot make any restricted
    payment if (i)&nbsp;a default shall have occurred or shall occur
    as a result thereof, (ii)&nbsp;we cannot incur $1.00 of
    additional indebtedness pursuant to the &#147;Coverage Ratio
    Exception&#148; (summarized below) at the time of such payment
    and after giving pro forma effect to such payment as if such
    payment was made at the beginning of the applicable four-quarter
    period or (iii)&nbsp;the amount of such restricted payment,
    together with all restricted payments made after March&nbsp;15,
    2004 exceeds the sum of the &#147;restricted payments
    basket&#148;. The restricted payments basket includes, among
    other things, 50% of net income (after deduction of preferred
    stock dividends) from April&nbsp;1, 2004 though the end of the
    fiscal quarter preceding the date of such payment and 100% of
    the net cash proceeds received by us from certain equity
    issuances.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">In addition, we may pay dividends on our capital
    stock accruing after March&nbsp;15, 2004 in an aggregate amount
    not to exceed $13&nbsp;million in any fiscal year. We also may
    pay dividends on our capital stock for accrued for periods prior
    to March&nbsp;15, 2004 so long as the aggregate amount of such
    dividends in arrears do not exceed $19.6&nbsp;million or the
    &#147;ECF Carry Forward Amount&#148;, as defined in the Exit
    Financing Facility (see &#147;Description of Certain
    Indebtedness and Other Obligations&nbsp;&#151; Exit Financing
    Facility&nbsp;&#151; Covenants&#148;).
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We cannot incur any additional indebtedness;
    provided, however, we may incur additional indebtedness if after
    giving effect thereto on the date of incurrence, our
    consolidated interest coverage ratio would be at least 2.25 to
    1.00 (the &#147;Coverage Ratio Exception&#148;). The interest
    coverage ratio means the ratio of &#147;cash flow&#148; during
    the four most recent consecutive full fiscal quarters ending on
    or prior to the date of measurement to interest expense for that
    four quarter period. &#147;Cash flow&#148; means the sum of net
    income (after deduction of preferred stock dividends), plus
    income tax expense, amortization expense, depreciation expense,
    interest expense, all other non-cash cash charges reducing net
    income, and
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">68
</FONT>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    <FONT size="2">restructuring charges (subject to certain
    limitations), in each case subject to, and as defined in, the
    indenture for the New AMERCO Notes.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition to the Coverage Ratio Exception, the
following items, among others, of indebtedness are permitted:
</FONT>
<P>

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

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">indebtedness relating to the Exit Financing
    Facility;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">indebtedness outstanding as of March&nbsp;15,
    2004, including the 9.0% Second Lien Senior Secured Note due
    2011;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">purchase money indebtedness and capitalized lease
    obligations (excluding synthetic lease obligations) in an
    aggregate amount not to exceed $40&nbsp;million;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">capitalized leases, to the extent such
    capitalized leases arise our of the treatment of our synthetic
    leases (including refinancings) as capitalized leases in
    accordance with GAAP (see &#147;&#151;&nbsp;Synthetic Lease
    Arrangements&#148;) or are entered into for the purpose of
    acquiring vehicles in the ordinary course of business;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">indebtedness with respect to letters of credit
    issued by a party other than lender parties to the Exit
    Financing Facility and secured by cash collateral in an
    aggregate amount not to exceed $3&nbsp;million at any time;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">permitted guarantees;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">other indebtedness not in excess of
    $7.5&nbsp;million.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">refinancing indebtedness relating to indebtedness
    incurred pursuant to the Coverage Ratio Exception, the Exit
    Financing Facility, indebtedness outstanding as of
    March&nbsp;15, 2004, including the 9.0% Second Lien Senior
    Secured Notes due 2011, permitted purchase money indebtedness
    and capitalized leases, and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">arising from our investments in Private Mini
    Storage Realty, L.P. or PM Preferred Properties, L.P. or any of
    their affiliates or SAC Holdings under the Private Mini Storage
    Credit Facility support agreements (see Description of Other
    Indebtedness and Other Obligations&nbsp;&#151; Private Mini
    Storage Credit Agreements&#148;).
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Subject to exceptions, we cannot consummate any
    sale of our assets unless no default exits immediately prior to
    and after giving effect to such asset sale, we receive
    consideration at least equal to the fair value of the asset sold
    and in the case of the sale of collateral securing the New
    AMERCO Notes (except in the case of the sale of certain property
    that is collateral, we must receive consideration at least equal
    to 80% of the appraised value of such property), in the case of
    a sale of assets that are collateral 75% of the consideration we
    receive is in the form of cash or cash equivalents (except for
    the sale of Oxford capital stock). With respect to the sale of
    assets that constitute collateral for the New AMERCO Notes, we
    must redeem New AMERCO Notes when the aggregate net proceeds
    from such sales, together with the aggregate net proceeds from
    any net recovery resulting from the PWC litigation, exceeds
    $5&nbsp;million. With respect to the sale of assets that do not
    constitute collateral for the New AMERCO Notes, we must use the
    net proceeds from such sale to repay senior indebtedness, repay
    indebtedness securing such sold asset and/or invest the proceeds
    in the purchase of assets to be used in our business. If we do
    not use the proceeds for such purposes and such amounts in the
    aggregate exceed $10&nbsp;million, we may be required to make an
    offer to redeem New AMERCO Notes at 100% of the principal amount
    redeemed or purchase other <I>pari passu </I>indebtedness.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We cannot allow any liens, other than certain
    permitted liens, against any of the collateral that secures the
    New AMERCO Notes. In addition, we cannot allow any liens, other
    than certain permitted liens, against any of our assets that do
    not constitute collateral for the New AMERCO Notes unless in the
    case of a <I>pari passu </I>obligation, effective provision is
    made to secure the New AMERCO Notes with a lien at least equally
    and ratably with or prior to such obligation with a lien on the
    same collateral and the case of any lien securing an obligation
    that is subordinated in right of payment to the New
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">69
</FONT>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    <FONT size="2">AMERCO Notes, effective provision is made to
    secure the New AMERCO Notes with a lien on the same collateral
    that is prior to the lien securing the subordinated obligation.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We cannot enter into any sale and leaseback
    transaction unless the indebtedness attributed to such
    transaction would otherwise be permitted under the indenture for
    the New AMERCO Notes and the lien to secure such indebtedness
    could be incurred without being required to equally and ratably
    secure the New AMERCO Notes. In addition, the gross proceeds
    from such transaction must be at least equal to the fair market
    value of the asset subject to the sale and leaseback
    transactions and the proceeds of the sale must be applied in
    accordance with the covenants governing sales of assets under
    the indenture for the New AMERCO Notes.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We cannot consolidate or merge or sell all or
    substantially all of our assets or adopt a plan of liquidation
    unless (a) (i)&nbsp;we are the surviving company or
    (ii)&nbsp;the entity formed by such consolidation or merger or
    to which such sale shall be made is a corporation organized
    under the laws of any State of the United States or the District
    of Columbia and the successor assumes our obligations under the
    New AMERCO Notes, (b)&nbsp;immediately prior to and after giving
    effect to such transaction and the obligations incurred in
    connection therewith no default occurs, and (c)&nbsp;immediately
    after giving effect to such transaction and the incurrence of
    any indebtedness related thereto, on a pro forma basis, the
    consolidated net worth of the surviving entity would be at least
    equal to our consolidated net worth immediately prior to such
    transaction and the surviving entity would not be able to incur
    $1.00 of additional indebtedness pursuant to the Coverage Ratio
    Exception.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">New SAC Holdings Senior Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">General.</FONT></I><FONT size="2"> In
connection with AMERCO&#146;s Chapter&nbsp;11 bankruptcy
restructuring, SAC Holdings affiliates agreed to issue to
unsecured creditors of AMERCO $200&nbsp;million aggregate
principal amount of senior notes (the &#147;New SAC Holdings
Notes&#148;). The issuance of the New SAC Holdings Notes is the
result of AMERCO&#146;s restructuring and has the effect of
eliminating approximately $200&nbsp;million of notes receivable
from SAC Holdings that were previously held by AMERCO.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Maturity;
Redemption.</FONT></I><FONT size="2"> The New SAC Holdings Notes
mature on March&nbsp;15, 2014. No principal payments are due
prior to maturity.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The New SAC Holdings Notes may not be redeemed
prior to March&nbsp;15, 2007. Thereafter, SAC Holdings may
redeem the New SAC Holdings Notes for cash, in whole or in part,
at the below redemption prices (expressed as percentages of the
principal amount) if redeemed during the twelve month period
beginning on March&nbsp;15 for the years indicated below, in
each case together with accrued and unpaid interest thereon to
the date of redemption:
</FONT>

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

<TR>
    <TD width="83%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2007
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">104.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2008
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">103.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2009
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">101.5</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2010 and thereafter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The New SAC Holdings Notes are mandatorily
redeemable from the net cash proceeds (after payment of senior
mortgage indebtedness) of any sale of, refinancing or other form
of monetization transaction involving any real property of SAC
Holdings (except for certain excluded entities), at redemption
prices equal to the then applicable optional redemption prices
set forth in the immediately above table, except that the
redemption price at any time prior to March&nbsp;15, 2010 in the
case of the sale, refinancing or other monetization of real
property owned by Three SAC Self Storage Corporation (a
subsidiary of SAC Holding Corporation) will be 101% of
principal, plus unpaid interest to the redemption date. The
indenture for the New SAC Holdings Notes provides that no
mandatory redemption is required until the aggregate proceeds
received from the sale or monetization of real property owned by
SAC Holdings equal or exceed $5&nbsp;million. In addition, any
redemption proceeds received by SAC Holdings shall not be
applied to redeem the New SAC Holdings Notes
</FONT>

<P align="center"><FONT size="2">70
</FONT>

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<DIV align="left">
<FONT size="2">until March&nbsp;15, 2007, provided that such
amounts will be held by the trustee of the New SAC Holdings
Notes. However, before March&nbsp;15, 2007, SAC Holdings may use
any such proceeds to make offers to all holders of the New SAC
Holdings Notes to purchase such notes in accordance with certain
procedures described in the indenture for the New SAC Holdings
Notes.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the event of a change of control of SAC
Holding Corporation or SAC Holding&nbsp;II Corporation, each
holder of the New SAC Holdings Notes will have the right to
require SAC Holdings to purchase for cash that holder&#146;s
notes at an amount equal to 101% of the principal amount of the
SAC Holding Senior Notes to be purchased plus accrued and unpaid
interest.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Ranking.</FONT></I><FONT size="2"> The New SAC
Holdings Notes are to be senior in priority to all future
indebtedness of SAC Holdings, except for, among others,
indebtedness of SAC Holdings existing on March&nbsp;15, 2004,
purchase money indebtedness in an aggregate amount not to exceed
$2&nbsp;million, permitted refinancing indebtedness, and
subordinated indebtedness not in excess of $8&nbsp;million. At
March&nbsp;15, 2004, third party mortgage indebtedness senior to
the New SAC Holdings Notes totaled approximately
$584.6&nbsp;million and was secured by real property owned by
SAC Holdings having a book value of $787.5&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Guarantees.</FONT></I><FONT size="2"> SAC
Holding Corporation and SAC Holding&nbsp;II Corporation are
jointly and severally liable for the New SAC Holdings Notes.
Neither AMERCO not any of its legal subsidiaries has guaranteed
or is otherwise liable for the debts of SAC Holdings, including
the New SAC Holdings Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Collateral.</FONT></I><FONT size="2"> The New
SAC Holdings Notes are the unsecured obligations of SAC Holdings.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Participation and Subordination
Agreement.</FONT></I><FONT size="2"> On March&nbsp;15, 2004, SAC
Holding Company, SAC II Holding Company, AMERCO, U-Haul, and Law
Debenture Company of New York, as trustee, entered into a
subordination agreement under the terms of which
$200&nbsp;million aggregate principal amount of SAC Holding
Senior Notes were either reduced to zero, cancelled and reissued
to the creditors of AMERCO, or restated in full. Pursuant to
this agreement we agreed to subordinate our rights and
obligations with respect to existing SAC Holdings Notes and
loans payable that we hold.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Interest.</FONT></I><FONT size="2"> The New
SAC Holdings Notes bear interest at 8.5%. Interest is payable
quarterly.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Covenants.</FONT></I><FONT size="2"> The
indenture for the New SAC Holdings Notes requires SAC Holdings
to comply with a number of customary affirmative and negative
covenants. Such covenants limit SAC Holdings&#146; ability to,
among other things:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">merge or sell all or substantially all of its
    assets;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">SAC Holdings cannot incur any additional
    indebtedness other than defined permitted indebtedness, which
    includes, among others, indebtedness existing on March&nbsp;15,
    2004, indebtedness between SAC Holdings&#146; subsidiary
    entities (subject to conditions), purchase money indebtedness
    not to exceed $2&nbsp;million, permitted refinancing
    indebtedness, indebtedness related to the capitalization of
    interest, permitted guarantees, and subordinated indebtedness
    not in excess of $8&nbsp;million. In the case of any extension,
    refinancing, renewal, replacement, defeasance or refunding
    relating to permitted refinancing indebtedness that results in a
    subsidiary of SAC Holdings to receive excess refinancing
    proceeds, SAC Holdings must cause the excess refinancing
    proceeds to be distributed to SAC Holding Corporation or SAC
    Holding&nbsp;II Corporation to enable SAC Holdings to comply
    with their mandatory redemption obligations.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Subject to exceptions, SAC Holdings cannot issue
    any disqualified stock, which is stock that matures or is
    mandatorily redeemable at the option of the holder on a date
    before June&nbsp;14, 2014.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">SAC Holdings&#146; sale of assets is restricted
    such that any sales must be at least equal to the fair market
    value of the assets sold and at least 67% of the consideration
    received must be in the form of cash or cash equivalents. In
    addition, the net available proceeds from such sales must be
    used to satisfy SAC Holdings&#146; mandatory redemption
    obligations. See &#147;&#151;&nbsp;Maturity; Redemption&#148;.
    These asset sale restrictions do not apply to certain excluded
    entities, consisting of Securespace Limited Partnership, Four
    SAC Self-Storage Corporation, Five SAC Self-Storage Corporation,
    and their respective
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">71
</FONT>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    <FONT size="2">subsidiaries, including Nineteen SAC Self-Storage
    GP Corporation, Nineteen SAC Self-Storage Limited Partnership
    and Private Mini Storage Realty, L.P.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">SAC Holdings cannot permit any of its
    subsidiaries to create or cause to exist any encumbrance or
    restriction on the ability of any subsidiary to (i)&nbsp;pay
    dividends or make other distributions on any capital stock of
    such subsidiary or pay principal of or interest on any
    indebtedness or other obligations of SAC Holdings,
    (ii)&nbsp;make loans or advances to SAC Holding Corporation or
    SAC Holding&nbsp;II Corporation or any of their subsidiaries or
    (iii)&nbsp;transfer any of its properties to SAC Holding
    Corporation or SAC Holding&nbsp;II Corporation. However, these
    restrictions do not apply to, among others, restrictions or
    encumbrances existing by reason of applicable law, customary
    non-assignment provisions in lease agreements entered into in
    the ordinary course of business, permitted refinancing
    indebtedness (subject to limitations) and liens permitted by the
    indenture for the New SAC Holdings Notes.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Subject to exceptions designed to allow SAC
    Holdings to continue existing relationships and engage in
    certain transactions consistent with past activities, affiliate
    transactions between SAC Holdings or its subsidiaries and
    affiliates of SAC Holdings (as defined in the indenture) must be
    on terms that are not less favorable than would be obtained in
    an arm&#146;s length transaction.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">SAC Holdings cannot create or otherwise permit to
    exist any liens against its assets, except for permitted liens,
    which include, among others, liens securing SAC Holdings&#146;
    real property indebtedness and any related refinancing,
    extension, renewal, replacement, defeasance, or refunding
    thereof, customary liens occurring or existing in the ordinary
    course of business (such as easements, leases, liens imposed for
    taxes and assessments not due, performance bonds, workers&#146;
    compensation, and mechanics liens), liens securing indebtedness
    existing on March&nbsp;15, 2004, and liens securing permitted
    purchase money indebtedness.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">SAC Holdings cannot declare or pay any dividend
    or make any other payment or distribution relating to its equity
    interests, purchase, redeem or otherwise retire any equity
    interests, make any payment with respect to, or purchase,
    redeem, defease or otherwise acquire or retire any indebtedness
    that is subordinated to the New SAC Holdings Notes, make any
    investments, or acquire any business or assets from, or equity
    interests of, or be a party to any acquisition of, any person,
    in each case, unless
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">no default exists or would occur as a result
    thereof;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">such payment, together with the aggregate amount
    of all other similarly restricted payments made after
    March&nbsp;15, 2004 does not exceed SAC Holdings&#146;
    &#147;Residual Cash Flow&#148; (as defined below) for the period
    commencing on March&nbsp;15, 2004 though the date of such
    payment.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Residual Cash Flow
</FONT></I><FONT size="2">means: for any period, (i)&nbsp;the
aggregate revenues of SAC Holding Corporation and SAC
Holding&nbsp;II Corporation plus the amount by which the
aggregate gross receipts of SAC Holdings&#146; subsidiaries
exceed the aggregate operating expenses of SAC Holdings&#146;
subsidiaries minus (ii)&nbsp;the sum of (x)&nbsp;all principal,
interest and premium of the New SAC Holdings Notes required to
be paid during such period plus (y)&nbsp;the interest payments
to the Company under the SAC Holdings junior notes payable (See
&#147;&#151;&nbsp;SAC Holdings Notes Payable&#148;), plus
(z)&nbsp;the amounts paid during such period pursuant to a
promissory note from SAC Holding Corporation to Oxford, dated
May&nbsp;7, 1999 (which loan has an aggregate principal balance
outstanding at March&nbsp;15, 2004 of $5.0&nbsp;million).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notwithstanding the previous paragraph, the
following payments, among others, are permitted under the
indenture for the New SAC Holdings Notes:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">investments outstanding on March&nbsp;15, 2004;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">purchases of inventory to be sold or used in the
    ordinary course of business;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the payment by any SAC Holdings&#146; subsidiary
    to the holders of its equity interests on a pro rata basis;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">payments made with respect to subordinated
    indebtedness permitted to be made under the SAC Participation
    and Subordination Agreement;&nbsp;and
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">72
</FONT>

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<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any acquisition of property solely in exchange
    for the issuance of equity interests (other than equity
    interests which mature or are otherwise redeemable and are
    otherwise prohibited under the terms of the indenture for the
    New SAC Holdings Notes).
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">SAC Holdings Notes Payable</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">General.</FONT></I><FONT size="2"> SAC
Holdings&#146; notes payable to third party lenders are secured
by deeds of trusts on collateralized land and buildings. These
notes are in addition to SAC Holdings Notes described above and
existed prior to AMERCO&#146;s Chapter&nbsp;11 bankruptcy
filing. We are not a guarantor of the debt of SAC Holdings or
any of their subsidiaries and we are not liable for the debts of
SAC Holdings. Principal and interest payments on notes payable
to third party lenders are due monthly. As of December&nbsp;31,
2003 SAC Holdings&#146; notes bore interest rates ranging from
7.50% to 8.82% and the notes are due between 2004 and 2032.
Certain notes payable contain provisions whereby the loans may
not be prepaid at any time prior to the maturity date without
payment to the lender of a yield maintenance premium (as defined
in the loan agreements). The loans on a portfolio of sixteen
properties are cross-collateralized and cross-defaulted. At
December&nbsp;31, 2003, SAC Holdings&#146; notes and loans
payable to third parties, net of discount, totaled
$586.6&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We hold various junior unsecured notes of SAC
Holdings. At March&nbsp;15, 2004, these notes total
$203.8&nbsp;million in aggregate principal amount. Interest on
the junior notes of SAC Holdings held by us accrues at 9%.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Interest on SAC Senior
Notes.</FONT></I><FONT size="2"> Interest accrues on the
outstanding principal balance of senior notes of SAC Holdings at
a fixed rate and is paid on a monthly basis.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Interest on SAC Junior
Notes.</FONT></I><FONT size="2"> Interest accrues on the
outstanding principal balance of junior notes of SAC Holdings
that we hold at a stated rate of basic interest. A fixed portion
of that basic interest is paid on a monthly basis. Additional
interest is paid on the same payment date based on the
difference between the amount of remaining basic interest and an
amount equal to a specified percentage of
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">the net cash flow before interest expense
generated by the underlying property
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">minus</FONT></I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">the <I><U>sum of</U></I> the principal and
interest due on the senior notes of SAC Holdings related to that
property <I>and </I>a multiple of the fixed portion of basic
interest paid on that monthly payment date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We refer to the latter amount as the &#147;cash
flow-based calculation.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To the extent that this cash flow-based
calculation exceeds the amount of remaining basic interest,
contingent interest equal to that excess and the amount of
remaining basic interest are paid on the same monthly date as
the fixed portion of basic interest. To the extent that the cash
flow-based calculation is less than the amount of remaining
basic interest, the additional interest payable on the
applicable monthly date is limited to the amount of that cash
flow-based calculation. In such a case, the excess of the
remaining basic interest over the cash flow-based calculation is
deferred and all amounts so deferred bear the stated rate of
basic interest until maturity of the junior note.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The consolidated financial statements include the
results of SAC Holdings. As a result of the consolidation of SAC
Holdings, these loans held by AMERCO are eliminated in
consolidation and thus not reflected in the consolidated
financial statements.
</FONT>

<P align="left">
<B><FONT size="2">Private Mini Storage Credit Facility</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Private Mini Storage Realty, L.P. (&#147;Private
Mini&#148;) is a Texas-based operator of self-storage rental
facilities. Prior to June&nbsp;30, 2003, Oxford and U-Haul held
a 79.5% and 0.5% interest, respectively, in Private Mini. In
June 2003, Oxford sold its interest in Private Mini to SAC
Holding Corporation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 1997, Private Mini secured a $225&nbsp;million
senior facility (the &#147;Private Mini Facility&#148;). The
amount of this facility was subsequently reduced to
$125&nbsp;million. In connection with this facility, AMERCO
entered into a support agreement whereby it assumed
responsibility for fulfilling certain obligations under the
Private Mini Facility upon default or noncompliance with the
debt covenants of that facility (the &#147;1997 Support
Agreement&#148;). The 1997 Support Agreement contained
cross-default provisions to AMERCO&#146;s other debt
</FONT>

<P align="center"><FONT size="2">73
</FONT>

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<DIV align="left">
<FONT size="2">agreements and, as a result of AMERCO&#146;s
Chapter&nbsp;11 filing, AMERCO defaulted on the 1997 Support
Agreement. In addition, Private Mini defaulted on the Private
Mini Facility by virtue of non-payment of the outstanding
balance at maturity. In December 2002, the lenders under the
Private Mini Facility exercised their option to require AMERCO
to purchase all commitment under the Private Mini Facility.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In February 2003, an entity affiliated with
Private Mini closed on a $255&nbsp;million financing (the
&#147;New Private Mini Facility&#148;) and $70&nbsp;million of
these proceeds were used to pay down the $125&nbsp;million
Private Mini Facility. In connection with the New Private Mini
Facility, AMERCO entered into a support agreement whereby it
agreed to assume responsibility for $70&nbsp;million of
obligations in connection with this borrowing in the event of
certain events of default (the &#147;2003 Support
Agreement&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In February 2003, AMERCO executed a
Non-Exoneration Agreement whereby it affirmed its obligation to
pay $55.5&nbsp;million pursuant to the 1997 Support Agreement.
This amount was treated as an allowed unsecured claim and
discharged in connection with AMERCO&#146;s emergence from
Chapter&nbsp;11 in March 2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO remains responsible for its obligation in
connection with the 2003 Support Agreement and has recorded a
liability of $70&nbsp;million with a corresponding increase to
its receivable from Private Mini.
</FONT>

<P align="left">
<B><FONT size="2">U-Haul TRAC Lease Obligations</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">U-Haul acquires its rental fleet equipment
primarily through Terminal Adjustment Clause Leases (&#147;TRAC
Leases&#148;). TRAC Leases are entered into with various third
parties for the acquisition of new rental fleet vehicles and are
structured to qualify as operating leases. Generally, U-Haul
acquires new rental fleet vehicles from Ford or General Motors
Corporation and transfers ownership of the vehicles to the third
party owner/lessor. U-Haul has an option to purchase the vehicle
at the end of its lease for a defined residual value. Our past
experience has been that the fair market value of the vehicles
at the end of the lease is higher than the residual buyout
amount and, thus, we usually exercise our option to acquire the
rented vehicles at the end of the lease. In addition, AMERCO has
guaranteed a substantial number of the TRAC Leases. Information
about our future obligations under these and other operating
leases is include in this prospectus under the heading
&#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations&nbsp;&#151; Disclosures
About Contractual Obligations and Commercial Commitments.&#148;
</FONT>

<P align="left">
<B><FONT size="2">Synthetic Lease Arrangements</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At the time of our emergence from bankruptcy,
Amerco Real Estate restructured approximately
$249.5&nbsp;million of our obligations under synthetic lease
arrangements (the &#147;Synthetic Leases&#148;). As part of this
restructuring we paid down approximately $31&nbsp;million of
obligations under the Synthetic Leases and entered into new
lease agreements with the lessors. Our obligations under the new
Synthetic Leases are approximately $218.5&nbsp;million. The new
lease agreements are for a term of three years, and include four
one year renewal options.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The purpose of these leases was to finance the
purchase of self-storage properties and construct self-storage
facilities on existing properties. AMERCO continues to guarantee
each of these restructured Synthetic Leases. Title to the real
property subject to these leases is in the name of off balance
sheet special purpose entities. These entities are lessors who
then lease the properties to one or more subsidiaries of AMERCO.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our approved Chapter&nbsp;11 plan of
reorganization contemplates that our obligations under the
Synthetic Leases will be satisfied when the real property
subject to the leases is sold to a third party. We anticipate
that such a transaction will be closed into escrow by
March&nbsp;31, 2004. As a result of such transaction, the
Company expects that over approximately the next 24&nbsp;months
it will be reimbursed for capital improvements we made to the
leased properties. In addition, as part of this transaction
U-Haul will enter into arrangements to manage these properties
that will allow us to continue to operate them as part of the
U-Haul moving and self-storage system.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Although treated as an operating lease by AMERCO
on a stand alone basis, in consolidation, properties purchased
by SAC Holdings from AMERCO are reflected as financings of SAC
Holdings in the consolidated financial statements.
</FONT>

<P align="center"><FONT size="2">74
</FONT>

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<DIV align="left">
<A name='111'></A>
</DIV>

<!-- link1 "DESCRIPTION OF THE EXCHANGE NOTES" -->

<P align="center">
<B><FONT size="2">DESCRIPTION OF THE EXCHANGE NOTES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange notes will be issued by AMERCO
pursuant to an indenture entered into among AMERCO, as issuer,
the guarantors and Wells Fargo Bank, N.A., as trustee. The
following summarizes the material terms and provisions of the
exchange notes and the indenture. The terms of the outstanding
notes include those stated in the indenture and those made part
of the indenture by reference to the Trust Indenture Act. The
Security Documents referred to below under the subheading
&#147;&#151;&nbsp;Security&#148; describe the terms of the
security interests that secure the notes. The following
description does not purport to be complete and is subject to
the detailed provisions of the indenture. We urge you to read
the indenture and the Intercreditor Agreement and the Security
Documents because they, not this description, define your rights
as holders of the exchange notes. You may request copies of
these agreements at our address set forth under the heading
&#147;Available Information.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The 9.0% Second Lien Senior Secured Notes due
2009 are limited to $200&nbsp;million in aggregate principal
amount. The notes mature on February&nbsp;27, 2009. The notes
bear cash interest at a rate of 9%&nbsp;per annum, payable
quarterly in arrears, based on 90&nbsp;day quarters and
360&nbsp;day years. After default, the outstanding principal
balance of the notes will bear interest at a rate equal to 2.0%
greater than the otherwise applicable interest rate. In
addition, under the terms of the indenture we have 150&nbsp;days
after the issue date of the outstanding notes to register our
vehicles and obtain new certificates of title naming Wells Fargo
Foothill as first priority lienholder and the trustee as second
priority lienholder. If at least 90% of the certificates of
title are not registered in accordance with the terms of the
indenture within 150&nbsp;days after the issue date of the
outstanding notes, the interest rate on the notes will
automatically increase by 0.25% retroactive to the issue date
and will increase an additional 0.25% each succeeding 91st day
thereafter up to a maximum of 1.0% until such time as at least
90% of the certificates of title are so registered.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certain terms used in this description are
defined under the subheading &#147;&#151;&nbsp;Certain
Definitions.&#148; In this description, the word
&#147;Company&#148; refers only to AMERCO and not to any of its
subsidiaries.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On March&nbsp;15, 2004, in connection with our
emergence from Chapter&nbsp;11 bankruptcy we issued
$200&nbsp;million in aggregate principal amount of notes in two
series, (1)&nbsp;$120&nbsp;million Series&nbsp;A notes, which
were issued to then existing creditors pursuant to an exemption
from registration under section&nbsp;1145 of the United States
Bankruptcy Code (the &#147;exempt notes&#148; or the
&#147;Series&nbsp;A Notes&#148;) and (2)&nbsp;$80&nbsp;million
in aggregate principal amount of notes, which were issued to new
investors (the &#147;initial purchasers&#148;) in a private
placement exempt from the registration requirements of the
Securities Act (the &#147;outstanding notes&#148; or the
&#147;Series&nbsp;B Notes&#148;). This prospectus (and the
related registration statement) relates to our offer to exchange
$80&nbsp;million aggregate principal amount of 9.0% Second Lien
Senior Secured Notes due 2009 that have been registered under
the Securities Act of 1933 for a like amount of the
Series&nbsp;B Notes. As used in this &#147;Description of the
Exchange Notes&#148;, the terms &#147;Notes&#148; and
&#147;notes&#148; mean the Series&nbsp;A Notes and the
Series&nbsp;B Notes, in each case except as expressly provided
or as the context otherwise requires.
</FONT>

<P align="left">
<B><FONT size="2">Principal, Maturity and Interest</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will issue the exchange notes initially with a
maximum aggregate principal amount of $80&nbsp;million. We will
issue the exchange notes in denominations of $1. The notes will
mature on February&nbsp;27, 2009. The exchange notes will be
treated as a single class for all purposes of the indenture,
including waivers, amendments, redemptions and offers to
purchase.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest on the exchange notes will accrue from
the date of their issuance at the rate of 9.0%&nbsp;per annum
and will be payable quarterly in arrears on each March&nbsp;15,
June&nbsp;15, September&nbsp;15 and December&nbsp;15, commencing
on June&nbsp;15, 2004. We will make each interest payment to the
holders of record of the exchange notes on the immediately
preceding March&nbsp;1, June&nbsp;1, September&nbsp;1 and
December&nbsp;1. We will pay interest on overdue principal at
2.0%&nbsp;per annum in excess of the above rate and will pay
interest on overdue installments of interest at such higher rate
to the extent lawful.
</FONT>

<P align="center"><FONT size="2">75
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest on the exchange notes will accrue from
the date of original issuance. Interest will be computed on the
basis of a 360-day year comprised of four 90-day quarters.
Additional Interest may accrue on the notes in certain
circumstances pursuant to the Registration Rights Agreement and
the indenture.
</FONT>

<P align="left">
<B><FONT size="2">Optional Redemption</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except as set forth below, we are not be entitled
to redeem the notes prior to March&nbsp;16, 2005.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On and after March&nbsp;16, 2005, we are entitled
at our option on one or more occasions to redeem all or a
portion of the notes upon not less than 30 nor more than
60&nbsp;days notice, at the redemption prices (expressed in
percentages of principal amount on the redemption date), plus
accrued interest to the redemption date (subject to the right of
holders of record on the relevant record date to receive
interest due on the relevant interest payment date) set forth
below if redeemed during the 12-month period beginning
March&nbsp;16 of the years indicated:
</FONT>

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

<TR>
    <TD width="82%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

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

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2005
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">105.50</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2006
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">104.50</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2007
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">101.00</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2008 and thereafter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.00</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<B><FONT size="2">Selection and Notice of Redemption</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If we are redeeming less than all the notes at
any time, the trustee will select notes in compliance with the
requirements of the principal national securities exchange, if
any, or if the notes are not listed, on a pro rata basis, by lot
or by such other method as the trustee in its sole discretion
shall deem to be fair and appropriate.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will redeem notes of $1. We will cause notices
of redemption to be mailed by first-class mail at least 30 but
not more than 60&nbsp;days before the redemption date to each
holder of notes to be redeemed at its registered address.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any note is to be redeemed in part only, the
notice of redemption that relates to that note will state the
portion of the principal amount thereof to be redeemed. Upon
written request of the Company, the trustee will issue a note in
a principal amount equal to the unredeemed portion of the
original note in the name of the holder upon cancellation of the
original note. Notes called for redemption become due on the
date fixed for redemption. On and after the redemption date,
interest ceases to accrue on notes or portions of them called
for redemption.
</FONT>

<P align="left">
<B><FONT size="2">Mandatory Redemption; Offers to Purchase; Open
Market Purchases</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Neither we nor the guarantors are required to
make any mandatory redemption or sinking fund payments with
respect to the notes.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The notes are secured by a security interest
(second only to the first priority security interests granted to
Bank Lenders&#146; Agent pursuant to the New Credit Agreement
and the other Loan Documents as defined in the New Credit
Agreement) on the Collateral.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">From and after the date of the indenture, each
Note Party will grant to the trustee a continuing security
interest (second only to the first priority security interests
granted to Bank Lenders&#146; Agent pursuant to the New Credit
Agreement) in all of its right, title, and interest in all of
its currently existing and hereafter acquired or arising assets
(other than Excluded Assets), including Personal Property
Collateral, in order to secure prompt repayment of any and all
of the obligations hereunder in accordance with the terms and
conditions of the Note&nbsp;Documents and in order to secure
prompt performance by the Note Parties of each of their
covenants and duties under the Note&nbsp;Documents. The
Trustee&#146;s Liens in and to such assets, including,
</FONT>

<P align="center"><FONT size="2">76
</FONT>

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<DIV align="left">
<FONT size="2">without limitation, the Personal Property
Collateral, shall attach to all such assets without further act
on the part of the trustee or the Note Parties.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company, the guarantors and the trustee have
entered into one or more security agreements, pledge agreements,
mortgages, deeds of trust and collateral assignments
(collectively, the <I>&#147;Security Documents&#148;</I>)
defining the terms of the security interests that secure the
notes. These security interests secure the payment and
performance when due of all of the obligations of the Company
and the guarantors under the notes, the indenture, the
guarantees and the Security Documents, as provided in the
Security Documents.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On March&nbsp;1, 2004, the trustee and the Bank
Lenders&#146; Collateral Agent, entered into the Intercreditor
Agreement. Each holder agreed to be bound by the terms of the
Intercreditor Agreement. The Note Parties consented to and
acknowledged the Intercreditor Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Subject to the terms of the Intercreditor
Agreement, we are entitled to release assets included in the
Collateral from the Liens securing the notes under any one or
more of the following circumstances:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;upon Legal Defeasance or Covenant
    Defeasance (as defined below);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;any property being sold or disposed of
    if a release is required or desirable in connection therewith;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;constituting property in which no Note
    Party owned any interest at the time the Trustee&#146;s Lien was
    granted or at any time thereafter,&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;constituting property leased to a Note
    Party under a lease that has expired or is terminated in a
    transaction permitted under the indenture;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;as otherwise permitted or required under
    the terms of the Intercreditor Agreement.
    </FONT></TD>
</TR>

</TABLE>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The guarantors have jointly and severally
guaranteed the principal, interest, premium, Additional Interest
and fees, if any, on the notes will be promptly paid in full
when due and all other obligations of the Company under the
notes, the Security Documents or other Note&nbsp;Documents and
in case of any extension of time of payment or renewal of any
notes will be promptly paid in full when due. This guarantee is
irrevocable and unconditional and each guarantor guarantees that
such obligations will be paid strictly in accordance with the
terms of the indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each guarantor that makes a payment under its
Note&nbsp;Guarantee will be entitled upon payment in full of all
guaranteed obligations under the indenture to a contribution
from each other guarantor in an amount equal to such other
guarantor&#146;s <I>pro rata </I>portion of such payment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the indenture, a guarantor may
consolidate with or merge with or into (whether or not such
Guarantor is the surviving Person) another Person, whether or
not affiliated with such Guarantor, and may consolidate with,
merge with or into, or transfer all or substantially all its
assets to any other Person to the extent described below under
the subheading &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151;
Merger and Consolidation&#148;; <I>provided, however</I>, that
such successor Person shall succeed to and be substituted for
the Guarantor with the same effect as if it had been named as a
guarantor.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The 9.0% Second Lien Senior Secured Notes rank
<I>pari passu </I>in right of payment to our Exit Financing
Facility. Borrowings under the Exit Financing Facility rank
senior in right of payment to all other indebtedness of AMERCO
and its legal subsidiaries (except for indebtedness of Oxford
and RepWest).
</FONT>

<P align="center"><FONT size="2">77
</FONT>

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<P align="left">
<B><FONT size="2">Certain Covenants</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture contains covenants including, among
others, the following:
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Limitation on Indebtedness</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Note Parties will not incur, directly or
indirectly, any Indebtedness, other than the following
Indebtedness:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;Indebtedness evidenced by the indenture
    and the notes, the Note&nbsp;Guarantees and the Guaranty
    Agreement;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;Indebtedness of the Company and any
    other Note Party incurred under the New Credit Agreement and all
    other obligations in respect thereof in an aggregate amount at
    any time outstanding not to exceed $575&nbsp;million, less
    mandatory permanent prepayments and permanent reductions plus:
    (i)&nbsp;advances made pursuant to the New Credit Agreement to
    pay expenses of the lenders thereunder (including expenses
    accruing after the commencement of any Insolvency or Liquidation
    Proceeding (as defined in the New Credit Agreement), whether or
    not a claim for post-filing or post-petition expenses is allowed
    in such proceeding), (ii)&nbsp;advances made to protect or
    preserve the &#147;Collateral&#148; under the New Credit
    Agreement and the other Loan Documents (as defined in the New
    Credit Agreement), (iii)&nbsp;advances made to pay interest
    (including interest accruing under the terms of the New Credit
    Agreement and interest accruing after the commencement of any
    Insolvency or Liquidation Proceeding (as defined in the New
    Credit Agreement), whether or not a claim for post-filing or
    post-petition interest is allowed in such proceeding), and
    (iv)&nbsp;advances made pursuant to the New Credit Agreement to
    pay fees under the New Credit Agreement (including fees accruing
    after the commencement of any Insolvency or Liquidation
    Proceeding (as defined in the New Credit Agreement), whether or
    not a claim for post-filing or post-petition fees are allowed in
    such proceeding);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;Indebtedness in existence as of the
    Issue Date and obligations to make payments required under the
    Reorganization Plan;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;(i)&nbsp;Purchase Money Indebtedness and
    Capitalized Lease Obligations (other than Capital Leases of the
    type set forth in clause&nbsp;(ii)) incurred after the Issue
    Date in an aggregate amount not to exceed $30&nbsp;million; and
    (ii)&nbsp;Capital Leases, to the extent such Capital Leases
    arise out of the treatment of any of the Synthetic Leases
    (including any refinancings, in whole or in part, thereof) as
    Capital Leases in accordance with the requirements of GAAP;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;Indebtedness under the New AMERCO Notes
    to the extent outstanding on the Issue Date;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)&nbsp;guarantee obligations of the Company
    (i)&nbsp;existing as of Issue Date, (ii)&nbsp;guarantee
    obligations of the Company in connection with the Reorganization
    Plan, (iii)&nbsp;guarantee obligations of the Company with
    respect to the Support Party Agreements, (iv)&nbsp;guarantee
    obligations with respect to TRAC Lease Transactions in the
    ordinary course of business, to the extent such obligations are
    and are consistent with past practices, (v)&nbsp;guarantee
    obligations of a Note Party pursuant to any refinancing, renewal
    or extension of Indebtedness, and (vi)&nbsp;guarantee
    obligations of a Note Party with respect to the obligations of
    any other Note Party incurred in the ordinary course of
    business, to the extent such guaranteed obligation is permitted
    to be uncured by such guaranteed Note Party hereunder and is
    consistent with past practices.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(g)&nbsp;Indebtedness comprising Permitted
    Investments;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(h)&nbsp;Indebtedness with respect to letters of
    credit issued by a party other than the Issuing Lender (as
    defined in the New Credit Agreement) and secured by cash
    collateral in an aggregate amount not to exceed $3&nbsp;million
    at any time; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;refinancings, renewals, or extensions of
    Indebtedness permitted under clauses&nbsp;(c) and (d) above (and
    continuance or renewal of any Permitted Liens associated
    therewith) (specifically excluding the New AMERCO Notes), so
    long as: (i)&nbsp;the terms and conditions of such refinancings,
    renewals, or
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">78
</FONT>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">extensions do not materially impair the prospects
    of repayment of the obligations by the Borrowers or materially
    impair the Borrower&#146;s creditworthiness, (ii)&nbsp;such
    refinancings, renewals, or extensions do not result in an
    increase in the principal amount (other than capitalized fees
    and, with respect to any refinancing of the Synthetic Leases, to
    the extent they are treated as Capital Leases in accordance with
    GAAP, any increases directly attributable to improvements on or
    to the Real Property covered by such Synthetic Leases) of, or
    interest rate beyond a prevailing market rate with respect to,
    the Indebtedness so refinanced, renewed, or extended,
    (iii)&nbsp;such refinancings, renewals, or extensions do not
    result in a shortening of the average weighted maturity of the
    Indebtedness so refinanced, renewed, or extended, (other than
    such changes in the average weighted maturity of the Synthetic
    Leases, to the extent they are treated as Capital Leases in
    accordance with GAAP, resulting from the refinancing, in whole
    or in part, of the Synthetic Leases pursuant to the WP Carey
    Transaction or other refinancing transaction in form and
    substance reasonably satisfactory to the Trustee or as permitted
    by the Bank Lenders&#146; Agent), nor are they on terms or
    conditions, that, taken as a whole, are materially more
    burdensome or restrictive to the applicable Borrower, and
    (iv)&nbsp;if the Indebtedness that is refinanced, renewed, or
    extended was subordinated in right of payment to the
    obligations, then the terms and conditions of the refinancing,
    renewal, or extension Indebtedness must include subordination
    terms and conditions that are at least as favorable to the
    holders of the notes as those that were applicable to the
    refinanced, renewed, or extended Indebtedness.
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Limitation on Liens</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Note Parties will not directly or indirectly,
incur or permit to exist any Lien of any nature whatsoever on
any of its assets (including capital Stock of a Restricted
Subsidiary), whether owned at the Issue Date or thereafter
acquired, other than Permitted Liens.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Limitation on Sale/ Leaseback
    Transactions</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Note Parties will not enter into any Sale/
Leaseback Transaction (except for Permitted Dispositions as
defined below) with respect to any property.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Merger and Consolidation</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(a)&nbsp;The Note Parties will not enter into any
merger, consolidation, reorganization, or recapitalization, or
reclassify its Stock (other than in connection with the
Reorganization Plan), except that, so long as no default or
event of default then exists or would be caused thereby and the
trustee receives written notice of any such merger at least
30&nbsp;days prior to the effectiveness thereof (provided that
the trustee shall have no duty to act upon receipt of such
notice except as expressly provided in accordance with the terms
of the indenture). Notwithstanding the foregoing, in a merger
that involves a Note Party, any Subsidiary that is not a Note
Party may merge into any other Subsidiary that is not a Note
Party, and any Note Party (other than the Company, U-Haul or
AREC) may merge into any other Note Party (other than the
Company, U-Haul or AREC); provided, however, the Person
surviving such merger shall be a Note Party, and the trustee
shall have received, upon the effectiveness of such merger, such
documents as the trustee reasonably requests to continue or
insure the priority and perfection of the Trustee&#146;s Liens
on the Collateral or the obligations of any such Note Party
under any of the Note&nbsp;Documents. Notwithstanding the
foregoing, a Subsidiary that is not an Insurance Subsidiary
shall not merge with any Insurance Subsidiary.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;The Note Parties will not liquidate,
wind up, or dissolve any Borrower or any of the Borrower&#146;s
Subsidiaries (or suffer any liquidation or dissolution), except
that the Company may liquidate, dissolve or wind up any
Subsidiary (other than AREC and U-Haul or any Insurance
Subsidiary) so long as (i)&nbsp;no default or event of default
then exists hereunder or would be caused thereby and the trustee
receives written notice of any such action at least 30&nbsp;days
prior to the effectiveness thereof (provided that the trustee
shall have no duty to act upon receipt of such notice except as
expressly provided in clause&nbsp;(iii) below), (ii)&nbsp;the
assets of such Subsidiary are transferred to another Subsidiary
of the Company or, if such Subsidiary is a Note Party, to
another Note Party and such assets remain subject to a perfected
Lien (second in priority only to the first priority security
interests granted to Bank Lenders&#146; Agent pursuant to the
New Credit Agreement the other
</FONT>

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</FONT>

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<DIV align="left">
<FONT size="2">Loan&nbsp;Documents (as defined in the New Credit
Agreement) and subject to Permitted Liens) under a
Note&nbsp;Document after such transfer, and (iii)&nbsp;the
trustee shall have received such Note&nbsp;Documents as the
trustee reasonably requests to continue or insure the priority
and perfection of the Trustee&#146;s Liens on the Collateral or
the obligations of any such Subsidiary under any of the
Note&nbsp;Documents. Notwithstanding the foregoing, a dissolving
or liquidating Subsidiary that is not an Insurance Subsidiary
shall not transfer assets to any Insurance Subsidiary.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Disposal of Assets</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Other than Permitted Dispositions, The Note
Parties will not convey, sell, lease, license, assign, transfer,
or otherwise dispose of, in one transaction or a series of
transactions, any of the assets of any Borrower or any
Guarantor. To the extent a sale or other disposition is
permitted by clause&nbsp;(k) of the definition of Permitted
Dispositions and if an authorized officer of Company certifies
in writing to the trustee that (a)&nbsp;the sale is permitted
under this paragraph, (b)&nbsp;the Vehicles identified (by
vehicle identification number, make and model) in such
certification are to be sold in connection with a TRAC Lease
Transaction and (c)&nbsp;such Vehicles are to be sold on a date
(each such date, a <I>&#147;Sale Date&#148;</I>) no later than
130&nbsp;days from the date of such certification,
Trustee&#146;s Lien on such Vehicles shall be deemed to be
released one business day prior to such sale; provided, however,
that in the event one or more of such Vehicles are not sold in
connection with a TRAC Lease Transaction within five business
days of the Sale Date indicated in such certification, the
Vehicles that are not so sold shall become subject to a Lien
(second in priority only to the first priority security
interests granted to the Bank Lenders&#146; Agent pursuant to
the New Credit Agreement and the other Loan&nbsp;Documents (as
defined in the New Credit Agreement)) in favor of the trustee on
the fifth business day following such Sale Date and the Company
shall, or shall cause the other Borrowers or Guarantors, as
applicable, to comply immediately with the requirements of the
indenture with respect to such Vehicles. The Note Parties shall
not, without the prior written consent of the holders as
required under the indenture, transfer, sell or otherwise
dispose of any of the Vehicles or the Certificates of Title
except in conjunction with a Permitted Disposition hereunder, or
relocate the Certificates of Title.
</FONT>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Note Parties will not change the
Company&#146;s or any Guarantor&#146;s name, federal employer
identification number, organizational ID number assigned to any
Note Party by the applicable government unit or agency of
jurisdiction of formation of that party, corporate structure, or
identity, or add any new fictitious name, or reincorporate or
reorganize itself under the laws of any other jurisdiction other
than the jurisdiction of incorporation of such Person; provided,
however, that any Borrower or any Guarantor may change its name
upon at least 30&nbsp;days&#146; prior written notice by the
Company to the Trustee of such change and so long as, at the
time of such written notification, the Company and/or such
Guarantor provides or authorizes the filing of any Uniform
Commercial Code financing statements or fixture filings
necessary to perfect and continue perfected the Trustee&#146;s
Liens.
</FONT>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Note Parties will not guarantee or otherwise
become in any way liable with respect to the obligations of any
third Person (including the Insurance Subsidiaries) except by
endorsement of instruments or items of payment for deposit to
the account of Company or Guarantors or which are transmitted or
turned over to the trustee, except for (a)&nbsp;guarantee
obligations of the Company existing as of Issue Date,
(b)&nbsp;guarantee obligations of the Company in connection with
the Reorganization Plan, (c)&nbsp;guarantee obligations of the
Company with respect to the Support Party Agreements,
(d)&nbsp;guarantee obligations with respect to TRAC Lease
Transactions in the ordinary course of business, to the extent
the obligations thereunder are permitted under the subheading
&#147;&#151;&nbsp;Limitation on Indebtedness&#148; and are
consistent with past practices, (e)&nbsp;guarantee obligations
of a Note Party pursuant to any refinancing, renewal or
extension of (h)&nbsp;Indebtedness with respect to letters of
credit issued by a party other than the Issuing Lender (as
defined in the New Credit Agreement) and secured by cash
collateral in an aggregate amount not to exceed $3&nbsp;million
at any time, and (f)&nbsp;guarantee obligations of a Note Party
with respect to the obligations of any other Note Party incurred
in the ordinary
</FONT>

<P align="center"><FONT size="2">80
</FONT>

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<DIV align="left">
<FONT size="2">course of business, to the extent such guaranteed
obligation is permitted to be incurred by such guaranteed Note
Party hereunder and is consistent with past practices.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Nature of Business</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Note Parties will not make any change in the
principal nature of any Note Party&#146;s business.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Prepayments and Amendments</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(a)&nbsp;The Note Parties will not prepay,
redeem, defease, purchase, or otherwise acquire any Indebtedness
of any Note Party, other than (i)&nbsp;the obligations relating
to the Company&#146;s debtor-in-possession loan and security
agreement; (ii)&nbsp;as required by the Confirmation Order;
(iii)&nbsp;Obligations (as defined in the New Credit Agreement)
under the New Credit Agreement in accordance with the terms
thereof; (iv)&nbsp;obligations in accordance with the indenture;
(v)&nbsp;in connection with a refinancing permitted by
clause&nbsp;(i) under the subheading
&#147;&#151;&nbsp;Limitation on Indebtedness&#148;;
(vi)&nbsp;prepayments of the Indebtedness under the New AMERCO
Notes so long as no event of default has occurred and is
continuing or would result therefrom, (A)&nbsp;from the Net
Proceeds from the monetization or sale of the Excluded Assets or
(B)&nbsp;in all other circumstances, so long as (1)&nbsp;the
aggregate amount of such prepayments in any fiscal year,
together with the aggregate amount of dividends paid in arrears
in such fiscal year by the Borrowers pursuant to clause&nbsp;(c)
under the subheading &#147;&#151;&nbsp;Distributions&#148;,
shall not, in the aggregate, exceed the ECF Carry Forward
Amount, if any, then in existence, and (2)&nbsp;on the date of
such prepayment Borrowers are in compliance with the Excess
Availability Test; (vii)(1)&nbsp;prepayments of the Indebtedness
under the Synthetic Leases with insurance proceeds or
condemnation proceeds received by a Note Party in connection
with any loss or condemnation of the Synthetic Lease Collateral,
(2)&nbsp;prepayments of the Indebtedness under the Synthetic
Leases upon the sale of any parcel of the Real Property subject
to the Synthetic Leases pursuant to an arms-length sale to a
bona fide purchaser that is not an Affiliate of the Company
(whether or not an Affiliate leases back or retains the right to
manage, occupy or conduct business at the affected Synthetic
Lease Property), up to the amount of the net sale proceeds, or
(3)&nbsp;so long as no Event of Default exists, any other
prepayments of principal Indebtedness required pursuant to the
provisions of the Synthetic Leases, so long as (I)&nbsp;the
aggregate amount of such prepayments in any fiscal year,
together with the aggregate amount of prepayments in such fiscal
year by Borrowers pursuant to clause&nbsp;(vi)(2) above plus the
aggregate amount of dividends paid in arrears in such fiscal
year by Borrowers pursuant to clause&nbsp;(c) under the
subheading &#147;&#151;&nbsp;Distributions&#148; below, shall
not, in the aggregate, exceed the ECF Carry Forward Amount, if
any, then in existence, and (II)&nbsp;on the date of such
prepayment Borrowers are in compliance with the Excess
Availability Test, (viii)&nbsp;in addition to the principal
payments under the Synthetic Leases to be made on the Effective
Date as contemplated by the Reorganization Plan, the actual the
scheduled payments of principal and interest due under the
Synthetic Leases, estimates of which are set forth on the
schedules of the New Credit Agreement (including any
refinancings, in whole or in part, thereof); or (ix)&nbsp;other
Indebtedness with the consent of the Required Lenders;&nbsp;or
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;The Note Parties will not except in
connection with a refinancing permitted by clause&nbsp;(i) under
the subheading &#147;&#151;&nbsp;Limitation on
Indebtedness&#148;, directly or indirectly, amend, modify,
alter, increase, or change any of the terms or conditions of any
agreement, instrument, document, indenture, or other writing
evidencing or concerning Indebtedness permitted under the terms
of the indenture (other than such amendments required under the
terms of the indenture).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(c)&nbsp;The Note Parties will not amend, modify
or otherwise change its Governing Documents, including, without
limitation, by the filing or modification of any certificate of
designation, or any agreement or arrangement entered into by it
with respect to any of its capital Stock (including any
shareholders&#146; agreement), or enter into any new agreement
with respect to any of its capital Stock, except as appropriate
to accomplish a transaction permitted pursuant under the
subheading &#147;&#151;&nbsp;Restrictions on Fundamental
Changes&#148;, or (ii)&nbsp;amend, modify or otherwise change
any Material Contract (other than a Material Contract, the
amendment of which is governed by clause&nbsp;(b) above) except
any such amendments, modifications or changes or any such new
agreements or arrangements pursuant to this paragraph
(c)&nbsp;that, either individually or in the aggregate, could
not reasonably be expected to have a Material Adverse Change, or
(iii)&nbsp;amend,
</FONT>

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<DIV align="left">
<FONT size="2">modify or otherwise change any Affiliate Contract
or any contract with SAC Holding, SSI, PMSR or PM Preferred
except in compliance with the restrictions under the subheading
&#147;&#151;&nbsp;Transactions with Affiliates&#148;.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Change of Control</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Note Parties will not cause, permit, or
suffer, directly or indirectly, any Change of Control, other
than in connection with the consummation of the Reorganization
Plan on the Effective Date.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Ownership of Certain Assets</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Note Parties will not cause, permit, or
suffer any Subsidiary, other than Borrowers and U-Haul (Canada),
to own any parcel of Real Property Collateral or any Vehicle
included in the Collateral unless (a)&nbsp;Company provides the
trustee with 10&nbsp;days&#146; prior written notice of such
intended ownership, (b)&nbsp;such Subsidiary becomes a Guarantor
under the indenture and delivers to the trustee any additional
documents requested by the trustee in their Permitted
Discretion, and (c)&nbsp;the Company takes or causes to be taken
all such action necessary to perfect the trustee&#146;s Lien on
such Collateral (second in priority only to the first priority
security interests granted to the Bank Lenders&#146; Agent
pursuant to the New Credit Agreement and the other
Loan&nbsp;Documents (as defined in the New Credit Agreement))
and the Company delivers to the trustee an opinion of counsel
stating that all action has been taken to perfect such Lien.
</FONT>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Note Parties will not make any distribution
or declare or pay any dividends (in cash or other property,
other than common Stock) on, or purchase, acquire, redeem, or
retire any of any Note Party&#146;s Stock, of any class, whether
now or hereafter outstanding, except, so long as no event of
default has occurred and is continuing hereunder or would result
therefrom, distributions or declarations and payments of
dividends: (a)&nbsp;by a Note Party to another Note Party,
(b)&nbsp;on the preferred stock of the Company, based on the
accrual of dividends subsequent to the Issue Date (including,
without limitation, the payment of dividends in an aggregate
amount not to exceed $3.335&nbsp;million paid on account of
dividends on the preferred stock of the Company accrued for the
period ended February&nbsp;29, 2004), in an aggregate amount not
to exceed $13&nbsp;million in any fiscal year, so long as at the
time of payment of any such dividend, Borrowers are in
compliance with the Excess Availability Test, and (c)&nbsp;on
the preferred stock of the Company based on the accrual of
dividends prior to the Issue Date (including, without
limitation, the payment of dividends in an aggregate amount not
to exceed $3.335&nbsp;million paid on account of dividends on
the preferred stock of the Company accrued prior to or for the
period ended November&nbsp;30, 2003), so long as (i)&nbsp;the
aggregate amount of such dividends in arrears shall not exceed
the lesser of (x) $19.6&nbsp;million paid in the aggregate on or
after the Issue Date or (y)&nbsp;together with the aggregate
amount of any prepayments paid by Borrowers in such fiscal year
pursuant to clause&nbsp;(a)(vi)(2) under the subheading
&#147;&#151;&nbsp;Prepayments and Amendments&#148;, plus the
aggregate amount of any prepayments paid by Borrowers in such
fiscal year pursuant to clause&nbsp;(a)(vii)(3) under the
subheading &#147;&#151;&nbsp;Prepayments and Amendments&#148;,
the ECF Carry Forward Amount, if any, then in existence, and
(ii)&nbsp;at the time of payment of any such dividend in
arrears, Borrowers are in compliance with the Excess
Availability Test.
</FONT>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Note Parties will not modify or change their
fiscal year from a year ending March&nbsp;31 or their method of
accounting (other than as may be required to conform to GAAP) or
enter into, modify, or terminate any agreement currently
existing, or at any time hereafter entered into with any third
party accounting firm or service bureau for the preparation or
storage of the Note Parties&#146; accounting records without
said accounting firm or service bureau agreeing to provide
trustee information regarding the Collateral or Borrowers&#146;
and their Subsidiaries&#146; financial condition.
</FONT>

<P align="center"><FONT size="2">82
</FONT>

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<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Formation of Subsidiaries;
    Investments</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(a)&nbsp;Except for Permitted Investments, The
Note Parties will not directly or indirectly, make or acquire
any Investment, or incur any liabilities (including contingent
obligations) for or in connection with any Investment; provided,
however, that the Company and its Subsidiaries shall not
(i)&nbsp;have Permitted Investments (other than in the Cash
Management Accounts (as defined in the New Credit Agreement)) in
Deposit Accounts or Securities Accounts in excess of
$3&nbsp;million in the aggregate outstanding at any one time
(excluding Deposit Accounts or Securities Accounts containing
only the cash proceeds received from the WP&nbsp;Carey
Transaction (to the extent such proceeds will be fully utilized
in such transaction), and any proceeds from the monetization of
Excluded Assets, and any Deposit Accounts maintained by U-Haul
solely in its capacity as manager of properties owned by SAC
Holding or SSI under a Management Agreement provided U-Haul has
no rights to or interest in the funds deposited therein) unless
the Company or any of its Subsidiaries, as applicable, and the
applicable securities intermediary or bank have entered into
Control Agreements or similar arrangements governing such
Permitted Investments as to perfect (and further establish) the
Trustee&#146;s secondary Liens in such Permitted Investments, or
(ii)&nbsp;forgive or waive the repayment or retirement or amend
the terms of any Investment in existence on or after the Issue
Date in SAC Holding or any such Person made by the Company or
any Subsidiary that is required to be repaid or retired by the
terms of such Investment as in effect on or after the Issue Date
(other than in accordance with the terms thereof as in effect on
the date the Investment is made).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;The Note Parties will not form any new
Subsidiary or acquire any direct or indirect Subsidiary after
the Issue Date, unless (i)&nbsp;such Subsidiary is a
wholly-owned Subsidiary of a Note Party, and such Note Party
shall (A)&nbsp;cause such new Subsidiary to enter into a
supplemental indenture and provide to the trustee a
Note&nbsp;Guarantee and a joinder to the Guaranty Agreement, the
Guarantor Security Agreement, the Copyright Security Agreement,
and the Patent and Trademark Security Agreement, together with
such other security documents (including mortgages and mortgage
policies with respect to any Real Property of such new
Subsidiary), as well as appropriate Uniform Commercial Code
financing statements (and with respect to all property subject
to a Mortgage, fixture filings) all in form and substance
satisfactory to the Trustee (including being sufficient to grant
the trustee a Lien (second in priority only to the first
priority security interests granted to Bank Lenders&#146; Agent
pursuant to the New Credit Agreement the other Loan Documents
(as defined in the New Credit Agreement) and subject to
Permitted Liens) in and to the assets of such newly formed or
acquired Subsidiary), and (B)&nbsp;provide to the trustee a
pledge agreement and appropriate certificates and powers or
Uniform Commercial Code financing statements, hypothecating all
of the direct or beneficial ownership interest in such new
Subsidiary, in form and substance substantially similar to the
Stock Pledge Agreement and other corresponding Security
Documents, and provide to the trustee one or more opinions of
counsel satisfactory to the trustee, with respect to the
execution and delivery of the applicable documentation referred
to above and opining that all action has been taken to perfect
the Trustee&#146;s Lien in and to the assets of such Subsidiary
and all direct or beneficial ownership interests in such new
Subsidiary, and (ii)&nbsp;the trustee receives
30&nbsp;days&#146; prior written notice of such formation or
acquisition.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Transactions with Affiliates</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except (a)&nbsp;as otherwise set forth in the
Reorganization Plan, (b)&nbsp;for the Company&#146;s
reimbursement to, or payment on behalf of, SAC Holding, of
(i)&nbsp;reasonable attorneys&#146; fees incurred by SAC Holding
in connection with the preparation, negotiation and
implementation of the SAC Participation and Subordination
Agreement, not to exceed an aggregate amount of $500,000,
(ii)&nbsp;any and all reasonable direct out of pocket expenses
(including reasonable attorneys&#146; fees and accountants&#146;
fees and trustee&#146;s fees, but excluding the payment of
principal, premium, if any, and interest in respect of the SAC
Holding Senior Bond and any other amount payable by SAC Holding
pursuant to the terms of the SAC Note&nbsp;Indenture) incurred
by SAC Holding in connection with its reporting or other
compliance obligations under the SAC Notes&nbsp;Indenture in an
aggregate amount not to exceed $1&nbsp;million in any 12-month
period, and (iii)&nbsp;the Company&#146;s obligations under the
Agreement to Indemnify, or (c)&nbsp;as consented to by the
trustee and the Required Holders, directly or indirectly enter
into or permit to exist any transaction with any Affiliate of
any Borrower, SAC Holding, SSI, PMSR or PM Preferred except for
transactions that are in the ordinary course of the
Borrowers&#146; business,
</FONT>

<P align="center"><FONT size="2">83
</FONT>

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<DIV align="left">
<FONT size="2">upon fair and reasonable terms that are no less
favorable to the Borrowers than would be obtained in an
arm&#146;s length transaction with a non-Affiliate. Borrowers
shall not, and shall not permit any their Subsidiaries to,
transfer any cash or assets to the Insurance Subsidiaries, the
Dormant Subsidiaries or INW under any circumstances whatsoever
or guarantee or otherwise incur any Indebtedness on behalf of
such Insurance Subsidiaries, Dormant Subsidiaries or INW.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except as permitted under the subheading
&#147;&#151;&nbsp;Restrictions on Fundamental Changes&#148;, the
Note Parties will not suspend or go out of a substantial portion
of its business.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Use of Proceeds</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Use the proceeds from the sale of the Notes for
any purpose other than (a)&nbsp;on the Issue Date, to pay
transactional fees, costs, and expenses incurred in connection
with this Agreement, the other Note&nbsp;Documents, and the
transactions contemplated hereby and thereby, (b)&nbsp;to fund
the Reorganization Plan and (c)&nbsp;thereafter, for working
capital and other general corporate purposes of the Borrowers,
in each case consistent with the terms and conditions hereof,
for its lawful and permitted purposes.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Change in Location of Chief Executive
    Office; Equipment with Bailees</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Note Parties will not relocate its chief
executive office to a new location without the Company providing
30&nbsp;days&#146; prior written notification thereof to the
trustee and so long as, at the time of such written
notification, the applicable Note Party provides or authorizes
the filing of any Uniform Commercial Code financing statements
or fixture filings necessary to perfect and continue perfected
the Trustee&#146;s Liens and also provide to the trustee a
Collateral Access Agreement, in a form substantially similar to
those Collateral Access Agreements with respect to such new
location. The Equipment of the Note Parties shall not at any
time now or hereafter be stored with a bailee, warehouseman, or
similar party (other than a U-Haul Dealer) without Bank
Lenders&#146; Agent&#146;s prior written consent and prior
written notification to the trustee.
</FONT>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Note Parties will not establish or maintain
any Securities Account unless the trustee shall have received a
Control Agreement in respect of such Securities Account. No Note
Party shall transfer assets out of any Securities Account;
provided, however, that, so long as no event of default has
occurred and is continuing or would result therefrom, such Note
Party may use such assets (and the proceeds thereof) to the
extent not prohibited by the indenture.
</FONT>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(a)&nbsp;<I>EBITDA/ Capital Expenditures.</I> The
Note Parties will not allow Consolidated EBITDA minus Capital
Expenditures, each as measured on a fiscal quarter-end basis for
the applicable period set forth below,
</FONT>

<P align="center"><FONT size="2">84
</FONT>

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<DIV align="left">
<FONT size="2">to be less than the required amount set forth in
the following table as of the applicable date set forth opposite
thereto:
</FONT>
</DIV>

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

<TR>
    <TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="71%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">$15&nbsp;million</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the 3-month period ending June&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">$65&nbsp;million</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the 6-month period ending September&nbsp;30,
    2004
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">$65&nbsp;million</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the 9-month period ending December&nbsp;31,
    2004
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">$60&nbsp;million</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the 12-month period ending March&nbsp;31, 2005
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">$48&nbsp;million</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the 12-month period ending June&nbsp;30, 2005
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">$25&nbsp;million</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the 12-month period ending September&nbsp;30,
    2005
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">$25&nbsp;million</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the 12-month period ending December&nbsp;31,
    2005
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">$30&nbsp;million</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the 12-month period ending March&nbsp;31, 2006
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">$80&nbsp;million</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the 12-month period ending June&nbsp;30, 2006
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">$115&nbsp;million</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the 12-month period ending September&nbsp;30,
    2006
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">$110&nbsp;million</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the 12-month period ending December&nbsp;31,
    2006
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">$105&nbsp;million</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">For the 12-month period ending March&nbsp;31, 2007
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<I><FONT size="2">provided, however</FONT></I><FONT size="2">,
that based upon Borrowers&#146; Projections (as defined in the
New Credit Agreement) delivered to the trustee pursuant to the
terms of the New Credit Agreement, the Required Lenders shall
establish quarterly EBITDA minus Capital Expenditure covenants
for each fiscal quarter after March 2007, using the same
methodology as utilized for 2004, 2005 and 2006, and the
covenants shall be presented to the Company for its approval,
which approval shall not be unreasonably withheld. In the event
the Company does not approve the proposed covenants, Required
Lenders shall establish such covenants, in their Permitted
Discretion, based upon Borrowers&#146; Projections (as defined
in the New Credit Agreement) for the applicable fiscal year.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;<I>Capital Expenditures.</I> The Note
Parties will not make Capital Expenditures in any fiscal year in
excess of the amount set forth in the following table for the
applicable period:
</FONT>

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

<TR>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="28%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Fiscal Year 2005</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Fiscal Year 2006</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Fiscal Year 2007</FONT></B></TD>
</TR>

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

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$185&nbsp;million
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$245&nbsp;million
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$195&nbsp;million
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<I><FONT size="2">provided, however</FONT></I><FONT size="2">,
that based upon Borrowers&#146; Projections (as defined in the
New Credit Agreement) delivered to the trustee pursuant to the
terms of the New Credit Agreement, the Required Lenders shall
establish quarterly Capital Expenditure covenants for each
fiscal year after 2007, using the same methodology as utilized
for 2005, 2006 and 2007, and the covenants shall be presented to
the Company for its approval, which approval shall not be
unreasonably withheld. In the event the Company does not approve
the proposed covenants, Required Lenders shall establish such
covenants, in their Permitted Discretion, based upon
Borrowers&#146; Projections (as defined in the New Credit
Agreement) for the applicable fiscal year.
</FONT>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Note Parties will not directly or indirectly:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;engage in any prohibited transaction
    which is reasonably likely to result in a civil penalty or
    excise tax described in Sections&nbsp;502(i) of ERISA or 4975 of
    the internal revenue code for which a statutory or class
    exemption is not available or a private exemption has not been
    previously obtained from the Department of Labor;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;with respect to any Benefit Plan, permit
    to exist an accumulated funding deficiency (as defined in
    Sections&nbsp;302 of ERISA and 412 of the internal revenue code)
    for a period longer than 30&nbsp;days, whether or not waived;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;fail to pay timely required
    contributions or annual installments due with respect to any
    waived funding deficiency to any Benefit Plan;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">85
</FONT>

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

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;terminate any Benefit Plan where such
    event would result in any liability of any Borrower, any
    Subsidiary of any Borrower or any ERISA Affiliate under Title IV
    of ERISA;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;fail to make any required contribution
    or payment to any multiemployer plan;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)&nbsp;fail to pay any required installment or
    any other payment required under Section&nbsp;412 of the
    internal revenue code on or before the due date for such
    installment or other payment;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(g)&nbsp;amend a Benefit Plan resulting in an
    increase in current liability for the plan year such that any
    Borrower, any Subsidiary of any Borrower or any ERISA Affiliate
    is required to provide security to such Plan under
    Section&nbsp;401(a)(29) of the internal revenue code; or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(h)&nbsp;withdraw from any multiemployer plan
    where such withdrawal is reasonably likely to result in any
    liability of any such entity under Title IV of ERISA;
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">that, individually or in the aggregate, results
in or reasonably would be expected to result in a claim against
or liability of any Borrower, any Subsidiary of any Borrower or
any ERISA Affiliate in excess of $25,000.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Sales and Leasebacks</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except for Permitted Dispositions, The Note
Parties will not enter into any arrangement, directly or
indirectly, with any third party whereby any Note Party shall
sell or transfer any property, real or personal, whether now
owned or hereafter acquired, and whereby such Note Party shall
then or thereafter rent or lease as lessee of such property or
any part thereof or other property that such Note Party intends
to use for substantially the same purpose or purposes as the
property sold or transferred.
</FONT>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Note Parties will not engage in any
transaction involving commodity options or futures contracts or
any similar speculative transactions except for Hedge Agreements
that are used solely as part of normal business operations as a
risk management strategy and/or hedge against charges resulting
from market operations in accordance with the Company&#146;s
customary policies and not as a means to speculate for
investment purposes or trends and shifts in financial or
commodities markets.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Amendment to Certain
    Agreements</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Neither the Company nor any Subsidiary shall
(a)&nbsp;enter into or consent to any amendment, supplement or
other modification of the indenture or the Security Documents
(except as permitted under the indenture), and (b)&nbsp;amend,
restate, supplement, modify, waive or otherwise change or
consent or agree to any amendment, modification, waiver or other
change to, any of the terms of the New Credit Agreement in any
manner prohibited by the Intercreditor Agreement.
</FONT>

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

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Events of Default</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each of the following is an event of default:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;failure by the Company to pay interest
    on any of the notes when it becomes due and payable and the
    continuance of any such failure for 5&nbsp;days;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;failure by the Company to pay the
    principal of any of the notes when it becomes due and payable,
    whether at stated maturity, upon redemption, upon purchase, upon
    acceleration or otherwise;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;subject in certain restrictions
    described in the indenture, failure to perform, keep, or observe
    certain terms, provisions, covenants, or agreements contained in
    the indenture;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;subject in certain restrictions
    described in the indenture, failure by a Note Party to perform,
    keep, or observe any other term, provision, covenant, or
    agreement contained in the indenture or in any of
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">86
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">the other Note&nbsp;Documents (giving effect to
    any grace periods, cure periods, or required notices, if any,
    expressly provided for in such Note&nbsp;Documents);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)&nbsp;if any material portion of any Note
    Party&#146;s assets is attached, seized, subjected to a writ or
    distress warrant, levied upon, or comes into the possession of
    any third person;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(g)&nbsp;if any Note Party is enjoined,
    restrained, or in any way prevented by court order from
    continuing to conduct all or any material part of its business
    affairs;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(h)&nbsp;if a notice of Lien, levy, or
    assessment, individually or in the aggregate in an amount of
    $500,000 or greater, is filed of record with respect to any Note
    Party&#146;s assets by the United States or Canada, or any
    department, agency, or instrumentality thereof, or by any state,
    province, territory, county, municipal, or governmental agency,
    or if any taxes or debts owing at any time hereafter to any one
    or more of such entities becomes a Lien, whether choate or
    otherwise, upon any Borrower&#146;s or any of its
    Subsidiaries&#146; assets and the same is not paid on the
    payment date thereof;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;if a judgment or other claim becomes a
    Lien or encumbrance upon any material portion of any Note
    Party&#146;s properties or assets;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(j)&nbsp;if there is a default in any material
    agreement to which any Note Party is a party including, without
    limitation, any Material Contract, Affiliate Contract or any
    material contract with any of SAC Holding, SSI, PMSR or PM
    Preferred (other than the New AMERCO Notes and the Synthetic
    Leases) or any other Indebtedness in excess of $1&nbsp;million,
    and such default (a)&nbsp;occurs at the final maturity of the
    obligations thereunder, or (b)&nbsp;results in the acceleration
    of the maturity of the applicable Note Party&#146;s obligations
    thereunder;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(k)&nbsp;except as otherwise set forth in the
    Reorganization Plan or as otherwise permitted by the indenture,
    if any Note Party makes any payment on account of Indebtedness
    that has been contractually subordinated in right of payment to
    the payment of the Obligations of the Note Parties under the
    Notes and the other Note&nbsp;Documents;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(l)&nbsp;if the obligation of any Guarantor under
    the Guaranty Agreement or the Note&nbsp;Guarantee is limited or
    terminated by operation of law or by such Guarantor thereunder;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(m)&nbsp;if the indenture or any other
    Note&nbsp;Document that purports to create a Lien, shall, for
    any reason, fail or cease to create a valid and perfected,
    except to the extent permitted by the terms hereof or thereof,
    Lien on or security interest (each, second in priority only to
    the first priority security interests granted to Bank
    Lenders&#146; Agent pursuant to the New Credit Agreement and the
    other Loan Documents (as defined in the New Credit Agreement))
    in the Collateral covered hereby or thereby;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(n)&nbsp;if any provision of any
    Note&nbsp;Document shall at any time for any reason be declared
    to be null and void, or the validity or enforceability thereof
    shall be contested by any Note Party, or a proceeding shall be
    commenced by any Note Party, or by any governmental authority
    having jurisdiction over any Note Party, seeking to establish
    the invalidity or unenforceability thereof, or any Note Party
    shall deny that any Note Party has any liability or obligation
    purported to be created under any Note&nbsp;Document;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(o)&nbsp;if suit or action is commenced against
    the trustee and/or any note holder and, as to any suit or action
    brought by any person other than the Note Parties or an officer
    or employee of the Note Parties, is continued without dismissal
    for 30&nbsp;days after service thereof on the trustee, that
    asserts, by or on behalf of the Note Parties, any claim or legal
    or equitable remedy which seeks subordination of the claim or
    Lien of the trustee and/or any note holder hereunder or under
    any other Note&nbsp;Document;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(p)&nbsp;if any Note Party shall file any
    application in support of, or shall otherwise fail to contest in
    good faith, a suit or action of the type set forth in
    clause&nbsp;(o) above filed by any person other than a Borrower
    or an officer or employee of Borrowers;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(q)&nbsp;if an insolvency proceeding is commenced
    by or against any Note Party, or any of its Subsidiaries (other
    than INW), and any of the following events occur: (a)&nbsp;the
    applicable Note Party or the Subsidiary consents to the
    institution of the insolvency proceeding against it,
    (b)&nbsp;the petition
    </FONT></TD>
</TR>

</TABLE>

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</FONT>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">commencing the insolvency proceeding is not
    timely controverted, (c)&nbsp;the petition commencing the
    insolvency proceeding is not dismissed within 45 calendar days
    of the date of the filing thereof, (d)&nbsp;an interim trustee
    is appointed to take possession of all or any substantial
    portion of the properties or assets of, or to operate all or any
    substantial portion of the business of, any Note Party or any of
    its Subsidiaries, or (e)&nbsp;an order for relief shall have
    been entered therein;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(r)&nbsp;(i)&nbsp;if any event of default occurs
    under any New AMERCO Note&nbsp;Document or any of the Synthetic
    Leases; (ii)&nbsp;if any holder of New AMERCO Notes contests
    that the Obligations hereunder constitute &#147;Senior
    Indebtedness&#148; under the New AMERCO Notes&nbsp;Indenture;
    (iii)&nbsp;any event of default occurs under the New Credit
    Agreement or any other Loan&nbsp;Document (as defined in the New
    Credit Agreement);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(s)&nbsp;failure by the Note Parties to register
    substantially all of the Certificates of Title pursuant to the
    terms of the indenture within 180&nbsp;days after the Issue Date;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(t)&nbsp;failure by the Note Parties to deliver
    the Mortgages, related fixture filings and Mortgage Policies
    pursuant to the terms of the indenture, within 60&nbsp;days
    after the Issue Date;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(u)&nbsp;if any material misstatement or material
    misrepresentation exists now or hereafter in any warranty,
    representation, statement, or Record made to the Holders by any
    Borrower, its Subsidiaries, or any officer, employee, agent, or
    director of any Borrower or any of its Subsidiaries.
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If an event of default (other than an event of
default specified in clause&nbsp;(q) above with respect to the
Company) shall have occurred and be continuing, then the trustee
or the holders of at least 25% in aggregate principal amount of
the notes then outstanding, may declare all amounts owing under
the notes to be due and payable immediately, by notice in
writing to the Company (and to the trustee if given by holders).
Upon such declaration of acceleration, the aggregate principal
of and accrued and unpaid interest on the outstanding notes
shall immediately become due and payable; provided, however,
that after such acceleration, but before a judgment or decree
based on acceleration, the Required holders may rescind and
annul such acceleration, by notice in writing to the Company and
the trustee, if all events of default, other than the nonpayment
of accelerated principal and interest, have been cured or waived
as provided in the indenture. If an event of default specified
in clause&nbsp;(q) above occurs with respect to the Company, all
outstanding notes shall become due and payable without any
further action or notice.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the case of an Event of Default occurring by
reason of any willful action (or inaction) taken (or not taken)
by or on behalf of the Company with the intention of avoiding
payment of the premium that the Company would have had to pay if
the Company then had elected to redeem the Notes, an equivalent
premium shall also become and be immediately due and payable, to
the extent permitted by law, upon the acceleration of the Notes.
If an Event of Default occurs prior to March&nbsp;16, 2005 by
reason of any willful action (or inaction) taken (or not taken)
by or on behalf of the Company with the intention of avoiding
the prohibition on redemption of the Notes prior to
March&nbsp;16, 2005, then, upon acceleration of the notes, an
additional premium shall also become and be immediately due and
payable, to the extent permitted by law, in an amount equal to
9%.
</FONT>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(a)&nbsp;If an event of default occurs and is
continuing, the trustee may pursue any available remedy to
collect the payment of principal, premium, fees and Additional
Interest, if any, and interest on the notes or to enforce the
performance of any provision of the notes or the indenture or
the Security Documents.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;The trustee may maintain a proceeding
even if it does not possess any of the notes or does not produce
any of them in the proceeding. A delay or omission by the
trustee or any holder of a note in exercising any right or
remedy accruing upon an event of default shall not impair the
right or remedy or constitute a waiver of or acquiescence in the
event of default. All remedies are cumulative to the extent
permitted by law.;
</FONT>

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<DIV align="left">
<FONT size="2">and shall be in addition to every other remedy
given hereunder or under the Security Documents or existing at
law or in equity or by statute on or after the date hereof.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Subject to the provisions of the indenture
relating to the duties of the trustee, a holder of a note may
institute a proceeding with respect to the indenture, any of the
Security Documents, the notes or for any remedy hereunder or
thereunder only if:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">A holder of a note may institute a proceeding
    with respect to the indenture, any of the Security Documents,
    the notes or for any remedy hereunder or thereunder only if:
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;the holder of a note gives to the
    trustee written notice of a continuing event of default;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;the holders of at least 25% in
    aggregate principal amount of the then outstanding notes make a
    written request to the trustee to pursue the remedy;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iii)&nbsp;such holder of a note or holders of
    notes offer and, if requested, provide to the trustee indemnity
    satisfactory to the trustee against any loss, liability or
    expense which might be incurred in compliance with such request
    or direction;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iv)&nbsp;the trustee does not comply with the
    request within 60&nbsp;days after receipt of the
    request;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(v)&nbsp;during such 60-day period the Required
    Holders do not give the trustee a direction inconsistent with
    the request.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Required Holders may direct the time, method
and place of conducting any proceeding for exercising any remedy
available to the trustee or exercising any trust or power
conferred on it. However, the trustee may refuse to follow any
direction that conflicts with law or the indenture, the
Intercreditor Agreement, any or Security Document, that the
trustee determines may be unduly prejudicial to the rights of
other holders of notes or that may involve the trustee in
personal liability.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If a default or event of default occurs and is
continuing and if it is actually known to a responsible officer
of the trustee, the trustee shall mail to holders of notes a
notice of the default or event of default within 30&nbsp;days
after it becomes actually known to such responsible officer of
the trustee. Except in the case of a default or event of default
(a)&nbsp;in payment of principal of, premium, fees, Additional
Interest, if any, or interest on any note or (b)&nbsp;in
compliance with the provisions under the subheading
&#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Limitation on
Indebtedness&#148; above, the trustee may withhold the notice if
and so long as a committee of its responsible officers in good
faith determines that withholding the notice is in the interests
of the holders of the notes. The trustee shall not be required
to take notice or be deemed to have notice or knowledge of any
default or event of default hereunder (expect failure by the
Company to make any payments to the trustee required to be made
hereunder) unless a responsible officer of the trustee is
specifically notified in writing of such default or event of
default by the Company or by a holder in accordance with the
Notice provisions of the indenture and, in the absence of such
notice, the trustee may conclusively assume that no default or
event of default has occurred and is continuing.
</FONT>

<P align="left">
<B><FONT size="2">Amendments and Waivers</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Subject to certain exceptions, the indenture, the
Security Documents and the Intercreditor Agreement may be
amended with the consent of the Required Holders, however,
without the consent of each holder of an outstanding note
affected thereby, an amendment or waiver may not, among other
things:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;change the maturity of any note;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;reduce the amount, extend the due date
    or otherwise affect the terms of any scheduled payment of
    premium, fees or Additional Interest on, if any, or interest on
    or principal of the notes;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;change the date on which any notes are
    subject to redemption or otherwise alter the provisions with
    respect to the redemption of the notes or waive a redemption
    payment with respect to any Note;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;make any note payable in money or
    currency other than that stated in the notes;
    </FONT></TD>
</TR>

</TABLE>

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<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;modify or change any provision of the
    indenture or its related definitions to affect the ranking of
    the notes or any Note&nbsp;Guarantee in a manner that adversely
    affects the holders;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)&nbsp;reduce the percentage of holders
    necessary to consent to an amendment or waiver to the indenture
    or the notes;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(g)&nbsp;impair the rights of holders to receive
    payments of principal of or interest on the notes;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(h)&nbsp;release any Guarantor from any of its
    obligations under its Note&nbsp;Guarantee or the indenture,
    other than as permitted by the indenture;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;make any change in these amendment and
    waiver provisions;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(j)&nbsp;release Collateral other than in
    accordance with the procedures set forth in the Security
    Documents, or amend, waive or otherwise modify any provisions in
    the Note&nbsp;Documents with respect to the release of
    Collateral;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(k)&nbsp;except as permitted by the indenture and
    the Security Documents, create any Lien on the Collateral
    ranking prior to, or on parity with, the security interest
    created by the indenture and the Security Documents or deprive
    any holder of the benefit of the Lien of the indenture and the
    Security Documents;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(l)&nbsp;waive a default or event of default in
    the payment of principal of or premium or Additional Interest,
    if any, interest on, or redemption payment with respect to, any
    note (other than a default in the payment of an amount due as a
    result of an acceleration if the holders rescind such
    acceleration pursuant to the terms of the indenture).
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notwithstanding the preceding, without the
consent of any holder of the notes, the Company, the guarantors
and trustee may amend the indenture, the Intercreditor Agreement
or the Security Documents:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;to cure any ambiguity, defect or
    inconsistency;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;to provide for uncertificated notes in
    addition to or in place of certificated notes;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;to release any Guarantor from any of its
    obligations under its Note Guarantee or the indenture (to the
    extent permitted by the indenture);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;to make any change that does not
    materially adversely affect the legal rights hereunder of any
    holder of the notes;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;to comply with requirements of the SEC
    in order to effect or maintain the qualification of the
    indenture under the Trust Indenture Act.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The consent of the holders of the notes is not
necessary under the indenture to approve the particular form of
any proposed amendment. It is sufficient if such consent
approves the substance of the proposed amendment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">After an amendment under the indenture becomes
effective, we shall mail to the holders of notes affected
thereby a notice briefly describing the amendment, supplement or
waiver. However, the failure to give such notice to all holders
of the notes, or any defect therein, will not impair or affect
the validity of the amendment.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange notes will be issued in registered
form and will be transferable only upon the surrender of the
notes being transferred for registration of transfer. We may
require payment of a sum sufficient to cover any tax, assessment
or other governmental charge payable in connection with certain
transfers and exchanges.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At any time we may elect to terminate all our
obligations under the notes and the indenture be applied to all
outstanding notes upon compliance with the conditions terms of
the indenture.
</FONT>

<P align="center"><FONT size="2">90
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Subject to the satisfaction of the certain
conditions set forth in the indenture, we may be deemed to have
been discharged from our obligations with respect to all
outstanding notes and all obligations of the guarantors
discharged with respect to the Note Guarantees <I>(&#147;Legal
Defeasance&#148;)</I>. Legal Defeasance means that we and the
guarantors shall be deemed to have paid and discharged the
entire Indebtedness represented by the outstanding notes and the
Note&nbsp;Guarantees, respectively, which shall thereafter be
deemed to be &#147;outstanding&#148; only for the limited
purposes more fully described in the indenture. We will be
deemed to have satisfied all our other obligations under such
notes and the indenture, except for certain provisions which
shall survive until otherwise terminated or discharged, as more
fully described in the indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Subject to the satisfaction of the certain
conditions set forth in the indenture, we may be released from
our obligations under certain of the affirmative and negative
covenants, as more fully described in the indenture and
<I>(&#147;Covenant Defeasance&#148;)</I>, and the notes shall
thereafter be deemed not &#147;outstanding&#148; for the
purposes of any direction, waiver, consent or declaration or act
of holders (and the consequences of any thereof) in connection
with such covenants, but shall continue to be deemed
&#147;outstanding&#148; for all other purposes hereunder (it
being understood that such notes shall not be deemed outstanding
for accounting purposes). For this purpose, Covenant Defeasance
means that, with respect to the outstanding notes, the Company
may omit to comply with and shall have no liability in respect
of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of
any reference in any such covenant to any other provision herein
or in any other document and such omission to comply shall not
constitute a default or an event of default as described in the
indenture and under the subheading
&#147;&#151;&nbsp;Default&#148; above. Notwithstanding the
foregoing, in the event of a Covenant Default, the remainder of
the indenture, the Security Documents and such notes shall be
unaffected thereby. In addition, upon the Company&#146;s
exercise of Covenant Defeasance, subject to the satisfaction of
the conditions set forth in the indenture, shall not constitute
events of default.
</FONT>

<P align="left">
<B><FONT size="2">Delivery and Form</FONT></B>

<DIV>&nbsp;</DIV>

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On the Issue Date, the purchasers of the
Class&nbsp;B Notes shall be issued as Definitive Notes (the
&#147;Class&nbsp;B Definitive Notes&#148;), in such names and
denominations as the Company shall instruct the trustee.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Transfer and Exchange of Definitive Notes
    for Beneficial Interests in Global Notes</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(a)&nbsp;The holders will take physical delivery
in definitive form of notes that they own, consequently, the
ability to transfer beneficial interests in such notes may be
limited to that extent. Any holder of a Class&nbsp;B Definitive
Note may exchange such note for a beneficial interest in a
Class&nbsp;B Global Note or to transfer such Class&nbsp;B
Definitive Note to a Person who takes delivery thereof in the
form of a beneficial interest in a global note substantially in
the form set forth in the indenture, and that is deposited with
or on behalf of and registered in the name of The Depository
Trust Company (&#147;DTC&#148;), representing the series of
Class&nbsp;B Notes (each a &#147;Class&nbsp;B Global
Note&#148;). Upon receipt by the Registrar of documentation
satisfactory to it, including, without limitation, any legal
opinions or certifications, the trustee shall cancel the
Class&nbsp;B Definitive Note, and increase or cause to be
increased the aggregate principal amount of the Class&nbsp;B
Global Note.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;Subject to the terms and conditions of
the indenture and Registration Rights Agreement, a holder of a
Class&nbsp;B Definitive Note may exchange such note for a
beneficial interest in a Series&nbsp;A Note or transfer such
Class&nbsp;B Definitive Note to a Person who takes delivery
thereof in the form of a beneficial interest in a Series&nbsp;A
Note.
</FONT>

<P align="left">
<B><FONT size="2">Registered Exchange Offer; Registration
Rights</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We and the guarantors have agreed pursuant to the
Registration Rights Agreement that we will, subject to certain
exceptions,
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;within 60&nbsp;days after the Issue Date
    or by May&nbsp;14, 2004, file a registration statement (the
    <I>&#147;Exchange Offer Registration Statement&#148;</I>) with
    the SEC with respect to a registered offer (the
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">91
</FONT>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I><FONT size="2">&#147;Registered Exchange
    Offer&#148;</FONT></I><FONT size="2">) to exchange the original
    notes for exchange notes, which exchange notes have terms
    substantially identical in all material respects to the original
    notes (except that the exchange notes will not contain terms
    with respect to transfer restrictions);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;use our reasonable best efforts to cause
    the Exchange Offer Registration Statement to be declared
    effective under the Securities Act within 150&nbsp;days after
    the Issue Date, or by August&nbsp;12, 2004;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;as soon as practicable after the
    effectiveness of the Exchange Offer Registration Statement (the
    <I>&#147;Effectiveness Date&#148;)</I>, offer the exchange notes
    in exchange for surrender of the original notes;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;keep the Registered Exchange Offer open
    for not less than 30&nbsp;days (or longer if required by
    applicable law) after the date notice of the Registered Exchange
    Offer is mailed to the Holders of the original notes.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For each old note tendered to us pursuant to the
Registered Exchange Offer, we will issue to the Holder of such
old note a exchange note having a principal amount equal to that
of the surrendered old note. Interest on each exchange note will
accrue from the last interest payment date on which interest was
paid on the old note surrendered in exchange therefor, or, if no
interest has been paid on such old note, from the date of its
original issue.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under existing SEC interpretations, the exchange
notes will be freely transferable by Holders other than our
affiliates after the Registered Exchange Offer without further
registration under the Securities Act if the Holder of the
exchange notes represents to us in the Registered Exchange Offer
that it is acquiring the exchange notes in the ordinary course
of its business, that it has no arrangement or understanding
with any person to participate in the distribution of the
exchange notes and that it is not an affiliate of the Company,
as such terms are interpreted by the SEC; <I>provided,
however</I>, that broker-dealers <I>(&#147;Participating
Broker-Dealers&#148;)</I> receiving exchange notes in the
Registered Exchange Offer will have a prospectus delivery
requirement with respect to resales of such exchange notes. The
SEC has taken the position that Participating Broker-Dealers may
fulfill their prospectus delivery requirements with respect to
exchange notes (other than a resale of an unsold allotment from
the original sale of the original notes) with the prospectus
contained in the Exchange Offer Registration Statement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the Registration Rights Agreement, the
Company is required to allow Participating Broker-Dealers and
other persons, if any, with similar prospectus delivery
requirements to use the prospectus contained in the Exchange
Offer Registration Statement in connection with the resale of
such original notes for 180&nbsp;days following the effective
date of such Exchange Offer Registration Statement (or such
shorter period during which Participating Broker-Dealers are
required by law to deliver such prospectus).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A Holder of original notes (other than certain
specified Holders) who wishes to exchange such original notes
for exchange notes in the Registered Exchange Offer will be
required to represent that any exchange notes to be received by
it will be acquired in the ordinary course of its business and
that at the time of the commencement of the Registered Exchange
Offer it has no arrangement or understanding with any person to
participate in the distribution (within the meaning of the
Securities Act) of the exchange notes and that it is not an
&#147;affiliate&#148; of the Company, as defined in
Rule&nbsp;405 of the Securities Act, or if it is an affiliate,
that it will comply with the registration and prospectus
delivery requirements of the Securities Act to the extent
applicable.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the event that:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;applicable interpretations of the staff
    of the SEC do not permit us to effect such a Registered Exchange
    Offer;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;for any other reason we do not
    consummate the Registered Exchange Offer within 220&nbsp;days of
    the Issue Date;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;an Initial Purchaser shall notify us
    following consummation of the Registered Exchange Offer that
    original notes held by it are not eligible to be exchanged for
    exchange notes in the Registered Exchange Offer;&nbsp;or
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">92
</FONT>

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<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;certain Holders are prohibited by law or
    SEC policy from participating in the Registered Exchange Offer
    or may not resell the exchange notes acquired by them in the
    Registered Exchange Offer to the public without delivering a
    prospectus;
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">then, we will, subject to certain exceptions,
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;promptly file a shelf registration
    statement (the <I>&#147;Shelf Registration Statement&#148;</I>)
    with the SEC covering resales of the original notes or the
    exchange notes, as the case may be;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;(A)&nbsp;in the case of clause&nbsp;(1)
    above, use our reasonable best efforts to cause the Shelf
    Registration Statement to be declared effective under the
    Securities Act on or prior to the 180th day after the Issue Date
    and (B)&nbsp;in the case of clause&nbsp;(2), (3)&nbsp;or
    (4)&nbsp;above, use our reasonable best efforts to cause the
    Shelf Registration Statement to be declared effective under the
    Securities Act on or prior to the 90th day after the date on
    which the Shelf Registration Statement is required to be
    filed;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;keep the Shelf Registration Statement
    effective until the earliest of (A)&nbsp;the time when the
    original notes covered by the Shelf Registration Statement can
    be sold pursuant to Rule&nbsp;144 without any limitations under
    clauses&nbsp;(c), (e), (f)&nbsp;and (h)&nbsp;of Rule&nbsp;144,
    (B)&nbsp;two years from the Issue Date and (C)&nbsp;the date on
    which all notes registered thereunder are disposed of in
    accordance therewith.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will, in the event a Shelf Registration
Statement is filed, among other things, provide to each Holder
for whom such Shelf Registration Statement was filed copies of
the prospectus which is a part of the Shelf Registration
Statement, notify each such Holder when the Shelf Registration
Statement has become effective and take certain other actions as
are required to permit unrestricted resales of the original
notes or the exchange notes, as the case may be. A Holder
selling such original notes or exchange notes pursuant to the
Shelf Registration Statement generally would be required to be
named as a selling security holder in the related prospectus and
to deliver a prospectus to purchasers, will be subject to
certain of the civil liability provisions under the Securities
Act in connection with such sales and will be bound by the
provisions of the Registration Rights Agreement that are
applicable to such Holder (including certain indemnification
obligations).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may require each Holder requesting to be named
as a selling security holder to furnish to us such information
regarding the Holder and the distribution of the original notes
or exchange notes by the Holder as we may from time to time
reasonably require for the inclusion of the Holder in the Shelf
Registration Statement, including requiring the Holder to
properly complete and execute such selling security holder
notice and questionnaires, and any amendments or supplements
thereto, as we may reasonably deem necessary or appropriate. We
may refuse to name any Holder as a selling security holder that
fails to provide us with such information.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We and the Guarantors, jointly and severally,
will pay additional cash interest on the original notes and
exchange notes, subject to certain exceptions,
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;if the Company fails to file an Exchange
    Offer Registration Statement with the SEC on or prior to the
    90th day after the Issue Date;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;if the Exchange Offer Registration
    Statement is not declared effective by the SEC on or prior to
    the 180th day after the Issue Date or, if obligated to file a
    Shelf Registration Statement pursuant to clause&nbsp;2(A) above,
    a Shelf Registration Statement is not declared effective by the
    SEC on or prior to the 180th day after the Issue Date;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;if the Exchange Offer is not consummated
    on or before the 40th day after the Exchange Offer Registration
    Statement is declared effective;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;if obligated to file the Shelf
    Registration Statement pursuant to clause&nbsp;2(B) above, the
    Company fails to file the Shelf Registration Statement with the
    SEC on or prior to the 30th day (the <I>&#147;Shelf Filing
    Date&#148;</I>) after the date on which the obligation to file a
    Shelf Registration Statement arises;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;if obligated to file a Shelf
    Registration Statement pursuant to clause&nbsp;2(B) above, the
    Shelf Registration Statement is not declared effective on or
    prior to the 90th day after the Shelf Filing Date;&nbsp;or
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">93
</FONT>

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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(6)&nbsp;after the Exchange Offer Registration
    Statement or the Shelf Registration Statement, as the case may
    be, is declared effective, such Registration Statement
    thereafter ceases to be effective or usable (subject to certain
    exceptions) in connection with resales of original notes or
    exchanges of original notes in accordance with and during the
    periods specified in the Registration Rights Agreement (each
    such event referred to in the preceding clauses&nbsp;(1) through
    (6), a <I>&#147;Registration Default&#148;</I>);
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">from and including the date on which any such
Registration Default shall occur to but excluding the date on
which all Registration Defaults have been cured.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The rate of the additional interest will be
0.25%&nbsp;per annum for the first 90-day period immediately
following the occurrence of a Registration Default, and such
rate will increase by an additional 0.50%&nbsp;per annum with
respect to each subsequent 90-day period until all Registration
Defaults have been cured, up to a maximum additional interest
rate of 2.0%&nbsp;per annum. We will pay such additional
interest on regular interest payment dates. Such additional
interest will be in addition to any other interest payable from
time to time with respect to the original notes and the exchange
notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All references in the indenture, in any context,
to any interest or other amount payable on or with respect to
the original notes shall be deemed to include any additional
interest pursuant to the Registration Rights Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If we effect the Registered Exchange Offer, we
will be entitled to close the Registered Exchange Offer
30&nbsp;days after the commencement thereof provided that we
have accepted all notes theretofore validly tendered in
accordance with the terms of the Registered Exchange Offer.
</FONT>

<P align="left">
<B><FONT size="2">Concerning the Trustee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Wells Fargo Bank, N.A. is the trustee under the
indenture. We have appointed Wells Fargo Bank, N.A. as Registrar
and Paying Agent with regard to the notes and as Depositary
Custodian with respect to the Global Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture contains certain limitations on the
rights of the trustee, should it become a creditor of the
Company, to obtain payment of claims in certain cases, or to
realize on certain property received in respect of any such
claim as security or otherwise. The trustee will be permitted to
engage in other transactions; <I>provided, however</I>, if it
acquires any conflicting interest it must either eliminate such
conflict within 90&nbsp;days, apply to the SEC for permission to
continue or resign.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The holders of a majority in principal amount of
the outstanding notes will have the right to direct the time,
method and place of conducting any proceeding for exercising any
remedy available to the trustee, subject to certain exceptions.
If an event of default has occurred and is continuing, the
trustee shall exercise such of the rights and powers vested in
it by this Agreement and the Security Documents, and use the
same degree of care and skill in its exercise, as a prudent
person would exercise or use under the circumstances in the
conduct of such persons own affairs. The trustee shall be under
no obligation to exercise any of its rights and powers under
this Agreement or any Security Document at the request or
direction of any Holders, unless such holder shall have offered
to the trustee security and/or indemnity satisfactory to it
against the cost, loss, liability or expense that might be
incurred by it in compliance with such request or direction.
</FONT>

<P align="left">
<B><FONT size="2">No Personal Liability of Directors, Officers,
Employees and Stockholders</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No past, present or future director, officer,
employee, incorporator or stockholder of the Company or any
guarantor, as such, shall have any liability for any obligations
of the Company or any guarantor under the notes, the note
Guarantees, this Agreement or for any claim based on, in respect
of, or by reason of, such obligations or their creation. Each
holder by accepting a note waives and releases all such
liability. The waiver and release are part of the consideration
for issuance of the notes and the Note&nbsp;Guarantees.
Notwithstanding the foregoing nothing in this provision shall be
construed as a waiver or release of any claims under the federal
securities laws.
</FONT>

<P align="center"><FONT size="2">94
</FONT>

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<P align="left">
<B><FONT size="2">Governing Law</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The indenture, the Security Documents and the
notes are governed by, and construed in accordance with, the
laws of the State of New&nbsp;York.
</FONT>

<P align="left">
<B><FONT size="2">Certain Definitions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Additional
Interest&#148;</FONT></I><FONT size="2"> has the meaning set
forth in the Registration Rights Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Affiliate&#148;</FONT></I><FONT size="2">
means, as applied to any person, any other person who, directly
or indirectly, controls, is controlled by, or is under common
control with, such person. For purposes of this definition,
&#147;control&#148; means the possession, directly or
indirectly, of the power to direct the management and policies
of a person, whether through the ownership of Stock, by
contract, or otherwise; provided, however, that, for purposes of
under the subheading &#147;&#151;&nbsp;Transactions with
Affiliates&#148; above: (a)&nbsp;any person which owns directly
or indirectly 10% or more of the securities having ordinary
voting power for the election of directors or other members of
the governing body of a person or 10% or more of the partnership
or other ownership interests of a person (other than as a
limited partner of such person) shall be deemed to control such
person, (b)&nbsp;each director (or comparable manager) of a
person shall be deemed to be an Affiliate of such person, and
(c)&nbsp;each partnership or joint venture in which a person is
a partner or joint venturer shall be deemed to be an Affiliate
of such person. SAC Holding is not be deemed an Affiliate of the
Borrowers for purposes of the indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Affiliate
Contracts&#148;</FONT></I><FONT size="2"> means any agreement to
which any Note Party is a party, on the one hand, and any
Affiliate of such Note Party is a party, on the other hand, as
such agreements are in place as of the Issue Date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;AREC&#148;</FONT></I><FONT size="2">
means Amerco Real Estate Company, a Nevada corporation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Availability&#148;</FONT></I><FONT size="2">
means, as of any date of determination, if such date is a
Business Day, and determined at the close of business on the
immediately preceding Business Day, if such date of
determination is not a Business Day, the amount that the
Borrowers are entitled to borrow as Advances (as defined in the
New Credit Agreement) under the terms of the New Credit
Agreement (after giving effect to all then outstanding
Obligations (as defined in the New Credit Agreement) (other than
Bank Product Obligations, as defined in the New Credit
Agreement) and all sublimits and reserves applicable under the
New Credit Agreement).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Bank
Lenders&#148;</FONT></I><FONT size="2"> means the
&#147;Lenders&#148; as defined in the New Credit Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Bank Lenders&#146;
Agent&#148;</FONT></I><FONT size="2"> means Wells Fargo
Foothill,&nbsp;Inc., a California corporation, solely in its
capacity as administrative agent and Bank Lenders&#146;
Collateral Agent under the New Credit Agreement, and any
successor thereto.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Bank Lenders&#146; Collateral
Agent&#148;</FONT></I><FONT size="2"> means the Bank
Lenders&#146; Agent, in its capacity as collateral agent for the
benefit of the Bank Lenders under the Intercreditor Agreement,
or any successor thereto.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Benefit
Plan&#148;</FONT></I><FONT size="2"> means a &#147;defined
benefit plan&#148; (as defined in Section&nbsp;3(35) of ERISA)
for which any Borrower or any Subsidiary or ERISA Affiliate of
any Note Party has been an &#147;employer&#148; (as defined in
Section&nbsp;3(5) of ERISA) within the past 6&nbsp;years.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Borrowers&#148;</FONT></I><FONT size="2">
means the &#147;Borrowers&#148; under the New Credit Agreement,
including as of the Issue Date the Company, Amerco Real Estate
Company, a Nevada corporation, Amerco Real Estate Company of
Alabama,&nbsp;Inc., an Alabama corporation, Amerco Real Estate
Company of Texas,&nbsp;Inc., a Texas corporation, Five PAC
Company, a Nevada corporation, Fourteen PAC Company, a Nevada
corporation, One PAC Company, a Nevada corporation, Seven PAC
Company, a Nevada corporation, Sixteen PAC Company, a Nevada
corporation, Ten PAC Company, a Nevada corporation, U-Haul Co.
of Alaska, an Alaska corporation, U-Haul Co. of Arizona, and
Arizona corporation, U-Haul Co. of Florida, a Florida
corporation, U-Haul of Hawaii,&nbsp;Inc., a Hawaii corporation,
U-Haul International, Inc., a Nevada corporation, and Yonkers
Property Corporation, a New&nbsp;York corporation. (Such
Borrowers are referred to hereinafter each individually as a
&#147;Borrower&#148;.)
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Capital
Expenditures&#148;</FONT></I><FONT size="2"> means, with respect
to any person for any period, gross expenditures that are
capital expenditures as determined in accordance with GAAP for
such period, whether such expenditures are
</FONT>

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</FONT>

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<DIV align="left">
<FONT size="2">paid in cash or financed; minus lease funding
received pursuant to operating and Capital Lease commitments for
such period; minus Net Dispositions for such period; provided,
however, Net Dispositions from the WP Carey Transaction received
after the Issue Date but prior to March&nbsp;31, 2004, shall be
deemed received during fiscal year 2005.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Capital
Lease&#148;</FONT></I><FONT size="2"> means a lease that is
required to be capitalized for financial reporting purposes in
accordance with GAAP.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Capitalized Lease
Obligation&#148;</FONT></I><FONT size="2"> means that portion of
the obligations under a Capital Lease that is required to be
capitalized in accordance with GAAP.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Cash
Equivalents&#148;</FONT></I><FONT size="2"> means
(a)&nbsp;marketable direct obligations issued or unconditionally
guaranteed by the United States or issued by any agency thereof
and backed by the full faith and credit of the United States, in
each case maturing within 1&nbsp;year from the date of
acquisition thereof, (b)&nbsp;marketable direct obligations
issued by any state of the United States or any political
subdivision of any such state or any public instrumentality
thereof maturing within 1&nbsp;year from the date of acquisition
thereof and, at the time of acquisition, having one of the two
highest ratings obtainable from either Standard&nbsp;&#38;
Poor&#146;s Rating Group <I>(&#147;S&#38;P&#148;</I>) or
Moody&#146;s Investors Service,&nbsp;Inc.
<I>(&#147;Moody&#146;s&#148;</I>), (c)&nbsp;commercial paper
maturing no more than 270&nbsp;days from the date of creation
thereof and, at the time of acquisition, having a rating of at
least A-1 from S&#38;P or at least P-1 from Moody&#146;s,
(d)&nbsp;certificates of deposit or bankers&#146; acceptances
maturing within 1&nbsp;year from the date of acquisition thereof
issued by any bank organized under the laws of the United States
or any state thereof having at the date of acquisition thereof
combined capital and surplus of not less than $250&nbsp;million,
(e)&nbsp;demand Deposit Accounts maintained with any bank
organized under the laws of the United States or any state
thereof so long as the amount maintained with any individual
bank is less than or equal to $100,000 and is insured by the
Federal Deposit Insurance Corporation, and (f)&nbsp;Investments
in money market funds substantially all of whose assets are
invested in the types of assets described in clauses&nbsp;(a)
through (e)&nbsp;above.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Certificate(s) of
Title&#148;</FONT></I><FONT size="2"> means a certificate
evidencing the title to a Vehicle.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Change of
Control&#148;</FONT></I><FONT size="2"> means (a)&nbsp;any
&#147;person&#148; or &#147;group&#148; (within the meaning of
Sections&nbsp;13(d) and 14(d) of the Exchange Act), other than
Permitted Holders, becomes the beneficial owner (as defined in
Rules&nbsp;13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, of 30%, or more, of the Stock of the Company having
the right to vote for the election of members of the Board of
Directors, or (b)&nbsp;a majority of the members of the Board of
Directors do not constitute Continuing Directors, or
(c)&nbsp;any Borrower ceases to own, directly or indirectly, and
control 100% of the outstanding capital Stock of any of its
Subsidiaries as of the Issue Date unless the disposition,
liquidation or merger of such Subsidiary was permitted pursuant
to the terms of the indenture as described under the subheading
&#147;&#151;&nbsp;Merger and Consolidation&#148; above,
or&nbsp;(d) (i)&nbsp;all or substantially all of the assets of
the Company and its Restricted Subsidiaries (as defined in the
New AMERCO Note&nbsp;Indenture) are sold or otherwise
transferred to any person other than a Wholly-Owned Restricted
Subsidiary (as defined in the New AMERCO Note&nbsp;Indenture)
that is a Note Party or (ii)&nbsp;the Company consolidates or
merges with or into another person or any person consolidates or
merges with or into the Company, in either case under this
clause&nbsp;(d), in one transaction or a series of related
transactions in which immediately after the consummation thereof
persons owning voting stock representing in the aggregate a
majority of the total voting power of the voting stock of the
Company immediately prior to such consummation do not own voting
stock representing a majority of the total voting power of the
voting stock of the Company or the surviving or transferee
person; or (e)&nbsp;the Company shall adopt a plan of
liquidation or plan of dissolution or any such plan shall be
approved by the stockholders of the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Chattel
Paper&#148;</FONT></I><FONT size="2"> means any person&#146;s
now owned or hereafter acquired right, title and interest in
respect of &#147;chattel paper&#148; as such term is defined in
the New York Uniform Commercial Code, including, without
limitation, any tangible or electronic chattel paper.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Class&nbsp;B Purchase
Agreement&#148;</FONT></I><FONT size="2"> means the Note
Purchase Agreement, dated as of March&nbsp;1, 2004, by and among
the Company, the guarantors and the purchasers of the
Class&nbsp;B Notes, as such agreement may be amended, modified
or supplemented from time to time.
</FONT>

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</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Collateral&#148;</FONT></I><FONT size="2">
means all of each Note Party&#146;s now owned or hereafter
acquired right, title, and interest in and to each of the
following:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;accounts,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;books,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;Chattel Paper,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;Commercial Tort Claims,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;Deposit Accounts,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)&nbsp;Equipment,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(g)&nbsp;General Intangibles,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(h)&nbsp;Inventory,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;Investment Property,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(j)&nbsp;Negotiable Collateral,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(k)&nbsp;Real Property Collateral,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(l)&nbsp;Supporting Obligations,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(m)&nbsp;money, cash, Cash Equivalents, or other
    assets of each such Note Party that now or hereafter come into
    the possession, custody, or control of any Bank Lender, the Bank
    Lenders&#146; Agent, the trustee or any holder and are held for
    the benefit of the holders,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(n)&nbsp;the proceeds and products, whether
    tangible or intangible, of any of the foregoing, including
    proceeds of insurance covering any or all of the foregoing, and
    any and all accounts, books, Chattel Paper, Deposit Accounts,
    Equipment, General Intangibles,&nbsp;Inventory,&nbsp;Investment
    Property, Negotiable Collateral, Real Property, Supporting
    Obligations, money, deposit accounts, or other tangible or
    intangible property resulting from the sale, exchange,
    collection, or other disposition of any of the foregoing, or any
    portion thereof or interest therein, and the proceeds
    thereof,&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(o)&nbsp;to the extent not included in the
    foregoing, all other personal property of the Note Parties of
    any kind or description (including, without limitation, with
    respect to either Canadian Guarantor (as defined in the
    indenture), all &#147;personal property&#148; (as defined in the
    PPSA) of such party and all &#147;proceeds&#148; (as defined in
    the PPSA) thereof);
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">provided, however, that the Excluded Assets shall
not be included in the Collateral.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Collateral Access
Agreement&#148;</FONT></I><FONT size="2"> means a landlord
waiver, bailee waiver, mortgagee waiver, or acknowledgement of
any lessor, warehouseman, processor, mortgagee, assignee, or
other Person in possession of, having a Lien upon, or having
rights or interests in the Equipment or Inventory, in each case
in the same form and substance as delivered to the Bank
Lenders&#146; Agent under the New Credit Agreement, with such
modifications as are necessary to reflect that the
Trustee&#146;s Liens in the Collateral are security interests,
second in priority only to the first priority security interests
granted to Bank Lenders&#146; Agent pursuant to the New Credit
Agreement and the other Loan Documents (as defined in the New
Credit Agreement).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Commercial Tort
Claims&#148;</FONT></I><FONT size="2"> means any person&#146;s
now owned or hereafter acquired right, title and interest with
respect to any &#147;commercial tort claim&#148; as such term is
defined in the New&nbsp;York Uniform Commercial Code, including,
without limitation, the PWC Litigation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Confirmation
Order&#148;</FONT></I><FONT size="2"> means the order entered in
the Chapter&nbsp;11 Case on February&nbsp;20, 2004, confirming
the Reorganization Plan.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Consolidated Cash Interest
Expense&#148;</FONT></I><FONT size="2"> means, for any period,
the Consolidated Interest Expense of the Company paid in cash
for such period (including, without limitation, the Unused Line
Fees (as defined in the New Credit Agreement), the interest
component of any deferred payment obligations, the interest
component
</FONT>

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<DIV align="left">
<FONT size="2">of all payments associated with Capitalized Lease
Obligations, commissions, discounts and other fees and charges
incurred in respect of a Letter of Credit (as defined in the New
Credit Agreement) or bankers&#146; acceptance financing and net
payments pursuant to Hedge Agreements), provided that
Consolidated Cash Interest Expense shall exclude interest
expense accrued or capitalized during such period.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Consolidated
Charges&#148;</FONT></I><FONT size="2"> means, for any period,
any extraordinary and/or non-recurring Consolidated charges of
the Company, representing restructuring charges, payments to
restructuring financial advisors and legal counsel, non-cash
impairment of asset charges and other non-cash write-offs that
were deducted in arriving at Consolidated Net Income; provided,
however, (a)&nbsp;the aggregate amount of Consolidated Charges
calculated for the 3-month period ending March&nbsp;31, 2004
shall not exceed $75&nbsp;million, (b)&nbsp;the aggregate amount
of Consolidated Charges calculated for the 3-month period ending
June&nbsp;30, 2004 shall not exceed $3.8&nbsp;million,
(c)&nbsp;the aggregate amount of Consolidated Charges calculated
for the 6-month period ending September&nbsp;30, 2004 shall not
exceed $7.5&nbsp;million, (d)&nbsp;the aggregate amount of
Consolidated Charges calculated for the 9-month period ending
December&nbsp;31, 2004 shall not exceed $11.3&nbsp;million, and
(e)&nbsp;the aggregate amount of Consolidated Charges calculated
for the 12-month period ending March&nbsp;31, 2005 and as of the
end of each fiscal quarter thereafter shall not exceed
$15&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Consolidated
EBITDA&#148;</FONT></I><FONT size="2"> means, for any period,
the sum, without duplication, of (i)&nbsp;Consolidated Net
Income for such period; <I>plus </I>(ii)&nbsp;Consolidated
Interest Expense for such period; <I>plus
</I>(iii)&nbsp;provision for Consolidated taxes of the Company
based on income or profits for such period (to the extent such
income or profits were included in computing the Consolidated
Net Income for such period); <I>plus </I>(iv)&nbsp;Consolidated
depreciation, amortization and other non-cash expense of the
Company; <I>plus </I>(v)&nbsp;Consolidated Charges in each case
that were deducted in determining the Consolidated Net Income
for such period; <I>minus </I>(vi)&nbsp;pre-tax net income of
the Insurance Subsidiaries; <I>plus </I>(vii)&nbsp;losses of the
Insurance Subsidiaries; <I>minus </I>(viii)&nbsp;gains from
sales of any Real Property; <I>plus </I>(ix)&nbsp;losses from
sales of any Real Property <I>minus </I>(x)&nbsp;to the extent
the Synthetic Leases (including any refinancings, in whole or in
part thereof), or any of them, are treated as Capital Leases in
accordance with the requirements of GAAP, the amounts of
principal and interest due and paid under such Synthetic Leases
for such period, as such principal amounts are set forth on
Schedule&nbsp;7.8(a) of the New Credit Agreement as of the Issue
Date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Consolidated Interest
Expense&#148;</FONT></I><FONT size="2"> means, for any period,
the Consolidated interest expense of the Company for such
period, whether paid, accrued or capitalized (including, without
limitation, amortization of original issue discount, non-cash
interest payments, the Unused Line Fees (as defined in the New
Credit Agreement), the interest component of any deferred
payment obligations, the interest component of all payments
associated with Capitalized Lease Obligations, commissions,
discounts and other fees and charges incurred in respect of a
Letter of Credit (as defined in the New Credit Agreement) or
bankers&#146; acceptance financing and net payments pursuant to
Hedge Agreements).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Consolidated Net
Income&#148;</FONT></I><FONT size="2"> means, for any period,
the net income of the Company for such period, determined in
accordance with GAAP, provided that such net income is
calculated pursuant to the income statement presentation set
forth in the definition of &#147;Consolidated&#148;.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Control
Agreement&#148;</FONT></I><FONT size="2"> means a control
agreement executed and delivered by the Company or one of its
Subsidiaries, the trustee, and the applicable securities
intermediary with respect to a Securities Account or a bank with
respect to a Deposit Account, in the same form and substance
delivered to the Bank Lenders&#146; Agent under the New Credit
Agreement, with such modifications as are necessary to reflect
that the Trustee&#146;s Liens in the Collateral subject thereto
are security interests, second in priority only to the first
priority security interests granted to Bank Lenders&#146; Agent
pursuant to the New Credit Agreement and the other
Loan&nbsp;Documents (as defined in the New Credit Agreement).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Default&#148;</FONT></I><FONT size="2">
means any event, condition, or default that, with the giving of
notice, the passage of time or both, would be an Event of
Default.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Definitive
Note&#148;</FONT></I><FONT size="2"> means a certificated note
registered in the name of the holder thereof and issued in
accordance with the indenture.
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Deposit
Accounts&#148;</FONT></I><FONT size="2"> means any person&#146;s
now owned or hereafter acquired right, title and interest with
respect to any &#147;deposit account&#148; as such term is
defined in the New&nbsp;York Uniform Commercial Code, including,
without limitation, any checking or other demand deposit account
maintained by any Borrower.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Dormant
Subsidiaries&#148;</FONT></I><FONT size="2"> means,
collectively, EJOS,&nbsp;Inc., an Arizona corporation,
Japal,&nbsp;Inc., a Nevada corporation, M.V.S.,&nbsp;Inc., a
Nevada corporation, Pafran,&nbsp;Inc., a Nevada corporation,
Sophmar,&nbsp;Inc., a Nevada corporation, and Picacho Peak
Investments Co, a Nevada corporation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;ECF Carry Forward
Amount&#148;</FONT></I><FONT size="2"> means, at any time of
determination, (a)(i)&nbsp;as of the Issue Date through
September&nbsp;30, 2004, $3.335&nbsp;million, (ii)&nbsp;as of
October&nbsp;1, 2004 through March&nbsp;30, 2005, 50% of
Borrowers&#146; Excess Cash Flow (whether positive or negative)
for the period commencing on April&nbsp;1, 2004 and ending on
September&nbsp;30, 2004, based on unaudited financial statements
provided to the trustee pursuant to the terms of the indenture,
or (iii)&nbsp;as of March&nbsp;31, 2005 and at all times
thereafter, 50% of Borrowers&#146; Excess Cash Flow for the
fiscal year ending March&nbsp;31, 2005 (whether positive or
negative), based on the audited financial statements provided to
the trustee pursuant to the terms of the indenture, <I>plus</I>
Borrowers&#146; Excess Cash Flow for each fiscal year thereafter
(to the extent positive) for which audited financial statements
have been provided to the trustee pursuant to the terms of the
indenture, <I>minus </I>(b)&nbsp;the sum of (i)&nbsp;the
aggregate amount of dividends paid in arrears on account of the
preferred stock of the Company on or after January&nbsp;1, 2004
made from Borrowers&#146; Excess Cash Flow pursuant to the terms
of the indenture as described under clause&nbsp;(c) under the
subheading &#147;&#151;&nbsp;Distributions&#148; above, and
(ii)&nbsp;the aggregate amount of prepayments of the principal
amount of the Indebtedness under the New AMERCO Notes and the
notes made from Borrowers&#146; Excess Cash Flow after the Issue
Date pursuant to the terms of the indenture as described under
clause&nbsp;(a)(vi)(2) under the subheading
&#147;&#151;&nbsp;Prepayments and Amendments&#148; above, and
(iii)&nbsp;the aggregate amount of prepayments of the principal
amount of the Indebtedness under the Synthetic Leases made from
Borrower&#146;s Excess Cash Flow after the Issue Date pursuant
to the terms of the indenture as described under
clause&nbsp;(a)(vii)(3) under the subheading
&#147;&#151;&nbsp;Prepayments and Amendments&#148; above, in
each case on a cumulative basis.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Equipment&#148;</FONT></I><FONT size="2">
means any Person&#146;s now owned or hereafter acquired right,
title, and interest with respect to equipment, machinery,
machine tools, motors, furniture, furnishings, fixtures,
Vehicles, tools, parts, goods (other than consumer goods, farm
products, or Inventory), wherever located, including all
attachments, accessories, accessions, replacements,
substitutions, additions, and improvements to any of the
foregoing.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;ERISA
Affiliate&#148;</FONT></I><FONT size="2"> means (a)&nbsp;any
Person subject to ERISA whose employees are treated as employed
by the same employer as the employees of a Borrower or a
Subsidiary of a Borrower under IRC Section&nbsp;414(b),
(b)&nbsp;any trade or business subject to ERISA whose employees
are treated as employed by the same employer as the employees of
a Borrower or a Subsidiary of Borrower under IRC
Section&nbsp;414(c), (c)&nbsp;solely for purposes of
Section&nbsp;302 of ERISA and Section&nbsp;412 of the IRC, any
organization subject to ERISA that is a member of an affiliated
service group of which a Borrower or a Subsidiary of Borrower is
a member under IRC Section&nbsp;414(m), or (d)&nbsp;solely for
purposes of Section&nbsp;302 of ERISA and Section&nbsp;412 of
the IRC, any Person subject to ERISA that is a party to an
arrangement with a Borrower or a Subsidiary of a Borrower and
whose employees are aggregated with the employees of a Borrower
or a Subsidiary of a Borrower under IRC Section&nbsp;414(o).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Excess Availability
Test&#148;</FONT></I><FONT size="2"> means, at the time of
payment of any Indebtedness under the New AMERCO Notes or notes
pursuant to the terms of the indenture as described under
clause&nbsp;(a)(vi)(B) under subheading
&#147;&#151;&nbsp;Prepayments and Amendments&#148; above or at
the time of declaration or payment of any dividend or dividend
in arrears pursuant to the terms of the indenture as described
under clause&nbsp;(b) or clause&nbsp;(c) under the subheading
&#147;&#151;&nbsp;Prepayments and Amendments&#148; above,
respectively, (a)&nbsp;Borrowers&#146; Excess Availability
<I>plus</I> Qualified Cash (as reported to the Bank
Lenders&#146; Agent by Borrowers pursuant to the terms of the
New Credit Agreement), exceeds (i)&nbsp;$35&nbsp;million <I>plus
</I>(ii) the amount of such dividend or debt payment as of the
date of such payment and as of the month end for each of the
preceding consecutive 12 fiscal months immediately preceding
such payment date, and (b)&nbsp;after giving effect to such
payment, Borrowers&#146; Excess Availability <I>plus
</I>Qualified Cash, as reflected in the Projections (as defined
in the New Credit Agreement)
</FONT>

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<DIV align="left">
<FONT size="2">most recently delivered to the trustee pursuant
to the terms of the indenture, is projected to exceed
$35&nbsp;million for the month end of each of the 12&nbsp;fiscal
months immediately succeeding such payment date.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Excluded
Assets&#148;</FONT></I><FONT size="2"> means (a)&nbsp;the
Synthetic Leases and the Synthetic Lease Collateral,
(b)&nbsp;the Junior Notes and the interest accrued thereon and
proceeds received from the monetization of Junior Notes,
(c)&nbsp;all Real Property set forth on Schedule&nbsp;E-1 of the
New Credit Agreement under contract of sale as of the Issue Date
and proceeds received from any such sale, (d)&nbsp;all Real
Property subject to a first priority Lien of Oxford as of the
Issue Date, as set forth on Schedule&nbsp;E-1 of the New Credit
Agreement, (e)&nbsp;all Real Property designated as
&#147;Surplus Real Property&#148; as of the Issue Date, as set
forth on Schedule&nbsp;E-1 of the New Credit Agreement and any
proceeds received from any sale of such Real Property,
(f)&nbsp;the Company&#146;s Stock of the Insurance Subsidiaries
and the proceeds received from the monetization of such Stock,
(g)&nbsp;proceeds in excess of $50&nbsp;million from any
settlement, judgment or other recovery from the PWC Litigation,
(h)&nbsp;Vehicles (including any tow dolly or auto transport)
that, as of the Issue Date are or thereafter become, and remain
subject to, a TRAC Lease Transaction, and proceeds from the sale
of such Vehicles to the extent no Note Party has any rights to
or interest in such proceeds, except to the extent such Vehicles
become subject to the Trustee&#146;s Liens pursuant to the terms
of the indenture as described under the subheading
&#147;&#151;&nbsp;Disposal of Assets&#148; above,
(i)&nbsp;Vehicles (including any tow dolly or auto transport)
that become and remain subject to the PMCC Leveraged Lease and
proceeds from the sale of such Vehicles to the extent no Note
Party has any rights to or interest in such proceeds, and
(j)&nbsp;the cash collateral accounts set forth on
Schedule&nbsp;2.7(e) to the New Credit Agreement. With respect
to the Excluded Assets set forth in clause&nbsp;(g) above, it is
hereby acknowledged and agreed that attorneys&#146; fees and
costs, court costs, expert witness fees and expenses and other
similar costs and expenses paid or payable by the Company with
respect to the PWC Litigation or any current or future taxes
paid or payable by the Company with respect to settlement
payments or damage awards (after taking into account any
available tax credits or deductions and any tax sharing
arrangements) with respect to the PWC Litigation shall not be
deducted from or otherwise offset against the Trustee&#146;s
Collateral.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;General
Intangibles&#148;</FONT></I><FONT size="2"> means any
Person&#146;s now owned or hereafter acquired right, title, and
interest with respect to general intangibles (as that term is
defined in the New York Uniform Commercial Code), including
payment intangibles, contract rights, rights to payment, rights
arising under common law, statutes, or regulations, choses or
things in action, goodwill, patents, trade names, trademarks,
servicemarks, copyrights, blueprints, drawings, purchase orders,
customer lists, monies due or recoverable from pension funds,
route lists, rights to payment and other rights under any
royalty or licensing agreements, infringement claims, computer
programs, information contained on computer disks or tapes,
software, literature, reports, catalogs, pension plan refunds,
pension plan refund claims, insurance premium rebates, tax
refunds, and tax refund claims, and any and all Supporting
Obligations in respect thereof, and any other personal property
other than goods, money, Accounts, Chattel Paper, Commercial
Tort Claims, Deposit Accounts,&nbsp;Investment Property, and
Negotiable Collateral.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Global
Notes&#148;</FONT></I><FONT size="2"> means, individually and
collectively, each of the Class&nbsp;A Global Notes and
Class&nbsp;B Global Notes issued in accordance with the
indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Guarantor Security
Agreement&#148;</FONT></I><FONT size="2"> means, collectively,
one or more security agreements, hypothecations or other similar
agreements executed and delivered by guarantors and the trustee,
in the same form and substance as such security agreements,
hypothecations or similar agreements delivered by the guarantors
to the Bank Lenders&#146; Agent under the New Credit Agreement,
with such modifications as are necessary to reflect the fact
that the Trustee&#146;s Liens in the Collateral subject thereto
are security interests, second in priority only to the first
priority security interests granted to Bank Lenders&#146; Agent
pursuant to the New Credit Agreement and the other Loan
Documents (as defined in the New Credit Agreement).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Guaranty
Agreement&#148;</FONT></I><FONT size="2"> means the guaranty
executed and delivered by guarantors and the trustee, in the
same form and substance delivered by the guarantors to the Bank
Lenders&#146; Agent under the New Credit Agreement, with such
modifications as are necessary to reflect that the
trustee&#146;s security interests are second in priority only to
the first priority security interests granted to Bank
Lenders&#146; Agent pursuant to the New Credit Agreement and the
other Loan&nbsp;Documents (as defined in the New Credit
Agreement).
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Indebtedness&#148;</FONT></I><FONT size="2">
means (a)&nbsp;all obligations for borrowed money, (b)&nbsp;all
obligations evidenced by bonds, debentures, notes, or other
similar instruments and all reimbursement or other obligations
in respect of letters of credit, bankers acceptances, interest
rate swaps, or other financial products, (c)&nbsp;all
obligations as a lessee under Capital Leases, (d)&nbsp;all
obligations or liabilities of others secured by a Lien on any
asset of a Person or its Subsidiaries, irrespective of whether
such obligation or liability is assumed, (e)&nbsp;all
obligations to pay the deferred purchase price of assets (other
than trade payables incurred in the ordinary course of business
and repayable in accordance with customary trade practices), and
(f)&nbsp;any obligation guaranteeing or intended to guarantee
(whether directly or indirectly guaranteed, endorsed, co-made,
discounted, or sold with recourse) any obligation of any other
Person that constitutes Indebtedness under any of
clauses&nbsp;(a) through (e)&nbsp;above.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Insurance
Subsidiaries&#148;</FONT></I><FONT size="2"> means,
collectively, Oxford and RepWest.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Intercreditor
Agreement&#148;</FONT></I><FONT size="2"> means that certain
Intercreditor Agreement, as of even date herewith, between the
trustee and the Bank Lenders&#146; Collateral Agent, as amended,
modified, supplemented, extended or restated from time to time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Inventory&#148;</FONT></I><FONT size="2">
means any Person&#146;s now owned or hereafter acquired right,
title, and interest with respect to inventory, including goods
held for sale or lease or to be furnished under a contract of
service, goods that are leased by such Person as lessor, goods
that are furnished by such Person under a contract of service,
and raw materials, work in process, or materials used or
consumed in such Person&#146;s business, including, without
limitation, supplies and embedded software.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Investment
Property&#148;</FONT></I><FONT size="2"> means any Person&#146;s
now owned or hereafter acquired right, title, and interest with
respect to &#147;investment property&#148; as that term is
defined in the New&nbsp;York Uniform Commercial Code, and any
and all Supporting Obligations in respect thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;INW&#148;</FONT></I><FONT size="2">
means INW Company, a Washington corporation
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Issue
Date&#148;</FONT></I><FONT size="2"> means the date on which the
Notes are originally issued. For the avoidance of doubt, such
date is March&nbsp;15, 2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Lien&#148;</FONT></I><FONT size="2">
means any interest in an asset securing an obligation owed to,
or a claim by, any Person other than the owner of the asset,
irrespective of whether (a)&nbsp;such interest shall be based on
the common law, statute, or contract, (b)&nbsp;such interest
shall be recorded or perfected, and (c)&nbsp;such interest shall
be contingent upon the occurrence of some future event or events
or the existence of some future circumstance or circumstances.
Without limiting the generality of the foregoing, the term
&#147;Lien&#148; includes the lien, security interest or
hypothec arising from a mortgage, deed of trust, encumbrance,
pledge, hypothecation, assignment, deposit arrangement, security
agreement, conditional sale or trust receipt, or from a lease,
consignment, or bailment for security purposes and also
including reservations, exceptions, encroachments, easements,
rights-of-way, covenants, conditions, restrictions, leases, and
other title exceptions and encumbrances affecting Real Property.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Material Adverse
Change&#148;</FONT></I><FONT size="2"> means (a)&nbsp;a material
adverse change in the business, prospects, operations, results
of operations, assets, liabilities or condition (financial or
otherwise) of the Borrowers and their Subsidiaries (other than
the Insurance Subsidiaries) taken as a whole, (b)&nbsp;a
material impairment of the ability of a Note Party to perform
its obligations under the Note&nbsp;Documents to which it is a
party or of the ability of the trustee or the holders to enforce
the obligations arising under the indenture or realize upon the
Collateral, or (c)&nbsp;a material impairment of the
enforceability or priority of the Trustee&#146;s Liens with
respect to the Collateral as a result of an action or failure to
act on the part of a Borrower or a Subsidiary of a Borrower
(other than the Insurance Subsidiaries). For the avoidance of
doubt, changes affecting SAC Holding shall not constitute a
<I>&#147;Material Adverse Change&#148;.</I>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Negotiable
Collateral&#148;</FONT></I><FONT size="2"> means any
Person&#146;s now owned and hereafter acquired right, title, and
interest with respect to letters of credit, letter of credit
rights, instruments, promissory notes, drafts, and documents,
and any and all Supporting Obligations in respect thereof.
</FONT>

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</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;New AMERCO
Note&nbsp;Accounts&#148;</FONT></I><FONT size="2"> means,
collectively, the Restated SAC Notes&nbsp;Escrow Account, the
3.08(b)&nbsp;Account and any other Deposit Account that holds or
otherwise constitutes the collateral securing the obligations
under the New AMERCO Note&nbsp;Documents.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;New AMERCO
Note&nbsp;Documents&#148;</FONT></I><FONT size="2"> means,
collectively, the New AMERCO Note&nbsp;Indenture, the New AMERCO
Notes and such other documents executed by the Company in
connection therewith.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;New AMERCO
Note&nbsp;Indenture&#148;</FONT></I><FONT size="2"> means the
Indenture with respect to the issuance of New AMERCO Notes,
dated as of March&nbsp;15, 2004, among the Company, the
guarantors listed on the signature pages thereto, and The Bank
of New&nbsp;York, as trustee, governing the New AMERCO Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;New AMERCO
Note&nbsp;Lenders&#148;</FONT></I><FONT size="2"> means those
Persons that are &#147;Holders&#148; under the New AMERCO
Note&nbsp;Indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;New AMERCO
Notes&#148;</FONT></I><FONT size="2"> means the 12%&nbsp;Senior
Secured Subordinated Notes&nbsp;Due 2001 in the principal amount
of $148,646,137 issued pursuant to the New AMERCO
Note&nbsp;Indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;New Credit
Agreement&#148;</FONT></I><FONT size="2"> means the Loan and
Security Agreement dated as of March&nbsp;1, 2004 by and among
Wells Fargo Foothill,&nbsp;Inc., as lead arranger,
administrative agent, and collateral agent, the Bank Lenders and
the Borrowers, as may be subsequently amended, restated,
refinanced, refunded, extended or replaced from time to time
whether by the same or any other agent, lender or group of
lenders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Note&nbsp;Documents&#148;</FONT></I><FONT size="2">
means the indenture, the notes, the Cash Management Agreements
(as defined in the New Credit Agreement), the Collateral Access
Agreements, the Confirmation Order, the Control Agreements, the
Copyright Security Agreement, the Guarantor Security Agreement,
the Guaranty Agreement, the Note&nbsp;Guarantees, the
Environmental Indemnity Agreements, the Mortgages, the Patent
and Trademark Security Agreement, the Quebec Security Documents,
the Agency Letter, the Stock Pledge Agreement, any other
Security Document and any other agreement entered into, now or
in the future, by any Note Party and accepted by the trustee or
any Holder in connection with the indenture or any other
Security Document.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Note&nbsp;Guarantee&#148;</FONT></I><FONT size="2">
means, collectively, the guarantee by each guarantor of the
Company&#146;s obligations under the indenture, the Notes and
the other Note&nbsp;Documents in favor of the trustee, for the
benefit of the Holders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Note
Party&#148;</FONT></I><FONT size="2"> means the Company or any
guarantor, and <I>&#147;Note Parties&#148;</I> means the Company
and all guarantors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Permitted
Discretion&#148;</FONT></I><FONT size="2"> means a determination
made in good faith and in the exercise of reasonable (from the
perspective of a secured asset-based lender) business judgment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Permitted
Dispositions&#148;</FONT></I><FONT size="2"> means
(a)&nbsp;sales or other dispositions by the Borrowers or their
Subsidiaries of Equipment that is substantially worn, damaged,
or obsolete in the ordinary course of business, as determined by
the Borrowers or their Subsidiaries, as the case may be,
(b)&nbsp;the use or transfer of money or Cash Equivalents by
Borrowers or their Subsidiaries in a manner that is not
prohibited by the terms of the indenture or the other
Note&nbsp;Documents, (c)&nbsp;the licensing by Borrowers or
their Subsidiaries, on a non-exclusive basis, of patents,
trademarks, copyrights, and other intellectual property rights
in the ordinary course of business, (d)&nbsp;conveyances,
assignments, leases, transfers, sales or dispositions of any
Excluded Asset, (e)&nbsp;leases and licenses of self-storage
units to customers in the ordinary course of business,
(f)&nbsp;the granting of billboard and cell tower leases on any
Real Property, (g)&nbsp;the granting of space leases in the
ordinary course of business that do not constitute Major Space
Leases, unless otherwise consented to by the Bank Lenders&#146;
Agent, (h)&nbsp;dispositions of Real Property or any part
thereof required in connection with condemnations or takings, or
dispositions in lieu thereof, where the compensation paid on
account thereof is immediately remitted to the Bank
Lenders&#146; Agent, (i)&nbsp;so long as no event of default has
occurred and is continuing, dispositions of box-trucks, cargo
vans and pickup trucks in the ordinary course of the
Company&#146;s and U-Haul&#146;s fleet rotation program, so long
as the aggregate net book value of box-trucks, cargo vans and
pickup trucks subject to Trustee&#146;s Liens does not decrease
by more than (i)&nbsp;$40&nbsp;million in any of (A)&nbsp;the
first fiscal quarter after the Issue Date (to be tested as of
the end of such period), (B)&nbsp;the first two fiscal quarters
after the Issue Date (to be tested as of the end of such
period), (C)&nbsp;the first three fiscal quarters after the
Issue Date (to be tested as
</FONT>

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<DIV align="left">
<FONT size="2">of the end of such period), or (D)&nbsp;each
12-month period thereafter (to be tested as of the end of each
fiscal quarter), or (ii)&nbsp;$160&nbsp;million in the aggregate
after the Issue Date, (j)&nbsp;the granting of Permitted
Easements, (k)&nbsp;so long as no event of default has occurred
and is then continuing, the sale in the ordinary course of
business of Vehicles acquired within the previous 130&nbsp;days
in connection with a TRAC Lease Transaction to the extent the
obligations thereunder are permitted by the indenture,
(l)&nbsp;the sale, disposition or replacement of Vehicles
exchanged in connection with the PMCC Like Kind Exchange Lease,
(m)&nbsp;sales or other dispositions set forth in the
Reorganization Plan and approved in the Confirmation Order,
(n)&nbsp;the sale of that certain portion of the parcel of Real
Property Collateral located at 471 South Road, Poughkeepsie,
New&nbsp;York that is subject to the lease purchase option
exercised prior to the Issue Date, (o)&nbsp;so long as no Event
of Default shall be caused thereby, other dispositions of Real
Property Collateral with a Fair Market Valuation in an aggregate
amount not to exceed either (i)&nbsp;$10&nbsp;million during any
fiscal year or (ii)&nbsp;$35&nbsp;million in total after the
Issue Date; provided, however, the sale or other disposition of
any parcel of Real Property Collateral (x)&nbsp;shall result in
a Note Party receiving proceeds in an amount of not less than
80% of the Fair Market Valuation of such Real Property
Collateral, and (y)&nbsp;with an appraised Fair Market Valuation
exceeding $7&nbsp;million shall not constitute a Permitted
Disposition, and (p)&nbsp;leases and licenses of any portion of
the Real Property subject to the Synthetic Leases to tenants in
the ordinary course of business.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Permitted
Investments&#148;</FONT></I><FONT size="2"> means
(a)&nbsp;Investments in cash and Cash Equivalents,
(b)&nbsp;Investments in negotiable instruments for collection,
(c)&nbsp;advances made in connection with purchases of goods or
services in the ordinary course of business,
(d)&nbsp;Investments by any Note Party in any other Note Party;
provided, to the extent such Investment is in the form of
Indebtedness, such Indebtedness shall be unsecured and
contractually subordinated to the Obligations and, upon any such
relevant Note Party ceasing to be a wholly-owned Subsidiary of
the Company or such Indebtedness being owed to any Person other
than a Note Party, such Note Party shall be deemed to have
incurred Indebtedness not permitted by this clause&nbsp;(d),
(e)&nbsp;Investments by U-Haul and Nationwide Commercial Co.
evidenced by the Junior Notes not to exceed the principal amount
outstanding thereunder as of the Issue Date (except for
increases in principal resulting solely from the accrual of
interest thereon), (f)&nbsp;payments by U-Haul and its
Subsidiaries of expenses on behalf of SAC Holdings pursuant to
the Management Agreements provided that all such expenses are
promptly reimbursed by the appropriate other parties to the
Management Agreements, (g)&nbsp;Investments in PMSR, PM
Preferred or any of its or their Affiliates owned by the Company
or any of its Subsidiaries or SAC Holding solely to the extent
required pursuant to the Company&#146;s obligations under the
Support Party Agreements, so long as (i)&nbsp;on the date of
such Investment, Borrowers&#146; Excess Availability plus
Qualified Cash (as reported by Borrowers pursuant to the terms
of the New Credit Agreement) exceeds (A)&nbsp;$35&nbsp;million
<I>plus </I>(B)&nbsp;the amount of such Investment, as of the
date of such payment and as of the end of the month for each of
the preceding consecutive 12 fiscal months immediately preceding
such payment date, (ii)&nbsp;after giving effect to such
Investment, Borrowers&#146; Excess Availability plus Qualified
Cash, as reflected in the Projections (as defined in the New
Credit Agreement) most recently delivered to trustee pursuant to
the terms of the indenture, is projected to exceed
$35&nbsp;million as of the month end for each of the
12&nbsp;fiscal months immediately succeeding the date of such
Investment for each of the 12&nbsp;fiscal months, and
(iii)&nbsp;no event of default has occurred and is continuing or
would result therefrom, (h)&nbsp;guarantees by the Company of
the obligations of its Subsidiaries that are Note Parties to the
extent such obligations are otherwise permitted hereunder and
are consistent with past practices, (i)&nbsp;payments by U-Haul
and its Subsidiaries in the ordinary course of business and
consistent with past practices of certain ordinary course
operating expenses on behalf of any U-Haul Dealer pursuant to a
Dealership Contract, provided that the applicable U-Haul Dealer
reimburses U-Haul and its Subsidiaries for all such expenses in
accordance with the provisions of the Dealership Contract,
(j)&nbsp;Hedge Agreements, as permitted hereunder,
(k)&nbsp;other Investments in an aggregate amount not to exceed
$5&nbsp;million per year, and (l)&nbsp;Investments pursuant to
that certain promissory note dated February&nbsp;12, 1997 from
PMSR in favor of U-Haul in the original principal amount of
$10&nbsp;million, with such Indebtedness of PMSR thereunder
assumed by PMSI Investors, LLC on or about November&nbsp;30,
1999.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Permitted
Liens&#148;</FONT></I><FONT size="2"> means (a)&nbsp;Liens held
by the trustee for the benefit of the holders, (b)&nbsp;Liens
for unpaid taxes that (i)&nbsp;are not yet delinquent, or
(ii)&nbsp;are the subject of a Permitted Protest, (c)&nbsp;Liens
set forth on Schedule P-1 to the New Credit Agreement, (d)
(i)&nbsp;Liens on the Synthetic Lease Collateral arising under
the Synthetic Leases and the interests of lessors under
operating leases, and (ii)&nbsp;the interests of the lessor and
</FONT>

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</FONT>

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<DIV align="left">
<FONT size="2">indenture trustee under the PMCC Leveraged Lease,
(e)&nbsp;purchase money Liens or the interests of lessors in
leased assets under Capital Leases to the extent that such Liens
or interests secure Purchase Money Indebtedness permitted
hereunder and so long as such Lien attaches only to the asset
purchased or acquired and the proceeds thereof, (f)&nbsp;Liens
arising by operation of law in favor of warehousemen, landlords,
carriers, mechanics, materialmen, laborers, or suppliers,
incurred in the ordinary course of business and not in
connection with the borrowing of money, and which Liens either
(i)&nbsp;are for sums not yet delinquent or (ii)&nbsp;are the
subject of Permitted Protests, (g)&nbsp;Liens arising from
deposits made in connection with obtaining worker&#146;s
compensation or other unemployment insurance, (h)&nbsp;Liens or
deposits to secure performance of bids, tenders, or leases
incurred in the ordinary course of business and not in
connection with the borrowing of money, (i)&nbsp;Liens granted
as security for surety or appeal bonds in connection with
obtaining such bonds in the ordinary course of business,
(j)&nbsp;Liens with respect to the Real Property Collateral that
are exceptions to the commitments for title insurance issued in
connection with the Mortgages, as accepted by the trustee,
(k)&nbsp;with respect to any Real Property, Permitted Easements,
(l)&nbsp;Liens arising from judgments and attachments in
connection with court proceedings provided that the attachment
or enforcement of such Liens would not result in an event of
default hereunder and such Liens are subject to a Permitted
Protest and no material Collateral is subject to a material risk
of loss or forfeiture and the claims in respect of such Liens
are fully covered by insurance (subject to ordinary and
customary deductibles) and a stay of execution pending appeal or
proceeding for review is in effect, (m)&nbsp;Liens granted to
the New AMERCO Note&nbsp;Lenders pursuant to the New AMERCO
Note&nbsp;Documents on the property described in
clauses&nbsp;(b), (c), (e), (f)&nbsp;and (g)&nbsp;of the
definition of &#147;Excluded Assets&#148; set forth above,
(n)&nbsp;Liens granted to the Bank Lenders&#146; Agent pursuant
to the New Credit Agreement, and the other Loan Documents (as
defined in the New Credit Agreement), (o)&nbsp;Liens on Real
Property in favor of Oxford as of the Issue Date, as set forth
on Schedule E-1 to the New Credit Agreement, (p)&nbsp;subject to
the provisions of the New Credit Agreement, Liens on the cash
collateral accounts, as set forth on applicable schedule of the
New Credit Agreement, and (q)&nbsp;Liens arising from the
refinancing of the &#147;obligations&#148; (as defined in the
New Credit Agreement), which do not result in the creation of
additional first priority Liens in excess of the first priority
Liens in existence on the Issue Date.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Personal Property
Collateral&#148;</FONT></I><FONT size="2"> means all Collateral
other than Real Property.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;PM
Preferred&#148;</FONT></I><FONT size="2"> means PM Preferred
Properties, L.P., a Texas limited partnership.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;PMSR&#148;</FONT></I><FONT size="2">
means Private Mini Storage Realty, L.P., a Texas limited
partnership.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;PMSR
Agreement&#148;</FONT></I><FONT size="2"> means that certain
PMSR Agreement dated as of the Effective Date among the Company,
PMSR, JPMorgan Chase Bank, as agent, and the Lenders party
thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;PPSA&#148;</FONT></I><FONT size="2">
means the Personal Property Security Act, as in effect from time
to time in any applicable Canadian province or territory.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Purchase Money
Indebtedness&#148;</FONT></I><FONT size="2"> means Indebtedness
(other than the obligations arising under the indenture, but
including Capitalized Lease Obligations), incurred at the time
of, or within 20&nbsp;days after, the acquisition of any fixed
assets for the purpose of financing all or any part of the
acquisition cost thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;PWC
Litigation&#148;</FONT></I><FONT size="2"> means that certain
claim filed by the Company against PricewaterhouseCoopers on or
about June&nbsp;5, 2003 in the Superior Court of Arizona,
Maricopa County, No.&nbsp;CV2003-011032, and all related
disputes between the Company and PricewaterhouseCoopers.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Real
Property&#148;</FONT></I><FONT size="2"> means any estates or
interests in real property now owned or hereafter acquired by
any Note Party and the improvements thereto.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Real Property
Collateral&#148;</FONT></I><FONT size="2"> means the parcel or
parcels of Real Property identified on Schedule&nbsp;R-1 to the
New Credit Agreement and any Real Property hereafter acquired by
a Note Party on which the trustee has, or any Note Party is
required (in accordance with the indenture or any other
Note&nbsp;Document) to grant, a Lien.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Registration Rights
Agreement&#148;</FONT></I><FONT size="2"> means the Registration
Rights Agreement, dated as of March&nbsp;1, 2004, by and among
the Company, the guarantors and the purchasers of the
Class&nbsp;B notes, as such agreement may be amended, modified
or supplemented from time to time.
</FONT>

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</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Reorganization
Plan&#148;</FONT></I><FONT size="2"> means that certain First
Amended Joint Plan of Reorganization dated November&nbsp;26,
2003, filed under Chapter&nbsp;11 of the United States
Bankruptcy Code by the Company and AREC, together with any
amendments or modifications thereto.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Required
Holders&#148;</FONT></I><FONT size="2"> means at any time of
determination:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;if at such time Class&nbsp;B Notes are
    then outstanding, then (i)&nbsp;the holders of at least 75% of
    the aggregate principal amount of the then outstanding
    Class&nbsp;B Notes, and (ii)&nbsp;holders of a majority in
    aggregate principal amount of the Class&nbsp;A Notes then
    outstanding;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;if at such time there are no
    Class&nbsp;B Notes outstanding, the holders of a majority in
    aggregate principal amount of the notes then outstanding.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Required
Lenders&#148;</FONT></I><FONT size="2"> has the meaning ascribed
thereto in the New Credit Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Shelf Registration
Statement&#148;</FONT></I><FONT size="2"> means a Shelf
Registration Statement as defined in the Registration Rights
Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;SSI&#148;</FONT></I><FONT size="2">
means Self-Storage International Holding Corporation, a Nevada
corporation, and any Subsidiary thereof, whether now existing or
hereafter formed.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Stock&#148;</FONT></I><FONT size="2">
means all shares, options, warrants, interests, participations,
or other equivalents (regardless of how designated) of or in a
Person, whether voting or nonvoting, including common stock,
preferred stock, or any other &#147;equity security&#148; (as
such term is defined in Rule&nbsp;3a11-1 of the General Rules
and Regulations promulgated by the SEC under the Exchange Act).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Subsidiary&#148;</FONT></I><FONT size="2">
of a Person means a corporation, partnership, limited liability
company, or other entity in which that Person directly or
indirectly owns or controls the shares of Stock having ordinary
voting power to elect a majority of the board of directors (or
appoint other comparable managers) of such corporation,
partnership, limited liability company, or other entity;
provided, however, PMSR, PM Preferred, SAC Holding and SSI shall
not be deemed to be Subsidiaries of any Note Party herein.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Support Party
Agreement&#148;</FONT></I><FONT size="2"> means, collectively,
(i)&nbsp;that certain Support Party Agreement dated as of
February&nbsp;28, 2003 by and among the Company and PM Preferred
in favor of GMAC Commercial Holding Corp., as administrative
agent, as amended by the First Amendment to Support Party
Agreement dated as of June&nbsp;13, 2003, and (ii)&nbsp;that
certain PMSR Agreement to be dated as of the Effective Date, by
and among the Company, PMSR, JP Morgan Chase Bank, as
administrative agent, and lenders signatory thereto, in each
case as amended prior to the Issue Date and after the Issue Date
as permitted herein (provided, in each case, such amendment does
not increase the obligations of any Note Party thereunder).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Supporting
Obligation&#148;</FONT></I><FONT size="2"> means any
Person&#146;s now owned or hereafter acquired right, title and
interest with respect to any &#147;supporting obligation&#148;
as that term is defined in the New&nbsp;York Uniform Commercial
Code.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Synthetic Lease
Collateral&#148;</FONT></I><FONT size="2"> means (a)&nbsp;the
Real Property and Real Property interests leased under the
Synthetic Leases and all structures, buildings and other
immovable improvements located on such Real Property (the
<I>&#147;Synthetic Lease Properties&#148;</I>); (b)&nbsp;all
equipment, machinery, apparatus, fittings, furniture, fixtures
and other property of every kind and nature whatsoever now or
hereafter affixed to any portion of the Synthetic Lease
Properties or which is used for the storage of property of
storage customers of any Synthetic Leases under any Assigned
Storage Agreements (defined below) (excluding Vehicles), and
which are now owned or hereafter acquired by any lessor under
any Synthetic Lease or in which any such lessor has or shall
have an interest, and all appurtenances and additions thereto
and substitutions therefor; (c)&nbsp;all storage rental
agreements, leases and licenses with respect to the Synthetic
Lease Properties now or hereinafter entered into and all
amendments, supplements and modifications thereto (collectively,
the <I>&#147;Assigned Storage Agreements&#148;</I>);
(d)&nbsp;all rents, maintenance fees, advance fees and deposits,
security deposits and prepaid amounts, income, receipts, issues,
profits and revenues arising from the Synthetic Lease
Properties, (e)&nbsp;to the extent arising from Assigned Storage
Agreements or other rights to payment for storage space at the
Synthetic Lease Properties by storage customers, &#147;general
intangibles&#148; (including &#147;payment intangibles&#148;)
and &#147;accounts&#148; (as
</FONT>

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</FONT>

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<DIV align="left">
<FONT size="2">such terms are defined in the Code), and other
rights to payment for storage space at the Synthetic Lease
Properties by storage customers, (f)&nbsp;license and concession
fees, proceeds and other benefits to which any Synthetic Lessee
or any agent of a Synthetic Lessee may now or hereafter be
entitled with respect to the Assigned Storage Agreements;
(g)&nbsp;all books, records, writings, data bases, and
information relating to, used or useful in connection with,
evidencing, embodying, incorporating or referring to, any of the
foregoing; (h)&nbsp;any award or compensation or insurance
payment or other proceeds to which any Synthetic Lessee may
become entitled by reason of its interest in the Synthetic Lease
Properties; and (i)&nbsp;all products, offspring, rents, issues,
profits, returns, income and Proceeds (as defined in the Code)
of and from any and all of the foregoing.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Synthetic Lease
Properties&#148;</FONT></I><FONT size="2"> has the meaning set
forth in the definition of &#147;Synthetic Lease
Collateral&#148;.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Synthetic
Leases&#148;</FONT></I><FONT size="2"> means, collectively,
(i)&nbsp;the Amended and Restated Master Lease dated as of
March&nbsp;15, 2004 between AREC, as lessee, and BMO Global
Capital Solutions,&nbsp;Inc., as lessor, and any other
documents, agreements, mortgages, deeds of trust and other
instruments executed in connection therewith, (ii)&nbsp;that
certain Second Amended and Restated Master Lease and Open-End
Mortgage dated as of March&nbsp;15, 2004 among U-Haul and AREC,
as lessees, the various Lessors identified therein, lessor, and
BMO Global Capital Solutions,&nbsp;Inc. as Agent Lessor for the
Lessors, and any documents, agreements, mortgages, deeds of
trust, and other instruments executed in connection therewith,
and (iii)&nbsp;that certain Canadian U-Haul Master Lease dated
as of April&nbsp;5, 2001 between Computershare Trust Company of
Canada, as successor to Montreal Trust Company of Canada, and
U-Haul (Canada), and any documents, agreements, mortgages, deeds
of trust, and other instruments executed in connection
therewith, each as may be subsequently amended, restated or
refinanced to the extent permitted hereunder.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Synthetic
Lease&#148;</FONT></I><FONT size="2"> means any of AREC, U-Haul
and U-Haul (Canada) and any of their respective successors in
interest as lessees under the Synthetic Leases that may succeed
to such interests in accordance with this Agreement and the
applicable Synthetic Leases.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;TRAC Lease
Transaction&#148;</FONT></I><FONT size="2"> means any operating
or capital lease (as determined in accordance with GAAP) entered
into by any Note Party pursuant to a &#147;Terminal Rental
Adjustment Clause&#148; lease (including, without limitation,
the PMCC Like Kind Exchange Lease) whereby (a)&nbsp;(i)&nbsp;the
ownership of a Vehicle that is owned by such Note Party is
transferred to a lessor within 130&nbsp;days of the acquisition
of such Vehicle or (ii)&nbsp;the ownership of a Vehicle is
transferred to a lessor by someone other than a Note Party, and
(b)&nbsp;the Vehicle so transferred is leased back to the Note
Party by such lessor.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Trustee&#146;s
Liens&#148;</FONT></I><FONT size="2"> means the Liens granted by
the Company and the guarantors to the trustee, for the benefit
of the holders of the notes, under the indenture, the Security
Documents and the other Note&nbsp;Documents.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;U-Haul&#148;</FONT></I><FONT size="2">
means U-Haul International,&nbsp;Inc., a Nevada corporation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;Vehicle&#148;</FONT></I><FONT size="2">
or <I>&#147;Vehicles&#148;</I> means any vehicle (including any
motor vehicle), trailer or other asset of any Note Party
represented by a certificate of title.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">&#147;WP Carey
Transaction&#148;</FONT></I><FONT size="2"> means the
transaction, in form and substance reasonably satisfactory to
Required Lenders, whereby UH Storage (DE)&nbsp;Limited
Partnership, a Delaware limited partnership, or other Affiliate
of W.P. Carey&nbsp;&#38; Co., LLC, will acquire the Real
Property that is subject to the Synthetic Leases (excluding Real
Property located in Canada) and such Synthetic Leases shall be
paid in full and terminated, all as more fully set forth on
Schedule&nbsp;W-1 to the New Credit Agreement.
</FONT>

<P align="center"><FONT size="2">106
</FONT>

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<DIV align="left">
<A name='112'></A>
</DIV>

<!-- link1 "THE EXCHANGE OFFER" -->

<P align="center">
<B><FONT size="2">THE EXCHANGE OFFER</FONT></B>

<P align="left">
<B><FONT size="2">Purposes and Effects</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We issued the outstanding notes on March&nbsp;15,
2004 in a private offering exempt from the registration
requirements of the Securities Act of 1933. In connection with
the sale of the outstanding notes, we and the initial purchasers
entered into the registration rights agreement pursuant to which
we agreed to file with the SEC a registration statement with
respect to an offer to exchange notes for the outstanding notes
within 60&nbsp;days after the outstanding notes were issued. In
addition, we agreed to use our reasonable best efforts to cause
the registration statement to become effective under the
Securities Act within 150&nbsp;days after the outstanding notes
were issued and to issue the exchange notes pursuant to the
exchange offer. A copy of the registration rights agreement has
been filed as an exhibit to the registration statement of which
this prospectus is a part.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange offer is being made pursuant to the
registration rights agreement. Holders of outstanding notes who
do not tender their outstanding notes or whose outstanding notes
are tendered but not accepted would have to rely on exemptions
from registration requirements under the securities laws,
including the Securities Act, if they wish to sell their
outstanding notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Based on interpretations by the staff of the SEC
set forth in no-action letters issued to persons unrelated to
us, we believe the exchange notes issued pursuant to the
exchange offer in exchange for outstanding notes may be offered
for sale, sold and otherwise transferred by any holder (other
than a person that is an &#147;affiliate&#148; of ours within
the meaning of Rule&nbsp;405 under the Securities Act and except
as set forth in the next paragraph) without registration or the
delivery of a prospectus under the Securities Act, provided the
holder acquires the exchange notes in the ordinary course of the
holder&#146;s business and the holder is not participating and
does not intend to participate, and has no arrangement or
understanding with any person to participate, in the
distribution of the exchange notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If a person were to participate in the exchange
offer for the purpose of distributing securities in a manner not
permitted by the SEC&#146;s interpretation, (1)&nbsp;the
position of the staff of the SEC enunciated in the no-action
letters would not be applicable to the person and (2)&nbsp;the
person would be required to comply with the registration and
prospectus delivery requirements of the Securities Act in
connection with a sale of the exchange notes with any such
resale transaction effected by it covered by an effective
registration statement containing the selling securityholder
information required by Item&nbsp;507 or 508 of the SEC&#146;s
Regulation&nbsp;S-K.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each broker-dealer that receives exchange notes
for its own account in exchange for outstanding notes which the
broker-dealer acquired as a result of market-making activities
or other trading activities, must acknowledge that it will
deliver a prospectus in connection with any sale of those
exchange notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange offer is not being made to, nor will
we accept surrenders for exchange from, holders of exchange
notes with addresses in any jurisdiction in which the exchange
offer or the issuance of exchange notes pursuant to it would
violate applicable securities or blue sky laws. Prior to the
exchange offer, however, we will register or qualify, or
cooperate with the holders of the outstanding notes and their
respective counsel in connection with the registration or
qualification of, the exchange notes for offer and sale under
the securities or blue sky laws of such jurisdictions as are
necessary to permit consummation of the exchange offer and do
anything else which is necessary or advisable to enable the
offer and issuance of the exchange notes in those jurisdictions.
</FONT>

<P align="left">
<B><FONT size="2">Terms of the Exchange Offer</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon the terms and subject to the conditions set
forth in this prospectus and in the accompanying letter of
transmittal, we will issue exchange notes in exchange for all
outstanding notes which are validly tendered prior to
5:00&nbsp;p.m., New&nbsp;York time, on the expiration date (as
defined below) and not withdrawn. The principal amount of the
exchange notes issued in the exchange will be the same as the
principal amount of the outstanding notes for which they are
exchanged. Holders may tender some or all of their outstanding
notes in response to the exchange offer.
</FONT>

<P align="center"><FONT size="2">107
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">However, outstanding notes may be tendered only
in multiples of $1. See &#147;Description of the Exchange
Notes.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The form and terms of the exchange notes will be
the same in all material respects as the form and terms of the
outstanding notes, except that (1)&nbsp;the exchange notes will
be registered under the Securities Act and hence will not bear
legends regarding restrictions on transfer and (2)&nbsp;because
the exchange notes will be registered, holders of exchange notes
will not be, and upon the consummation of the exchange offer,
except under limited circumstances, holders of outstanding notes
will no longer be, entitled to rights under the registration
rights agreement intended for holders of unregistered securities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Outstanding notes which are not tendered for
exchange or are tendered but not accepted in the exchange offer
will remain outstanding and be entitled to the benefits of the
indenture, but will not be entitled to any registration rights
under the registration rights agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will be deemed to accept all the outstanding
notes which are validly tendered and not withdrawn when we give
oral or written notice to that effect to the exchange agent. The
exchange agent will act as agent for the tendering holders for
the purpose of receiving exchange notes from us.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any tendered outstanding notes are not
accepted for exchange because of an invalid tender or otherwise,
certificates for those outstanding notes will be returned,
without expense, to the tendering holder promptly after the
expiration date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders who tender outstanding notes in response
to the exchange offer will not be required to pay brokerage
commissions or fees or, except as described in the instructions
in the letter of transmittal, transfer taxes. We will pay all
charges and expenses, other than certain taxes described below,
in connection with the exchange offer. See
&#147;&#151;&nbsp;Fees and Expenses.&#148;
</FONT>

<P align="left">
<B><FONT size="2">Expiration Date; Extension; Termination;
Amendments</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange offer will expire at 5:00&nbsp;p.m.,
New&nbsp;York
time, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004, the &#147;expiration date&#148; unless we extend it by
notice to the exchange agent. The expiration date will be at
least 20 business days (or longer if required by applicable law)
after the date notice of the Exchange Offer is mailed to the
holders in accordance with Rule&nbsp;14e-1(a) under the Exchange
Act.
</FONT>

<P align="left">
<B><FONT size="2">Interest on Exchange Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest on the exchange notes will accrue from
the date of their issuance at the rate of 9.0%&nbsp;per annum
and will be payable quarterly in arrears on each March&nbsp;15,
June&nbsp;15, September&nbsp;15 and December&nbsp;15, commencing
on June&nbsp;15, 2004. We will make each interest payment to the
holders of record of the exchange notes on the immediately
preceding March&nbsp;1, June&nbsp;1, September&nbsp;1 and
December&nbsp;1. We will pay interest on overdue principal at
2.0%&nbsp;per annum in excess of the above rate and will pay
interest on overdue installments of interest at such higher rate
to the extent lawful.
</FONT>

<P align="left">
<B><FONT size="2">Termination of Certain Rights</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The registration rights agreement provides that,
with certain exceptions, if: (1)&nbsp;the exchange offer
registration statement has not been filed with the SEC on or
prior to the 60th calendar day following the date of original
issue of the outstanding notes; (2)&nbsp;the exchange offer
registration statement has not been declared effective on or
prior to the 150th calendar day following the date of original
issue of the outstanding notes, (3)&nbsp;the exchange offer is
not consummated on or prior to the 180th day following the date
of original issue of the outstanding notes, or (4)&nbsp;the
Shelf Registration Statement required to be filed but is not
declared effective on or prior to the 150th day following the
date of the Shelf Filing Event (as defined below), or, if that
day is not a Business Day, the next day that is a Business Day,
or is declared effective by such date but thereafter ceases to
be effective or usable, except if the Shelf Registration ceases
to be effective or usable as specifically permitted by the terms
and conditions of the Registration Rights Agreement (each event
referred to in clauses&nbsp;(1) through (4) above being a
&#147;registration default&#148;), the interest rate borne by
the outstanding notes will be increased by 0.25%&nbsp;per annum
for the first 90&nbsp;day period upon the occurrence of a
registration default.
</FONT>

<P align="center"><FONT size="2">108
</FONT>

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<DIV align="left">
<FONT size="2">This rate will continue to increase by 0.50% each
subsequent 90&nbsp;day period that the liquidated damages (as
defined below) continue to accrue under any such circumstance.
However, the maximum total increase in the interest rate will in
no event exceed two percent (2%) per year. We refer to this
increase in the interest rate on the notes as &#147;liquidated
damages.&#148; Such interest is payable in addition to any other
interest payable from time to time with respect to the
outstanding notes and the exchange notes in cash on each
interest payment date to the holders of record for such interest
payment date. After the cure of registration defaults or after
the date upon which the notes become freely transferable by the
holders, the accrual of liquidated damages will stop and the
interest rate will revert to the original rate.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the event that:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any changes in law or the applicable
    interpretations of the staff of the Commission do not permit the
    Issuers to effect the Exchange Offer;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">for any reason the Exchange Offer is not
    consummated within 180&nbsp;days of the Issue Date;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any Holder, other than an Initial Purchaser, is
    prohibited by law or the applicable interpretations of the staff
    of the Commission from participating in the Exchange
    Offer;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any Holder who participates in the Exchange
    Offer, does not receive Exchange Notes on the date of the
    exchange that may be sold without restriction under state and
    federal securities laws (other than due solely to the status of
    such Holder as an affiliate of any Issuer within the meaning of
    the Securities Act);
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">then, the Issuer and the guarantors shall as
promptly as practicable, but in no event later than
150&nbsp;days after the occurrence of any of the above shelf
registration statement triggering events (each a &#147;Shelf
Filing Event&#148;), file with the SEC a shelf registration
statement covering resales of the outstanding notes by holders
who satisfy certain conditions relating to the provision of
information in connection with the shelf registration statement.
</FONT>

<P align="left">
<B><FONT size="2">Procedures for Tendering</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Delivery to the holders of and payment for the
Notes shall be made at a Closing (the &#147;Closing&#148;) to be
held at such time and on such date as agreed to by the parties
(the &#147;Closing Date&#148;) at the location agreed to by the
parties. The Closing Date and the location of delivery of and
the form of payment for the Notes may be varied by agreement
between holders and Issuer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Issuer shall deliver to holders one or more
certificates representing the Notes, each in definitive form,
registered in such names and denominations as holders may
request, against payment by holders of the aggregate purchase
price therefor by immediately available federal funds bank wire
transfer to such bank account as Issuer shall designate to
holders at least two business days prior to the Closing.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The certificates representing the Notes in
definitive form shall be made available to holders for
inspection at the offices of Snell&nbsp;&#38; Wilmer L.L.P.,
400&nbsp;East Van&nbsp;Buren, Phoenix, Arizona 85004 (or such
other place as shall be reasonably acceptable to Purchasers) not
later than 10:00&nbsp;a.m. one business day immediately
preceding the Closing Date.
</FONT>

<P align="left">
<B><FONT size="2">Conditions of the Exchange Offer</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notwithstanding any other term of the exchange
offer, we will not be required to accept for exchange, or
exchange securities for, any outstanding notes, if:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;the holders have not delivered payment
    to Issuer for the Notes pursuant to Note Purchase Agreement;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;any of the representations and
    warranties of the holders in Note Purchase Agreement are untrue
    or incorrect in any respects at and as of the Closing
    Date;&nbsp;or
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">109
</FONT>

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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;any injunction, restraining order or
    order of any nature by a Governmental Authority has been issued
    as of the Closing Date that would prevent or interfere with the
    issuance and sale of the Notes; or any stop order suspending the
    qualification or exemption from qualification of any of the
    Notes in any jurisdiction has been issued or a proceeding for
    that purpose has been commenced or be pending or threatened as
    of the Closing Date.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Fees and Expenses</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All fees and expenses incident to the performance
of or compliance with the Registration Rights Agreement by the
Issuers (other than any underwriting discounts or commissions)
shall be borne by the Issuers, whether or not the Exchange Offer
Registration Statement or any Shelf Registration is filed or
becomes effective or the Exchange Offer is consummated,
including, without limitation:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;all registration and filing fees
    (including, without limitation, fees and expenses of compliance
    with state securities or Blue Sky laws, including, without
    limitation, fees and disbursements of counsel in connection with
    Blue Sky qualifications of the Notes and determination of the
    eligibility of the Notes for investment under the laws of such
    jurisdictions where the holders of Notes are located, in the
    case of an Exchange Offer, or as provided in the Registration
    Rights Agreement, in the case of a Shelf Registration);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;printing expenses, including, without
    limitation, expenses of printing certificates for Notes or
    Exchange Notes and of printing prospectuses if the printing of
    prospectuses is requested by the managing underwriter or
    underwriters, if any, or by the Holders of a majority in
    aggregate principal amount of the Notes included in any
    Registration Statement;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;messenger, telephone and delivery
    expenses;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;fees and disbursements of counsel for
    the Issuers and, in the case of a Shelf Registration, reasonable
    fees and disbursements of one special counsel for all of the
    sellers of the Notes, and disbursements of all independent
    certified public accountants (including, without limitation, the
    expenses of any special audit and &#147;cold comfort&#148;
    letters required by or incident to such performance);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;Securities Act liability insurance, if
    the Company desires such insurance, (vii)&nbsp;fees and expenses
    of all other Persons retained by any of the Issuers;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)&nbsp;internal expenses of the Issuers
    (including, without limitation, all salaries and expenses of
    officers and employees of the Issuers performing legal or
    accounting duties);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(g)&nbsp;the expense of any annual audit;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(h)&nbsp;the fees and expenses incurred in
    connection with the listing of the securities to be registered
    on any securities exchange, and the obtaining of a rating of the
    securities, in each case, if applicable;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;the expenses relating to printing, word
    processing and distributing all Registration Statements,
    underwriting agreements, indentures and any other documents
    necessary in order to comply with this Agreement.
    Notwithstanding the foregoing or anything to the contrary, each
    holder shall pay all underwriting discounts and commissions of
    any underwriters with respect to any Notes sold by or on behalf
    of it.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Consequences of Failure to Exchange
Outstanding Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If a holder does not exchange outstanding notes
for exchange notes in response to the exchange offer, the
outstanding notes will continue to be subject to the
restrictions on transfer described in the legend on the
certificate evidencing the outstanding notes, and will not have
the benefit of any agreement by us to register outstanding notes
under the Securities Act. In general, notes may not be offered
or sold, unless the sale is registered under the Securities Act,
or unless the offer and sale are exempt from, or not subject to,
the Securities Act or any applicable state securities laws.
</FONT>

<P align="center"><FONT size="2">110
</FONT>

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<P align="left">
<B><FONT size="2">Guaranteed Delivery Procedures</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Eligible holders of outstanding notes who wish to
tender their outstanding notes and (i)&nbsp;whose outstanding
notes are not immediately available or (ii)&nbsp;who cannot
deliver their outstanding notes or any other documents required
by the letter of transmittal to the exchange agent prior to the
expiration date, may tender their outstanding notes according to
the guaranteed delivery procedures described in the letter of
transmittal. Acceptance of the Outstanding Notes and Upon
satisfaction or waiver of all Delivery of the Exchange Notes
conditions to the exchange offer, we will accept any and all
outstanding notes that are properly tendered in response to the
exchange offer prior to 5:00&nbsp;p.m., New&nbsp;York time, on
the expiration date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Participation in the exchange offer is voluntary
and holders should carefully consider whether to accept the
exchange offer and tender their outstanding notes. Holders of
outstanding notes are urged to consult their financial and tax
advisors in making their own decisions on what action to take.
</FONT>

<P align="left">
<B><FONT size="2">Accounting Treatment</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange notes will be recorded in our
accounting records at the same carrying value as the outstanding
notes on the date of the exchange. Accordingly, we will not
recognize any gain or loss for accounting purposes as a result
of the exchange offer. We will amortize the expenses of the
exchange offer over the term of the exchange notes.
</FONT>

<P align="left">
<B><FONT size="2">Exchange Agent</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Wells Fargo Bank, N.A. has been appointed as
exchange agent for the exchange offer. All correspondence in
connection with the exchange offer and the letter of transmittal
should be addressed to the exchange agent, as follows:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <I><FONT size="2">By Facsimile:</FONT></I></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <I><FONT size="2">By Registered or Certified Mail;</FONT></I></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <I><FONT size="2">(Eligible Institutions Only)</FONT></I></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <I><FONT size="2">Overnight Courier or Hand Delivery:</FONT></I></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Wells Fargo Bank Minnesota, NA<BR>
    (612) 667-4927<BR>
    Confirm by telephone: (800) 344-5128
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">Wells Fargo Bank Minnesota, NA<BR>
    608 Second Avenue South<BR>
    Corporate Trust Operations, 12th Floor<BR>
    Minneapolis, MN 55402
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Requests for additional copies of this prospectus
or the letter of transmittal or accompanying documents should be
directed to the exchange agent. Delivery of the letter of
transmittal or accompanying documents to a different address or
transmission instructions to a different facsimile does not
constitute a valid delivery of such letter of transmittal or
other documents.
</FONT>

<P align="center"><FONT size="2">111
</FONT>

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<DIV align="left">
<A name='113'></A>
</DIV>

<!-- link1 "UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS" -->

<P align="center">
<B><FONT size="2">UNITED STATES FEDERAL INCOME TAX
CONSIDERATIONS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following discussion addresses material
United States federal income tax considerations applicable to
the holder that exchanges outstanding notes for exchange notes.
This discussion is based on the provisions of the Internal
Revenue Code of 1986, as amended (the &#147;Code&#148;), the
applicable treasury regulations promulgated or proposed under
the Code, judicial authority and current administrative rulings
and practice. All of these authorities may change without
notice, possibly on a retroactive basis. This summary deals only
with holders that have held the outstanding notes and will hold
the exchange notes as capital assets within the meaning of
Section&nbsp;1221 of the Code. It does not address tax
considerations applicable to investors that may be subject to
special tax rules, such as banks and other financial
institutions; tax-exempt organizations; insurance companies;
partnerships, expatriates, traders or dealers in securities or
currencies; custodians, nominees or similar financial
intermediaries holding outstanding or exchange notes for others;
or persons that have held outstanding or will hold exchange
notes as a position in a hedging transaction, straddle or
conversion transaction for tax purposes or persons subject to
the alternative minimum tax. This summary does not discuss the
tax consequences of any conversion of currency into or out of
the United States dollar as such a conversion relates to the
purchase, ownership or disposition of the exchange notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">AMERCO HAS NEITHER RECEIVED AN OPINION FROM
TAX COUNSEL NOR ANY RULING FROM THE INTERNAL REVENUE SERVICE
(IRS) WITH RESPECT TO THE STATEMENTS MADE AND THE CONCLUSIONS
REACHED IN THE FOLLOWING SUMMARY. THERE CAN BE NO ASSURANCE THAT
THE IRS WILL AGREE WITH SUCH STATEMENTS AND
CONCLUSIONS.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">HOLDERS OF THE OUTSTANDING NOTES SHOULD
CONSULT THEIR OWN TAX ADVISORS WITH RESPECT TO THE APPLICATION
OF THE UNITED STATES FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR
SITUATIONS AS WELL AS ANY TAX CONSEQUENCES ARISING UNDER THE
LAWS OF ANY STATE, LOCAL OR FOREIGN TAXING JURISDICTION OR UNDER
ANY APPLICABLE TAX TREATY AS TO HOW THEIR PARTICULAR TAX
SITUATION MIGHT BE AFFECTED BY THE EXCHANGE OF THE OUTSTANDING
NOTES FOR THE EXCHANGE NOTES AND THE HOLDING AND DISPOSITION OF
THEIR EXCHANGE NOTES.</FONT></B>

<P align="left">
<B><FONT size="2">United States Holders</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For purposes of this discussion, a United States
holder is the beneficial owner of an exchange note that, for
United States federal income tax purposes, is:
</FONT>
<P>

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">an individual citizen or resident of the United
    States;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a corporation or other entity taxable as a
    corporation created or organized under the laws of the United
    States or any state thereof or the District of Columbia;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">an estate, the income of which is subject to
    United States federal income taxation regardless of its
    source;&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a trust, if (i)&nbsp;one or more United States
    persons (as defined in Section&nbsp;7701(a)(30) of the Code)
    have the authority to control all substantial decisions of the
    trust and a court within the United States is able to exercise
    primary supervision over the administration of the trust or
    (ii)&nbsp;it has a valid election in effect to be treated as a
    United States Person.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A non-United States holder is a beneficial owner
of an exchange note who is a nonresident alien or a corporation,
trust or estate that is not a United States holder. If a
partnership holds notes, the tax treatment of a partner will
generally depend on the status of the partner and on the
activities of the partnership. Partners of partnerships holding
outstanding notes should consult their tax advisors.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Exchange of Notes</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange of outstanding notes for exchange
notes pursuant to the exchange offer will not constitute a
material modification of the debt instruments represented by the
outstanding notes for United States federal
</FONT>

<P align="center"><FONT size="2">112
</FONT>

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<DIV align="left">
<FONT size="2">income tax purposes and thus will not constitute
an exchange or a taxable event for United States holders.
Consequently, United States holders will treat the exchange
notes as a continuation of the indebtedness represented by the
outstanding notes and United States holders will not recognize
gain or loss upon the receipt of exchange notes in exchange for
outstanding notes in the exchange offer, United States
holders&#146; bases in the exchange notes received in the
exchange offer will be the same as their bases in the
corresponding outstanding notes immediately before the exchange,
and United States holders&#146; holding period in the exchange
notes will include their holding period in the outstanding notes.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Payment of Interest</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Stated interest on an exchange note generally
will be includible in the income of a United States holder as
ordinary income at the time such interest is received or
accrued, in accordance with the holder&#146;s method of
accounting for United States federal income tax purposes.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Market Discount</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">United States holders should be aware that the
resale of an exchange note may be affected by the market
discount rules of the Code. Under these rules, a subsequent
purchaser of an exchange note acquiring the note at a market
discount generally would be required to include as ordinary
income a portion of the gain realized upon the disposition or
retirement of the note to the extent of the market discount that
has accrued while the debt instrument was held by the purchaser.
A purchaser at a market discount includes the purchase of an
exchange note after its original issuance at a price less than
the note&#146;s stated redemption price at maturity. The amount
of market discount, if any, will generally equal the excess of:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the sum of the issue price of the note and the
    aggregate amount of the original issue discount includible in
    the gross income of all United States holders, over
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the purchase price.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Gain recognized on the disposition, including a
redemption, by a United States holder of an exchange note that
has accrued market discount will be treated as ordinary income,
and not capital gain, to the extent of the accrued market
discount, but only if the amount of market discount exceeds a
statutorily-defined de minimis amount. Under the de minimis
exception, there is no market discount on a note if the excess
of the stated redemption price at maturity of the note over the
holder&#146;s tax basis in the note is less than 0.25% of the
stated redemption price at maturity multiplied by the number of
complete years after the acquisition date to the note&#146;s
date of maturity. Unless the holder elects otherwise, as
described below, the accrued market discount would be the amount
calculated by multiplying the market discount by a fraction:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the numerator of which is the number of days the
    obligation has been held by the holder;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the denominator of which is the number of days
    after the holder&#146;s acquisition of the obligation up to and
    including its maturity date.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A United States holder of an exchange note
acquired at market discount will be deemed to have realized an
amount equal to the fair market value of the note if the holder
disposes of the note in specified transactions other than a
sale, exchange or involuntary conversion, even though the
transaction is otherwise non-taxable (for example, a gift). The
United States holder will be required to recognize as ordinary
income any accrued market discount to the extent of the deemed
gain. A holder of an exchange note acquired at a market discount
also may be required to defer the deduction of all or a portion
of the interest on any indebtedness incurred or maintained to
purchase or carry the note until it is disposed of in a taxable
transaction.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A United States holder of an exchange note
acquired at market discount may elect to include the market
discount in income as it accrues. This election would apply to
all market discount obligations acquired by the electing United
States holder on or after the first day of the first taxable
year to which the election applies. The election may be revoked
only with the consent of the IRS. If a United States holder of a
note elects to include market discount in income currently, the
rules discussed above with respect to ordinary income
recognition resulting from sales and certain other dispositions
and to deferral of interest deductions would not apply.
</FONT>

<P align="center"><FONT size="2">113
</FONT>

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<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Amortizable Bond Premium</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">An exchange note purchased for more than its
principal amount generally will be considered to have been
purchased at a premium. The bond premium is generally equal to
the excess, if any, of the tax basis of the note over the amount
payable at maturity of the note or, if a smaller premium would
result, on an earlier call date of the note. A note holder may
elect to amortize the bond premium on a constant yield basis, in
which case amortizable bond premium is allocated to payments of
interest and treated as an offset to interest income. A holder
that elects to amortize premium must reduce the holder&#146;s
tax basis in the note by the amount of the aggregate deductions,
or interest offsets, allowable for the amortization of premium.
If an election to amortize bond premium is not made, a note
holder must include the full amount of each interest payment in
income in accordance with the note holder&#146;s regular method
of tax accounting, and the note holder will generally receive a
tax benefit from the bond premium only upon computing the note
holder&#146;s gain or loss upon the sale or other disposition or
payment of the principal amount of the note.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Sale, Exchange, Redemption or Other Taxable
    Disposition of Notes</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon the sale, exchange, redemption or other
taxable disposition of an exchange note, a United States holder
generally will recognize capital gain or loss equal to the
difference between:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the amount of cash proceeds and the fair market
    value of any property received on the sale, exchange, redemption
    or other taxable disposition, except to the extent such amount
    is attributable to accrued interest income, which is taxable as
    ordinary income (as described above under &#147;Payment of
    Interest&#148;); and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">such holder&#146;s adjusted tax basis in the
    exchange note.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A United States holder&#146;s adjusted tax basis
in an exchange note generally will equal the cost of the
exchange note to such holder, less any amortized bond premium
and any principal payments received by such holder plus any
market discount previously included in income. Such capital gain
or loss will be long-term if the United States holder&#146;s
holding period is more than 12&nbsp;months and will be
short-term if the holding period is 12&nbsp;months or less.
Long-term capital gains recognized by individuals are generally
taxed at a maximum federal tax rate of 15%, and short-term
capital gains are generally taxed at a maximum federal tax rate
of 35%.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Information Reporting and Backup
    Withholding</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In general, information reporting requirements
will apply to certain noncorporate United States holders with
respect to payments of principal, premium and interest on an
exchange note, and to payments of the proceeds of the sale of a
note. The receipt of such payments may be subject to
&#147;backup withholding&#148; at a 28% rate. Backup withholding
generally applies only if the holder:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">fails to furnish his or her Social Security or
    other taxpayer identification number within a reasonable time
    after the request for it;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">furnishes an incorrect taxpayer identification
    number;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">is notified by the IRS that he or she has failed
    to report properly interest, dividends or original issue
    discount; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">fails, under specified circumstances, to provide
    a certified statement, signed under penalties of perjury, that
    the taxpayer identification number provided is the correct
    number and that he or she is not subject to backup withholding.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any amounts withheld under the backup withholding
rules from a payment to a United States holder will be allowed
as a credit against such holder&#146;s United States federal
income tax and may entitle the holder to a refund, provided that
the required information is furnished to the IRS.
</FONT>

<P align="center"><FONT size="2">114
</FONT>

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<P align="left">
<B><FONT size="2">Non-United States Holders</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Exchange of Notes</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange of outstanding notes for exchange
notes pursuant to the exchange offer will not constitute a
material modification of the terms of the outstanding notes and
thus will not constitute a taxable event for non-United States
holders. Consequently, non-United States holders will not
recognize gain upon the receipt of exchange notes in exchange
for outstanding notes in the exchange offer, non-United States
holders&#146; bases in the exchange notes received in the
exchange offer will be the same as their bases in the
corresponding outstanding notes immediately before the exchange,
and non-United States holders&#146; holding period in the
exchange notes will include their holding period in the
outstanding notes.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Payment of Interest</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Generally, interest income of a non-United States
holder that is not effectively connected with a United States
trade or business will be subject to a withholding tax at a 30%
rate or any lower rate that may be prescribed by an income tax
treaty between the United States and the holder&#146;s country
of residence. However, interest paid on an exchange note to a
non-United States holder which qualifies for the portfolio
interest exemption will not be subject to United States federal
income tax or withholding tax if such interest income is not
effectively connected with a United States trade or business of
the non-United States holder, and the non-United States holder:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">does not actually or constructively own 10% or
    more of the combined voting power of all classes of stock of
    AMERCO entitled to vote,&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">is not a controlled foreign corporation related
    to AMERCO, actually or constructively through stock ownership
    under section&nbsp;864(d)(4) of the Code.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">and either:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">provides to AMERCO or its agent an appropriate
    W-8 series Form or a suitable substitute form signed under
    penalties of perjury that includes its name and address and
    certifies as to the holder&#146;s non-United States status, and
    AMERCO does not have actual knowledge or reason to know that the
    holder is a United States person,&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">AMERCO does not have actual knowledge or reason
    to know that the holder is a United States person and AMERCO
    receives (i)&nbsp;a withholding certificate from an intermediary
    payee (such as a withholding foreign partnership, qualified
    intermediary or U.S.&nbsp;branch of a non-United States bank or
    of a non-United States insurance company), and such intermediary
    obtains appropriate certification with respect to the
    holder&#146;s non-United States status and, if required,
    provides a copy of such certification to AMERCO or (ii)&nbsp;if
    the payee is a securities clearing organization, bank or other
    financial institution that holds securities for its customers in
    the ordinary course, a statement signed under penalties of
    perjury that the institution has received a withholding
    certificate from the beneficial owner (or that it has received a
    similar statement from another financial institution), listing
    the name and address of the beneficial owner and attaching a
    copy of the beneficial owner&#146;s withholding certificate.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A non-United States holder which does not qualify
for the &#147;portfolio interest exemption&#148; may
nevertheless be entitled to an exemption from, or reduction on
the rate of, the United States withholding tax on the interest
and discount if such holder:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">resides in a jurisdiction which has a favorable
    income tax treaty with the United States,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">satisfies the conditions for the application of
    such treaty,&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">provides to AMERCO or its agent the appropriate
    Form&nbsp;W-8 or a suitable substitute form.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except to the extent that an applicable treaty
otherwise provides, a non-United States holder generally will be
taxed in the same manner as a United States holder with respect
to interest and discount if the interest
</FONT>

<P align="center"><FONT size="2">115
</FONT>

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<DIV align="left">
<FONT size="2">and discount is effectively connected with a
United States trade or business of the non-United States holder.
Effectively connected interest and discount received by a
corporate non-United States holder may also, under certain
circumstances, be subject to an additional branch profits tax at
a 30% rate or, if applicable, a lower treaty rate. Even though
such effectively connected interest and discount is subject to
income tax, and may be subject to the branch profits tax, it is
not subject to withholding if the non-United States holder
delivers an appropriate and properly executed W-8 series Form to
AMERCO or its agent.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Sale, Exchange, Redemption or Other Taxable
    Dispositions of Notes</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A non-United States holder of an exchange note
will generally not be subject to United States withholding tax
on any gain realized on the sale, exchange, redemption or other
taxable dispositions of the exchange note, other than gain
attributable to accrued interest or discount. Such gain also
will generally not be subject to United States federal income
tax unless:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the gain is effectively connected with a United
    States trade or business of the non-United States holder (in
    which case such gain generally would be taxable in the same
    manner as effectively connected interest (as described
    above)),&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">in the case of a non-United States holder who is
    an individual, the holder is present in the United States for a
    period or periods aggregating at least 183&nbsp;days (as such
    days are calculated in accordance with the Code) during the
    current taxable year of the disposition and certain other
    conditions are met (in which case such gain, net of certain
    U.S.&nbsp;source losses, may be subject to tax at a 30% rate).
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The amount of gain realized upon the sale,
exchange, or redemption of an exchange note may include amounts
attributable to accrued interest and the discount. Gain
attributable to accrued interest and discount will be taxable,
if at all, as described above under &#147;&#151;&nbsp;Non-United
States Holders&nbsp;&#151; Payment of Interest.&#148;
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Information Reporting and Backup
    Withholding</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In general, payments of principal or interest
(including discount) made by AMERCO and other payors to a
non-United States holder will not be subject to backup
withholding and information reporting, provided that the
non-United States holder certifies its non-United States holder
status under penalties of perjury or otherwise establishes an
exemption. In general, payment of the proceeds from the sale of
exchange notes effected at a United States office of a broker is
subject to both United States backup withholding and information
reporting. However, a holder will not be subject to backup
withholding and information reporting on such a sale provided
that:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the broker does not have actual knowledge or
    reason to know that the holder is a United States person and the
    holder has furnished to the broker:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">an appropriate W-8 series Form or an acceptable
    substitute form upon which the holder certifies, under penalties
    of perjury, that the holder is a non-United States
    person,&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">other documentation upon which it may rely to
    treat the payment as made to a non-United States person in
    accordance with U.S.&nbsp;Treasury regulations,&nbsp;or
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the holder otherwise establishes an exemption.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In general, payment of the proceeds from the sale
of exchange notes effected at a foreign office of a broker will
not be subject to information reporting or backup withholding.
However, payments of the proceeds from the sale of exchange
notes effected at a foreign office of a broker will be subject
to information reporting, but not backup withholding, if the
sale is effected at a foreign office of a broker that is:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a United States person,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a controlled foreign corporation for United
    States tax purposes,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a foreign person 50% or more of whose gross
    income is effectively connected with the conduct of a United
    States trade or business for a specified three-year
    period,&nbsp;or
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">116
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a foreign partnership, if at any time during its
    tax year:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">one or more of its partners are United States
    persons, who in the aggregate hold more than 50% of the income
    or capital interest in the partnership,&nbsp;or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">such foreign partnership is engaged in the
    conduct of a United States trade or business unless the broker
    does not have actual knowledge or reason to know that the holder
    is a United States person and the documentation requirements
    described above (relating to a sale of notes effected at a
    United States office of a broker) are met or the holder
    otherwise establishes an exemption.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Recently enacted Treasury regulations contain a
number of other provisions affecting United States withholding
taxes and reporting requirements including special rules for
payments made to nonqualified intermediaries, flow-through
entities and United States branches. Prospective investors
should consult their tax advisors regarding the effect of these
regulations.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">United States Federal Estate
    Tax</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Your estate will not be subject to United States
federal estate tax on exchange notes of a series beneficially
owned by you at the time of your death, provided that
(1)&nbsp;you do not own 10% or more of the total combined voting
power of all classes of our voting stock (within the meaning of
the Code and the United States Treasury Regulations) and
(2)&nbsp;interest on that exchange note would not have been, if
received at the time of your death, effectively connected with
the conduct by you of a trade or business in the United States.
</FONT>

<DIV align="left">
<A name='114'></A>
</DIV>

<!-- link1 "PLAN OF DISTRIBUTION" -->

<P align="center">
<B><FONT size="2">PLAN OF DISTRIBUTION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each broker-dealer that receives exchange notes
for its own account pursuant to the exchange offer must
acknowledge that it will deliver a prospectus in connection with
any resale of such exchange notes. The prospectus, as it may be
amended or supplemented from time to time, may be used by a
broker-dealer in connection with sales of exchange notes
received in exchange for outstanding notes which were acquired
as a result of market-making activities or other trading
activities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will not receive any proceeds from any sale of
exchange notes by broker-dealers. Exchange notes received by
broker-dealers for their own account pursuant to the exchange
offer may be sold from time to time in one or more transactions
in the over-the-counter market, in negotiated transactions,
through the writing of options on the exchange notes or a
combination of those methods of resale, at prices which may or
may not be based upon market prices prevailing at the time of
the sale. Any such sale may be made directly to purchasers or to
or through brokers or dealers who may receive compensation in
the form of commissions or concessions from the selling
broker-dealer and/or the purchasers of the exchange notes. Any
broker-dealer that sells exchange notes that were received by it
for its own account pursuant to the exchange offer and any
broker or dealer that participates in a distribution of such
exchange notes may be deemed to be an &#147;underwriter&#148;
within the meaning of the Securities Act and any profit from
sale of the exchange notes and any commissions or concessions
received by any such persons may be deemed to be underwriting
compensation. The letter of transmittal states that a
broker-dealer will not, by delivering a prospectus, be deemed to
admit that it is an &#147;underwriter&#148; within the meaning
of the Securities Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have agreed to pay all expenses incident to
the exchange offer other than commissions or concessions of any
brokers or dealers and will indemnify the holders of the
outstanding notes and the exchange notes (including any
broker-dealers) against certain liabilities, including
liabilities under the Securities Act.
</FONT>

<DIV align="left">
<A name='115'></A>
</DIV>

<!-- link1 "LEGAL MATTERS" -->

<P align="center">
<B><FONT size="2">LEGAL MATTERS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The validity of the exchange notes and the
related guarantees has been passed upon for AMERCO by
Snell&nbsp;&#38; Wilmer L.L.P., Phoenix, Arizona.
</FONT>

<P align="center"><FONT size="2">117
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='116'></A>
</DIV>

<!-- link1 "EXPERTS" -->

<P align="center">
<B><FONT size="2">EXPERTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The consolidated financial statements of AMERCO
and its subsidiaries as of March&nbsp;31, 2003 and 2002, and for
each of the years in the three-year period ended March&nbsp;31,
2003, have been included herein and in the registration
statement in reliance upon the report of BDO Seidman, LLP,
independent accountants upon the authority of said firm as
experts in accounting and auditing.
</FONT>

<DIV align="left">
<A name='117'></A>
</DIV>

<!-- link1 "AVAILABLE INFORMATION" -->

<P align="center">
<B><FONT size="2">AVAILABLE INFORMATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO and the Guarantors have filed with the
Securities and Exchange Commission a registration statement on
Form&nbsp;S-4 (together with all amendments and exhibits
thereto, the &#147;registration statement&#148;) under the
Securities Act for the registration of the exchange notes
offered hereby. As permitted by the rules and regulations of the
Commission, this prospectus does not contain all of the
information set forth in the registration statement and the
exhibits and schedules thereto. For further information with
respect to AMERCO, the Guarantors and the exchange notes offered
hereby, reference is made to the registration statement and to
the exhibits and schedules filed therewith. Statements contained
in this prospectus concerning the contents of any contract or
other document are not necessarily complete. With respect to
each such contract or other document filed with the Commission
as an exhibit to the registration statement, reference is made
to the exhibit for a more complete description of the matter
involved.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are subject to the informational requirements
of the Exchange Act, and file reports, proxy statements and
other information with the SEC. These reports, proxy statements
and other information may be read and copied at the Public
Reference Room maintained by the SEC at 450&nbsp;Fifth
Street,&nbsp;N.W., Washington, DC 20549. You may obtain
information on the operation of the Public Reference Room by
calling the SEC at 1-800-SEC-0330. The SEC also maintains an
Internet site that contains reports, proxy and information
statements and other information regarding registrants like us
that file electronically with the SEC (at http://www.sec.gov).
We also make available on our website (www.amerco.com), free of
charge, our annual reports on Form&nbsp;10-K, quarterly reports
on Form&nbsp;10-Q and current reports on Form&nbsp;8-K, as soon
as practical after we file these reports with the SEC.
AMERCO&#146;s common stock is listed on the Nasdaq National
Market (Symbol: UHAL).
</FONT>

<P align="center"><FONT size="2">118
</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='118'></A>
</DIV>

<!-- link1 "INDEX TO FINANCIAL STATEMENTS" -->

<P align="center">
<B><FONT size="2">INDEX TO FINANCIAL STATEMENTS</FONT></B>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES</FONT></B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="85%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Page No.</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <I><FONT size="2">March&nbsp;31, 2003:</FONT></I></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Report of Independent Accountants
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Consolidated Balance Sheets as of March&nbsp;31,
    2003 and 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Consolidated Statements of Operations for the
    years ended March&nbsp;31,&nbsp;2003, 2002 and&nbsp;2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Consolidated Statements of Stockholders&#146;
    Equity for the years ended March&nbsp;31,&nbsp;2003, 2002
    and&nbsp;2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Consolidated Statements of Comprehensive
    Income/(Loss) for the years ended March&nbsp;31,&nbsp;2003, 2002
    and&nbsp;2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Consolidated Statements of Cash Flows for the
    years ended March&nbsp;31,&nbsp;2003, 2002 and&nbsp;2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes to Consolidated Financial Statements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Summary of Earnings of Independent Trailer Fleets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-63</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes to Summary of Earnings of Independent
    Trailer Fleets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-64</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Condensed Financial Information of
    AMERCO&nbsp;&#151; Schedule&nbsp;1
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-66</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Supplemental Information (For Property-Casualty
    Insurance Underwriters)&nbsp;&#151; Schedule&nbsp;V
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-70</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <I><FONT size="2">December&nbsp;31, 2003:</FONT></I></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Condensed Consolidated Balance Sheets as of
    December&nbsp;31,&nbsp;2003 (unaudited) and
    March&nbsp;31,&nbsp;2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-71</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unaudited Condensed Consolidated Statements of
    Operations for the quarters ended December&nbsp;31,&nbsp;2003
    and&nbsp;2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-72</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unaudited Condensed Consolidated Statements of
    Operations for the nine months ended December&nbsp;31,&nbsp;2003
    and&nbsp;2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-73</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unaudited Condensed Consolidated Statements of
    Comprehensive Income for the quarters ended
    December&nbsp;31,&nbsp;2003 and&nbsp;2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-74</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unaudited Condensed Consolidated Statements of
    Comprehensive Income for the nine months ended
    December&nbsp;31,&nbsp;2003 and&nbsp;2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-75</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unaudited Condensed Statements of Cash Flow for
    the nine months ended December&nbsp;31,&nbsp;2003 and&nbsp;2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-76</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes to Condensed Consolidated Financial
    Statements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-77</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">F-1
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">REPORT OF INDEPENDENT PUBLIC
ACCOUNTANTS</FONT></B>

<P align="left">
<FONT size="2">The Board of Directors and Stockholders of AMERCO
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have audited the accompanying consolidated
balance sheets of AMERCO and its subsidiaries, SAC Holding
Corporation and its subsidiaries, and SAC Holding
Corporation&nbsp;II and its subsidiaries (collectively, the
&#147;Company&#148;) as of March&nbsp;31, 2003 and 2002, and the
related consolidated statements of operations, changes in
stockholders&#146; equity, comprehensive income/(loss), and cash
flows for each of the three years in the period ended
March&nbsp;31, 2003. We have also audited the schedules in the
accompanying index. These consolidated financial statements and
schedules are the responsibility of the Company&#146;s
management. Our responsibility is to express an opinion on these
consolidated financial statements and schedules based on our
audits.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We conducted our audits in accordance with
auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements and schedules are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the consolidated financial
statements and schedules. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of
the financial statements and schedules. We believe that our
audits provide a reasonable basis for our opinion.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In our opinion, the consolidated financial
statements referred to above present fairly, in all material
respects, the financial position of AMERCO and its subsidiaries,
SAC Holding Corporation and its subsidiaries, and SAC Holding
Corporation&nbsp;II and its subsidiaries as of March&nbsp;31,
2003 and 2002 and the results of their operations and their cash
flows for each of the three years in the period ended
March&nbsp;31, 2003, in conformity with accounting principles
generally accepted in the United States of America. Also, in our
opinion, the schedules present fairly, in all material respects,
the information set forth therein.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The accompanying consolidated financial
statements and schedules have been prepared assuming the Company
will continue as a going concern, which contemplates the
continuity of the Company&#146;s operations and realization of
its assets and payments of its liabilities in the ordinary
course of business. As more fully described in Note&nbsp;1 to
the consolidated financial statements, on June&nbsp;20, 2003,
AMERCO, the parent corporation, filed a voluntary petition for
reorganization under Chapter&nbsp;11 of the United States
Bankruptcy Code. Amerco Real Estate Company filed a voluntary
petition for relief under Chapter&nbsp;11 on August&nbsp;13,
2003. The uncertainties inherent in the bankruptcy process raise
substantial doubt about AMERCO&#146;s ability to continue as a
going concern. AMERCO is currently operating its business as a
debtor-in-possession under the jurisdiction of the bankruptcy
court, and continuation of the Company as a going concern is
contingent upon, among other things, the confirmation of a plan
of reorganization, the Company&#146;s ability to comply with all
debt covenants under the existing debtor-in-possession financing
arrangement, and obtaining financing sources to meet its future
obligations. If a reorganization plan is not approved, it is
possible some assets of the Company may be liquidated.
Management&#146;s plans in regards to these matters are also
described in Note&nbsp;1. The consolidated financial statements
and schedules do not include any adjustments to reflect future
effects on the recoverability and classification of assets or
the amount and classification of liabilities that might result
from the outcome of these uncertainties.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As discussed in Note&nbsp;2 to the accompanying
consolidated financial statements, the Company has restated the
consolidated balance sheet as of March&nbsp;31, 2002, and the
related consolidated statements of operations, changes in
stockholders&#146; equity, comprehensive income/(loss), and cash
flows for the years ended March&nbsp;31, 2002 and 2001.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our audits were conducted for the purpose of
forming an opinion on the consolidated financial statements and
schedules taken as a whole. The consolidating balance sheets,
statements of operations schedules, statements of cash flows
schedules, and the summary of earnings of independent trailer
fleets information included on pages&nbsp;F-63 through F-65 are
presented for purposes of additional analysis of the
consolidated financial statements rather than to present the
financial position, results of operations, and cash flows of the
individual companies or the earnings of the independent fleets.
Accordingly, we do not express an opinion on
</FONT>

<P align="center"><FONT size="2">F-2
</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">the financial position, results of operations,
and cash flows of the individual companies, or on the earnings
of the independent trailer fleets. However, such information has
been subjected to the auditing procedures applied in the audit
of the consolidated financial statements and schedules and, in
our opinion, is fairly stated in all material respects in
relation to the consolidated financial statements and schedules
taken as a whole.
</FONT>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">/s/&nbsp;&nbsp;BDO SEIDMAN, LLP
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Los Angeles, California
</FONT>

<DIV align="left">
<FONT size="2">August&nbsp;18, 2003, except for
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Notes&nbsp;23 and 24 which are
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">as of March&nbsp;30, 2004
</FONT>
</DIV>

<P align="center"><FONT size="2">F-3
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">CONSOLIDATED BALANCE SHEETS</FONT></B>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="63%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="11" align="center" valign="top">
    <B><FONT size="2">ASSETS</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">66,834</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,446</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Trade receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">263,737</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">274,870</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes and mortgage receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,868</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,279</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Inventories, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">53,270</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">65,776</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Prepaid expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,846</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,279</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investments, fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">860,600</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">988,397</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investments, other
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">389,252</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">240,912</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred policy acquisition costs, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">105,100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">97,918</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,242</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,045</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">63,600</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">58,319</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,859,349</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,796,241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant and equipment, at cost:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Land
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">157,987</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">160,895</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Buildings and improvements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">747,853</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">725,214</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Furniture and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">291,383</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">288,711</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental trucks
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,140,294</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,071,604</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental trailers and other rental equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">149,707</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">162,768</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SAC Holdings property plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">757,292</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">727,630</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,244,516</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,136,822</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less accumulated depreciation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,298,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,200,746</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,946,317</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,936,076</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,805,666</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,732,317</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="11" align="center" valign="top">
    <B><FONT size="2">LIABILITIES AND STOCKHOLDERS&#146;
    EQUITY</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accounts payable and accrued expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">387,017</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">233,874</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">AMERCO&#146;S notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">954,856</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,045,801</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SAC Holdings&#146; notes and loans payable,
    non-recourse to AMERCO
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">589,019</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">561,887</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Policy benefits and losses, claims and loss
    expenses payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">836,632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">819,583</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities from investment contracts
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">639,998</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">572,793</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other policyholders&#146; funds and liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,309</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">73,597</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,387</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43,258</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,478,218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,350,793</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholders&#146; equity:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Serial preferred stock, with or without par
    value, 50,000,000&nbsp;shares authorized&nbsp;&#151;
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;A preferred stock, with no par value,
    6,100,000&nbsp;shares authorized; 6,100,000&nbsp;shares issued
    and outstanding as of March&nbsp;31, 2003 and 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;B preferred stock, with no par value,
    100,000&nbsp;shares authorized; none issued and outstanding as
    of March&nbsp;31, 2003 and 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Serial common stock, with or without par value,
    150,000,000&nbsp;shares authorized&nbsp;&#151;
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;A common stock of $0.25&nbsp;par
    value, 10,000,000&nbsp;shares authorized; 5,662,496&nbsp;shares
    issued as of March&nbsp;31, 2003 and 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common stock of $0.25&nbsp;par value,
    150,000,000&nbsp;shares authorized; 35,664,367 and 35,919,281
    issued as of March&nbsp;31, 2003 and 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid-in capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">238,983</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">239,492</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accumulated other comprehensive income/(loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(55,765</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(40,580</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retained earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">568,222</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">606,171</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of common shares in treasury, net
    (20,969,663 and 20,850,763&nbsp;shares as of March&nbsp;31, 2003
    and 2002, respectively)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(421,378</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(419,970</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unearned employee stock ownership plan shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(13,177</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(14,152</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">327,448</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">381,524</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total liabilities and stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,805,666</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,732,317</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
these consolidated financial statements.
</FONT>

<P align="center"><FONT size="2">F-4
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">CONSOLIDATED STATEMENTS OF
OPERATIONS</FONT></B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="55%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Years Ended March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands, except share and</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">per share data)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental Revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,560,005</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,512,250</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,436,832</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">222,889</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">222,816</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">212,243</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">307,925</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">411,170</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">328,108</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,568</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47,343</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">52,297</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,132,387</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,193,579</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,029,480</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,134,460</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,146,305</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,076,307</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Commission expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">136,827</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">140,442</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">132,865</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">115,115</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">122,694</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">126,506</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">281,868</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">423,709</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">331,079</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amortization of deferred acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37,819</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,674</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36,232</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">179,642</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">174,664</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">175,460</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">137,446</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">102,957</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">103,807</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,023,177</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,151,445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,982,256</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">109,210</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">42,134</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47,224</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">148,131</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">109,465</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">111,878</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax earnings/(loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(38,921</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(67,331</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(64,654</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax benefit/(expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,935</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19,891</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,544</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings/(loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(24,986</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(47,440</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(42,110</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings/(loss) available to common
    shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(37,949</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(60,403</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(55,073</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic and diluted loss per common share:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1.83</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2.87</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2.56</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Weighted average common shares outstanding:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic and diluted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,743,072</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,022,712</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,486,370</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
these consolidated financial statements.
</FONT>

<P align="center"><FONT size="2">F-5
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">CONSOLIDATED STATEMENTS AND CHANGES OF
STOCKHOLDERS&#146; EQUITY</FONT></B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="56%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Years Ended March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;A common stock of $0.25&nbsp;par
    value:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">10,000,000&nbsp;shares authorized;
    5,662,496&nbsp;shares issued in 2003, 2002 and 2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Beginning and end of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common stock of $0.25&nbsp;par value:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">150,000,000&nbsp;shares authorized; 35,664,367,
    35,919,281, and 35,919,281&nbsp;shares issued in 2003, 2002 and
    2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Beginning and end of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid-in capital:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Beginning of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">239,492</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">239,403</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">239,307</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Issuance of common shares under leveraged
    employee stock ownership&nbsp;plan
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(509</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">89</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">96</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">End of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">238,983</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">239,492</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">239,403</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accumulated other comprehensive income:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Beginning of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(40,580</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(45,197</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(44,879</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Foreign currency translation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(25,031</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,253</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fair market value of cash flow hedge
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,318</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,942</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,186</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unrealized gain (loss) on investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,648</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,706</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,121</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">End of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(55,765</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(40,580</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(45,197</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retained earnings:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Beginning of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">606,171</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">666,574</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">721,647</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings/(loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(24,986</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(47,440</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(42,110</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Preferred stock dividends:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;A ($2.13&nbsp;per share for 2003,
    2002 and 2001)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">End of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">568,222</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">606,171</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">666,574</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less treasury stock:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Beginning of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(419,970</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(409,816</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(400,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net increase
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,408</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(10,154</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9,617</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">End of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(421,378</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(419,970</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(409,816</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less Unearned employee stock ownership plan
    shares:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Beginning of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(14,152</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(15,173</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(16,366</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchase of shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(72</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(46</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Shares allocated to participants
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">975</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,093</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,239</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">End of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(13,177</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(14,152</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(15,173</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">327,448</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">381,524</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">446,354</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
these consolidated financial statements.
</FONT>

<P align="center"><FONT size="2">F-6
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE
INCOME/(LOSS)</FONT></B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="61%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Years Ended March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Comprehensive income/(loss):
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings/(loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(24,986</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(47,440</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(42,110</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other comprehensive income/(loss) net of tax
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Foreign currency translation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(25,031</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,253</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fair market value of cash flow hedges
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,318</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,942</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,186</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unrealized gain (loss) on investments, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,648</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,706</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,121</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total comprehensive income/(loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(40,171</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(42,823</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(42,428</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
these consolidated financial statements.
</FONT>

<P align="center"><FONT size="2">F-7
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">CONSOLIDATED STATEMENTS OF CASH
FLOWS</FONT></B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="58%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Years Ended March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Restated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Restated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from operating activities: Net
    earnings/(loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(24,986</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(47,440</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(42,110</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation and amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">185,833</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">149,058</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">148,026</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Provision for losses on accounts receivable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,903</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,682</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net gain on sale of real and personal property
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(10,515</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,526</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(13,302</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Loss on sale of investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,497</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,923</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,738</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Changes in policy liabilities and accruals
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(78,314</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,561</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">62,673</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additions to deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(42,663</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(39,252</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(42,535</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net change in other operating assets and
    liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,775</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(83,515</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">48,829</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash provided(used)by operating activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">74,530</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(19,631</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">172,630</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from investing activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchases of investments:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(243,161</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(381,483</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(617,274</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(278,357</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(257,559</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(122,864</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(418</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(31,773</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,072</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other asset investment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,410</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,259</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,915</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Real estate
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(21,759</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,277</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(26</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mortgage loans
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,351</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(22,563</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from sales of investments:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">96,889</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">229,375</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">354,240</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">364,114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">233,716</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">152,761</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,194</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,885</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">372</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Real estate
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,043</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,700</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mortgage loans
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,173</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,690</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,224</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Changes in other investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,481</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,897</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash (used)&nbsp;by investing activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(36,102</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(148,087</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(269,624</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from financing activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net change in short-term borrowings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,900</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9,277</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">156,070</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">349,836</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">247,893</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">94,077</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Debt issuance costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,010</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(390</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(694</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Leveraged Employee Stock Ownership Plan:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchase of shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(72</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(46</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Payments on loan
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">975</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,093</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,239</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Principal payments on notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(442,112</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(107,181</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(143,594</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Treasury stock acquisitions, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,408</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(10,154</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9,617</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Preferred stock dividends paid
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,480</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment contract deposits
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">165,281</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">150,432</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">86,657</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment contract withdrawals
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(98,022</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(99,845</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(72,953</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash provided (used)&nbsp;by financing
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(13,040</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">159,536</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98,176</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Increase (decrease) in cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25,388</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,182</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,182</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents at beginning of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,446</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">49,628</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">48,446</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents at end of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">66,834</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,446</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">49,628</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
these consolidated financial statements.
</FONT>

<P align="center"><FONT size="2">F-8
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">1.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Summary of Significant Accounting
    Policies</FONT></B></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Organization</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO, a Nevada corporation
(&#147;AMERCO&#148;), is the holding company for U-Haul
International, Inc. (&#147;U-Haul&#148;), which conducts moving
and storage operations; Amerco Real Estate Company
(&#147;AREC&#148;), which conducts real estate operations;
Republic Western Insurance Company (&#147;RepWest&#148;), which
conducts property and casualty insurance operations; and Oxford
Life Insurance Company (&#147;Oxford&#148;), which conducts life
insurance operations. Unless the context otherwise requires, the
term &#147;Company&#148; refers to AMERCO and all of its legal
subsidiaries. All references to a fiscal year refer to
AMERCO&#146;s fiscal year ended March&nbsp;31 of that year.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">SAC Holding Corporation and SAC Holding&nbsp;II
Corporation and their consolidated subsidiaries (collectively
referred to as SAC Holdings) are majority owned by Mark&nbsp;V.
Shoen. Mark&nbsp;V. Shoen is the beneficial owner of 16.3% of
AMERCO&#146;s common stock and is an executive officer of U-Haul.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Going Concern Basis</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On June&nbsp;20, 2003 (the &#147;Petition
Date&#148;), AMERCO filed a voluntary petition for relief under
Chapter&nbsp;11 of the United States Bankruptcy Code (the
&#147;Bankruptcy Code&#148;) in the United States Bankruptcy
Court, District of Nevada (the &#147;Bankruptcy Court&#148;)
(Case No.&nbsp;0352103). AMERCO will continue to manage its
properties and operate its businesses as
&#147;debtor-in-possession&#148; under the jurisdiction of the
Bankruptcy Court and in accordance with the applicable
provisions of the Bankruptcy Code. In general, as
debtor-in-possession, AMERCO is authorized under Chapter&nbsp;11
to continue to operate as an ongoing business, but may not
engage in transactions outside the ordinary course of business
without the prior approval of the Bankruptcy Court. Specific
information pertaining to the bankruptcy filing may be obtained
from the website www.amerco.com.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The accompanying consolidated financial
statements have been prepared assuming the Company will continue
as a going concern, which contemplates the continuity of the
Company&#146;s operations and realization of its assets and
payments of its liabilities in the ordinary course of business.
The uncertainties inherent in the bankruptcy process raise
substantial doubt about AMERCO&#146;s ability to continue as a
going concern. AMERCO is currently operating its business as a
debtor-in-possession under the jurisdiction of the bankruptcy
court, and continuation of the Company as a going concern is
contingent upon, among other things, the confirmation of a plan
of reorganization, the Company&#146;s ability to comply with all
debt covenants under the existing debtor-in-possession financing
arrangement, and obtaining financing sources to meet its future
obligations. If a reorganization plan is not approved, it is
possible some assets of the Company may be liquidated. The
consolidated financial statements do not include any adjustments
to reflect future effects on the recoverability and
classification of assets or the amount and classification of
liabilities that might result from the outcome of these
uncertainties.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Chapter&nbsp;11 filing was undertaken to
facilitate a restructuring of AMERCO&#146;s debt in response to
liquidity issues which developed during the second half of 2002.
In February 2002, the Company&#146;s prior independent auditor
advised the Company that its financial statements would have to
be consolidated for reporting purposes with those of SAC
Holdings. This consolidation, and the resulting lack of clarity
regarding AMERCO&#146;s operating results and financial
condition, contributed substantially and directly to a series of
significant developments adversely impacting the Company&#146;s
access to capital. The consolidation of SAC Holdings resulted in
a material decrease in the Company&#146;s reported net earnings
and net worth and a corresponding increase in its consolidated
leverage ratios. Consolidating SAC Holdings also required a
costly and time-consuming restatement of prior period results
that led to the untimely filing of quarterly and annual reports
with the Securities and Exchange Commission.
</FONT>

<P align="center"><FONT size="2">F-9
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As the situation was occurring, AMERCO was
attempting to negotiate the replacement of its $400&nbsp;million
credit facility with JP Morgan Chase. On June&nbsp;28, 2002,
AMERCO entered into a new credit facility with JP Morgan Chase,
which reduced AMERCO&#146;s line of credit to $205&nbsp;million.
The terms of the new JP Morgan Chase facility required that
AMERCO raise $150&nbsp;million through a capital markets
transaction prior to October&nbsp;15, 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Additionally AMERCO had payments for principal
and related swap arrangements under AMERCO&#146;s
Series&nbsp;1997-C Bond Backed Asset Trust (&#147;BBAT&#148;)
maturing October&nbsp;15, 2002. In response to these
requirements, AMERCO undertook a $275&nbsp;million bond
offering. The bond offering was ultimately unsuccessful,
exemplifying AMERCO&#146;s significantly reduced access to the
capital markets to meet its financial needs due to, among other
things, the confusion and adverse perception resulting from the
SAC Holdings consolidation. On October&nbsp;15, 2002, AMERCO
defaulted on the repayment of the BBATs, which led to
cross-defaults and an acceleration of substantially all of the
other outstanding instruments in the Company&#146;s debt
structure.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Since that time, AMERCO has continuously
negotiated with its creditor groups to attempt to reach a
consensual restructuring arrangement that would provide for the
repayment of all creditors and the maintenance of AMERCO&#146;s
existing equity. However, while substantial progress has been
made in negotiations with certain key creditor constituencies,
the complexity of AMERCO&#146;s capital structure and the
diversity of interests of the creditor groups has made an
equitable and consensual restructuring, outside of formal
reorganization proceedings, exceedingly difficult. Accordingly,
AMERCO filed its Chapter&nbsp;11 proceeding to provide the
structure and framework to finalize and implement a
restructuring of all of its debt.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have secured from Wells Fargo Foothill a
$300&nbsp;million debtor-in-possession financing facility (the
&#147;DIP Facility&#148;), and a commitment for a
$650&nbsp;million bankruptcy emergence facility. These financing
arrangements provide the basic foundation upon which AMERCO
plans to build its reorganization plan. On August&nbsp;13, 2003,
Amerco Real Estate Company (&#147;Real Estate&#148;) was filed
into Chapter&nbsp;11 proceedings in order to facilitate granting
security to the lending group in real estate assets. Real Estate
administers all of the Company&#146;s real property and owns
approximately 90&nbsp;percent of the Company&#146;s real estate
assets.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exit or emergence financing facility will be
used to fund cash payments to AMERCO&#146;s creditors, with the
balance of the creditor claims being paid through the issuance
of new, restructured debt securities at market interest rates.
Notwithstanding AMERCO&#146;s default on the BBATs in October
2002, and the resulting cross-defaults under AMERCO&#146;s other
debt facilities, until the Petition Date AMERCO has remained
current in interest payments on all of its debt obligations, in
many cases at default interest rates.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In order to exit Chapter&nbsp;11 successfully,
AMERCO will need to propose, and obtain confirmation by the
Bankruptcy Court of, a plan of reorganization that satisfies the
requirements of the Bankruptcy Code. A plan of reorganization
would resolve, among other things, AMERCO&#146;s pre-petition
obligations and set forth the revised capital structure. The
timing of filing a plan of reorganization by AMERCO will depend
on the timing and outcome of numerous other ongoing matters in
the Chapter&nbsp;11 case. Although AMERCO expects to file a
&#147;full-value&#148; plan of reorganization that provides
creditors with a combination of cash and new debt securities
equal to the full amount of their allowed claims as well as
AMERCO&#146;s emergence from bankruptcy as a going concern,
there can be no assurance at this time that a plan of
reorganization will be confirmed by the Bankruptcy Court or that
any such plan will be implemented successfully.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under Section&nbsp;362 of the Bankruptcy Code,
the filing of a bankruptcy petition automatically stays most
actions against a debtor, including most actions to collect
pre-petition indebtedness or to exercise control over the
property of the debtor&#146;s estate. Absent an order of the
Bankruptcy Court, substantially all pre-petition liabilities are
subject to settlement under the plan of reorganization.
</FONT>

<P align="center"><FONT size="2">F-10
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under Section&nbsp;365 of the Bankruptcy Code,
AMERCO may assume, assume and assign, or reject certain
executory contracts and unexpired leases, subject to the
approval of the Bankruptcy Court and certain other conditions.
In general, rejection of an unexpired lease or executory
contract is treated as a pre-petition breach of the lease or
contract in question. Subject to certain exceptions, this
rejection relieves AMERCO of performing its future obligations
under that lease or contract but entitles the lessor or contract
counterparty to a pre-petition general unsecured claim for
damages caused by the deemed breach.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Counterparties to these rejected contracts or
leases may file proofs of claim against AMERCO&#146;s estate for
such damages. Generally, the assumption of an executory contract
or unexpired lease requires a debtor to cure most existing
defaults under such executory contract or unexpired lease.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The United States Trustee for the District of
Nevada (the &#147;U.S.&nbsp;Trustee&#148;) has appointed an
official committee of unsecured creditors (the
&#147;Creditors&#146; Committee&#148;) and an Equity Committee.
The Creditors&#146; Committee and Equity Committee and their
respective legal representatives have a right to be heard on
certain matters that come before the Bankruptcy Court. There can
be no assurance that the Creditors&#146; Committee and Equity
Committee will support AMERCO&#146;s positions or AMERCO&#146;s
ultimate plan of reorganization, once proposed, and
disagreements between AMERCO and the Creditors&#146; Committee
and Equity Committee could protract the Chapter&nbsp;11 case,
could negatively impact AMERCO&#146;s ability to operate during
the Chapter&nbsp;11 case, and could prevent AMERCO&#146;s
emergence from Chapter&nbsp;11. At this time, it is not possible
to predict accurately the effect of the Chapter&nbsp;11
reorganization process on the Company&#146;s business or when
AMERCO may emerge from Chapter&nbsp;11. The Company&#146;s
future results depend on the timely and successful confirmation
and implementation of a plan of reorganization. The rights and
claims of various creditors and security holders will be
determined by the plan as well. Although AMERCO expects to file
and consummate a &#147;full value&#148; plan of reorganization
that provides creditors with a combination of cash and new debt
securities equal to the full amount of their allowed claims and
also preserves the value of AMERCO&#146;s common and preferred
stock, no assurance can be given as to what values, if any, will
be ascribed in the bankruptcy proceedings to each of these
constituencies. Accordingly, the Company urges that appropriate
caution be exercised with respect to existing and future
investments in any of such securities and claims.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Reclassifications</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certain reclassifications have been made to the
2002 and 2001 financial statements to conform to the 2003
presentation.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Principles of Consolidation</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The consolidated financial statements include the
accounts of AMERCO and its wholly-owned subsidiaries and SAC
Holdings and their subsidiaries. All material intercompany
accounts and transactions have been eliminated in consolidation.
Except for minority investments made by RepWest and Oxford in a
SAC Holdings-controlled limited partnership, which holds
Canadian self-storage properties, the Company has not had any
equity ownership interest in SAC Holdings.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RepWest, which consists of Republic Western
Insurance Company and its wholly-owned subsidiary North American
Fire&nbsp;&#38; Casualty Insurance Company (&#147;NAFCIC&#148;),
and Oxford, which consists of Oxford Life Insurance company and
its wholly-owned subsidiaries North American Insurance Company
(&#147;NAI&#148;) and Christian Fidelity Life Insurance Company
(&#147;CFLIC&#148;), have been consolidated on the basis of
calendar years ended December&nbsp;31. Accordingly, all
references to the years 2002, 2001 and 2000 correspond to
AMERCO&#146;s fiscal years 2003, 2002, and 2001, respectively.
</FONT>

<P align="center"><FONT size="2">F-11
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The operating results and financial position of
AMERCO&#146;s consolidated insurance operations are determined
as of December&nbsp;31 of each year. There were no effects
related to intervening events between January 1 and
March&nbsp;31 of 2003, 2002, or 2001 that would materially
affect the consolidated financial position or results of
operations for the financial statements presented herein.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">See Note&nbsp;22 for additional information
regarding the insurance subsidiaries and for financial
information regarding the industry segments.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Description of Operating
    Segment</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">U-Haul moving and self-storage operations consist
of the rental of trucks and trailers, sales of moving supplies,
sales of trailer hitches, sales of propane, and the rental of
self-storage spaces to the do-it-yourself mover. Operations are
conducted under the registered tradename U-Haul&#174; throughout
the United States and Canada.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">SAC moving and self-storage operations consist of
the rental of self-storage spaces, sales of moving supplies,
sales of trailer hitches, and sales of propane. In addition, SAC
functions as an independent dealer and earns commissions from
the rental of U-Haul trucks and trailers. Operations are
conducted under the registered tradename U-Haul&#174; throughout
the United States and Canada.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Real Estate owns approximately 90% of the
Company&#146;s real estate assets, including U-Haul Center and
Storage locations. The remainder of the real estate assets are
owned by various U-Haul entities. Real Estate is responsible for
overseeing property acquisitions, dispositions and managing
environmental risks of the properties.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RepWest originates and reinsures property and
casualty insurance products for various market participants,
including independent third parties, U-Haul&#146;s customers,
and the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Oxford originates and reinsures annuities, credit
life and disability, life insurance, and supplemental health
products. Oxford also administers the self-insured employee
health and dental plans for the Company.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Foreign Currency</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The consolidated financial statements include the
accounts of U-Haul Co. (Canada) Ltd., a subsidiary of U-Haul.
The assets and liabilities, denominated in foreign currency, are
translated into U.S.&nbsp;dollars at the exchange rate as of the
balance sheet date. Revenue and expense amounts are translated
at average monthly exchange rates. The related translation gains
or losses are included in the Consolidated Statements of Changes
in Stockholders&#146; Equity and Consolidated Statements of
Comprehensive Income/(Loss).
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Accounting Estimates</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The preparation of financial statements in
conformity with generally accepted accounting principles
requires management to make estimates and assumptions that
affect the reported amounts in the financial statements and
accompanying notes. Actual results could differ from those
estimates.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Cash and Cash Equivalents</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company and SAC Holdings consider liquid
investments with an original maturity of three months or less to
be cash equivalents.
</FONT>

<P align="center"><FONT size="2">F-12
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Revenue Recognition Policies</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Rental revenue is recognized over the period
trucks and equipment are rented. Sales are recognized at the
time title passes and the customer accepts delivery. Premium
revenues are recognized over the policy periods. Interest and
investment income are recognized as earned.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Receivables</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Accounts receivable include trade accounts from
customers and dealers. RepWest and Oxford receivables include
premiums and agents&#146; balances due, net of commissions
payable and amounts recoverable from reinsurers on ceded
business. Accounts receivable are reduced by amounts considered
by management to be uncollectible based on historical collection
loss experience and a review of the current status of existing
receivables.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notes and mortgage receivables include accrued
interest and are reduced by discounts and amounts considered by
management to be uncollectible.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Inventories</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Inventories are valued at the lower of cost or
market. Cost is primarily determined using the LIFO (last-in,
first-out) method.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Investments</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Fixed maturities consist of bonds and redeemable
preferred stocks. Fair values for investments are based on
quoted market prices, dealer quotes or discounted cash flows.
Fixed maturities are classified as follows:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Held-to-maturity&nbsp;&#151; recorded at cost
    adjusted for the amortization of premiums or accretion of
    discounts.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Available-for-sale&nbsp;&#151; recorded at fair
    value with unrealized gains or losses reported on a net basis in
    Other Comprehensive Income unless such changes are deemed to be
    other than temporary. Gains and losses on the sale of these
    securities are reported as a component of revenues using the
    specific identification method.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Mortgage loans&nbsp;&#38; notes on real
estate&nbsp;&#151; at unpaid balances, net of allowance for
possible losses and any unamortized premium or discount.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Real estate&nbsp;&#151; at cost less accumulated
depreciation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Policy loans&nbsp;&#151; at their unpaid balance.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Short-term investments consist of other
securities scheduled to mature within one year of their
acquisition date and are carried at cost. See Note&nbsp;5 of
Notes to Consolidated Financial Statements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Investment income is recognized as follows:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Interest on bonds and mortgage loans&nbsp;&#38;
    notes&nbsp;&#151; recognized when earned.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Dividends on common and redeemable preferred
    stocks&nbsp;&#151; recognized on ex-dividend dates.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Realized gains and losses on the sale of
    investments&nbsp;&#151; recognized at the trade date and
    included in revenues using the specific identification method.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-13
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Deferred Policy Acquisition
    Costs</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Commissions and other costs, which vary with and
are primarily related to the production of new insurance
business have been deferred.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For Oxford, costs are amortized in relation to
revenue such that costs are realized as a constant percentage of
revenue.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For RepWest, costs are amortized over the related
contract periods which generally do not exceed one year.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Property, Plant and Equipment</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Property, plant and equipment are carried at cost
and are depreciated on the straight-line and accelerated methods
over the estimated useful lives of the assets. Building and
non-rental equipment have estimated lives ranging from three to
fifty-five years, while rental equipment have estimated lives
ranging from two to twenty years. Maintenance is charged to
operating expenses as incurred, while renewals and betterments
are capitalized. Major overhaul costs are amortized over the
estimated period benefited. Gains and losses on dispositions are
netted against depreciation expense when realized. Interest
costs incurred as part of the initial construction of assets are
capitalized. Interest of $732&nbsp;thousand, $2.0&nbsp;million
and $2.5&nbsp;million was capitalized during fiscal years 2003,
2002 and 2001, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal year 2002, based on an in-depth
market analysis, U-Haul decreased the estimated salvage value
and increased the useful lives of certain rental trucks. The
effect of the change reduced net losses for fiscal year 2002 by
$3.1&nbsp;million ($0.15&nbsp;per share) net of taxes. The
in-house analysis of sales of trucks was completed for the
fiscal years ending March&nbsp;31, 1996 through March&nbsp;31,
2001. The study compared the truck model, size, age and average
salvage value of units sold for each fiscal year indicated. The
analysis revealed that average residual values (as computed)
when compared to sales prices were not reflective of the values
that the Company was receiving upon disposition. Based on the
analysis, the estimated salvage values were decreased to
approximately 25% of historic cost. In addition, this analysis
revealed that our estimates of useful lives were not reflective
of the economic lives of our trucks, which ultimately were being
utilized by the Company for longer periods of time. Thus the
useful lives for certain of our trucks were increased by
approximately 3&nbsp;years. The adjustment reflects
management&#146;s best estimate, based on information available,
of the estimated salvage value and useful lives of these rental
trucks.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company reviews property, plant and equipment
for impairment whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be fully
recoverable through expected undiscounted future operating cash
flows.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The carrying value of the Company&#146;s real
estate that is no longer necessary for use in its current
operations, and available for sale/lease, at March&nbsp;31, 2003
and 2002, was approximately $13.0&nbsp;million and
$18.4&nbsp;million respectively. Such properties available for
sale are carried at cost, less accumulated depreciation, which
is less than fair market value and is included in investments,
other.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Environmental Costs</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Liabilities for future remediation costs are
recorded when environmental assessments and remedial efforts, if
applicable, are probable and the costs can be reasonably
estimated. The liability is based on the Company&#146;s best
estimate of undiscounted future costs. Certain environmental
costs related to the removal of underground storage tanks or
related contamination are capitalized and depreciated over the
estimated useful
</FONT>

<P align="center"><FONT size="2">F-14
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">
<FONT size="2">lives of the related properties. The capitalized
costs improve the safety or efficiency of the property as
compared to when the property was originally acquired or are
incurred in preparing the property for sale.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Financial Instruments</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Historically AMERCO has entered into interest
rate swap agreements to reduce its floating interest rate
exposure and does not use the agreements for trading purposes.
Although AMERCO is exposed to credit loss for the interest rate
differential in the event the counterparties to the agreements
do not perform, it does not anticipate nonperformance by the
counterparties.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For the years ended March&nbsp;31, 2003, 2002 and
2001, AMERCO recognized $0&nbsp;thousand, $16&nbsp;thousand and
$16&nbsp;thousand as interest income, respectively, representing
the ineffectiveness of the cash flow hedging activity.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has mortgage receivables, which
potentially expose the Company to credit risk. The portfolio of
notes is principally collateralized by mini-warehouse storage
facilities and other residential and commercial properties. The
Company has not experienced losses related to the notes from
individual notes or groups of notes in any particular industry
or geographic area. The estimated fair values were determined
using the discounted cash flow method, using interest rates
currently offered for similar loans to borrowers with similar
credit ratings.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Fair Value Summary of Note and Mortgage
    Receivables</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Note and mortgage receivables are carried at
$14.1&nbsp;million and $14.6&nbsp;million in 2003 and 2002, fair
value of these receivables approximates carrying value.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Other financial instruments that are subject to
fair value disclosure requirements are carried in the financial
statements at amounts that approximate fair value, unless
elsewhere disclosed. See below, as well as Notes&nbsp;5 and 6 of
Notes to Consolidated Financial Statements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s financial instruments that are
exposed to concentrations of credit risk consist primarily of
temporary cash investments, trade receivables and notes
receivable. The Company places its temporary cash investments
with financial institutions and limits the amount of credit
exposure to any one financial institution. Concentrations of
credit risk with respect to trade receivables and reinsurance
recoverable are limited due to the large number of customers and
reinsurers and their dispersion across many different industries
and geographic areas.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Policy Benefits and Losses, Claims and Loss
    Expenses Payable</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Liabilities for policy benefits payable on
traditional life and certain annuity policies are established in
amounts adequate to meet estimated future obligations on
policies in force. These liabilities are computed using
mortality and withdrawal assumptions, which are based upon
recognized actuarial tables and contain margins for adverse
deviation. At December&nbsp;31, 2002, interest assumptions used
to compute policy benefits payable range from 2.5% to 9.25%.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The liability for annuity contracts, which are
accounted for as investment contract deposits, consists of
contract account balances that accrue to the benefit of the
policyholders, excluding surrender charges. Carrying value of
investment contract deposits were $640.0&nbsp;million and
$572.8&nbsp;million at December&nbsp;31, 2002 and 2001,
respectively.
</FONT>

<P align="center"><FONT size="2">F-15
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Liabilities for health and disability and other
policy claims and benefits payable represent estimates of
payments to be made on insurance claims for reported losses and
estimates of losses incurred but not yet reported. These
estimates are based on past claims experience and consider
current claim trends.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RepWest&#146;s liability for reported and
unreported losses is based on RepWest&#146;s historical
experience and industry averages. The liability for unpaid loss
adjustment expenses is based on historical ratios of loss
adjustment expenses paid to losses paid. Amounts recoverable
from reinsurers on unpaid losses are estimated in a manner
consistent with the claim liability associated with the
reinsured policy. Adjustments to the liability for unpaid losses
and loss expenses as well as amounts recoverable from reinsurers
on unpaid losses are charged or credited to expense in periods
in which they are made.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Income Taxes</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO files a consolidated federal income tax
return with its subsidiaries, except for NAI and CFLIC, which
file on a stand alone basis. SAC Holdings files a consolidated
return with its subsidiaries. SAC Holdings&nbsp;II files a
consolidated return with its subsidiaries. For tax purposes
AMERCO and SAC returns are not consolidated with one another.
The provision for income taxes reflects deferred income taxes
resulting from changes in temporary differences between the tax
basis of assets and liabilities and their reported amounts in
the financial statements in accordance with
SFAS&nbsp;No.&nbsp;109.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Advertising Costs</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company expenses advertising costs as
incurred. Advertising expense of $39.9&nbsp;million,
$37.8&nbsp;million and $37.9&nbsp;million was charged to
operations for fiscal years 2003, 2002 and 2001, respectively.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">New Accounting Standards</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In June 2001, the FASB issued Statement of
Financial Accounting Standards (SFAS) No.&nbsp;143, Accounting
for Asset Retirement Obligations, requires recognition of the
fair value of liabilities associated with the retirement of
long-lived assets when a legal obligation to incur such costs
arises as a result of the acquisition, construction, development
and/or the normal operation of a long-lived asset. Upon
recognition of the liability, a corresponding amount is added to
the cost of the related asset and depreciated over its remaining
life. SFAS&nbsp;143 defines a legal obligation as one that a
party is required to settle as a result of an existing or
enacted law, statute, ordinance, or written or oral contract or
by legal construction of a contract under the doctrine of
promissory estoppel. SFAS&nbsp;143 is effective for fiscal years
beginning after June&nbsp;15, 2002. We have adopted this
statement effective April&nbsp;1, 2003 and we do not expect it
to have a material effect on the Company&#146;s financial
position, results of operation or cash flows.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In October 2001, the FASB issued
SFAS&nbsp;No.&nbsp;144, Accounting for the Impairment or
Disposal of Long-Lived Assets. SFAS&nbsp;144 requires that
long-lived assets held for sale be measured at the lower of
carrying amount or fair value less cost to sell, whether
reported in continuing operations or in discontinued operations.
Therefore, discontinued operations will no longer be measured at
net realizable value or include amounts for operating losses
that have not yet occurred. SFAS&nbsp;144 is effective for
financial statements issued for fiscal years beginning after
December&nbsp;15, 2001 and, generally, is to be applied
prospectively. We have adopted this statement effective
April&nbsp;1, 2002 and it did not affect our consolidated
financial position or results of operations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In April 2002, the FASB issued
SFAS&nbsp;No.&nbsp;145, Rescission of No.&nbsp;4, (Reporting
Gains and Losses from Extinguishment of Debt), No.&nbsp;44
(Accounting for Intangible Assets of Motor Carriers),
No.&nbsp;64, (Extinguishments of Debt Made to Satisfy
Sinking-Fund Requirements), Amendment of FASB Statement
No.&nbsp;13
</FONT>

<P align="center"><FONT size="2">F-16
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">
<FONT size="2">(Accounting for Leases) and Technical
Corrections. This statement eliminates the current requirement
that gains and losses on debt extinguishment must be classified
as extraordinary items in the income statement. Instead, such
gains and losses will be classified as extraordinary items only
if they are deemed to be unusual and infrequent, in accordance
with the current GAAP criteria for extraordinary classification.
In addition, SFAS&nbsp;145 eliminates an inconsistency in lease
accounting by requiring that modification of capital leases that
result in reclassification as operating leases be accounted for
consistent with sale-leaseback accounting rules. The statement
also contains other nonsubstantive corrections to authoritative
accounting literature. The changes related to debt
extinguishment were effective for fiscal years beginning after
May&nbsp;15, 2002, and the changes related to lease accounting
were effective for transactions occurring after May&nbsp;15,
2002. We reclassified debt extinguishments expense net of taxes,
previously reported as extraordinary, to interest expense. The
effect was to increase interest expense by $3.3&nbsp;million and
the benefit for income taxes by $1.2&nbsp;million for the fiscal
year 2001.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In April 2003, the FASB issued
SFAS&nbsp;No.&nbsp;149, &#147;Amendment of Statement 133 on
Derivative Instruments and Hedging Activities.&#148; This
Statement amends and clarifies the accounting for derivative
instruments, including certain derivative instruments embedded
in other contracts and for hedging activities under
SFAS&nbsp;No.&nbsp;133. In particular, SFAS&nbsp;No.&nbsp;149
(1)&nbsp;clarifies under what circumstances a contract with an
initial net investment meets the characteristic of a derivative
as discussed in SFAS&nbsp;No.&nbsp;133, (2)&nbsp;clarifies when
a derivative contains a financing component, (3)&nbsp;amends the
definition of an underlying derivative to conform it to the
language used in FASB Interpretation No.&nbsp;45, Guarantor
Accounting and Disclosure Requirements for
Guarantees,&nbsp;Including Indirect Guarantees of Indebtedness
of Others, and (4)&nbsp;amends certain other existing
pronouncements. SFAS&nbsp;No.&nbsp;149 is generally effective
for contracts entered into or modified after June&nbsp;30, 2003.
The Company does not believe the adoption of
SFAS&nbsp;No.&nbsp;149 will have a material impact on the
Company&#146;s financial position, results of operations or cash
flows.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In May 2003, the FASB issued
SFAS&nbsp;No.&nbsp;150, &#147;Accounting for Certain Financial
Instruments with Characteristics of both Liabilities and
Equity.&#148; This Statement establishes standards for
classifying and measuring as liabilities certain financial
instruments that embody obligations of the issuer and have
characteristics of both liabilities and equity.
SFAS&nbsp;No.&nbsp;150 is effective at the beginning of the
first interim period beginning after June&nbsp;15, 2003.
SFAS&nbsp;No.&nbsp;150 currently has no impact on the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In June 2002, the FASB issued SFAS No.&nbsp;146,
&#147;Accounting for Costs Associated with Exit or Disposal
Activities&#148; (SFAS&nbsp;146), which addresses accounting for
restructuring and similar costs. SFAS No.&nbsp;146 supersedes
previous accounting guidance, principally Emerging Issues Task
Force (EITF)&nbsp;Issue No.&nbsp;94-3. SFAS No.&nbsp;146
requires that the liability for costs associated with an exit or
disposal activity be recognized when the liability is incurred.
Under EITF No.&nbsp;94-3, a liability for an exit cost was
recognized at the date of a company&#146;s commitment to an exit
plan. SFAS&nbsp;146 also establishes that the liability should
initially be measured and recorded at fair value. Accordingly,
SFAS&nbsp;146 may affect the timing of recognizing future
restructuring costs as well as the amount recognized. The
provisions of this Statement are effective for exit or disposal
activities that are initiated after December&nbsp;31, 2002. We
have adopted this statement effective January&nbsp;1, 2003, and
it did not effect our consolidated financial position or results
of operations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In November 2002, the FASB issued FASB
Interpretation No.&nbsp;45, Guarantor&#146;s Accounting for
Disclosure Requirements for Guarantees,&nbsp;Including Indirect
Guarantees of Indebtedness of Others, an interpretation of FASB
Statements No.&nbsp;5, 57, and 107 and rescission of FASB
Interpretation No.&nbsp;34, Disclosure of Indirect Guarantees of
Indebtedness of Others (&#147;FIN&nbsp;45&#148;). FIN&nbsp;45
clarifies the requirements for a guarantor&#146;s accounting for
and disclosure of certain guarantees issued and outstanding. It
also requires a guarantor to recognize, at the inception of a
guarantee, a liability for the fair value of the obligation
undertaken in issuing the guarantee. This Interpretation also
incorporates without reconsideration the guidance in FASB
</FONT>

<P align="center"><FONT size="2">F-17
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">
<FONT size="2">Interpretation No.&nbsp;34, which is being
superseded. The Company entered into a support party agreement
for $70&nbsp;million of indebtedness of an affiliate. Under the
terms of FIN&nbsp;45, the Company recognized a liability in the
amount of $70&nbsp;million, which management estimated to be the
fair value of the guarantee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In December 2002, the FASB issued SFAS
No.&nbsp;148, &#147;Accounting for Stock-Based
Compensation&nbsp;&#151; Transition and Disclosure&#148;, which
amends SFAS&nbsp;No.&nbsp;123, &#147;Accounting for Stock-Based
Compensation&#148; (&#147;SFAS&nbsp;148&#148;). SFAS&nbsp;148
provides alternative methods of transition for a voluntary
change to the fair value based method of accounting for
stock-based employee compensation. In addition, SFAS&nbsp;148
amends the disclosure requirement of SFAS No.&nbsp;123 to
require more prominent and more frequent disclosures in
financial statements of the effects of stock-based compensation.
The transition guidance and annual disclosure provisions of
SFAS&nbsp;148 are effective for fiscal years ending after
December&nbsp;15, 2002. The interim disclosure provisions are
effective for financial reports containing condensed financial
statements for interim periods beginning after December&nbsp;15,
2002. The Company does not have any stock based compensation
plans and the adoption of SFAS&nbsp;148 is not expected to have
a material impact on the Company&#146;s consolidated balance
sheet or results of operations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In January 2003, the FASB issued FASB
Interpretation No.&nbsp;46, Consolidation of Variable Interest
Entities, an interpretation of Accounting Research Bulletins
(&#147;ARB&#148;) No.&nbsp;51, Consolidated Financial Statements
(&#147;FIN&nbsp;46&#148;). FIN&nbsp;46 applied immediately to
variable interest entities created after January&nbsp;31, 2003,
and in the first interim period beginning after June&nbsp;15,
2003 for variable interest entities created prior to
January&nbsp;31, 2003. However, the FASB delayed implementation,
so that FIN&nbsp;46 now will be applied in the quarter ended
December&nbsp;31, 2003 for variable interest entities that are
special-purpose entities and in the quarter ended March&nbsp;31,
2004 for other variable interest entities. The interpretation
explains how to identify variable interest entities and how an
enterprise assesses its interests in a variable interest entity
to decide whether to consolidate that entity. The interpretation
requires existing unconsolidated variable interest entities to
be consolidated by their primary beneficiaries if the entities
do not effectively disperse risks among parties involved.
Variable interest entities that effectively disperse risks will
not be consolidated unless a single party holds an interest or
combination of interests that effectively recombines risks that
were previously dispersed. AMERCO has determined that SAC
Holdings qualifies as a Variable Interest Entity and will
continue to be consolidated. AMERCO is assessing whether Private
Mini Storage Realty, L.P., an entity in which AMERCO has a
non-controlling interest (see Note&nbsp;5), is a Variable
Interest Entity.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Earnings Per Share</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Basic earnings per common share are computed
based on the weighted average number of shares outstanding for
the year and quarterly periods, excluding shares of the employee
stock ownership plan that have not been committed to be
released. Preferred dividends include undeclared (i.e.
contractual) or unpaid dividends of AMERCO. Net income is
reduced for preferred dividends for the purpose of the
calculation. For the purpose of calculating earnings per share,
the Company aggregates both the Series&nbsp;A Common and the
Common Stock.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Comprehensive Income/(Loss)</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Comprehensive income/(loss) consists of net
income, foreign currency translation adjustment, unrealized
gains and losses on investments and fair market value of cash
flow hedges, net of the related tax effects.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">2.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Restatements and Reclassifications</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has identified various adjustments to
its previously issued consolidated financial statements. The
following table highlights the effects of the restatement
adjustments on the previously reported
</FONT>

<P align="center"><FONT size="2">F-18
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">
<FONT size="2">consolidated statement of operations for fiscal
2002 and 2001, and 2001 beginning retained earnings. All notes
and schedules have been restated as appropriate.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Net</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Net</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">April,&nbsp;2000</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Income/(Loss)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Income/(Loss)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Retained</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Fiscal 2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Fiscal 2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Earnings</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">As previously reported
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,721</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,012</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">738,805</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Adjustments to net income/(loss):
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Insurance reserves(a)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(55,570</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(56,255</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(13,320</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investments in Private Mini(b)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9,729</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,392</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,132</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Capitalized G&#38;A costs(c)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(900</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(31,749</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accrued property taxes(d)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,600</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fixed assets(e)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,846</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,829</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash surrender value(f)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,943</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">636</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,307</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Impairment of real estate investments(g)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,366</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other(h)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(860</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,156</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax adjustments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(69,522</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(68,040</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(58,650</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax benefit(i)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19,361</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,918</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,492</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">As restated:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(47,440</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(42,110</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">721,647</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2002&nbsp;net income, 2001&nbsp;net income, and
beginning retained earnings were adjusted by $50.2&nbsp;million,
$43.1&nbsp;million, and $17.2&nbsp;million, respectively, after
tax as a result of the following restatement adjustments:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;To accrue for fully-developed actuarial
    estimates of the Company&#146;s insurance reserves.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;To recognize equity-method losses
    relating to the Company&#146;s investments in Private Mini
    Storage Realty, L.P.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;To write-down unamortized capitalized
    G&#38;A costs in inventory.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;To adjust property tax under-accruals.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;To correct net depreciation expense and
    gains and losses on the disposition of fixed assets.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)&nbsp;To record changes in the cash surrender
    value of life insurance in the proper periods.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(g)&nbsp;To record impairment of real estate in
    the proper period.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(h)&nbsp;Other miscellaneous adjustments.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;To record the income tax effects of the
    restatement adjustments.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-19
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">3.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Trade Receivables, Notes and Mortgage
    Receivables, Net</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A summary of trade receivables follows:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="76%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Trade accounts receivable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,082</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,778</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premiums and agents&#146; balances, net of
    commissions payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,401</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">54,630</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Reinsurance recoverable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">165,464</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">155,176</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accrued investment income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,405</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,827</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Independent dealer receivable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,349</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,718</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other receivables
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34,319</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,369</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">266,020</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">277,498</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less allowance for doubtful accounts
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,283</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,628</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">263,737</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">274,870</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A small portion of the independent dealer
receivables set forth in the table above originates from
transactions with related parties. See also Note&nbsp;19.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A summary of notes and mortgage receivables
follows:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="80%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes, mortgage receivables and other, net of
    discount
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,938</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,349</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less allowance for doubtful accounts
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(70</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(70</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,868</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,279</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">4.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Inventories, Net</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A summary of inventory components follows:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="78%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Truck and trailer parts and accessories
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33,256</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43,075</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Hitches and towing components
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,389</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,033</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Moving supplies and promotional items
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,625</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,668</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">53,270</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">65,776</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Inventories are stated net of reserve for
obsolescence of $4.9&nbsp;million and $2.7&nbsp;million at
March&nbsp;31, 2003 and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">LIFO inventories, which represent approximately
99% and 96% of total inventories at March&nbsp;31, 2003 and
2002, respectively, would have been $4.9&nbsp;million greater at
March&nbsp;31, 2003 and 2002, if the consolidated group had used
the FIFO (first-in, first-out) method.
</FONT>

<P align="center"><FONT size="2">F-20
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">5.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Investments, Fixed Maturities&nbsp;&#38;
    Other</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A comparison of amortized cost to estimated
market value for fixed maturities is as follows:
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Gross</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Gross</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estimated</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amortized</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Unrealized</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Unrealized</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Market</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Cost</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Gains</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Losses</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Value</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="15"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">DECEMBER&nbsp;31, 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">CONSOLIDATED HELD-TO-MATURITY
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.&nbsp;treasury securities and government
    obligations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">170</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">670</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.&nbsp;government agency mortgage-backed
    securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Corporate securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mortgage-backed securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,683</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">583</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,266</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Redeemable preferred stocks
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,183</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">753</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,936</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">DECEMBER&nbsp;31, 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">CONSOLIDATED AVAILABLE-FOR-SALE
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.&nbsp;treasury securities and government
    obligations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,697</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,405</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(49</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,053</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.&nbsp;government agency mortgage-backed
    securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,182</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">201</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(13</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,370</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Obligations of states and political subdivisions
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,974</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">232</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,206</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Corporate securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">574,334</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25,996</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(25,392</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">574,938</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mortgage-backed securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">95,893</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,206</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,316</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">93,783</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Redeemable preferred stocks
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">126,301</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,558</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,962</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">124,897</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Redeemable common stocks
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,101</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">304</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(235</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,170</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">843,482</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33,902</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(32,967</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">844,417</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">859,665</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34,655</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(32,967</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">861,353</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">DECEMBER&nbsp;31, 2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">CONSOLIDATED HELD-TO-MATURITY
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.&nbsp;treasury securities and government
    obligations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,289</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">219</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,508</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.&nbsp;government agency mortgage-backed
    securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,155</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">554</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(35</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,674</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Corporate securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">42,625</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,219</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(97</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43,747</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mortgage-backed securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,648</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">705</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,352</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Redeemable preferred stocks
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">112,350</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">502</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,122</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">110,730</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">194,067</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,255</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">195,011</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">F-21
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Gross</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Gross</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estimated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amortized</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Unrealized</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Unrealized</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Market</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Cost</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Gains</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Losses</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Value</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="15"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">DECEMBER&nbsp;31, 2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">CONSOLIDATED AVAILABLE-FOR-SALE
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.&nbsp;treasury securities and government
    obligations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,656</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,223</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(128</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">42,751</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.&nbsp;government agency mortgage-backed
    securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">843</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,841</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Obligations of states and political subdivisions
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,035</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">344</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,377</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Corporate securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">651,125</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,635</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(14,792</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">660,968</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mortgage-backed securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,520</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,128</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(865</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,783</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Redeemable preferred stocks
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,976</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">314</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(422</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,868</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Redeemable common stocks
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,434</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(692</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,742</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">780,747</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,487</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(16,904</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">794,330</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">974,814</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33,686</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(19,159</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">989,341</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Fixed maturities estimated market values are
based on publicly quoted market prices at the close of trading
on December&nbsp;31, 2002 or December&nbsp;31, 2001, as
appropriate.
</FONT>

<P align="center"><FONT size="2">F-22
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The amortized cost and estimated market value of
debt securities by contractual maturity are shown below.
Expected maturities will differ from contractual maturities as
borrowers may have the right to call or prepay obligations with
or without call or prepayment penalties.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">December&nbsp;31, 2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">December&nbsp;31, 2001</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estimated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estimated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amortized</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Market</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amortized</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Market</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Cost</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Value</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Cost</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Value</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="15"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">CONSOLIDATED HELD-TO-MATURITY
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Due in one year or less
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,652</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,154</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Due after one year through five years
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">204</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">252</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19,457</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,159</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Due after five years through ten years
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">205</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">287</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,358</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,461</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">After ten years
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">72</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">111</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,447</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,481</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">670</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">45,914</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47,255</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mortgage-backed securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,683</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,266</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,803</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37,026</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Redeemable preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">112,350</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">110,730</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,183</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,936</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">194,067</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">195,011</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">CONSOLIDATED AVAILABLE-FOR-SALE
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Due in one year or less
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">53,240</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">53,985</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">52,290</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">53,309</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Due after one year through five years
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">210,765</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">215,996</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">259,659</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">266,002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Due after five years through ten years
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">181,425</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">176,645</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">251,413</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">254,002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">After ten years
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">164,575</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">167,571</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">138,454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">140,783</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">610,005</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">614,197</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">701,816</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">714,096</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mortgage-backed securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">106,075</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">104,153</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">46,521</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">48,624</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Redeemable preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">126,301</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">124,897</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,976</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,868</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Redeemable common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,101</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,170</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,434</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,742</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">843,482</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">844,417</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">780,747</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">794,330</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">859,665</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">861,353</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">974,814</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">989,341</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Proceeds from sales of investments in debt
securities for the years ended December&nbsp;31, 2002, 2001 and
2000 were $248.0&nbsp;million, $175.9&nbsp;million and
$52.8&nbsp;million respectively. Gross gains of
$6.0&nbsp;million, $3.8&nbsp;million and $733&nbsp;thousand and
gross losses of $2.4&nbsp;million, $256&nbsp;thousand and
$646&nbsp;thousand were realized on those sales for the years
ended December&nbsp;31, 2002, 2001 and 2000, respectively. The
Company realized a write-down of investments due to other than
temporary declines approximating $9.8&nbsp;million,
$6.7&nbsp;million, and $6.5&nbsp;million for the years ended
December&nbsp;31, 2002, 2001 and 2000, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At December&nbsp;31, 2002 and 2001 fixed
maturities include bonds with an amortized cost of
$11.7&nbsp;million and $18.5&nbsp;million respectively, on
deposit with insurance regulatory authorities to meet statutory
requirements.
</FONT>

<P align="center"><FONT size="2">F-23
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Investments, other consists of the following:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="75%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Short-term investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">111,377</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">65,934</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mortgage loans
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">67,513</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">85,455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Real estate
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">75,014</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">74,829</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Policy loans
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,784</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,205</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Receivable from Private Mini
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">125,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,564</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,489</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">389,252</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">240,912</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A summary of net investment and interest income
follows:
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="66%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Year Ended March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">60,855</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">67,945</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">57,379</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Real estate
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,438</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,518</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Policy loans
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">368</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,092</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">250</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mortgage loans
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,007</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,796</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,262</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Short-term, amounts held by ceding reinsurers,
    net and other investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,176</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,575</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">69,492</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">74,740</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">69,102</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less investment expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(32,388</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(30,914</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(21,973</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net investment income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37,104</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43,826</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47,129</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,464</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,517</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,168</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,568</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47,343</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">52,297</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Short-term investments consist primarily of fixed
maturities of three months to one year from acquisition date.
Mortgage loans, representing first lien mortgages held by the
insurance subsidiaries, are carried at unpaid balances, less
allowance for possible losses and any unamortized premium or
discount. Equity investments and real estate obtained through
foreclosures and held for sale are carried at the lower of cost
or fair value. Policy loans are carried at their unpaid balance.
Investment expenses include costs incurred in the management of
the investment portfolio and interest credited on annuity
policies.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At December&nbsp;31, 2002 and 2001, mortgage
loans held as investments with a carrying value of
$67.5&nbsp;million, and $85.5&nbsp;million, respectively, were
outstanding. The estimated fair value of the mortgage loans at
December&nbsp;31, 2002 and 2001 aggregated $68.0&nbsp;million
and $86.4&nbsp;million, respectively. The estimated fair values
were determined using the discounted cash flow method, using
interest rates currently offered for similar loans to borrowers
with similar credit ratings. Investments in mortgage loans,
included as a component of investments, are reported net of
allowance for possible losses of $527&nbsp;thousand and
$323&nbsp;thousand in 2002 and 2001, respectively.
</FONT>

<P align="center"><FONT size="2">F-24
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In February 1997, AMERCO, through its insurance
subsidiaries, invested in the equity of Private Mini Storage
Realty,&nbsp;L.P. (Private Mini), a Texas-based self-storage
operator. RepWest invested $13.5&nbsp;million and has a direct
30.6% interest and an indirect 13.2% interest. Oxford invested
$11&nbsp;million and has a direct 24.9% interest and an indirect
10.8% interest. U-Haul is a 50% owner of Storage Realty L.L.C.,
which serves as the general partner and has a direct 1% interest
in Private Mini. AMERCO does not maintain operating control of
Private Mini and the minority holders have substantial
participation rights. During 1997, Private Mini secured a line
of credit in the amount of $225.0&nbsp;million with a financing
institution, which was subsequently reduced in accordance with
its terms to $125.0&nbsp;million in December 2001. Under the
terms of this credit facility, AMERCO entered into a support
party agreement with Private Mini whereby upon default or
noncompliance with debt covenants by Private Mini, AMERCO
assumes responsibility in fulfilling all obligations related to
this credit facility.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At March&nbsp;31, 2003&nbsp;AMERCO had become
contingently liable for the $55.0&nbsp;million under the terms
of the support agreement. This resulted in increasing other
liabilities by $55.0&nbsp;million and our investment in a
receivable from Private Mini by $55.0&nbsp;million. Under the
terms of FIN&nbsp;45, the Company recognized a liability in the
amount of $70.0&nbsp;million, which is management&#146;s
estimate on the liability associated with the guarantee. This
resulted in increasing other liabilities by $70.0&nbsp;million
and our investment in Private Mini by $70.0&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On June&nbsp;30, 2003, RepWest and Oxford
exchanged their respective interests in Private Mini for certain
real property owned by certain SAC Holding&#146;s entities. The
exchanges were non-monetary and were recorded on the basis of
the book values of the assets exchanged. For the year ended
December&nbsp;31, 2002 Private Mini had revenue of approximately
$39.0&nbsp;million and a net loss of $4.0&nbsp;million.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">6.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Notes and Loans Payable</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At March&nbsp;31, 2003 the Company was in default
under substantially all of its borrowings due to the cross
default provisions in the agreements. As a result of this
default, all amounts in the following charts are currently due
and payable other than borrowings against the cash surrender
values of life insurance policies.
</FONT>

<P align="center"><FONT size="2">F-25
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO&#146;s notes and loans payable consist of
the following:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="74%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Short-term borrowings, 2.85% interest rate
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes payable to banks under revolving lines of
    credit, unsecured, 7.00% interest rates
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">205,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">283,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes payable to insurance companies, 9.0% to
    11.0%
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Medium-term notes payable, unsecured, 7.23% to
    8.08% interest rates, due through 2027
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">109,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">109,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes payable under Bond Backed Asset Trust,
    unsecured, 7.14% interest rate, due through 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes payable to public, unsecured, 7.85%
    interest rate, due through&nbsp;2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">175,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">175,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior Note, unsecured, 7.20% interest rate, due
    through 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">150,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior Note, unsecured, 8.80% interest rate, due
    through 2005
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">BBAT option termination
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,550</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">775</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Loan against cash surrender value of insurance
    policy
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,229</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Debt related to SWAP termination
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,590</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other notes payable, secured and unsecured, 7.00%
    to 11.25% interest rate, due through 2005
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">194</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">234</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">940,063</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,031,009</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Financed lease obligations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,793</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,792</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">954,856</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,045,801</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Other notes payable are secured by land and
buildings at various locations with a net carrying value of
$6.0&nbsp;million and $5.5&nbsp;million at March&nbsp;31, 2003
and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At March&nbsp;31, 2003, AMERCO had a revolving
credit loan (long-term) available from participating banks under
an agreement, which provided for a credit line of
$205&nbsp;million through June&nbsp;30, 2005. Depending on the
form of borrowing elected, interest will be based on the London
Interbank Offering Rate (LIBOR), prime rate, the federal funds
effective rate, or rates determined by a competitive bid. LIBOR
loans include a spread based upon the senior debt rates of
AMERCO. Facility fees paid are based upon the amount of credit
line. As of March&nbsp;31, 2003, loans outstanding under the
revolving credit line totaled $205&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At March&nbsp;31, 2003, AMERCO had no short-term
borrowings, from its total uncommitted lines of credit of
$59.7&nbsp;million.
</FONT>

<P align="center"><FONT size="2">F-26
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Revolving Credit Activity</FONT></B></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Short-Term Borrowing</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Year&nbsp;Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Year Ended</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="23"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="23" align="center" nowrap><B><FONT size="1">(In thousands, except interest rates)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Weighted average interest rate during the year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.6%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.53%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.36%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.59%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.67%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest rate at year end
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7.0%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.44%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.68%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.63%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.96%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Maximum amount outstanding during the year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">400,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">283,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">258,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33,553</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Average amount outstanding during the year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">248,847</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">224,667</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">86,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,531</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,458</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Facility fees
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,537</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">507</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">507</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO has entered into interest rate swap
agreements to potentially mitigate the impact of changes in
interest rates on its floating rate debt. These agreements
effectively change AMERCO&#146;s interest rate exposure on
$45.0&nbsp;million of floating rate notes to a weighted average
fixed rate of 8.63%. The SWAPS mature at the time the related
notes mature. Incremental interest expense associated with SWAP
activity was $1.5&nbsp;million, $2.4&nbsp;million and
$1.0&nbsp;million during 2003, 2002 and 2001, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of March&nbsp;31, 2003, the Company no longer
has interest rate swap agreements. All interest rate swap
agreements at March&nbsp;31, 2002 expired during the year ended
March&nbsp;31, 2003, except for two (2), which were converted to
debt in the amount of $5.6&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal year 2002, AMERCO paid down
$102.5&nbsp;million of 7.44% to 7.52% Medium Term Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal year 2001, AMERCO extinguished
$100.0&nbsp;million of BBATs with interest of 6.89% originally
due in fiscal year 2011, and $25.0&nbsp;million of 6.71%
Medium-Term notes originally due in fiscal year 2009. This
resulted in an extinguishment loss of $2.1&nbsp;million, net of
tax of $1.2&nbsp;million ($0.10&nbsp;per share).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certain of AMERCO&#146;s credit agreements
contain restrictive financial and other covenants, including,
among others, covenants with respect to incurring additional
indebtedness, maintaining certain financial ratios and placing
certain additional liens on its properties and assets.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest paid in cash amounted to
$76.6&nbsp;million, $77.9&nbsp;million and $92.6&nbsp;million
for fiscal years 2003, 2002 and 2001, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">SAC Holdings&#146; notes and loans payable,
non-recourse to AMERCO consist of the following:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="76%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes payable, secured, bearing interest rates
    ranging from 7.50% to 8.82%, due between 2004 and 2032
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">590,813</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">563,922</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less discounts on notes payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,794</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,035</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">589,019</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">561,887</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Secured notes payable are secured by deeds of
trusts on the collateralized land and buildings. Principal and
interest payments on notes payable to third-party lenders are
due monthly. Certain notes payable contain provisions whereby
the loans may not be prepaid at any time prior to the maturity
date without payment to the lender of a Yield Maintenance
Premium, as defined in the loan agreements. The loans on a
portfolio of sixteen properties are cross-collateralized and
cross-defaulted.
</FONT>

<P align="center"><FONT size="2">F-27
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The annual maturities of SAC Holdings&#146;
long-term debt for the next five years adjusted for subsequent
activity are presented in the table below:
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="23"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="23" align="center" nowrap><B><FONT size="1">Year Ended</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="23" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2004</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2005</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2006</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2007</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2008</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Thereafter</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="23"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="23" align="center" nowrap><B><FONT size="1">(In thousands, except interest rates)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes payable, secured
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">79,971</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">88,236</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,212</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,918</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,323</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">393,359</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest paid in cash amounted to
$20.1&nbsp;million, $33.8&nbsp;million and $23.7&nbsp;million
for fiscal years 2003, 2002 and 2001, respectively.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">7.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Stockholders&#146; Equity</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO has authorized capital stock consisting of
150,000,000&nbsp;shares of common stock, 150,000,000&nbsp;shares
of Serial common stock and 50,000,000&nbsp;shares of Serial
preferred stock. The Board of Directors may authorize the Serial
common stock to be issued in such series and on such terms as
the Board shall determine. Serial preferred stock issuance may
be with or without par value.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO has issued 6,100,000&nbsp;shares of
8&nbsp;1/2% cumulative, no par, non-voting Series&nbsp;A
preferred stock (&#147;Series&nbsp;A&#148;). The Series&nbsp;A
is not convertible into, or exchangeable for, shares of any
other class or classes of stock of AMERCO. Dividends are payable
quarterly in arrears and have priority as to dividends over
AMERCO&#146;s common stock. On or after December&nbsp;1, 2000,
AMERCO, at its option, may redeem all or part of the
Series&nbsp;A, for cash at $25.00&nbsp;per share plus accrued
and unpaid dividends to the redemption date. Due to the
Chapter&nbsp;11 filing, AMERCO does not expect to make any
dividend payments on the Series&nbsp;A for the duration of such
proceedings. As of March&nbsp;31, 2003, AMERCO has accrued
unpaid dividends of $6.5&nbsp;million.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">8.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Accumulated Other Comprehensive
    Income/(Loss)</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A summary of accumulated comprehensive
income/(loss) components follows:
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Unrealized</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Fair Market</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Accumulated</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Foreign</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Gain/(Loss)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Value of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Other</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Currency</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">on</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Cash Flow</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Comprehensive</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Translation</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Investments</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Hedge</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Income</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="15"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Balance at March&nbsp;31, 2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(35,450</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,123</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,624</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(45,197</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Foreign currency translation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(25,031</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(25,031</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fair market value of cash flow hedge
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,942</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,942</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unrealized gain on investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,706</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,706</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Balance at March&nbsp;31, 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(60,481</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,583</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,318</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(40,580</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Foreign currency translation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fair market value of cash flow hedge
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,318</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,318</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unrealized (loss) on investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,648</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,648</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Balance at March&nbsp;31, 2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(56,700</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">935</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(55,765</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">9.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Earnings Per Share</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of March&nbsp;31, 2003, 2002 and 2001,
6,100,000&nbsp;shares of preferred stock have been excluded from
the weighted average shares outstanding calculation because they
are not common stock equivalents.
</FONT>

<P align="center"><FONT size="2">F-28
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">10.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Income Taxes</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The components of the consolidated expense/
(benefit) for income taxes applicable to operations are as
follows:
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="64%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Year Ended March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Current:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Federal
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,440</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,831</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,252</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">State and local
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,127</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,591</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,072</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Foreign
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">840</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">923</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,042</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Federal
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(19,631</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(25,136</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(24,659</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">State and local
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,711</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,100</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,251</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Foreign
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(13,935</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(19,891</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(22,544</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Income taxes paid in cash amounted to
$12.8&nbsp;million, $7.2&nbsp;million and $6.3&nbsp;million for
fiscal years 2003, 2002 and 2001, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Actual tax expense reported on earnings from
operations differs from the &#147;expected&#148; tax expense
amount (computed by applying the United States federal corporate
tax rate of 35% in 2003, 2002 and 2001) as follows:
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="64%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Year Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Computed &#147;expected&#148; tax expense
    (benefit)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(13,622</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(23,566</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(22,629</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Increases (reductions)&nbsp;in taxes resulting
    from:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Tax-exempt interest income/ (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">630</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">755</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Dividends received deduction
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">914</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Canadian subsidiary income/ (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,130</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,202</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(361</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Federal tax expense/ (benefit) of state and local
    taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,027</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(511</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(746</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(42</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,305</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,329</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Actual federal tax expense/ (benefit
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(15,191</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(21,305</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(22,407</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">State and local income tax expense/ (benefit)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,256</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,414</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(137</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Actual tax expense/ (benefit) of operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(13,935</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(19,891</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(22,544</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">F-29
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Deferred tax assets and liabilities are comprised
as follows:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="73%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred tax assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Tax net operating loss and credit carryforwards
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">99,375</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">88,212</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accrued expenses/ (benefit)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">127,675</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">111,301</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred revenue from sale/ leaseback
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,137</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,893</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Policy benefits and losses, claims and loss
    expenses payable, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,596</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,987</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unrealized gains/ (losses)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,043</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,992</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total deferred tax assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">260,826</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">235,401</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred tax liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">196,525</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">194,270</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,127</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,217</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,932</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,869</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total deferred tax liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">228,584</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">229,356</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net deferred tax assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,242</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,045</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Prior to the restatements, AMERCO had a history
of profitable operations and management has concluded that it is
more likely than not that AMERCO will ultimately realize the
full benefit of its deferred tax assets. Management has
determined it has tax strategies which could be implemented
sufficient to recover all of its deferred tax assets.
Accordingly, AMERCO believes that a valuation allowance is not
required at March&nbsp;31, 2003 and 2002. See also Note&nbsp;15
of Notes to Consolidated Financial Statements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the provisions of the Tax Reform Act of
1984 (the Act), the balance in Oxford&#146;s account designated
&#147;Policyholders&#146; Surplus Account&#148; is frozen at its
December&nbsp;31, 1983 balance of $19.3&nbsp;million. Federal
income taxes (Phase&nbsp;III) will be payable thereon at
applicable current rates if amounts in this account are
distributed to the stockholder or to the extent the account
exceeds a prescribed maximum. Oxford did not incur a
Phase&nbsp;III liability for the years ended December&nbsp;31,
2003, 2002 and 2001.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with the resolution of litigation
with certain members of the Shoen family and their corporations,
AMERCO has deducted for income tax purposes approximately
$372.0&nbsp;million of the payments made to plaintiffs in a
lawsuit. While AMERCO believes that such income tax deductions
are appropriate, there can be no assurance that such deductions
ultimately will be allowed in full. The IRS has proposed
adjustments to the Company&#146;s 1997 and 1996 tax returns.
Nearly all of the adjustments are attributable to denials of
deductions claimed for such payments. We believe these income
tax deductions are appropriate and are vigorously contesting the
IRS adjustments. No additional taxes have been provided in the
accompanying financial statements, as management believes that
none will result.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At March&nbsp;31, 2003 and March&nbsp;31, 2002,
AMERCO and RepWest have non-life net operating loss
carryforwards available to offset federal taxable income in
future years of $181.6&nbsp;million and $181.4&nbsp;million,
respectively. These carryforwards expire in 2011 through 2020.
At March&nbsp;31, 2003 and March&nbsp;31, 2002, AMERCO has
alternative minimum tax credit carryforwards of
$5.4&nbsp;million and $5.3&nbsp;million, respectively, which do
not have an expiration date, and may only be utilized in years
in which regular tax exceeds alternative minimum tax.
</FONT>

<P align="center"><FONT size="2">F-30
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The SAC consolidated group consists of two
separate affiliated groups for tax purposes. The SAC Holdings
affiliated group has net operating losses of $61.6&nbsp;million
and $42.2&nbsp;million in fiscal years ending March&nbsp;31,
2003 and March&nbsp;31, 2002 respectively, to offset federal
taxable income in future years. The SAC Holding&nbsp;II group,
which began to file tax returns in fiscal year ending
March&nbsp;31, 2003 has a net operating loss carryforward of
$7.6&nbsp;million to offset federal taxable income in future
years. These carryforwards expire in 2013 through 2023.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During 1994, Oxford distributed its investment in
RepWest common stock as a dividend to its parent at book value.
As a result of such dividend, a deferred intercompany gain arose
due to the difference between the book value and fair value of
such common stock. However, such gain can only be triggered if
certain events occur. If the DOI places RepWest under
conservatorship, that event might be deemed to trigger the
deferred gain. The current tax payable as result of that
deferred gain could be as much as $18&nbsp;million. However, the
same hypothetical action by the DOI would most likely lead to an
offsetting current tax loss to AMERCO resulting in future
recovery of that same tax. To date, no events have occurred
which would trigger such gain recognition. No deferred taxes
have been provided in the accompanying consolidated financial
statements as management believes that no events have occurred
to trigger such gain.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under certain circumstances and sections of the
Internal Revenue Code a change in ownership for tax purposes
will limit the amount of net operating loss carryforwards that
can be used to offset future taxable income.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">11.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Transactions with Fleet Owners and Other
    Rental Equipment Owners</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Independent rental equipment owners (fleet
owners) own approximately 4% of all U-Haul rental trailers and
0.01% of certain other rental equipment. There are approximately
1,290 fleet owners, including certain officers, directors,
employees and stockholders of AMERCO. Such AMERCO officers,
directors, employees and stockholders owned approximately 0.07%,
0.09% and 0.10% of all U-Haul rental trailers during the fiscal
years 2003, 2002 and 2001, respectively. All rental equipment is
operated under contract with U-Haul whereby U-Haul administers
the operations and marketing of such equipment and in return
receives a percentage of rental fees paid by customers. Based on
the terms of various contracts, rental fees are distributed to
U-Haul (for services as operators), to the fleet owners
(including certain subsidiaries and related parties of U-Haul)
and to Rental Dealers (including Company-operated U-Haul
Centers).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">See also note&nbsp;19.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">12.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Employee Benefit Plans</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO employees participate in the AMERCO
Employee Savings, Profit Sharing and Employee Stock Ownership
Plan (the &#147;Plan&#148;) which is designed to provide all
eligible employees with savings for their retirement and to
acquire a proprietary interest in AMERCO.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Plan has three separate features: a profit
sharing feature under which the Employer may make contributions
on behalf of participants; a savings feature which allows
participants to defer income under Section&nbsp;401(k) of the
Internal Revenue Code of 1986; and an employee stock ownership
feature under which AMERCO may make contributions of AMERCO
common stock or cash to acquire such stock on behalf of
participants. Generally, employees of AMERCO are eligible to
participate in the Plan upon completion of a one year service
requirement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No contributions were made to the profit sharing
plan in fiscal year 2003, 2002, or 2001.
</FONT>

<P align="center"><FONT size="2">F-31
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO has arranged financing to fund the ESOP
trust (ESOT) and to enable the ESOT to purchase shares. Below is
a summary of the financing arrangements:
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="62%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Outstanding</FONT></B></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">as of</FONT></B></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Interest Payments</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">March&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="15"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">May 1990
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">June 1991
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,398</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">978</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,210</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,113</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">March 1999
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">140</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">February 2000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">885</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">62</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">74</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">April, 2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">144</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Shares are released from collateral and allocated
to active employees based on the proportion of debt service paid
in the plan year. Contributions to the ESOT charged to expense
were $2.2&nbsp;million, $2.1&nbsp;million and $2.2&nbsp;million
for fiscal years 2003, 2002 and 2001, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The shares held by ESOP as of March&nbsp;31 were
as follows:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="79%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Allocated shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,639</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,674</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Shares committed to be released
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unreleased shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">795</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">860</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fair value of unreleased shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,212</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,973</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For purposes of the schedule, fair value of
unreleased shares issued prior to December&nbsp;31, 1992 is
defined as the historical cost of such shares. Fair value of
unreleased shares issued subsequent to December&nbsp;31, 1992 is
defined as the March&nbsp;31 trading value of such shares for
2002 and 2001.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Oxford insures various group life and group
disability insurance plans covering employees of the
consolidated group. Premiums earned were $2.7&nbsp;million,
$2.0&nbsp;million and $1.4&nbsp;million during the years ended
December&nbsp;31, 2002, 2001 and 2000, respectively, and were
eliminated in consolidation.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">13.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Postretirement and Postemployment
    Benefits</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO provides medical and life insurance
benefits to retired employees and eligible dependents over
age&nbsp;65 if the employee meets specified age and service
requirements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO uses the accrual method of accounting for
postretirement benefits. AMERCO continues to fund medical and
life insurance benefit costs as claims are incurred.
</FONT>

<P align="center"><FONT size="2">F-32
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The components of net periodic postretirement
benefit cost for 2003, 2002 and 2001 are as follows:
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="73%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Year Ended</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Service cost for benefits earned during the period
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">299</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">259</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">228</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest cost on accumulated postretirement
    benefit
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">355</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">302</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">276</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other components
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(279</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(315</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(340</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net periodic postretirement benefit cost
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">375</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">246</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">164</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The 2003 and 2002 postretirement benefit
liability included the following components:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="80%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Year Ended</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Beginning of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,982</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,097</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Service cost
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">299</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">259</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest cost
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">355</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">302</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefit payments and expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(122</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(81</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Actuarial (gain)&nbsp;loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(536</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">405</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accumulated postretirement benefit obligation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,978</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,982</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unrecognized net gain
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,364</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,107</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,342</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,089</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The discount rate assumptions in computing the
information above were as follows:
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="73%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accumulated postretirement benefit obligation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.75</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7.25</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7.50</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The year-to-year fluctuations in the discount
rate assumptions primarily reflect changes in U.S.&nbsp;interest
rates. The discount rate represents the expected yield on a
portfolio of high-grade (AA-AAA rated or equivalent)
fixed-income investments with cash flow streams sufficient to
satisfy benefit obligations under the plans when due.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The assumed health care cost trend rate used in
measuring the accumulated postretirement benefit obligation was
5.6% in 2003, declining annually to an ultimate rate of 4.20% in
2016.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the health care cost trend rate assumptions
were increased by 1.00%, the accumulated postretirement benefit
obligation as of March&nbsp;31, 2003 would be increased by
approximately $270 thousand and a decrease of 1.00% would reduce
the accumulated postretirement benefit obligation by $294
thousand.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Post employment benefits, other than retirement,
provided by AMERCO are not material.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">14.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Reinsurance</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the normal course of business, RepWest and
Oxford assume and cede reinsurance on both a coinsurance and
risk premium basis. RepWest and Oxford obtain reinsurance for
that portion of risks exceeding retention limits. The maximum
amount of life insurance retained on any one life is $150,000.
</FONT>

<P align="center"><FONT size="2">F-33
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A summary of reinsurance transactions by business
segment is as follows:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ceded to</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Assumed</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percentage of</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Direct</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Other</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">from Other</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Net</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Companies</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Companies</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Assumed to Net</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Year ended December&nbsp;31, 2002
    Life&nbsp;insurance in force
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,036,998</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,045,011</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,613,812</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,605,789</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">62</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premiums earned: Life
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,973</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,078</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,111</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28,006</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">54</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accident and health
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">114,526</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,274</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,581</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">125,833</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Annuity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,272</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,609</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,881</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">74</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property and casualty
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">166,677</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">69,374</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">51,902</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">149,205</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">305,448</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">94,726</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">97,203</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">307,925</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ceded to</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Assumed</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percentage of</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Direct</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Other</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">from Other</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Net</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Companies</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Companies</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Assumed to Net</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Year ended December&nbsp;31, 2001
    Life&nbsp;insurance in force
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,088,898</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">925,608</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,732,122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,895,412</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">60</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premiums earned: Life
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,437</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,889</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,083</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,631</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">53</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accident and health
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">115,364</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,265</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28,051</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">125,150</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Annuity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,651</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,939</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,590</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">70</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property and casualty
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">217,401</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">55,301</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">91,699</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">253,799</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">355,853</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">82,455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">137,772</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">411,170</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ceded to</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Assumed</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percentage of</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Direct</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Other</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">from Other</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Net</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Companies</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Companies</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amount(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Assumed to Net</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Year ended December&nbsp;31, 2000
    Life&nbsp;insurance in force
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,736,332</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">923,472</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,812,548</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,625,408</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">69 &nbsp;&nbsp;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premiums earned: Life
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,666</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,493</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,232</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,405</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28 &nbsp;&nbsp;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accident and health
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">72,593</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,195</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,884</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">74,282</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23 &nbsp;&nbsp;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Annuity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">574</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,932</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,506</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">92 &nbsp;&nbsp;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property and casualty
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">153,816</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33,182</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">96,281</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">216,915</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">44 &nbsp;&nbsp;</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">250,649</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,870</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">128,329</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">328,108</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances are reported net of intersegment
    transactions. Premiums eliminated in consolidation total
    $3.4&nbsp;million, $8.2&nbsp;million and $9.2&nbsp;million for
    RepWest, and $2.7&nbsp;million, $2.0&nbsp;million and
    $1.4&nbsp;million for Oxford for the years ended
    December&nbsp;31, 2002, 2001 and 2000, respectively.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To the extent that a reinsurer is unable to meet
its obligation under the related reinsurance agreements, RepWest
would remain liable for the unpaid losses and loss expenses.
Pursuant to certain of these agreements,
</FONT>

<P align="center"><FONT size="2">F-34
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">
<FONT size="2">RepWest holds letters of credit of
$7.6&nbsp;million from reinsurers and has issued letters of
credit of approximately $15.7&nbsp;million in favor of certain
ceding companies as of December&nbsp;31, 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RepWest is a reinsurer of municipal bond
insurance through an agreement with MBIA, Inc. Premiums
generated through this agreement are recognized on a
pro&nbsp;rata basis over the contract coverage period. On
December&nbsp;1, 2002, MBIA,&nbsp;Inc. and RepWest entered into
a termination agreement to terminate the agreement on a cut-off
basis. In conjunction with the Termination Agreement, RepWest
paid MBIA,&nbsp;Inc. $3.4&nbsp;million in December of 2002 for
reimbursement of unearned premiums.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following is a summary of balances related to
the agreement with MBIA,&nbsp;Inc as of December&nbsp;31, 2001:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="78%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unearned premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,300</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Case loss reserves
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">702</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Aggregate exposure for Class&nbsp;I municipal
    bond insurance
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,200</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">15.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Contingent Liabilities and
    Commitments</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company uses certain equipment and occupies
certain facilities under operating lease commitments with terms
expiring through 2079. Lease expense was $163.8&nbsp;million,
$170.0&nbsp;million and $173.0&nbsp;million for the years ended
2003, 2002 and 2001, respectively. During the year ended
March&nbsp;31, 2003, a subsidiary of U-Haul entered into two
transactions, whereby AMERCO sold rental trucks, which were
subsequently leased back. AMERCO has guaranteed
$192.0&nbsp;million of residual values at March&nbsp;31, 2003,
for these assets at the end of the respective lease terms.
Certain leases contain renewal and fair market value purchase
options as well as mileage and other restrictions similar to
covenants disclosed in Note&nbsp;6 of Notes to Consolidated
Financial Statements for notes payable and loan agreements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Following are the lease commitments for leases
having terms of more than one year:
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="60%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">March&nbsp;31, 2003</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property, Plant</FONT></B></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Other</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Rental</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Year Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Equipment</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Fleet</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2004
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">120,334</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">117,514</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">237,848</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2005
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,837</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">107,408</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">110,245</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2006
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,692</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">84,891</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">87,583</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2007
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,178</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">71,436</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">73,614</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2008
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,379</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25,690</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,069</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Thereafter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,699</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,107</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,806</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">135,119</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">417,046</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">552,165</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company, at the expiration of the lease, has
the option to renew the lease, purchase for fair market value,
or sell to a third party on behalf of the lessor.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company maintains credit facilities and
leasing agreements, collectively the Lease Facilities. Under
these Lease Facilities, the lessor acquires land to be developed
for storage locations with advances of funds (the Advances) made
by certain parties to the facilities. AMERCO separately leases
the land and
</FONT>

<P align="center"><FONT size="2">F-35
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">
<FONT size="2">improvements, including completed locations (the
Properties) under the facilities and respective lease
supplements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In December of 1996, AMERCO executed a
$100.0&nbsp;million Lease Facility with a number of financial
institutions, which was amended and restated in July 1999 to
$170.0&nbsp;million. The credit facility related to this Lease
Facility terminated in July of 2001, however the leasing
agreement under which AMERCO leases the Properties does not
terminate until July of 2004. In September 1999, and April of
2001, AMERCO entered into additional Lease Facilities for
available credit of $115.5&nbsp;million and $49.0&nbsp;million,
respectively. Both the Credit Facility and the Leasing Agreement
for the respective facilities expire in September 2004 and April
2004, respectively. There was no available credit under the
Lease Facilities at March&nbsp;31, 2003 and 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of March&nbsp;31, 2003 the Company had
obligations outstanding of $254.0&nbsp;million under the Lease
Facilities, of this, $117.0&nbsp;million represents properties
qualifying as operating leases.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The facilities contain certain restrictions
similar to those contained in Note&nbsp;6. Upon occurrence of
any event of default, the lessor may rescind or terminate any or
all leases and, among other things, require AMERCO to repurchase
any or all of the properties. The facilities have a three-year
term, with options for successive one-year renewal terms subject
to consent of other parties.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon the expiration of the facilities, AMERCO may
either purchase all of the properties based on a purchase price
equal to all amounts outstanding under the Advances, including
the interest and yield thereon, or remarket all of the
properties to a third party purchaser.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the normal course of business, AMERCO is a
defendant in a number of suits and claims. AMERCO is also a
party to several administrative proceedings arising from state
and local provisions that regulate the removal and/or cleanup of
underground fuel storage tanks. It is the opinion of management
that none of such suits, claims or proceedings involving AMERCO,
individually or in the aggregate, are expected to result in a
material loss. Also see Note&nbsp;16.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Compliance with environmental requirements of
federal, state and local governments significantly affects Real
Estate&#146;s business operations. Among other things, these
requirements regulate the discharge of materials into the water,
air and land and govern the use and disposal of hazardous
substances. Real Estate is aware of issues regarding hazardous
substances on some of its properties. Real Estate regularly
makes capital and operating expenditures to stay in compliance
with environmental laws and has put in place a remedial plan at
each site where it believes such a plan is necessary. Since
1988, Real Estate has managed a testing and removal program for
underground storage tanks. Under this program we have spent
$43.7&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Based upon the information currently available to
AREC, compliance with the environmental laws and its share of
the costs of investigation and cleanup of known hazardous waste
sites are not expected to have a material adverse effect on
AMERCO&#146;s financial position or operating results.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">16.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Legal Proceedings</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the $7.5&nbsp;million settlement of a
class action lawsuit relating to overtime compensation and
brought on behalf of current and former Moving Center General
Managers in California, Sarah Saunders, et&nbsp;al. vs. U-Haul
Company of California, Inc., final payment was made on
April&nbsp;5, 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On July&nbsp;20, 2000, Charles Kocher
(&#147;Kocher&#148;) filed suit in Wetzel County, West Virginia,
Civil Action No.&nbsp;00-C-51-K, entitled Charles Kocher&nbsp;v.
Oxford Life Insurance Co. (&#147;Oxford&#148;) seeking
compensatory and punitive damages for breach of contract, bad
faith and unfair claims settlement practices arising from an
alleged failure of Oxford to properly and timely pay a claim
under a disability and dismemberment policy. On March&nbsp;22,
2002, the jury returned a verdict of $5&nbsp;million in
compensatory damages and $34&nbsp;million in punitive
</FONT>

<P align="center"><FONT size="2">F-36
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">
<FONT size="2">damages. On November&nbsp;5, 2002, the trial
court entered an Order (&#147;Order&#148;) affirming the
$39&nbsp;million jury verdict and denying Oxford&#146;s motion
for New Trial Or, in The Alternative, Remittitur. Oxford has
perfected its appeal to the West Virginia Supreme Court. On
January&nbsp;27, 2004, the matter was argued before the West
Virginia Supreme Court and taken under advisement. Management
does not believe that the Order is sustainable and expects the
Order to be overturned by the West Virginia Supreme Court, in
part because the jury award has no reasonable nexus to the
actual harm suffered by Kocher. The Company has accrued
$725,000, which represents management&#146;s best estimate of
the costs associated with legal fees to appeal and re-try the
case and the Company&#146;s uninsured exposure to an unfavorable
outcome.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As previously discussed, on June&nbsp;20, 2003,
AMERCO filed a voluntary petition for relief under
Chapter&nbsp;11 of the Bankruptcy Code. As debtor-in-possession,
AMERCO is authorized under Chapter&nbsp;11 to continue to
operate as an ongoing business, but may not engage in
transactions outside the ordinary course of business without the
prior approval of the Bankruptcy Court. As of the Petition Date,
all pending litigation against AMERCO is stayed, and absent
further order of the Bankruptcy Court, no party, subject to
certain exceptions, may take any action, again subject to
certain exceptions, to recover on pre-petition claims against
AMERCO. The automatic stay, however, does not apply to
AMERCO&#146;s subsidiaries, other than Amerco Real Estate
Company, which filed for protection under Chapter&nbsp;11, on
August&nbsp;13, 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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&nbsp;F. Shoen vs.
SAC Holding Corporation et&nbsp;al., CV02-05602, seeking damages
and equitable relief on behalf of AMERCO from SAC Holdings and
certain current and former members of the AMERCO Board of
Directors, including Edward&nbsp;J. Shoen, Mark&nbsp;V. Shoen
and James&nbsp;P. Shoen as defendants. AMERCO is named a nominal
defendant for purposes of the derivative action. The complaint
alleges breach of fiduciary duty, self-dealing, usurpation of
corporate opportunities, wrongful interference with prospective
economic advantage and unjust enrichment and seeks the unwinding
of sales of self-storage properties by subsidiaries of AMERCO to
SAC Holdings over the last several years. The complaint seeks a
declaration that such transfers are void as well as unspecified
damages. On October&nbsp;28, 2002, AMERCO, the Shoen directors,
the non-Shoen directors and SAC Holdings filed Motions to
Dismiss the complaint. In addition, on October&nbsp;28, 2002,
Ron Belec filed a derivative action in the Second Judicial
District Court of the State of Nevada, Washoe County, captioned
Ron Belec vs. William E. Carty, et&nbsp;al., CV&nbsp;02-06331
and on January&nbsp;16, 2003, M.S. Management Company,&nbsp;Inc.
filed a derivative action in the Second Judicial District Court
of the State of Nevada, Washoe County, captioned M.S. Management
Company,&nbsp;Inc. vs. William&nbsp;E. Carty, et&nbsp;al., CV
03-00386. Two additional derivative suits were also filed
against these parties. These additional suits are substantially
similar to the Paul&nbsp;F. Shoen derivative action. The five
suits assert virtually identical claims. In fact, three of the
five plaintiffs are parties who are working closely together and
chose to file the same claims multiple times. The court
consolidated all five complaints before dismissing them on
May&nbsp;8, 2003. Plaintiffs have filed a notice of appeal.
These lawsuits falsely alleged that the AMERCO Board lacked
independence. In reaching its decision to dismiss these claims,
the court determined that the AMERCO Board of Directors had the
requisite level of independence required in order to have these
claims resolved by the Board.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A subsidiary of U-Haul, INW&nbsp;Company
(&#147;INW&#148;), owns one property located within two
different state hazardous substance sites in the State of
Washington. The sites are referred to as the &#147;Yakima Valley
Spray Site&#148; and the &#147;Yakima Railroad Area.&#148; INW
has been named as a &#147;potentially liable party&#148; under
state law with respect to this property as it relates to both
sites. As a result of the cleanup costs of approximately
$5.0&nbsp;million required by the State of Washington, INW filed
for reorganization under the federal bankruptcy laws in May of
2001. A successful mediation with other liable parties has
occurred and future liability to INW will be in the range of
$750,000 to $1.25&nbsp;million.
</FONT>

<P align="center"><FONT size="2">F-37
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Securities and Exchange Commission
(&#147;SEC&#148;) has issued a formal order of investigation to
determine whether the Company has violated the Federal
securities laws. On January&nbsp;7, 2003, the Company received
the first of four subpoenas issued by the SEC. SAC Holdings, the
Company&#146;s current and former auditors, and others have also
received one or more subpoenas relating to this matter. The
Company is cooperating fully with the SEC and is facilitating
the expeditious review of its financial statements and any other
issues that may arise. The Company has produced a large volume
of documents and other materials in response to the subpoenas,
and the Company is continuing to assemble and produce additional
documents and materials for the SEC. Although the Company has
fully cooperated with the SEC in this matter and intends to
continue to fully cooperate, the SEC may determine that the
Company has violated Federal securities laws. We cannot predict
when this investigation will be completed or its outcome. If the
SEC makes a determination that we have violated Federal
securities laws, we may face sanctions, including, but not
limited to, significant monetary penalties and injunctive relief.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO is a defendant in four putative class
action lawsuits. Article Four Trust&nbsp;v. AMERCO, et&nbsp;al.,
District of Nevada, United States District Court, Case
No.&nbsp;CV-N-03-0050-DWH-VPC. Article&nbsp;Four Trust, a
purported AMERCO shareholder, commenced this action on
January&nbsp;28, 2003 on behalf of all persons and entities who
purchased or acquired AMERCO securities between
February&nbsp;12, 1998 and September&nbsp;26, 2002. The
Article&nbsp;Four Trust action alleges one claim for violation
of Section&nbsp;10(b) of the Securities Exchange Act and
Rule&nbsp;10b-5 thereunder. Mates&nbsp;v. AMERCO, et&nbsp;al.,
United States District Court, District of Nevada, Case
No.&nbsp;CV-N-03-0107. Maxine Mates, an AMERCO shareholder,
commenced this putative class action on behalf of all persons
and entities who purchased or acquired AMERCO securities between
February&nbsp;12, 1998 and September&nbsp;26, 2002. The Mates
action asserts claims under section&nbsp;10(b) and
Rule&nbsp;10b-5, and section&nbsp;20(a) of the Securities
Exchange Act. Klug&nbsp;v. AMERCO, et&nbsp;al., United States
District Court of Nevada, Case No.&nbsp;CV-S-03-0380. Edward
Klug, an AMERCO shareholder, commenced this putative class
action on behalf of all persons and entities who purchased or
acquired AMERCO securities between February&nbsp;12, 1998 and
September&nbsp;26, 2002. The Klug action asserts claims under
section&nbsp;10(b) and Rule&nbsp;10b-5 and section&nbsp;20(a) of
the Securities Exchange Act. IG Holdings&nbsp;v. AMERCO,
et&nbsp;al., United States District Court, District of Nevada,
Case No. CV-N-03-0199. IG Holdings, an AMERCO bondholder,
commenced this putative class action on behalf of all persons
and entities who purchased, acquired, or traded AMERCO bonds
between February&nbsp;12, 1998 and September&nbsp;26, 2002,
alleging claims under section&nbsp;11 and section&nbsp;12 of the
Securities Act of 1933 and section&nbsp;10(b) and
Rule&nbsp;10b-5, and section&nbsp;20(a) of the Securities
Exchange Act. Each of these four securities class actions allege
that AMERCO engaged in transactions with SAC entities that
falsely improved AMERCO&#146;s financial statements, and that
AMERCO failed to disclose the transactions properly. The actions
are at a very early stage. The Klug action has not been served.
In the other three actions, AMERCO does not currently have a
deadline by which it must respond to the complaints. Management
has stated that it intends to defend these cases vigorously. We
have filed a notice of AMERCO&#146;s bankruptcy petition and the
automatic stay in each of the Courts where these cases are
pending.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The United States Department of Labor
(&#147;DOL&#148;) is presently investigating whether there were
violations of the Employee Retirement Income Security Act of
1974 (&#147;ERISA&#148;) involving the AMERCO Employee Savings,
Profit Sharing, and Employee Stock Ownership Plan (the
&#147;Plan&#148;). The DOL has interviewed a number of Company
representatives as well as the Plan fiduciaries and has issued a
subpoena to the Company and a subpoena to SAC Holdings. At the
present time, the Company is unable to determine whether the DOL
will assert any claims against the Company, SAC Holdings, or the
Plan fiduciaries. The DOL has asked AMERCO and its current
directors as well as the Plan Trustees to sign an agreement
tolling the statute of limitations until December&nbsp;31, 2003
with respect to any claims arising out of certain transactions
between AMERCO or any affiliate of AMERCO and SAC Holdings or
any of its affiliates and such persons have done so. The DOL
recently asked such parties to extend the tolling agreement. The
DOL has not advised
</FONT>

<P align="center"><FONT size="2">F-38
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">
<FONT size="2">the Company that it believes that any violations
of ERISA have in fact occurred. Instead, the DOL is simply
investigating potential violations. The Company intends to take
any corrective action that may be needed in light of the
DOL&#146;s ultimate findings. Although the Company has fully
cooperated with the DOL in this matter and intends to continue
to fully cooperate, the DOL may determine that the Company has
violated ERISA. In that event, the Company may face sanctions,
including, but not limited to, significant monetary penalties
and injunctive relief.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">17.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Preferred Stock Purchase Rights</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO&#146;s Board of Directors adopted a
stockholder-rights plan in July 1998. The rights were declared
as a dividend of one preferred share purchase right for each
outstanding share of AMERCO&#146;s common stock. The dividend
distribution was payable on August&nbsp;17, 1998 to the
stockholders of record on that date. When exercisable, each
right will entitle its holder to purchase from AMERCO one
one-hundredth of a share of Series&nbsp;C Junior Participating
Preferred Stock (Series&nbsp;C), no par value per share of
AMERCO, at a price of $132.00&nbsp;per one one-hundredth of a
share of Series&nbsp;C, subject to adjustment. AMERCO has
created a series of 3,000,000&nbsp;shares of authorized but
unissued preferred stock for the Series&nbsp;C stock authorized
in this stockholder-rights plan.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The rights will become exercisable if a person or
group of affiliated or associated persons acquire or obtain the
right to acquire beneficial ownership of 10% or more of the
common stock without approval of a majority of the Board of
Directors of AMERCO. The rights will expire on August&nbsp;7,
2008 unless earlier redeemed or exchanged by AMERCO.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the event AMERCO is acquired in a merger or
other business combination transaction after the rights become
exercisable, each holder of a right would be entitled to receive
that number of shares of the acquiring company&#146;s common
stock equal to the result obtained by multiplying the then
current Purchase Price by the number one one-hundredths of a
share of Series&nbsp;C for which a right is then exercisable and
dividing that product by 50% of the then current market price
per share of the acquiring company.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">18.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Stock Option Plan</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO&#146;s stockholders approved a ten year
incentive plan entitled the AMERCO Stock Option and Incentive
Plan (the Plan) for officers and key employees in October 1992.
No stock options or awards were granted under this plan, the
plan has terminated during fiscal year 2003.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">19.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Related Party Transactions</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO has related party transactions with
certain major stockholders, directors and officers of the
consolidated group as disclosed in Notes&nbsp;3 and&nbsp;11 of
Notes to Consolidated Financial Statements and below. Management
believes that the transactions described in the related notes
and below were consummated on terms equivalent to those that
would prevail in arm&#146;s-length transactions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On December&nbsp;23, 2002, Mark V. Shoen, a
significant shareholder purchased a condominium in Phoenix,
Arizona from Oxford Life Insurance Company. The purchase price
was $279,573, which was in excess of the appraised value.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal 2003, U-Haul purchased
$2.1&nbsp;million of printing from Form Builders,&nbsp;Inc. Mark
V. Shoen, his daughter and Edward J. Shoen&#146;s sons are major
stockholders of Form&nbsp;Builders,&nbsp;Inc. Edward J. Shoen is
Chairman of the Board of Directors and President of AMERCO and
is a significant stockholder of AMERCO. Mark V. Shoen is
President, U-Haul Phoenix Operations and is a significant
stockholder of AMERCO. The Company ceased doing business with
Form&nbsp;Builders,&nbsp;Inc. on April&nbsp;18, 2003.
</FONT>

<P align="center"><FONT size="2">F-39
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal 2003, Sam Shoen, a son of Edward J.
Shoen, was employed by U-Haul as project group supervisor.
Mr.&nbsp;Shoen was paid an aggregate salary and bonus of $77,327
for his services during the fiscal year.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal 2003, 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
owned by Mark V. Shoen, a significant shareholder and executive
officer of AMERCO. The Company does not have an equity ownership
interest in SAC Holdings, except for minority investments made
by RepWest and Oxford in a SAC Holdings-controlled limited
partnership which holds Canadian self-storage properties. The
senior unsecured notes of SAC Holdings that the Company holds
rank equal in right of payment with the notes of certain senior
mortgage holders, but junior to the extent of the collateral
securing the applicable mortgages and junior to the extent of
the cash flow waterfalls that favor the senior mortgage holders.
The Company received cash interest payments of
$26.6&nbsp;million from SAC Holdings during fiscal year 2003.
The notes receivable balance outstanding at March&nbsp;31, 2003
was, in the aggregate, $394.2&nbsp;million. The largest
aggregate amount outstanding during the fiscal year ended
March&nbsp;31, 2003 was $407.4&nbsp;million. At March&nbsp;31,
2003, SAC Holdings&#146; notes and loans payable to third
parties totaled $589.0&nbsp;million. Interest on the senior and
junior notes accrues at rates ranging from 6.5% to&nbsp;13%.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest accrues on the outstanding principal
balance of senior notes of SAC Holdings that the Company holds
at a fixed rate and is paid on a monthly basis.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest accrues on the outstanding principal
balance of junior notes of SAC Holdings that the Company holds
at a stated rate of basic interest. A fixed portion of that
basic interest is paid on a monthly basis. Additional interest
is paid on the same payment date based on the difference between
the amount of remaining basic interest and an amount equal to a
specified percentage of the net cash flow before interest
expense generated by the underlying property minus the sum of
the principal and interest due on the senior notes of SAC
Holdings relating to that property and a multiple of the fixed
portion of basic interest paid on that monthly payment date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The latter amount is referred to as the
&#147;cash flow-based calculation.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To the extent that this cash flow-based
calculation exceeds the amount of remaining basic interest,
contingent interest equal to that excess and the amount of
remaining basic interest are paid on the same monthly date as
the fixed portion of basic interest. To the extent that the cash
flow-based calculation is less than the amount of remaining
basic interest, the additional interest payable on the
applicable monthly date is limited to the amount of that cash
flow-based calculation. In such a case, the excess of the
remaining basic interest over the cash flow-based calculation is
deferred and all amounts so deferred bear the stated rate of
basic interest until maturity of the junior note.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, subject to certain contingencies,
the junior notes provide that the holder of the note is entitled
to receive 90% of the appreciation realized upon, among other
things, the sale of such property by SAC Holdings. To date, no
such properties have been sold by SAC Holdings.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company currently manages the self-storage
properties owned by SAC Holdings pursuant to a standard form of
management agreement with each SAC Holdings subsidiary, under
which the Company receives a management fee equal to 6% of the
gross receipts. The Company received management fees of
$12.3&nbsp;million during fiscal year 2003. This management fee
is consistent with the fees received for other properties the
Company manages.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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%
</FONT>

<P align="center"><FONT size="2">F-40
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">
<FONT size="2">limited partnership interest in Securespace.
Securespace was formed by SAC Holdings to be the owner of
various Canadian self-storage properties.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal year 2003, the Company leased space
for marketing company offices, vehicle repair shops and hitch
installation centers in 35 locations owned by subsidiaries of
SAC Holdings. Total lease payments pursuant to such leases were
$2,051,858 during fiscal year 2003. The terms of the leases are
similar to the terms of leases for other properties owned by
unrelated parties that are leased to the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At March&nbsp;31, 2003, subsidiaries of SAC
Holdings acted as U-Haul independent dealers. The financial and
other terms of the dealership contracts with subsidiaries of SAC
Holdings are substantially identical to the terms of those with
the Company&#146;s other independent dealers. During fiscal
2003, the Company paid subsidiaries of SAC Holdings $27,658,641
in commissions pursuant to such dealership contracts.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The transactions discussed above involving SAC
Holdings have all been eliminated from the Company&#146;s
consolidated financial statements. Although these transactions
have been eliminated for financial statement reporting purposes,
except for minority investments made by RepWest and Oxford in
Securespace, the Company has not had any equity ownership
interest in SAC Holdings.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">SAC Holdings were established in order to acquire
self-storage properties which are being managed by the Company
pursuant to management agreements. The sale of self-storage
properties by the Company to SAC Holdings has in the past
provided significant cash flows to the Company and the
Company&#146;s outstanding loans to SAC Holdings entitle the
Company to participate in SAC Holdings&#146; excess cash flows
(after senior debt service).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Management believes that its sales of
self-storage properties to SAC Holdings over the past several
years provided a unique structure for the Company to earn rental
revenues from the SAC Holdings self-storage properties that the
Company manages and participate in SAC Holdings&#146; excess
cash flows as described above.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Although the Board of Directors of the
appropriate subsidiary which was a party to each transaction
with SAC Holdings approved such transaction at the time it was
completed, the Company did not seek approval by AMERCO&#146;s
Board of Directors for such transactions. However, AMERCO&#146;s
Board of Directors, including the independent members, was made
aware of and received periodic updates regarding such
transactions from time to time. All future real estate
transactions with SAC Holdings that involve the Company or any
of its subsidiaries will have the prior approval of
AMERCO&#146;s Board of Directors, even if it is not legally
required, including a majority of the independent members of
AMERCO&#146;s Board of Directors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the fiscal year ended 2001, AMERCO sold
$10.5&nbsp;million of remanufactured engines and small
automotive parts and purchased $53.7&nbsp;million of automotive
parts and tools from a company wherein a major stockholder,
director and officer of AMERCO formerly had a beneficial
minority ownership interest. The related party interest ceased
to exist as of December&nbsp;31, 2000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the fiscal year ended 2001, AMERCO
purchased $1.1&nbsp;million of rebuilt torque converters and
other related transmission parts from a company wherein an owner
was a family member of a major stockholder, director and officer
of AMERCO. The related party interest ceased to exist as of
December&nbsp;31, 2000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the years ended 2003, 2002 and 2001,
AMERCO purchased $2.1&nbsp;million, $3.2&nbsp;million and
$3.5&nbsp;million, respectively, of printing services from a
company wherein an owner is related to a major stockholder,
director and officer of AMERCO. The Company ceased doing
business with this entity on April&nbsp;18, 2003.
</FONT>

<P align="center"><FONT size="2">F-41
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with transactions described above
regarding parts, tools and printing services, the Internal Audit
Department of U-Haul periodically tests pricing against
competitive third party bids for fairness.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Management believes that the foregoing
transactions were consummated on terms equivalent to those that
prevail in arm&#146;s-length transactions.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">20.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Supplemental Cash Flow Information</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The (increase) decrease in receivables, and
inventories and increase (decrease) in accounts payable and
accrued expenses net of other operating and investing activities
follows:
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="67%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Year Ended</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Trade receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,133</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(26,778</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(57,520</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Inventories
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,506</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,643</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,534</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Prepaid expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,567</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,577</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,958</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(26,197</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(26,303</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,643</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accounts payable and accrued expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28,143</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,473</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">68,543</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,871</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,771</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,572</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">21.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Summarized Consolidated Financial Information
    of Insurance Subsidiaries</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Applicable laws and regulations of the State of
Arizona require Oxford and RepWest to maintain minimum capital
and surplus determined in accordance with statutory accounting
practices. The amount of dividends that can be paid to
shareholders by insurance companies domiciled in the State of
Arizona is limited. Any dividend in excess of the limit requires
prior regulatory approval. At December&nbsp;31, 2002, Oxford
cannot distribute any of their statutory surplus as dividends
without regulatory approval. At December&nbsp;31, 2002, RepWest
had $6.5&nbsp;million of statutory surplus available for
distribution. However, as discussed above, as a result of the
Order of Supervision issued by the DOI, RepWest must obtain
approval from the DOI prior to any dividend payments to AMERCO.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Audited statutory net income (loss) for RepWest
for the years ended December&nbsp;31, 2002, 2001 and 2000 was
$4.1&nbsp;million, $(36.6&nbsp;million) and
$(28.1&nbsp;million), respectively; audited statutory capital
and surplus was $65.4&nbsp;million and $151.6&nbsp;million at
December&nbsp;31, 2002 and 2001, respectively. Audited statutory
net income (loss) for NAFCIC for the years ended
December&nbsp;31, 2002, 2001 and 2000 was $(346,000), $558,000
and $298,000, respectively; audited statutory capital and
surplus was $3.8&nbsp;million and $4.2&nbsp;million at
December&nbsp;31, 2002 and 2001, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Audited statutory net income (loss) for Oxford
for the years ended December&nbsp;31, 2002, 2001 and 2000 was
$(11.6&nbsp;million), $(1.3&nbsp;million) and $6.6&nbsp;million,
respectively; audited statutory capital and surplus was
$39.1&nbsp;million and $77.9&nbsp;million at December&nbsp;31,
2002 and 2001, respectively. Audited statutory net income for
CFLIC for the years ended December&nbsp;31, 2002, 2001 and 2000
was $3.2&nbsp;million, $3.6&nbsp;million and $4.7&nbsp;million,
respectively; audited statutory capital and surplus was
$17.2&nbsp;million and $20.0&nbsp;million at December&nbsp;31,
2002 and 2001, respectively. Audited statutory net income (loss)
for NAI for the years ended December&nbsp;31, 2002, 2001 and
2000 was $3.1&nbsp;million, $0.7&nbsp;million and $43,000,
respectively; audited statutory capital and surplus was
$25.9&nbsp;million and $40.5&nbsp;million at December&nbsp;31,
2002 and 2001, respectively.
</FONT>

<P align="center"><FONT size="2">F-42
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On November&nbsp;13, 2000, Oxford acquired all of
the issued and outstanding shares of Christian Fidelity Life
Insurance Company (&#147;CFLIC&#148;), for $37.6&nbsp;million.
CFLIC&#146;s premium volume is primarily from the sale of
Medicare Supplement products.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On May&nbsp;20, 2003, RepWest consented to an
Order for Supervision issued by the Arizona Department of
Insurance (&#147;DOI&#148;). The DOI determined that
RepWest&#146;s level of risk based capital (&#147;RBC&#148;)
allowed for regulatory control. Pursuant to this order and
Arizona law, during the period of supervision, RepWest may not
engage in certain activities without the prior approval of the
DOI.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If RepWest fails to satisfy the requirements to
abate the DOI&#146;s concerns, the DOI may take further action,
including, but not limited to, commencing a conservatorship.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">22.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Consolidating Industry Segment and Geographic
    Area Data</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO has four industry segments represented by
moving and storage operations (AMERCO and U-Haul), real estate
(AREC), property and casualty insurance (RepWest) and life
insurance (Oxford). SAC Holdings consist of one moving and
storage industry segment. Moving and Storage. Management tracks
revenues separately, but does not report any separate measure of
the profitability for rental of vehicles, rental of self-storage
spaces and sales of products that are required to be classified
as a separate operating segment and accordingly does not present
these as separate operating segments. Deferred income taxes are
shown as liabilities on the consolidating statements. This
differs from the consolidated balance sheet where deferred
income taxes are presented as assets. This presentation differs
because in total the deferred tax asset is due to the inclusion
of SAC.
</FONT>

<P align="center"><FONT size="2">F-43
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">
<FONT size="2">Information concerning operations by industry
segment follows:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Consolidating balance sheets by industry segment
as of March&nbsp;31, 2003 are as follows:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="1">ASSETS</FONT></B></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,524</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,046</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">174</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,108</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,320</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">62,172</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,662</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">66,834</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Receivables
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,444</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,558</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">224,427</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,062</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">271,491</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(7,754</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">263,737</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Notes and Mortgage receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,462</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,285</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">27,747</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(24,879</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,868</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Inventories, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">49,229</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">49,233</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,037</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">53,270</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Prepaid expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">87</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">27,400</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">27,498</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">811</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,463</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,846</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investments, fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">253,871</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">613,206</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">867,077</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,477</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">860,600</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investments, other
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">135,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">170,886</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">217,619</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">120,372</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">224,604</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(79,707</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">788,774</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(399,522</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">389,252</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,206</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">91,894</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">105,100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">105,100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">471,884</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">161,825</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,991</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">88,660</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,289</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(689,684</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,965</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,635</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">63,600</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">625,495</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">472,292</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">240,642</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">704,644</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">964,375</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(769,391</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,238,057</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">34,145</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(445,095</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,827,107</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment in Subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,037,756</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,037,756</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment in SACH
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(41,938</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(41,938</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,938</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Property, plant and equipment, at cost:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Land
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,849</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">139,138</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">157,987</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">157,987</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Buildings and improvements
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">145,177</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">602,676</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">747,853</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">747,853</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">459</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">272,884</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,040</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">291,383</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">291,383</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental trailers and other rental equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">149,707</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">149,707</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">149,707</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental trucks
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,140,294</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,140,294</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,140,294</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">SAC Holdings property, plant and equipment(2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,015,563</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(258,271</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">757,292</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">459</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,726,911</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">759,854</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,487,224</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,015,563</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(258,271</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,244,516</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Less Accumulated depreciation
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(315</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(990,412</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(254,409</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,245,136</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(59,679</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,616</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,298,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">144</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">736,499</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">505,445</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,242,088</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">955,884</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(251,655</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,946,317</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">TOTAL ASSETS
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,621,457</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,208,791</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">746,087</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">704,644</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">964,375</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,807,147</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,438,207</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">990,029</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(654,812</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,773,424</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of December&nbsp;31, 2002
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $273,470,
    buildings and improvements of $739,534 and furniture and
    equipment of $2,559
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-44
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Consolidating balance sheets by industry segment
as of March&nbsp;31, 2003 are as follows:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="1">LIABILITIES</FONT></B></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Accounts payable and accrued expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">139,496</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">263,394</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,892</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">570</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,735</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">371,617</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">48,033</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(32,633</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">387,017</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">AMERCO&#146;s notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">861,158</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">31,693</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">101,505</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,500</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">954,856</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">954,856</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">SAC Holdings notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">983,190</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(394,171</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">589,019</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Policy benefits and losses, claims and loss
    expenses&nbsp;payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">168,666</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">485,383</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">182,583</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">836,632</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">836,632</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Liabilities from investment contracts
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">639,998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">639,998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">639,998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other policyholders&#146; funds and liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">20,164</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,145</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,309</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,309</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,863</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,943</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,011</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">34,817</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,033</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,463</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,387</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">120,446</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">214,715</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">94,914</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,664</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(353,058</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">85,681</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(19,918</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(98,005</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(f)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(32,242</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">325,783</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,315</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(337,098</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,123,963</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">709,411</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">531,105</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">505,547</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">853,275</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(769,391</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,953,910</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,023,338</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(531,272</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,445,976</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Minority Interest
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,828</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(11,828</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="1">STOCKHOLDERS&#146; EQUITY</FONT></B></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Serial preferred stock&nbsp;&#151;
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Series&nbsp;A preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Series&nbsp;B preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Serial common stock&nbsp;&#151;
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Series&nbsp;A common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">540</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,300</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,341</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Additional paid-in- capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">396,050</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">121,230</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">147,481</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">70,023</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,435</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(355,169</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">396,050</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(160,266</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(f)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">235,784</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Additional paid-in- capital&nbsp;&#151; SACH
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Accumulated other comprehensive loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(54,278</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,849</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,589</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,166</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,094</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(54,278</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(54,278</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Accumulated other comprehensive loss&nbsp;&#151;
    SACH
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Retained earnings/accumulated deficit
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">561,606</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">430,656</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">67,500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">112,185</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">87,999</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(698,340</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">561,606</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(43,650</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,266</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">568,222</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cost of common shares in treasury
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(418,179</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(418,179</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(421,378</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Unearned ESOP shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,197</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,177</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,177</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total stockholder&#146;s equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">497,494</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">499,380</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">214,982</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">199,097</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">111,100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,037,756</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">484,297</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(45,137</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(111,712</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">327,448</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">TOTAL LIABILITIES AND STOCKHOLDERS&#146; EQUITY
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,621,457</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,208,791</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">746,087</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">704,644</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">964,375</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,807,147</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,438,207</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">990,029</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(654,812</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,773,424</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of December&nbsp;31, 2002
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-45
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Consolidating balance sheets by industry segment
as of March&nbsp;31, 2002 are as follows:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="1">ASSETS</FONT></B></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">71</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">25,719</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">576</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,912</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,158</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,436</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,446</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Receivables
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,069</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(50</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">227,046</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,593</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">291,658</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(16,788</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">274,870</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Notes and Mortgage receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,925</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,892</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,817</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,538</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,279</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Inventories, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">62,480</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">62,484</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,292</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">65,776</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Prepaid expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">112</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,581</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,703</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,023</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,447</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,279</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investments, fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">362,569</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">632,306</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">994,875</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,478</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">988,397</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investments, other
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">170,468</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">227,960</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">95,717</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">174,087</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(32,845</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">645,387</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(404,475</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">240,912</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,946</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">81,972</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">97,918</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">97,918</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">809,536</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,174</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,715</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">103,932</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,736</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(890,392</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,701</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,618</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">58,319</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">819,719</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">348,416</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">237,107</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">811,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">923,852</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(923,237</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,216,979</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">25,943</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(452,726</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,790,196</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment in Subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">991,269</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(991,269</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment in SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(34,532</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(34,532</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">34,532</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Property, plant and equipment, at cost:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Land
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,355</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">142,540</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">160,895</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">160,895</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Buildings and improvements
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">145,432</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">579,782</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">725,214</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">725,214</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">395</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">270,075</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,241</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">288,711</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">288,711</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental trailers and other rental equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,071,604</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,071,604</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,071,604</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental trucks
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">162,768</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">162,768</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">162,768</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">SAC Holdings property, plant and equipment(2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">985,901</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(258,271</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">727,630</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">395</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,668,234</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">740,563</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,409,192</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">985,901</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(258,271</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,136,822</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Less Accumulated depreciation
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(300</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(917,455</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(248,525</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,166,280</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,156</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,690</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,200,746</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">95</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">750,779</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">492,038</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,242,912</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">946,745</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(253,581</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,936,076</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">TOTAL ASSETS
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,776,551</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,099,195</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">729,145</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">811,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">923,852</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,914,506</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,425,359</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">972,688</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(671,775</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,726,272</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of December&nbsp;31, 2001
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $264,410,
    buildings and improvements of $719,728 and furniture and
    equipment of $1,763.
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-46
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Consolidating balance sheets by industry segment
as of March&nbsp;31, 2002 are as follows:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="1">LIABILITIES</FONT></B></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Accounts payable and accrued expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">37,876</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">203,606</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,088</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,353</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(32,614</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">228,309</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,891</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(31,326</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">233,874</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">AMERCO&#146;s notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,030,805</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,793</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">203</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,045,801</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,045,801</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">SAC Holdings notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">961,499</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(399,612</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">561,887</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Policy benefits and losses, claims and loss
    expenses payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">90,239</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">551,592</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">177,752</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">819,583</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">819,583</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Liabilities from investment contracts
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">572,793</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">572,793</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">572,793</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other policyholders&#146; funds and liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">54,254</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,343</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">73,597</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">73,597</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,434</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">33,725</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">996</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,155</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,550</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,447</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">43,258</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">149,965</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">228,900</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">93,196</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,082</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(381,321</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">106,822</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,862</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(98,005</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(f)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,045</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">69,293</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">429,202</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,807</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(509,302</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,222,080</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">640,556</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">533,685</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">605,846</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">806,130</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(923,237</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,885,060</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">999,078</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(539,390</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,344,748</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Minority Interest
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,341</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(11,341</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="1">STOCKHOLDERS&#146; EQUITY</FONT></B></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Serial preferred stock&nbsp;&#151;
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Series&nbsp;A preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Series&nbsp;B preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Serial common stock&nbsp;&#151;
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Series&nbsp;A common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">540</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,300</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,341</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Additional paid-in- capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">396,559</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">121,230</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">147,347</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">69,626</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,442</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(354,645</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">396,559</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(160,266</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(f)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">236,293</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Additional paid-in- capital&nbsp;&#151; SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Accumulated other comprehensive loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(37,802</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,804</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,794</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,904</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,106</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(37,802</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(37,802</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Accumulated other comprehensive loss&nbsp;&#151;
    SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,778</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,778</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,778</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,778</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,778</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Retained earnings/accumulated deficit
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">601,481</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">390,845</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">48,112</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">117,556</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">88,876</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(645,389</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">601,481</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(34,953</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">39,643</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">606,171</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cost of common shares in treasury
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(416,771</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(416,771</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(419,970</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Unearned ESOP shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,172</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,152</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,152</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total stockholder&#146;s equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">554,471</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">458,639</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">195,460</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">205,276</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">117,722</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(991,269</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">540,299</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(37,731</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(121,044</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">381,524</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">TOTAL LIABILITIES AND STOCKHOLDERS&#146; EQUITY
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,776,551</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,099,195</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">729,145</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">811,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">923,852</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,914,506</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,425,359</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">972,688</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(671,775</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,726,272</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of December&nbsp;31, 2001
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-47
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Consolidating income statements by industry
segment for the year ended March&nbsp;31, 2003 are as follows:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC Moving</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,433,442</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">59,162</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(60,116</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,432,488</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">168,027</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(40,510</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,560,005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">174,065</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">56</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">174,121</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">48,768</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">222,889</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">152,618</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">161,398</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,091</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">307,925</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">307,925</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,195</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">29,358</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,695</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,318</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,891</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">77,457</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(35,889</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,568</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,195</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,636,865</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">69,913</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">174,936</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">175,289</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(66,207</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,991,991</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">216,795</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(76,399</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,132,387</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">43,502</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">992,214</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,501</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,958</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,549</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(66,207</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,041,515</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">105,287</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,342</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,134,460</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Commission expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">164,508</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">164,508</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(27,681</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">136,827</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">93,735</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">93,756</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,359</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">115,115</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">37,560</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">128,680</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">115,628</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">281,868</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">281,868</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,281</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">20,538</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">37,819</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">37,819</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">927</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">165,020</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,182</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">180,129</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">179,642</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">112,815</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,169</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">117,999</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,373</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,926</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">137,446</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">44,444</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,565,852</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,871</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">182,919</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">176,715</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(66,207</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,917,594</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">148,019</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(42,436</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,023,177</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in Earnings of Subsidiary
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">52,951</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(52,951</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in Earning of SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,697</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,697</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,697</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (loss) from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">71,013</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">56,042</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(7,983</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,426</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(52,951</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">65,700</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">68,776</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(25,266</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">109,210</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">69,213</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,991</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,652</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">102,856</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">81,164</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(35,889</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">148,131</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(68,208</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">61,022</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">32,390</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(7,983</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,426</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(52,951</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(37,156</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,388</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,623</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(38,921</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Income tax (expense)/benefit
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,296</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(21,211</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,002</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,612</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">549</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,244</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,691</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,935</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net earnings/(loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(26,912</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">39,811</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,388</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,371</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(877</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(52,951</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(26,912</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,697</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,623</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(24,986</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Less: preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (loss) available to common shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,875</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">39,811</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,388</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,371</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(877</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(52,951</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,875</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,697</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,623</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(37,949</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of December&nbsp;31, 2002
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-48
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Consolidating income statements by industry
segment for the year ended March&nbsp;31, 2002 are as follows:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC Moving</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,425,685</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">68,245</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(64,325</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,429,605</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">112,747</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(30,102</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,512,250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">198,312</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">55</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">198,367</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,449</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">222,816</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">261,975</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">159,380</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,185</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">411,170</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">411,170</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">873</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,686</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,321</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">20,651</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,175</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">75,706</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(28,363</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">47,343</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">873</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,646,683</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">76,621</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">282,626</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">182,555</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(74,510</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,114,848</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">137,196</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(58,465</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,193,579</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,945</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,041,354</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(4,442</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">77,210</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">37,473</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(74,510</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,086,030</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">68,223</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(7,948</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,146,305</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Commission expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">153,465</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">153,465</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,023</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">140,442</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">110,449</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">110,473</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,221</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">122,694</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">47,036</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">255,756</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">120,917</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">423,709</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">423,709</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,091</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,583</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,674</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,674</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">918</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">171,656</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,221</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">183,795</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,131</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">174,664</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(500</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">92,351</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,039</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">89,812</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,071</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,926</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">102,957</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,363</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,616,311</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,764</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">355,057</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">176,973</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(74,510</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,087,958</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">95,515</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(32,028</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,151,445</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in Earnings of Subsidiary
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,495</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,495</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in Earning of SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,025</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,025</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,025</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (loss) from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(33,010</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,372</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">71,857</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(72,431</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,582</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,495</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,865</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,681</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,412</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">42,134</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,773</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,675</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">34,299</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">76,747</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">61,081</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(28,363</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">109,465</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(63,783</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,697</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">37,558</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(72,431</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,582</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,495</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(63,882</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(19,400</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,951</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(67,331</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Income tax (expense)/ benefit
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,417</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,117</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(15,102</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,736</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,418</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,516</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,375</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,891</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net earnings/ (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(49,366</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,580</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,456</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(48,695</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,164</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,495</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(49,366</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,025</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,951</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(47,440</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Less: preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (loss) available to common shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(62,329</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,580</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,456</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(48,695</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,164</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,495</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(62,329</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,025</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,951</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(60,403</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of December&nbsp;31, 2001
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-49
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Consolidating income statements by industry
segment for the year ended March&nbsp;31, 2001 are as follows:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC Moving</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,364,504</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">72,041</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(71,108</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,365,435</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">92,457</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(21,060</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,436,832</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">194,270</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">194,320</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,923</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">212,243</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">226,088</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">112,616</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,596</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">328,108</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">328,108</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">963</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,346</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,962</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">25,479</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">80,751</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(28,454</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">52,297</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">961</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,583,120</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">83,053</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">251,567</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">131,617</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(81,704</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,968,614</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">110,380</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(49,514</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,029,480</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,113</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,021,576</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">467</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">56,509</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">29,352</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(81,704</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,033,313</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">49,237</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,243</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,076,307</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Commission expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">143,588</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">143,588</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,723</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">132,865</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">116,601</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">28</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">116,629</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,877</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">126,506</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,521</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">211,325</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">79,233</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">331,079</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">331,079</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,594</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,638</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,232</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,232</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">688</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">167,290</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,576</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">179,554</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(4,094</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">175,460</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">123</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">87,539</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,258</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">92,920</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,385</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,498</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">103,807</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,924</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,577,115</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,329</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">284,428</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">128,223</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(81,704</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,933,315</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">71,499</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(22,558</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,982,256</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in Earnings of Subsidiary
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,652</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,652</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in Earning of SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,400</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,400</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,400</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (loss) from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(30,015</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">65,724</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(32,861</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,394</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,652</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">25,899</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,881</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(17,556</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">47,224</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">25,522</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,094</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">44,265</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">86,881</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">53,451</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(28,454</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">111,878</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(55,537</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(11,089</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,459</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(32,861</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,394</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,652</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(60,982</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,570</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,898</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(64,654</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Income tax (expense)/ benefit
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,929</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,921</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,198</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,880</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,158</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,374</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,170</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,544</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net earnings/ (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(43,608</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,168</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,261</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(22,981</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,236</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,652</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(43,608</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,400</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,898</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(42,110</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Less: preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings available to common shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(56,571</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,168</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,261</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(22,981</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,236</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,652</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(56,571</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,400</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,898</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(55,073</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of December&nbsp;31, 2000
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-50
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Consolidating cash flow statements by industry
segment for the year ended March&nbsp;31, 2003 are as follows:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC Moving</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net cash flows provided (used)&nbsp;by operating
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">200,516</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">83,499</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(87,059</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(75,133</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(17,982</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(41,772</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">62,069</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,472</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,011</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">74,530</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash flows from investing activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Purchases of investments:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(64</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(182,409</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(30,176</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(212,649</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(30,512</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(243,161</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,408</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(267,949</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(278,357</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(278,357</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Common Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Preferred Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other asset investment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(18,910</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,410</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,410</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">(18,910) Real estate
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(21,759</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(21,759</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(21,759</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Mortgage loans
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(22,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Proceeds from sale of investments:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">85,289</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,600</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">96,889</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">96,889</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">101,373</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">262,741</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">364,114</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">364,114</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Common Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Preferred Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,885</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,885</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,885</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Real estate
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,043</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,043</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,043</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Mortgage loans
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">73</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">130</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">561</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,409</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,173</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,173</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Changes in other investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,481</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(18,197</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(23,575</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,772</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,481</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,481</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net cash provided (used)&nbsp;by investing
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(64</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(97,047</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,965</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">73,329</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(49,115</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">81,272</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">207,059</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(30,512</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(36,102</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash flows from financing activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
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</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
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    <TD align="right" valign="bottom" nowrap><FONT size="1">5,000</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><FONT size="1">16,900</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,900</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,900</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Proceeds from notes
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">257,007</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">101,329</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,500</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">318,836</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">58,827</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(27,827</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">349,836</FONT></TD>
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</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Debt issuance costs
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,330</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(680</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,010</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,010</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Leveraged ESOP: Repayment on loan
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Purchase of shares
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    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Payments on loan
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">975</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">975</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">97 5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Principal payments on notes
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(433,788</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(27</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(433,815</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(37,135</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">28,838</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(442,112</FONT></TD>
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</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Treasury stock acquisitions, net
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,408</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,408</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,408</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Preferred stock dividends paid
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,480</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,480</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,480</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment contract deposits
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">165,281</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">165,281</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">165,281</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment contract withdrawals
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(98,022</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(98,022</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(98,022</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net cash provided (used)&nbsp;by financing
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(181,999</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,875</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">100,622</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">67,259</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,500</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(35,743</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,692</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,011</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,040</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Increase (decrease) in cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,453</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,327</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(402</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,804</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">162</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">20,736</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,652</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">25,388</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash and cash equivalents at the beginning of
    period
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">71</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">25,719</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">576</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,912</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,158</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,436</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,446</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash and cash equivalents at the end of period
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,524</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,046</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">174</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,108</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,320</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">62,172</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,662</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">66,834</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Balances as of December&nbsp;31, 2002
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-51
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Consolidating cash flow statements by industry
segment for the year ended March&nbsp;31, 2002 are as follows:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC Moving</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net cash flows provided (used)&nbsp;by operating
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">148,589</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">96,245</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(144,082</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,150</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(61,537</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">492</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">34,557</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,346</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(52,842</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(19,631</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash flows from investing activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Purchases of investments:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(248,670</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(32,327</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(281,009</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(378,873</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">278,399</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(381,483</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(248,671</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,888</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(257,559</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(257,559</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(418</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(418</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(418</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,072</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,072</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,072</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other asset investment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,259</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,259</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,259</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Real estate
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(35</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,312</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,277</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,277</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Mortgage loans
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(561</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(790</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,351</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,351</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Proceeds from sales of investments:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">695</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">143,317</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">173,184</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">317,196</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">53,214</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(141,035</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">229,375</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">168,984</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">64,732</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">233,716</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">233,716</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,400</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,400</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,400</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Real estate
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,038</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,662</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,700</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,700</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Mortgage loans
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">268</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">510</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,910</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,690</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,690</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Changes in other investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,897</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,575</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,566</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,009</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,897</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,897</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net cash (used)&nbsp;by investing activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">683</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(105,085</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">143,703</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(70,488</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">64,386</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,009</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,208</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(325,659</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">137,364</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(148,087</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash flows from financing activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net change in short-term borrowings
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(24,070</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,793</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,277</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,277</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Proceeds from notes
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">526,292</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(278,399</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">247,893</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Debt issuance cost
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(390</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(390</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(390</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Purchase of shares
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    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(72</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(72</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(72</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Payments on loan
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    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,093</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,093</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,093</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Principal payments on notes
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    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(101,738</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(33</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(101,771</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(199,287</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">193,877</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(107,181</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Preferred stock dividends paid
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Treasury stock acquisitions, net
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,154</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,154</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,154</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Dividends paid
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    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,501</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(7,501</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment contract deposits
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">150,432</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">150,432</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">150,432</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment contract withdrawals
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(99,845</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(99,845</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(99,845</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net cash provided by financing activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(149,315</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,814</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(33</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">58,088</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(7,501</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(82,947</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">327,005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(84,522</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">159,536</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Increase (decrease) in cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(43</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,974</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(412</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(17,550</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,849</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,182</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,182</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash and cash equivalents at the beginning of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">114</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,745</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">988</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">26,708</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,063</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">49,618</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">49,628</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash and cash equivalents at the end of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">71</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">25,719</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">576</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,158</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,912</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,436</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,446</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)</FONT></TD>
    <TD align="left">
    <FONT size="2">Balances as of December&nbsp;31, 2001.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-52
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Consolidating cash flow statements by industry
segment for the year ended March&nbsp;31, 2001 are as follows:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC Moving</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net cash flows provided (used)&nbsp;by operating
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,840</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">106,946</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">68,698</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,456</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,208</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(81,340</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">116,808</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,124</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,698</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">172,630</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash flows from investing activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Purchases of investments:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(16</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(411,910</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(53,063</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(464,989</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(369,673</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">217,388</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(617,274</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(67,733</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(55,131</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(122,864</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(122,864</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(31,773</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(31,773</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(31,773</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other asset investment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,915</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,915</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,915</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Real estate
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(26</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(26</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(26</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Mortgage loans
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(102</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(22,461</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(22,563</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(22,563</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Proceeds from sales of investments:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">303,570</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">42,197</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">345,767</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">46,952</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(38,479</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">354,240</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">101,780</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,981</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">152,761</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">152,761</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,194</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,194</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,194</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">372</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">372</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">372</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Real estate
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Mortgage loans
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,342</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">268</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,607</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,224</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,224</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Changes in other investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,232</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,345</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,577</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net cash (used)&nbsp;by investing activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(16</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(105,100</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,598</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(20,161</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,514</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,577</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(125,812</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(322,721</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">178,909</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(269,624</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash flows from financing activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net change in short-term borrowings
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">156,070</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">156,070</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">156,070</FONT></TD>
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</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Proceeds from notes
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(446</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(446</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">460,537</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(366,014</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">94,077</FONT></TD>
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</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <DIV style="margin-left:10px; text-indent:-10px">
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(435</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(259</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(694</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(694</FONT></TD>
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</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
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</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
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    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(46</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(46</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(46</FONT></TD>
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</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Payments on loan
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">137</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,102</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,239</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,239</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Principal payments on notes
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(137,010</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(51</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(137,061</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(152,940</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">146,407</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Preferred stock dividends paid
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Treasury stock acquisitions, net
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,617</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,617</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,617</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Dividends paid
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(57,763</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">57,763</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment contract deposits
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">86,657</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">86,657</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">86,657</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment contract withdrawals
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(72,953</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(72,953</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(72,953</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net cash provided by financing activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,818</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">610</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(58,073</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,704</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">57,763</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,186</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">307,597</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(219,607</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">98,176</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Increase (decrease) in cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,456</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">27</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,001</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,694</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,182</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,182</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash and cash equivalents at the beginning of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">108</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,289</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">961</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">29,709</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,369</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">48,436</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">48,446</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash and cash equivalents at the end of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">114</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,745</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">988</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">26,708</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,063</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">49,618</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">49,628</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)</FONT></TD>
    <TD align="left">
    <FONT size="2">Balances are as of December&nbsp;31, 2001.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-53
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Financial information by geographic area are as
follows:
</FONT>
</DIV>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="56%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Year Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">United States</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Canada</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(All amounts are in thousands U.S.&nbsp;$&#146;s)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">March&nbsp;31, 2003</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,077,333</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">55,054</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,132,387</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation/amortization net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">169,799</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,466</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">175,265</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest expense/(benefit)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">146,144</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,987</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">148,131</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax earnings/(loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(45,628</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,707</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(38,921</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax expense/(benefit)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,282</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,347</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,935</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Identifiable assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,673,738</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">131,928</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,805,666</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">March&nbsp;31, 2002</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,141,229</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">52,350</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,193,579</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation/amortization net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">138,401</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,230</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">143,631</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest expense/(benefit)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">107,370</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,095</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">109,465</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax earnings/(loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(74,828</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,497</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(67,331</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax expense/(benefit)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,515</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,624</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19,891</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Identifiable assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,615,108</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">117,209</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,732,317</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">23.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Subsequent Events</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On April&nbsp;18, 2003, AMERCO filed suit against
its former auditors, PricewaterhouseCoopers (PwC). The complaint
seeks actual and punitive damages in excess of $2.5&nbsp;billion
dollars as a result of the alleged negligent, fraudulent and
tortious conduct of PwC during the last seven years of its audit
engagement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On June&nbsp;20, 2003, AMERCO filed a voluntary
petition for protection under Chapter&nbsp;11 of the
U.S.&nbsp;Bankruptcy Code. AMERCO has taken this action in order
to expedite the financial restructuring of its debt. On
August&nbsp;13, 2003, Amerco Real Estate Company filed a
voluntary petition for relief under Chapter&nbsp;11 of the
Bankruptcy Code with joint administration under BK-03-52103-GWZ.
Not included in the Chapter&nbsp;11 filing are the following
AMERCO subsidiaries: U-Haul, Oxford Life Insurance Company and
its subsidiaries, and Republic Western Insurance Company, among
others. The Chapter&nbsp;11 filing by AMERCO is not expected to
impact the operations of these subsidiaries, and their business
will continue uninterrupted. Additionally, since the Company is
solvent, with asset value in excess of its debt, AMERCO intends
to repay its creditors in full pursuant to a full-value plan of
reorganization, without diluting the interest of its
shareholders. On March&nbsp;15, 2004, AMERCO emerged from
Chapter&nbsp;11 with full payment to its creditors and with no
dilution to its stockholders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On June&nbsp;30, 2003, RepWest and Oxford
exchanged their respective interests in Private Mini for certain
real property owned by certain SAC Holdings entities. The
exchanges were non-monetary and were recorded on the basis of
the book values of the assets exchanged.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On May&nbsp;20, 2003, RepWest consented to an
Order for Supervision issued by the Arizona Department of
Insurance (&#147;DOI&#148;). The DOI determined that
RepWest&#146;s level of risk based capital (&#147;RBC&#148;)
allowed for regulatory control. Pursuant to this order and
Arizona law, during the period of supervision, RepWest may not
engage in certain activities without the prior approval of the
DOI. If RepWest fails to satisfy the requirements to abate
DOI&#146;s concerns, the DOI may take further action, including,
but not limited to, commencing a conservatorship.
</FONT>

<P align="center"><FONT size="2">F-54
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In April 2003, the Company determined that in
connection with overall restructuring efforts, RepWest is
exiting non-U-Haul related lines of business.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">24.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Guarantor and Nonguarantor Financial
    Statements</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with our emergence from
Chapter&nbsp;11 bankruptcy on March&nbsp;15, 2004, the Company
issued $200&nbsp;million 9.0% Second Lien Senior Secured Notes
due 2009. The notes are fully and unconditionally guaranteed,
jointly and severally, by all of AMERCO&#146;s legal
subsidiaries, except for Oxford and RepWest and except for SAC
Holdings on a consolidated basis. The following condensed
consolidating financial information presents the condensed
consolidating balance sheets as of March&nbsp;31, 2003 and 2002
and the related condensed consolidating statements of earnings
and condensed consolidating cash flow statements for the years
ended March&nbsp;31, 2003, 2002 and 2001 for:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;AMERCO;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;the guarantor subsidiaries (comprised of
    U-Haul and Amerco Real Estate Company and each of their
    respective subsidiaries);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;the nonguarantor subsidiaries (comprised
    of Oxford and RepWest and each of their respective
    subsidiaries);&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;SAC Holdings.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The information includes elimination entries
necessary to consolidated AMERCO, the parent, with the guarantor
and nonguarantor subsidiaries.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Investments in subsidiaries are accounted for by
the parent using the equity method of accounting. The guarantor
and nonguarantor subsidiaries are presented on a combined basis.
</FONT>

<P align="center"><FONT size="2">F-55
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="center">
<B><FONT size="2">Condensed Consolidating Balance
Sheet</FONT></B>

<DIV align="center">
<B><FONT size="2">March&nbsp;31, 2003</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Non-guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Holdings</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="31"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="31" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="35" align="center" valign="top">
    <B><FONT size="1">ASSETS</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,524</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,220</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,428</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">62,172</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,662</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">66,834</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Receivables
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">247,489</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">271,491</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(7,754</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">263,737</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Notes and mortgage receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">27,747</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">27,747</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(24,879</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,868</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Inventories, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">49,233</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">49,233</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,037</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">53,270</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Prepaid expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">87</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">27,411</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">27,498</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">811</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,463</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,846</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investments, fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">867,077</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">867,077</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,477</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">860,600</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investments, other
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">135,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">388,505</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">344,976</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(79,707</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">788,774</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(399,522</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">389,252</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">105,100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">105,100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">105,100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other Assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">471,884</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">165,816</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">90,949</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(689,684</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,965</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,635</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">63,600</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">625,495</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">712,934</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,669,019</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(769,391</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,238,057</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">34,145</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(445,095</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,827,107</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment in subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,037,756</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,037,756</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment in subsidiaries&nbsp;&#151; SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(41,938</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(41,938</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,938</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Land
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">157,987</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">157,987</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">157,987</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Building and improvements
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">747,853</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">747,853</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">747,853</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Furniture and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">459</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">290,924</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">291,383</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">291,383</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental trailers and other rental equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">149,707</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">149,707</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">149,707</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental trucks
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,140,294</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,140,294</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,140,294</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">SAC Holdings property, plant and equipment(2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,015,563</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(258,271</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">757,292</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">459</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,486,765</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,487,224</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,015,563</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(258,271</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,244,516</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Less accumulated depreciation
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(315</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,244,821</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,245,136</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(59,679</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,616</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,298,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">144</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,241,944</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,242,088</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">955,884</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(251,655</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,946,317</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total Assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,621,457</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,954,878</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,669,019</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,807,147</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,438,207</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">990,029</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(654,812</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,773,424</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of December&nbsp;31, 2002
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $273,470,
    buildings and improvements of $739,534 and equipment of $2,559
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-56
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="center">
<B><FONT size="2">Condensed Consolidating Balance
Sheet&nbsp;&#151; (Continued)</FONT></B>

<DIV align="center">
<B><FONT size="2">March&nbsp;31, 2003</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Non-guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Holdings</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="31"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="31" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="35" align="center" valign="top">
    <B><FONT size="1">LIABILITIES</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Accounts payable and accrued expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">139,496</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">271,286</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">570</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,735</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">371,617</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">48,033</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(32,633</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">387,017</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">AMERCO&#146;s notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">861,158</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">133,198</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,500</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">954,856</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">954,856</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">SAC Holdings&#146; notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">983,190</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(394,171</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">589,019</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Policy benefits and losses, claims and loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">expenses payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">168,666</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">667,966</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">836,632</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">836,632</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Liabilities from investment contracts
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">639,998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">639,998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">639,998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other policyholders&#146; funds and liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,309</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,309</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,309</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,863</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">31,954</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">34,817</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,033</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,463</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,387</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">120,446</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">309,629</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,664</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(353,058</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">85,681</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(19,918</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(98,005</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(f)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(32,242</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other Liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">325,783</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,315</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(337,098</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total Liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,123,963</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,240,516</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,358,822</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(769,391</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,953,910</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,023,338</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(531,272</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,445,976</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Minority interest
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,828</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(11,828</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="35" align="center" valign="top">
    <B><FONT size="1">STOCKHOLDERS&#146; EQUITY</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Series&nbsp;A common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">541</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,800</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,341</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Additional paid-in-capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">396,050</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">268,711</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">86,458</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(355,169</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">396,050</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(160,266</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(f)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">235,784</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Additional paid-in-capital&nbsp;&#151; SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Accumulated other comprehensive loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(54,278</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,849</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,755</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,094</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(54,278</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(54,278</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Accumulated other comprehensive loss-SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Retained earning/accumulated deficit
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">561,606</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">498,156</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">200,184</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(698,340</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">561,606</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(43,650</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,266</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">568,222</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cost of common shares in treasury
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(418,179</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(418,179</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(421,378</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Unearned ESOP shares in treasury
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,197</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,177</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,177</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total Stockholders&#146; Equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">497,494</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">714,362</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">310,197</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,037,756</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">484,297</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(45,137</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(111,712</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">327,448</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total Liabilities and Stockholders&#146; Equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,621,457</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,954,878</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,669,019</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,807,147</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,438,207</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">990,029</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(654,812</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,773,424</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of December&nbsp;31, 2002
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-57
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="center">
<B><FONT size="2">Condensed Consolidating Balance
Sheet&nbsp;&#151; (Continued)</FONT></B>

<DIV align="center">
<B><FONT size="2">March&nbsp;31, 2002</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Non-guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Holdings</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="31"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="31" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="35" align="center" valign="top">
    <B><FONT size="1">ASSETS</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">71</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">26,295</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,070</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,436</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,446</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Receivables
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,019</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">251,639</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">291,658</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(16,788</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">274,870</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Notes and mortgage receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,817</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,817</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,538</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,279</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Inventories, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">62,484</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">62,484</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,292</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">65,776</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Prepaid expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">112</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,591</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,703</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,023</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,447</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,279</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investments, fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">994,875</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">994,875</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,478</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">988,397</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investments, other
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">398,428</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">269,804</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(32,845</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">645,387</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(404,475</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">240,912</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">97,918</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">97,918</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">97,918</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">809,536</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,889</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">105,668</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(890,392</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,701</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,618</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">58,319</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">819,719</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">585,523</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,734,974</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(923,237</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,216,979</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">25,943</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(452,726</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,790,196</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment in subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">991,269</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(991,269</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment in subsidiaries&nbsp;&#151; SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(34,532</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(34,532</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">34,532(a</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Land
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">160,895</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">160,895</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">160,895</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Building and Improvements
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">725,214</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">725,214</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">725,214</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Furniture and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">395</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">288,316</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">288,711</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">288,711</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental trailers and other rental equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,071,604</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">162,768</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">162,768</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental trucks
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">162,768</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,071,604</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,071,604</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">SAC Holdings property, plant and equipment(2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">985,901</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(258,271</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">727,630</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">395</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,408,797</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,409,192</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">985,901</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(258,271</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,136,822</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Less accumulated depreciation
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(300</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,165,980</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,166,280</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,156</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,690</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,200,746</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">95</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,242,817</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,242,912</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">946,745</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(253,581</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,936,076</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total Assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,776,551</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,828,340</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,734,974</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,914,506</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,425,359</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">972,688</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(671,775</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,726,272</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of December&nbsp;31, 2001
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $264,410,
    buildings and improvements of $719,728 and furniture and
    equipment of $1,763
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-58
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="center">
<B><FONT size="2">Condensed Consolidating Balance
Sheet&nbsp;&#151; (Continued)</FONT></B>

<DIV align="center">
<B><FONT size="2">March&nbsp;31, 2002</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Non-guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Holdings</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="31"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="31" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="35" align="center" valign="top">
    <B><FONT size="1">LIABILITIES</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Accounts payable and accrued expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">37,876</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">213,694</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,353</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(32,614</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">228,309</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,891</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(31,326</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">233,874</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">AMERCO&#146;s notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,030,805</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,996</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,045,801</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,045,801</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">SAC Holdings&#146; notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">961,499</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(399,612</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">561,887</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Policy benefits and losses, claims and loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">expenses payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">90,239</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">729,344</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">819,583</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">819,583</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Liabilities from investment contracts
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">572,793</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">572,793</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">572,793</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash overdraft
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other policyholders&#146; funds and liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">73,597</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">73,597</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">73,597</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,434</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">34,721</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,155</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,550</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,447</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">43,258</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">149,965</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">322,096</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,082</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(381,321</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">106,822</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,862</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(98,005</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(f)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,045</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">498,495</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,807</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(509,302</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">TOTAL LIABILITIES
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,222,080</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,174,241</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,411,976</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(923,237</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,885,060</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">999,078</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(539,390</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,344,748</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Minority interest
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,341</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(11,341</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="35" align="center" valign="top">
    <B><FONT size="1">STOCKHOLDERS&#146; EQUITY</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Series&nbsp;A common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">541</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,800</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,341</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Additional paid-in-capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">396,559</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">268,577</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">86,068</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(354,645</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">396,559</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(160,266</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(f)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">236,293</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Additional paid- in-capital&nbsp;&#151; SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Accumulated other comprehensive loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(37,802</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,804</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,698</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,106</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(37,802</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(37,802</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Accumulated other comprehensive loss-SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,778</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,778</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,778</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,778</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,778</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Retained earnings-end of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">601,481</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">438,957</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">206,432</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(645,389</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">601,481</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(34,953</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">39,643</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">606,171</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cost of common shares in treasury
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(416,771</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(416,771</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(419,970</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Unearned ESOP shares in treasury
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,172</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,152</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,152</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total Stockholders&#146; Equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">554,471</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">654,099</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">322,998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(991,269</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">540,299</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(37,731</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(121,044</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(a)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">381,524</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total Liabilities and Stockholders&#146; Equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,776,551</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,828,340</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,734,974</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,914,506</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,425,359</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">972,688</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(671,775</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,726,272</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of December&nbsp;31, 2001
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-59
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="center">
<B><FONT size="2">Condensed Consolidating Statement of
Earnings</FONT></B>

<DIV align="center">
<B><FONT size="2">Year Ended March&nbsp;31, 2003</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="13%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Non-guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Holdings</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="31"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="31" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Revenues:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,492,604</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(60,116</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,432,488</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">168,027</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(40,510</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,560,005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">174,121</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">174,121</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">48,768</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">222,889</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">314,016</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,091</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">307,925</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">307,925</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,195</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,053</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,209</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">77,457</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(35,889</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,568</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,195</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,706,778</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">350,225</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(66,207</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,991,991</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">216,795</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(76,399</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,132,387</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Costs and expenses:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">43,502</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">986,713</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">77,507</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(66,207</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,041,515</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">105,287</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,342</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,134,460</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Commission expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">164,508</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">164,508</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(27,681</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">136,827</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">93,756</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">93,756</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,359</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">115,115</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">37,560</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">244,308</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">281,868</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">281,868</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">37,819</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">37,819</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">37,819</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">927</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">179,202</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">180,129</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">179,642</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">117,984</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">117,999</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,373</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,926</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">137,446</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">44,444</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,579,723</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">359,634</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(66,207</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,917,594</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">148,019</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(42,436</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,023,177</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in earnings of subsidiary
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">52,951</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(52,951</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in earnings of SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,697</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,697</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,697</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (loss) from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,005</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">127,055</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,409</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(52,951</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">65,700</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">68,776</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(25,266</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">109,210</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">69,213</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">33,643</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">102,856</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">81,164</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(35,889</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">148,131</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(68,208</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">93,412</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,409</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(52,951</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(37,156</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,388</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,623</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(38,921</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Income tax benefit/ (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,296</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(34,213</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,161</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,244</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,691</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,935</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(26,912</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">59,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,248</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(52,951</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(26,912</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,697</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,623</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(24,986</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Less: preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (loss) available to common shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,875</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">59,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,248</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(52,951</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,875</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,697</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,623</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(37,949</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of December&nbsp;31, 2002
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-60
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="center">
<B><FONT size="2">Condensed Consolidating Statement of
Earnings</FONT></B>

<DIV align="center">
<B><FONT size="2">Year Ended March&nbsp;31, 2002</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="13%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Non-</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Holdings</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="31"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="31" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Revenues:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,493,930</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(64,325</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,429,605</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">112,747</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(30,102</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,512,250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">198,367</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">198,367</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,449</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">222,816</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">421,355</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,185</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">411,170</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">411,170</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">873</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">31,007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">43,826</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">75,706</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(28,363</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">47,343</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">873</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,723,304</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">465,181</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(74,510</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,114,848</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">137,196</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(58,465</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,193,579</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Costs and expenses:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,945</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,036,912</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">114,683</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(74,510</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,086,030</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">68,223</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(7,948</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,146,305</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Commission expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">153,465</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">153,465</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,023</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">140,442</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">110,473</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">110,473</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,221</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">122,694</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">47,036</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">376,673</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">423,709</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">423,709</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,674</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,674</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,674</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">918</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">182,877</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">183,795</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,131</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">174,664</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(500</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">90,312</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">89,812</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,071</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,926</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">102,957</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,363</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,621,075</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">532,030</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(74,510</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,087,958</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">95,515</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(32,028</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,151,445</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in earnings subsidiary
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,495</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,495</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in earnings of SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,025</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,025</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,025</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earning from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(33,010</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">102,229</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(66,849</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,495</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,865</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,681</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,412</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">42,134</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,773</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">45,974</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">76,747</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">61,081</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(28,363</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">109,465</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(63,783</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">56,255</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(66,849</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,495</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(63,882</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(19,400</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,951</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(67,331</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Income tax benefit/ (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,417</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(21,219</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,318</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,516</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,375</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,891</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(49,366</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">35,036</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(45,531</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,495</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(49,366</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,025</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,951</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(47,440</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Less: preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (loss) available to common shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(62,329</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">35,036</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(45,531</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,495</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(62,329</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,025</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,951</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(60,403</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of December&nbsp;31, 2001
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-61
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="center">
<B><FONT size="2">Condensed Consolidating Statement of
Earnings</FONT></B>

<DIV align="center">
<B><FONT size="2">Year Ended March&nbsp;31, 2001</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Non-</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Holdings</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="31"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="31" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Revenues:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,436,545</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(71,108</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,365,435</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">92,457</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(21,060</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,436,832</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">194,320</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">194,320</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,923</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">212,243</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">338,704</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,596</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">328,108</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">328,108</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">963</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">35,308</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">44,480</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">80,751</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(28,454</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">52,297</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">961</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,666,173</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">383,184</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(81,704</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,968,614</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">110,380</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(49,514</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,029,480</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Costs and expenses:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,113</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,022,043</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">85,861</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(81,704</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,033,313</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">49,237</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,243</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,076,307</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Commission expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">143,588</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">143,588</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,723</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">132,865</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">116,629</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">116,629</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,877</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">126,506</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,521</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">290,558</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">331,079</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">331,079</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,232</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,232</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,232</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">688</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">178,866</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">179,554</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(4,094</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">175,460</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">123</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">92,797</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">92,920</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,385</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,498</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">103,807</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,924</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,594,444</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">412,651</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(81,704</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,933,315</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">71,499</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(22,558</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,982,256</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in earnings of subsidiary
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,652</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,652</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in earnings of SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,400</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,400</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,400</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (loss) from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(30,015</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">71,729</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(29,467</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,652</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">25,899</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,881</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(17,556</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">47,224</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">25,522</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">61,359</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">86,881</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">53,451</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(28,454</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">111,878</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(55,537</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,370</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(29,467</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,652</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(60,982</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,570</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,898</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(64,654</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,929</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,277</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,722</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,374</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,170</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,544</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(43,608</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,093</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(20,745</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,652</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(43,608</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,400</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,898</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(42,110</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Less: preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (loss) available to common shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(56,571</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,093</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(20,745</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,652</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(56,571</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,400</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,898</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(55,073</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of December&nbsp;31, 2000
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-62
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATION, SAC HOLDING&nbsp;II
CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND CONSOLIDATED SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="center">
<B><FONT size="2">ADDITIONAL INFORMATION</FONT></B>

<P align="center">
<B><FONT size="2">SUMMARY OF EARNINGS OF INDEPENDENT TRAILER
FLEETS</FONT></B>

<DIV align="center">
<B><FONT size="2">Unaudited</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following Summary of Earnings of Independent
Trailer Fleets is presented for purposes of analysis and is not
a required part of the basic financial statements.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">Years Ended March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">(In thousands, except earnings</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">per $100 of average Investment)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings data (Note&nbsp;A):
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fleet owner income:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Credited to fleet owner gross rental income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">823</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,028</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,350</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,977</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,191</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Credited to trailer accident fund (Notes&nbsp;D
    and&nbsp;E)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">49</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">61</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">79</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">144</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total fleet owner income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">872</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,089</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,429</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,091</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,335</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fleet owner operation expenses:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Charged to fleet owner (Note&nbsp;C)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">422</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">532</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">719</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">999</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">873</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Charged to trailer accident fund (Notes&nbsp;D
    and&nbsp;F)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total fleet owner operation expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">431</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">547</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">737</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,022</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">900</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fleet owner earnings before trailer accident fund
    credit, depreciation and income&nbsp;taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">402</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">496</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">631</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">978</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,318</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Trailer accident fund credit (Note&nbsp;D)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">39</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">46</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">61</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">91</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">117</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net fleet owner earnings before depreciation and
    income&nbsp;taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">542</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">692</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,069</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,435</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment data (Note&nbsp;A):
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amount at end of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,389</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,663</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,046</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,654</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,272</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Average amount during year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,526</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,855</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,350</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,574</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,574</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net fleet owner earnings before depreciation and
    income taxes per $100 of average investment (Note&nbsp;B)
    (unaudited)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19.95</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20.06</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23.38</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28.12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29.56</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
this Summary of Earnings of Independent Trailer Fleets.
</FONT>

<P align="center"><FONT size="2">F-63
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">ADDITIONAL INFORMATION</FONT></B>

<P align="center">
<B><FONT size="2">NOTES TO SUMMARY OF EARNINGS OF INDEPENDENT
TRAILER FLEETS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(A)&nbsp;The accompanying Summary of Earnings of
Independent Trailer Fleets includes the operations of trailers
under the brand name of &#147;U-Haul&#148; owned by independent
fleet owners. Earnings data represent the aggregate results of
operations before depreciation and taxes. Investment data
represent the cost of trailers and investments before
accumulated depreciation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Fleet owner income is based on Independent Rental
Dealer reports of rentals transacted through the day preceding
the last Monday of each month and received by U-Haul
International, Inc. by the end of the month and U-Haul Center
reports of rentals transacted through the last day of each
month. Payments to fleet owners for trailers lost or retired
from rental service as a result of damage by accident have not
been reflected in this summary because such payments do not
relate to earnings before depreciation and income taxes but,
rather, investment (depreciation).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The investment data is based upon the cost of
trailers to the fleet owners as reflected by sales records of
the U-Haul manufacturing facilities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(B)&nbsp;The summary of earnings data stated in
terms of amount per $100 of average investment represents the
aggregate results of operations (earnings data) divided by the
average amount of investment during the periods. The average
amount of investment is based upon a simple average of the
month-end investment during each period. Average earnings data
is not necessarily representative of an individual fleet
owner&#146;s earnings.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(C)&nbsp;A summary of operations expenses charged
directly to independent fleet owners follows:
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="57%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">Years Ended March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Licenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">52</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">86</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">124</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">150</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">159</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Public liability insurance
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">53</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">87</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">126</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">134</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Repairs and maintenance
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">317</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">381</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">508</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">723</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">580</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">422</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">532</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">719</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">999</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">873</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(D)&nbsp;The fleet owners and subsidiary U-Haul
Rental Companies forego normal commissions on a portion of gross
rental fees designated for transfer to the Trailer Accident
Fund. Trailer accident repair expenses, otherwise chargeable to
fleet owners, are paid from this Fund to the extent of the
financial resources of the Fund. The amounts designated
&#147;Trailer Accident Fund credit&#148; in the accompanying
summary of earnings represents independent fleet owner
commissions foregone, which exceed expenses borne by the Fund.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(E)&nbsp;Commissions foregone for transfer to the
Trailer Accident Fund follow:
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="15"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><B><FONT size="1">Fleet Owners</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiary</FONT></B></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiary</FONT></B></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Companies</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Companies</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Independent</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="15"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Year ended:</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">March&nbsp;31, 2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,845</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,637</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">49</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,531</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">March&nbsp;31, 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,385</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,377</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">61</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,823</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">March&nbsp;31, 2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,073</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,191</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">79</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,343</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">March&nbsp;31, 2000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,061</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,150</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,325</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">March&nbsp;31, 1999
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,081</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,131</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">144</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,356</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">F-64
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(F)&nbsp;A summary of independent fleet owner
expenses borne by the Trailer Accident Fund follows:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="27%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">Fleet Owners</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Trailer</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiary</FONT></B></TD>
    <TD></TD>
    <TD colspan="11"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Trail</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Accident</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiary</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Sub</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Accident</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Repair</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Companies</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Companies</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Independent</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Retirements</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Expenses</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="23"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="23" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Year ended:</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">March&nbsp;31, 2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,095</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">582</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,685</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">394</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,079</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">March&nbsp;31, 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,225</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">647</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,884</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,339</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">March&nbsp;31, 2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,067</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">561</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,646</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">498</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,144</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">March&nbsp;31, 2000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,233</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">641</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,897</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">354</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,251</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">March&nbsp;31, 1999
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,148</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">591</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,766</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">342</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,108</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(G)&nbsp;Certain reclassifications have been made
to the Summary of Earnings of Independent Trailer Fleets for the
fiscal years ended 1999 to conform to the current year&#146;s
presentation.
</FONT>

<P align="center"><FONT size="2">F-65
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">SCHEDULE I</FONT></B>

<P align="center">
<B><FONT size="2">CONDENSED FINANCIAL INFORMATION OF
AMERCO</FONT></B>

<P align="center">
<B><FONT size="2">BALANCE SHEETS</FONT></B>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="62%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="12" align="center" valign="top">
    <B><FONT size="2">ASSETS</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,524</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">71</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment in subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">995,818</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">956,737</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Due from unconsolidated subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">451,424</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">792,327</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">155,691</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,416</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,621,457</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,776,551</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="12"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="12" align="center" valign="top">
    <B><FONT size="2">LIABILITIES AND STOCKHOLDERS&#146;
    EQUITY</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">861,158</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,030,805</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">262,805</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">191,275</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholders&#146; equity:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,563</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,563</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid-in capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">399,249</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">399,758</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accumulated other comprehensive (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(55,765</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(40,580</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retained earnings/ (loss):
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Beginning of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">601,481</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">663,810</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings/ (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(26,912</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(49,366</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Dividends accrued/ paid
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">561,606</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">601,481</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of common shares in treasury
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(418,179</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(416,771</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unearned employee stock ownership plan shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">497,494</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">554,471</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Liabilities and stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,621,457</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,776,551</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
these consolidated financial statements.
</FONT>

<P align="center"><FONT size="2">F-66
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">CONDENSED FINANCIAL INFORMATION OF
AMERCO</FONT></B>

<P align="center">
<B><FONT size="2">STATEMENTS OF OPERATIONS</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Years Ended March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(Restated)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(Restated)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands, except share and per share data)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net interest income from subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,195</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">873</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">961</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">69,213</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,773</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25,522</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">44,444</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,924</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">113,657</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33,446</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(112,462</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(39,263</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(32,485</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity in earnings (loss) of unconsolidated
    subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">44,254</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(24,520</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(23,052</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax (expense)/benefit
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,296</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,417</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,929</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(26,912</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(49,366</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(43,608</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: preferred stock dividend
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">(Loss) available to common shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(39,875</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(62,329</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(56,571</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">(Loss) per common share (both basic and diluted):
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1.92</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2.96</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2.63</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Weighted average common shares outstanding
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,743,072</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,022,712</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,486,370</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
these consolidated financial statements.
</FONT>

<P align="center"><FONT size="2">F-67
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">CONDENSED FINANCIAL INFORMATION OF
AMERCO</FONT></B>

<P align="center">
<B><FONT size="2">STATEMENTS OF CASH FLOWS</FONT></B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="58%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Years Ended March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from operating activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(26,912</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(49,366</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(43,608</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amortization, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,752</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,046</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,364</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">(Loss) on sale
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(559</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity in earnings of subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">(Increase) decrease in amounts due from
    unconsolidated subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net change in operating assets and liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">225,676</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">196,468</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">46,084</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash provided by operating activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200,516</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">148,589</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,840</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from investing activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchases of property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(64</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(16</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from sale of property, plant and
    equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">695</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash used by investing activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(64</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">683</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(16</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from financing activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net change in short term borrowings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(24,070</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">156,070</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">257,007</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Leveraged Employee Stock Ownership
    Plan-repayments from loan
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">137</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Principal payments on notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(433,788</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(101,738</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(137,010</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Debt issuance costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,330</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(390</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(435</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Repurchase of preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Preferred stock dividends paid
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,480</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,963</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Treasury stock purchase, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,408</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(10,154</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9,617</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Extraordinary loss on early extinguishment of
    debt, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash used by financing activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(181,999</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(149,315</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,818</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Increase (decrease) in cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,453</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(43</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents at beginning of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">71</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">108</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents at end of year
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,524</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">71</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Income taxes paid in cash amounted to
$11.4&nbsp;million, $5.9&nbsp;million and $5.4&nbsp;million for
2003, 2002 and 2001, respectively. Interest paid in cash
amounted to $76.6&nbsp;million, $77.9&nbsp;million and
$92.6&nbsp;million for 2003, 2002 and 2001, respectively.
</FONT>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
these consolidated financial statements.
</FONT>

<P align="center"><FONT size="2">F-68
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">CONDENSED FINANCIAL INFORMATION OF
AMERCO</FONT></B>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED FINANCIAL
INFORMATION</FONT></B>

<DIV align="center">
<B><FONT size="2">March&nbsp;31, 2003, 2002, and 2001</FONT></B>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">1.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Summary of Significant Accounting
    Policies</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO, a Nevada corporation, was incorporated in
April, 1969, and is the holding company for U-Haul
International,&nbsp;Inc., Republic Western Insurance Company,
Oxford Life Insurance Company and Amerco Real Estate Company.
The financial statements of the Registrant should be read in
conjunction with the Consolidated Financial Statements and notes
thereto included in this Form&nbsp;10-K.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO is included in a consolidated Federal
income tax return with all of its U.S.&nbsp;subsidiaries.
Accordingly, the provision for income taxes has been calculated
for Federal income taxes of AMERCO and subsidiaries included in
the consolidated return of the Registrant. State taxes for all
subsidiaries are allocated to the respective subsidiaries.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The financial statements include only the
accounts of the Registrant (a Nevada Corporation), which include
certain of the corporate operations of AMERCO (excluding SAC
Holdings). The interest in AMERCO&#146;s majority owned
subsidiaries is accounted for on the equity method. The debt and
related interest expense of AMERCO have been allocated to the
consolidated subsidiaries. The intercompany interest income and
expenses are eliminated in the consolidated financial statements.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">2.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Guarantees</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO has guaranteed performance of certain
long-term leases and other obligations. See Note&nbsp;15 of
Notes to Consolidated Financial Statements.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">3.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Notes and Loans Payable</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notes and loans payable consist of the following:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="72%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Medium-term notes payable, unsecured, 7.23% to
    8.08% interest rates, due through 2027
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">109,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">109,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes payable under Bond Backed Asset Trust,
    unsecured, 7.14% interest rates, due through 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes payable to banks under commercial paper
    agreements, unsecured, 5.00% to 6.20% interest rates
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes payable to public, unsecured, 7.85%
    interest rate, due through 2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">175,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">175,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior Note, unsecured, 7.20% interest rate, due
    through 2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">150,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior Note, unsecured, 8.80% interest rate, due
    through 2005
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other notes payable, unsecured, 8.15% interest
    rate, due through 2017
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes payable to banks under revolving lines of
    credit, unsecured, 7.00% interest rate
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">205,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">283,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Debt related to SWAP termination
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,582</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">775</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Debt related to BBAT option termination
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,550</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other short-term promissory notes, 2.88% interest
    rate
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,526</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">861,158</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,030,805</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">For additional information, see Note&nbsp;6 of
Notes to Consolidated Financial Statements.
</FONT>

<P align="center"><FONT size="2">F-69
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">SCHEDULE V</FONT></B>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES</FONT></B>

<P align="center">
<B><FONT size="2">SUPPLEMENTAL INFORMATION (FOR
PROPERTY-CASUALTY INSURANCE UNDERWRITERS)</FONT></B>

<DIV align="center">
<B><FONT size="2">Years Ended December&nbsp;31, 2002, 2001 and
2000</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="15%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Claim and Claim</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Reserves</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Adjustment</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">for Unpaid</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Expenses Incurred</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amortization</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Paid</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Deferred</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Claims and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Related to</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">of Deferred</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Claims and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Policy</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Claim</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Discount</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Net</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Policy</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Claim</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Net</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Affiliation with</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Acquisition</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Adjustment</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">if any,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Unearned</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Net Earned</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Investment</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Current</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Prior</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Fiscal</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Acquisition</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Adjustment</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Premiums</FONT></B></TD>
</TR>

<TR>
    <TD align="left" nowrap><B><FONT size="1">Fiscal Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Registrant</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Costs</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Expenses</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Deducted</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Premiums</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Premiums(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Income(2)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Costs</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Expenses</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Written(1)</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="53"></TD>
</TR>

<TR>
    <TD colspan="53" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">2003
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom"><FONT size="1">Consolidated property casualty entity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,206</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">399,448</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">N/A</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">62,346</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">149,209</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">27,931</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">112,284</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,396</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,143</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">196,798</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">120,946</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">2002
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom"><FONT size="1">Consolidated property casualty entity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,946</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">448,984</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">N/A</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">91,725</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">253,799</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">27,876</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">232,984</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,042</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,067</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">236,866</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">227,378</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">2001
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="bottom"><FONT size="1">Consolidated property casualty entity</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,374</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">382,651</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">N/A</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">107,880</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">216,915</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,372</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">162,265</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,285</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,571</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">178,221</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">256,034</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The earned and written premiums are reported net
    of intersegment transactions. Earned premiums eliminated in
    consolidation amount to $3.4&nbsp;million, $8.2&nbsp;million and
    $9.2&nbsp;million for the years ended 2002, 2001 and 2000,
    respectively.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Net Investment Income excludes net realized gains
    (losses) on investments of ($5.6&nbsp;million),
    ($7.2&nbsp;million) and ($4.9&nbsp;million) for the years ended
    2002, 2001 and 2000, respectively.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-70
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">CONDENSED CONSOLIDATED BALANCE
SHEETS</FONT></B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="64%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">March&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(Unaudited)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="10" align="center" valign="top">
    <B><FONT size="2">ASSETS</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Assets:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">136,866</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">66,834</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Trade receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">239,378</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">255,796</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes and mortgage receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,129</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,809</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Inventories, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">55,230</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">53,270</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Prepaid expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,487</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,846</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investments, fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">763,673</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">860,600</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investments, other
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">474,978</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">389,252</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred policy acquisition costs, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">86,603</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">105,100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,242</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98,430</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">63,600</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,889,774</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,859,349</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant, and equipment, at cost:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Land
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">159,508</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">157,987</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Buildings and improvements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">751,877</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">747,853</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Furniture and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">293,173</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">291,383</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental trailers and other rental equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">156,237</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">149,707</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental trucks
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,208,303</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,140,294</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SAC Holdings&nbsp;&#151; Property, plant and
    equipment(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">733,215</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">757,292</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,302,313</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,244,516</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Accumulated depreciation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,385,632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,298,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,916,681</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,946,317</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,806,455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,805,666</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="10"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="10" align="center" valign="top">
    <B><FONT size="2">LIABILITIES AND STOCKHOLDERS&#146;
    EQUITY</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Payables and accrued expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">359,186</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">387,017</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">AMERCO&#146;s notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">85,380</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">954,856</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SAC Holdings&#146; notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">586,558</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">589,019</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Policy benefits and losses, claims and loss
    expenses payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">836,221</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">836,632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities from investment contracts
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">603,992</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">639,998</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other policyholders&#146; funds and liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">45,523</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,309</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,042</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,387</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,345</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities subject to compromise
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">875,372</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,404,619</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,478,218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholders&#146; equity:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series preferred stock:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;A preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;B preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;A common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid in-capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">235,784</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">235,784</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid-in-capital&nbsp;&#151; SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accumulated other comprehensive (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(25,801</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(54,278</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accumulated other comprehensive
    income/(loss)&nbsp;&#151; SAC Holdings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,598</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retained earnings, AMERCO
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">658,054</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">611,872</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retained earnings, SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(49,461</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(43,650</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of common shares in treasury, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(421,378</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(421,378</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unearned ESOP shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,722</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(13,177</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">401,836</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">327,448</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Liabilities and Stockholders&#146; Equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,806,455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,805,666</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">SAC Holdings property, plant and equipment
    totaled $991.5&nbsp;million and $1,015.5&nbsp;million before
    eliminations, inter-company eliminations were
    $258.2&nbsp;million and $258.2&nbsp;million at December&nbsp;31,
    2003 and March&nbsp;31, 2003 respectively.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
these consolidated financial statements.
</FONT>

<P align="center"><FONT size="2">F-71
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS</FONT></B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="57%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Quarter Ended,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands, except share data)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(Unaudited)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenues:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental Revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">386,497</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">335,760</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47,171</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">45,074</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">56,088</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">80,115</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,827</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,274</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">502,583</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">467,223</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Costs and expenses:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">311,979</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">286,758</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Commission expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,224</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,907</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,422</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,956</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">59,709</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amortization of deferred acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,027</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,253</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36,214</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33,265</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">38,394</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33,314</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">503,613</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">473,945</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Loss from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,030</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,722</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest Expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,168</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,419</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fees on early extinguishment of BBAT&#146;s
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,551</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(32,198</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(64,692</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax benefit
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,531</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(21,667</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(45,783</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings/(loss) available to common shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(24,908</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(49,024</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic and diluted loss per common share
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1.24</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2.45</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)*</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Weighted average common shares outstanding: Basic
    and diluted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,099,875</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,022,629</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">2002 amounts revised to reflect the corrected
    number of weighted average common shares outstanding.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
these consolidated financial statements.
</FONT>

<P align="center"><FONT size="2">F-72
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS</FONT></B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="57%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Nine Months Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands, except share data)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(Unaudited)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenues:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,304,470</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,233,043</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">182,048</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">175,709</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">188,024</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">243,131</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,614</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,508</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,710,156</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,683,391</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Costs and expenses:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">909,380</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">900,655</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Commission expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">116,132</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">122,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">87,023</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">87,484</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">169,801</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200,142</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amortization of deferred acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28,886</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,895</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">112,058</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">122,628</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">113,356</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">102,402</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,536,636</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,563,647</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">173,520</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">119,744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest Expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">92,839</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">86,306</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fees on early termination of BBAT&#146;s
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,551</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">80,681</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,887</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,587</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,763</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,094</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">124</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,723</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,723</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings/(loss) available to common shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,371</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9,599</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic and diluted earnings/(loss) per common share
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.48</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)*</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Weighted average common shares outstanding: Basic
    and diluted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,082,632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,005,502</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">2002 amounts revised to reflect the corrected
    number of weighted average common shares outstanding.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
these consolidated financial statements.
</FONT>

<P align="center"><FONT size="2">F-73
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME</FONT></B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="55%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Quarter Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(Unaudited)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Comprehensive income:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings/(loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(21,667</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(45,783</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Changes in other comprehensive income:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Foreign currency translation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,700</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(970</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unrealized gain/(loss) on investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,373</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,696</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total comprehensive income/(loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(15,340</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(28,057</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
these consolidated financial statements.
</FONT>

<P align="center"><FONT size="2">F-74
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME</FONT></B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="55%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Nine Months Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(Unaudited)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Comprehensive income:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,094</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">124</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Changes in other comprehensive income:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Foreign currency translation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,074</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,647</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unrealized gain on investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,488</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,675</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total comprehensive income/(loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">83,656</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,152</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
these consolidated financial statements.
</FONT>

<P align="center"><FONT size="2">F-75
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS</FONT></B>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="68%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Nine Months Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(Unaudited)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash provided by operating activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">151,201</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">147,742</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from investing activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchases of investments:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(147,344</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(196,252</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(50,662</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(248,121</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other asset investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(78,142</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(52,988</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from sale of investments:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,470</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">74,262</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">171,405</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">291,328</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other asset investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28,737</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,144</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash used by investing activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(45,536</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(125,627</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from financing activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net change in short-term borrowings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,649</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">130,981</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Leverage Employee Stock Ownership Plan:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchase of shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Repayments from loan
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">975</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Principal payments on notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(55,716</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(205,364</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Preferred stock dividends paid
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,482</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Treasury stock acquisitions, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,407</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment contract deposits
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43,020</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">137,488</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment contract withdrawals
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(79,041</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(74,047</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash used by financing activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(35,633</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(17,856</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Increase in cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">70,032</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,259</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents at the beginning of
    period
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">66,834</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47,651</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents at the end of period
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">136,866</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">51,910</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
these consolidated financial statements.
</FONT>

<P align="center"><FONT size="2">F-76
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS</FONT></B>

<DIV align="center">
<B><FONT size="2">December&nbsp;31, 2003, December&nbsp;31, 2002
and March&nbsp;31, 2003</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(Unaudited)</FONT></B>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">1.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Proceedings Under Chapter&nbsp;11 of the
    Bankruptcy Code</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On June&nbsp;20, 2003, AMERCO (the
&#147;Debtor&#148;) filed a petition for relief under
Chapter&nbsp;11 of the federal bankruptcy laws in the United
States Bankruptcy Court for the District of Nevada. On
August&nbsp;13, 2003, the company&#146;s wholly owned
subsidiary, Amerco Real Estate Company, filed a petition for
relief under Chapter&nbsp;11 of the federal bankruptcy laws in
the United States Bankruptcy Court for the District of Nevada.
Under Chapter&nbsp;11, certain claims against the Debtor in
existence prior to the filing of the petition for relief under
the federal bankruptcy laws are stayed while the Debtor
continues business operations as debtor-in-possession. These
claims are reflected in the December&nbsp;31, 2003, balance
sheet as &#147;liabilities subject to compromise.&#148;
Additional claims (liabilities subject to compromise) may arise
subsequent to the filing date resulting from rejection of
executory contracts, including leases, and from the
determination by the court (or agreed to by parties in interest)
of allowed claims for contingencies and other disputed amounts.
Claims secured against the Debtor&#146;s assets (&#147;secured
claims&#148;) also are stayed, although the holders of such
claims have the right to move the court for relief from the
stay. Secured claims are secured primarily by liens of the
Debtor&#146;s property, plant and equipment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On October&nbsp;6, 2003, AMERCO filed its Plan of
Reorganization and Disclosure Statement with the Bankruptcy
Court. On November&nbsp;26, 2003, AMERCO filed an Amended Plan
of Reorganization (the &#147;Plan&#148;). On December&nbsp;12,
2003, the Bankruptcy Court approved AMERCO&#146;s Disclosure
Statement. On February&nbsp;2, 2004, the Bankruptcy Court
confirmed the Plan contingent upon completion of documentation
and agreements acceptable to the involved parties and the
submission of proposed findings of fact and conclusions of law
and a confirmation order acceptable to all involved parties.
AMERCO expects that by fiscal year end (i)&nbsp;it will satisfy
the above contingencies and (ii)&nbsp;the Bankruptcy Court will
execute a confirmation order. The confirmation order will become
final if it is not appealed within ten days after entry and
AMERCO intends to proceed to implement the Plan and emerge from
bankruptcy as soon as possible thereafter. On March&nbsp;15,
2004, AMERCO emerged from Chapter&nbsp;11 with full payment to
the creditors and with no dilutions to its stockholders.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">2.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Organization and Principles of
    Consolidation</FONT></B></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Organization</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO, a Nevada corporation
(&#147;AMERCO&#148;), is the holding company for U-Haul
International,&nbsp;Inc. (&#147;U-Haul&#148;), Amerco Real
Estate Company (&#147;Real Estate&#148;), Republic Western
Insurance Company (&#147;RepWest&#148;) and Oxford Life
Insurance Company (&#147;Oxford&#148;). Throughout this
Form&nbsp;10-Q, unless the context otherwise requires, the term
&#147;Company&#148; refers to AMERCO and all of its legal
subsidiaries. The Company has four industry segments represented
by Moving and Storage Operations (U-Haul), Real Estate, Property
and Casualty Insurance (RepWest) and Life Insurance (Oxford).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">SAC Holding Corporation and SAC Holding
Corporation&nbsp;II, Nevada corporations (collectively,
&#147;SAC Holdings&#148;), are the holding companies for several
individual corporations that own self-storage properties managed
by AMERCO subsidiaries in the ordinary course of business.
Mark&nbsp;V. Shoen, a significant shareholder and executive
officer of AMERCO, owns all of the equity interest of SAC
Holdings.
</FONT>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principles of
Consolidation</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The condensed consolidated financial statements
presented here include the accounts of AMERCO and its
wholly-owned subsidiaries and SAC Holdings and their
subsidiaries. All material inter-company accounts and
transactions have been eliminated in consolidation. AMERCO has
made significant loans to SAC
</FONT>

<P align="center"><FONT size="2">F-77
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">
<FONT size="2">Holdings and is entitled to participate in SAC
Holdings&#146; excess cash flow (after senior debt service). All
of the equity interest of SAC Holdings is owned by Mark&nbsp;V.
Shoen, a significant shareholder and executive officer of
AMERCO. AMERCO does not have an equity ownership interest in SAC
Holdings, except for investments made by RepWest and Oxford in a
SAC Holdings-controlled limited partnership which holds Canadian
self-storage properties. SAC Holdings are not legal subsidiaries
of AMERCO. SAC Holdings&#146; securitized loan agreements have
no guarantees, or triggers that could create a guarantee, from
AMERCO. There are no cross default provisions on indebtedness
between AMERCO and SAC Holdings. The condensed consolidated
financial statements and notes are presented as permitted by
Form&nbsp;10-Q and do not contain certain information included
in AMERCO&#146;s annual financial statements and notes. For a
more detailed presentation of the accounts and transactions of
AMERCO, refer to AMERCO&#146;s Form&nbsp;10-K.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The condensed consolidated balance sheet as of
December&nbsp;31, 2003 and the related condensed consolidated
statements of operations, comprehensive income, and cash flow
for the quarters ended December&nbsp;31, 2003 and 2002 are
unaudited. In our opinion, all adjustments necessary for a fair
presentation of such condensed consolidated financial statements
have been included. Such adjustments consist only of normal
recurring items. Interim results are not necessarily indicative
of results for a full year.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Revenues, expenses (including professional fees),
realized gains and losses, and provisions for losses directly
associated with the reorganization and restructuring of the
business are reported as part of operating expenses in the
Condensed Consolidated Statements of Operations. The Condensed
Consolidated Balance Sheets distinguish pre-petition liabilities
subject to compromise from both those pre-petition liabilities
that are not subject to compromise and from post-petition
liabilities. Liabilities subject to compromise are reported at
the amounts expected to be allowed, even if they may be settled
for lesser amounts.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The operating results and financial position of
RepWest and Oxford have been consolidated on the basis of a
calendar year and, accordingly, results from operations for
RepWest and Oxford are for the quarter and nine months ended
September&nbsp;30, 2003 and 2002.
</FONT>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Going Concern
Basis</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On June&nbsp;20, 2003 (the &#147;Petition
Date&#148;), AMERCO filed a voluntary petition for relief under
Chapter&nbsp;11 of the United States Bankruptcy Code (the
&#147;Bankruptcy Code&#148;) in the United States Bankruptcy
Court, District of Nevada (the &#147;Bankruptcy Court&#148;)
(Case No.&nbsp;0352103). AMERCO is continuing to manage its
properties and operate its businesses as
&#147;debtor-in-possession&#148; under the jurisdiction of the
Bankruptcy Court and in accordance with the applicable
provisions of the Bankruptcy Code. In general, as
debtor-in-possession, AMERCO is authorized under Chapter&nbsp;11
to continue to operate as an ongoing business, but may not
engage in transactions outside the ordinary course of business
without the prior approval of the Bankruptcy Court. Specific
information pertaining to the bankruptcy filing may be obtained
from the website www.amerco.com. The Company&#146;s independent
auditors qualified their opinion on the Company&#146;s
March&nbsp;31, 2003 financial statements by including an
explanatory paragraph in which they expressed substantial doubt
about the Company&#146;s ability to continue as a going concern.
The consolidated financial statements do not include any
adjustments to reflect future effects on the recoverability and
classification of assets or the amount and classification of
liabilities that might result from these uncertainties.
</FONT>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restatement
and Reclassifications</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with the audit of the
Company&#146;s financial statements for the year ended
March&nbsp;31, 2003, it was determined that there was a need for
the Company to record adjustments that resulted in the
restatement of the Company&#146;s financial statements,
including financial statements for the quarter ended
December&nbsp;31, 2002. The condensed consolidated statement of
operations, comprehensive income and cash flow for the quarter
ended December&nbsp;31, 2002 contained in this report have been
restated. Loss for the three months ended
</FONT>

<P align="center"><FONT size="2">F-78
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">
<FONT size="2">December&nbsp;31, 2002 as originally reported was
$32.3&nbsp;million, or $1.73&nbsp;per basic and diluted share.
Restated loss for this period were $45.8&nbsp;million and
$2.45&nbsp;per basic and diluted share. Net earnings for the
nine months ended December&nbsp;31, 2002 as originally reported
was $48.8&nbsp;million, or $1.88&nbsp;per basic and diluted
share. Net earnings (loss) for this period as restated was
$0.1&nbsp;million and ($0.48)&nbsp;per basic and diluted share.
The major components of the restatement were related to an
adjustment to accrue for fully-developed actuarial estimates of
the Company&#146;s insurance reserves and to recognize
equity-method losses relating to the Company&#146;s investments
in Private Mini Storage Realty, L.P. For a detailed discussion
of the adjustments to our financial statements for the fiscal
years ended March&nbsp;31, 2002 and 2001, see footnote&nbsp;2 to
consolidated financial statements contained in our Annual Report
on Form&nbsp;10-K.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certain balances as of March&nbsp;31, 2003 have
been reclassified in the accompanying condensed consolidated
financial statements to conform with the current year
presentation. These reclassifications had no effect on
previously reported net income or stockholders&#146; equity.
</FONT>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Property,
Plant and Equipment</I></FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal year 2004 U-Haul decreased the
estimated useful lives of pick-up trucks and vans. The effect of
this change decreased net earnings for the nine-month period and
three-month period ended December&nbsp;31, 2003 by approximately
$4,875,000 ($0.24&nbsp;per share) and $2,600,000 ($0.13&nbsp;per
share), respectively, net of income tax benefit. The adjustment
reflects management&#146;s best estimate, based on information
available, of the estimated useful lives of these pick-ups and
vans.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">3.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Investments Held by AMERCO&#146;s Insurance
    Subsidiaries</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A comparison of amortized cost to estimated
market value for fixed maturities is as follows:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Gross</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Gross</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estimated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amortized</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Unrealized</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Unrealized</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Market</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="left" nowrap><B><FONT size="1">September&nbsp;30, 2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Cost</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Gains</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(Losses)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Value</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="15"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Available-for-Sale:</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Corporate securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">535,280</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,823</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(14,456</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">556,647</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.&nbsp;government agency mortgage-backed
    securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,148</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">316</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(26</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,438</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mortgage-backed securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">79,912</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,548</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,960</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">79,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.&nbsp;Treasury and government agency
    securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,626</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,674</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(14</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,286</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Municipal securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,224</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">135</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,359</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Subtotal
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">658,190</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,496</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(17,456</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">682,230</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,892</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,245</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,263</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,874</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Redeemable preferred stocks
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">67,371</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,299</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(151</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">68,519</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">731,453</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">44,040</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(19,870</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">755,623</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Held-to-Maturity:</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.&nbsp;government agency mortgage-backed
    securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">531</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">164</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">695</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mortgage-backed securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,519</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">151</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,668</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,050</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">315</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Total</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">739,503</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">44,355</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(19,872</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">763,986</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">F-79
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">4.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Contingent Liabilities and
    Commitments</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Following is a summary of lease commitments:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="78%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Lease</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Twelve Months Ending December&nbsp;31</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Commitments</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2004
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">377,673</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2005
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">90,160</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2006
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">79,047</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2007
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,537</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2008
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,427</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Thereafter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,060</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">604,904</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the normal course of business, AMERCO is a
defendant in a number of suits and claims. AMERCO is also a
party to several administrative proceedings arising from state
and local provisions that regulate the removal and/or clean up
of underground fuel storage tanks.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Compliance with environmental requirements of
federal, state and local governments significantly affects Real
Estate&#146;s business operations. Among other things, these
requirements regulate the discharge of materials into the water,
air and land and govern the use and disposal of hazardous
substances. Real Estate is aware of issues regarding hazardous
substances on some of its properties. Real Estate regularly
makes capital and operating expenditures to stay in compliance
with environmental laws and has put in place a remedial plan at
each site where it believes such a plan is necessary.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A subsidiary of U-Haul,&nbsp;INW Company (INW),
owns one property located within two different state hazardous
substance sites in the State of Washington. The sites are
referred to as the &#147;Yakima Valley Spray Site&#148; and the
&#147;Yakima Railroad Area.&#148; INW has been named as a
&#147;potentially liable party&#148; under state law with
respect to this property as it relates to both sites. As a
result of the cleanup costs of approximately $5.0&nbsp;million
required by the State of Washington,&nbsp;INW filed for
reorganization under federal bankruptcy laws in May of 2001. The
potential liability to INW could be in the range of $750,000 to
$1.25&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Based upon the information currently available,
compliance with the environmental laws and the costs of
investigation and cleanup of known hazardous waste sites are not
expected to have a material adverse affect on the Company&#146;s
financial position or operating results.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with the resolution of litigation
with certain members of the Shoen family and their corporations,
AMERCO has deducted for income tax purposes approximately
$372.0&nbsp;million of the payments made to plaintiffs in a
lawsuit. While AMERCO believes that such income tax deductions
are appropriate, there can be no assurance that such deductions
ultimately will be allowed in full. The IRS has proposed
adjustments to the Company&#146;s 1997 and 1996 tax returns.
Nearly all of the adjustments are attributable to denials of
deductions claimed for certain payments made in connection with
this litigation. We believe these income tax deductions are
appropriate and are vigorously contesting the IRS adjustments.
No additional taxes have been provided in the accompanying
financial statements, as management believes that none will
result.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On July&nbsp;20, 2000, Charles Kocher
(&#147;Kocher&#148;) filed suit in Wetzel County, West Virginia,
Civil Action No.&nbsp;00-C-51-K, entitled Charles Kocher&nbsp;v.
Oxford Life Insurance Co. (&#147;Oxford&#148;) seeking
compensatory and punitive damages for breach of contract, bad
faith and unfair claims settlement practices arising from an
alleged failure of Oxford to properly and timely pay a claim
under a disability and dismemberment policy. On March&nbsp;22,
2002, the jury returned a verdict of $5&nbsp;million in
compensatory damages and $34&nbsp;million in punitive
</FONT>

<P align="center"><FONT size="2">F-80
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">
<FONT size="2">damages. On November&nbsp;5, 2002, the trial
court entered an Order (&#147;Order&#148;) affirming the
$39&nbsp;million jury verdict and denying Oxford&#146;s motion
for New Trial Or, in The Alternative, Remittitur. On
January&nbsp;27, 2004, the matter was argued before the West
Virginia Supreme Court and taken under advisement. Management
does not believe that the Order is sustainable and expects the
Order to be overturned by the West Virginia Supreme Court, in
part because the jury award has no reasonable nexus to the
actual harm suffered by Kocher. The Company has accrued
$725,000, which represents management&#146;s best estimate of
the costs associated with legal fees to appeal and re-try the
case.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As previously discussed, on June&nbsp;20, 2003,
AMERCO filed a voluntary petition for relief under
Chapter&nbsp;11 of the Bankruptcy Code. As debtor-in-possession,
AMERCO is authorized under Chapter&nbsp;11 to continue to
operate as an ongoing business, but may not engage in
transactions outside the ordinary course of business without the
prior approval of the Bankruptcy Court. As of the Petition Date,
virtually all pending litigation against AMERCO is stayed, and
absent further order of the Bankruptcy Court, no party, subject
to certain exceptions, may take any action, again subject to
certain exceptions, to recover on pre-petition claims against
AMERCO. The automatic stay, however, does not apply to
AMERCO&#146;s subsidiaries, other than Amerco Real Estate
Company, which filed for protection under Chapter&nbsp;11, on
August&nbsp;13, 2003. On October&nbsp;6, 2003, AMERCO filed its
Plan of Reorganization and Disclosure Statement with the
Bankruptcy Court. On November&nbsp;26, 2003, AMERCO filed an
Amended Plan of Reorganization (the &#147;Plan&#148;). On
December&nbsp;12, 2003, the Bankruptcy Court approved
AMERCO&#146;s Disclosure Statement. On February&nbsp;2, 2004,
the Bankruptcy Court confirmed the Plan contingent upon
completion of documentation and agreements acceptable to the
involved parties and the submission of proposed findings of fact
and conclusions of law and a confirmation order acceptable to
all involved parties. AMERCO expects by fiscal year end
(i)&nbsp;that it will satisfy the above contingencies and
(ii)&nbsp;that the Bankruptcy Court will execute a confirmation
order. The confirmation order will become final if it is not
appealed within ten days after entry and AMERCO intends to
proceed to implement the Plan and emerge from bankruptcy as soon
as possible thereafter.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On September&nbsp;24, 2002, Paul&nbsp;F. Shoen
filed a derivative action in the Second Judicial District Court
of the State of Nevada, Washoe County, captioned Paul&nbsp;F.
Shoen vs. SAC Holding Corporation et&nbsp;al., CV02-05602,
seeking damages and equitable relief on behalf of AMERCO from
SAC Holdings and certain current and former members of the
AMERCO Board of Directors, including Edward&nbsp;J. Shoen,
Mark&nbsp;V. Shoen and James&nbsp;P. Shoen. AMERCO is named a
nominal defendant for purposes of the derivative action. The
complaint alleges breach of fiduciary duty, self-dealing,
usurpation of corporate opportunities, wrongful interference
with prospective economic advantage and unjust enrichment and
seeks the unwinding of sales of self-storage properties by
subsidiaries of AMERCO to SAC Holdings over the last several
years. The complaint seeks a declaration that such transfers are
void as well as unspecified damages. On October&nbsp;28, 2002,
AMERCO, the Shoen directors, the non-Shoen directors and SAC
Holdings filed Motions to Dismiss the complaint. In addition, on
October&nbsp;28, 2002, Ron Belec filed a derivative action in
the Second Judicial District Court of the State of Nevada,
Washoe County, captioned Ron Belec vs. William&nbsp;E. Carty,
et&nbsp;al., CV&nbsp;02-06331 and on January&nbsp;16, 2003, M.S.
Management Company,&nbsp;Inc. filed a derivative action in the
Second Judicial District Court of the State of Nevada, Washoe
County, captioned M.S. Management Company,&nbsp;Inc. vs.
William&nbsp;E. Carty, et&nbsp;al., CV&nbsp;03-00386. Two
additional derivative suits were also filed against these
parties. These additional suits are substantially similar to the
Paul&nbsp;F. Shoen derivative action. The five suits assert
virtually identical claims. In fact, three of the five
plaintiffs are parties who are working closely together and
chose to file the same claims multiple times. The court
consolidated all five complaints before dismissing them on
May&nbsp;8, 2003. Plaintiffs have filed a notice of appeal.
These lawsuits falsely alleged that the AMERCO Board lacked
independence. In reaching his decision to dismiss these claims,
the court determined that the AMERCO Board of Directors had the
requisite level of independence required in order to have these
claims resolved by the Board. These cases are stayed pending
AMERCO&#146;s emergence from bankruptcy.
</FONT>

<P align="center"><FONT size="2">F-81
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Securities and Exchange Commission
(&#147;SEC&#148;) has issued a formal order of investigation to
determine whether the Company has violated the Federal
securities laws. On January&nbsp;7, 2003, the Company received
the first of several subpoenas issued by the SEC to the Company.
SAC Holdings, the Company&#146;s current and former auditors,
and others have also received one or more subpoenas relating to
this matter. The Company is cooperating fully with the SEC and
is facilitating the expeditious review of its financial
statements and any other issues that may arise. The Company has
produced a large volume of documents and other materials in
response to the subpoenas, and the Company is continuing to
assemble and produce additional documents and materials for the
SEC. Although the Company has fully cooperated with the SEC in
this matter and intends to continue to fully cooperate, the SEC
may determine that the Company has violated Federal securities
laws. We cannot predict when this investigation will be
completed or its outcome. If the SEC makes a determination that
we have violated Federal securities laws, we may face sanctions,
including, but not limited to, significant monetary penalties
and injunctive relief.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO is a defendant in four putative class
action lawsuits. Article Four Trust&nbsp;v. AMERCO, et&nbsp;al.,
District of Nevada, United States District Court, Case
No.&nbsp;CV-N-03-0050-DWH-VPC. Article&nbsp;Four Trust, a
purported AMERCO shareholder, commenced this action on
January&nbsp;28, 2003 on behalf of all persons and entities who
purchased or acquired AMERCO securities between
February&nbsp;12, 1998 and September&nbsp;26, 2002. The
Article&nbsp;Four Trust action alleges one claim for violation
of Section&nbsp;10(b) of the Securities Exchange Act and
Rule&nbsp;10b-5 thereunder. Mates&nbsp;v. AMERCO, et&nbsp;al.,
United States District Court, District of Nevada, Case
No.&nbsp;CV-N-03-0107. Maxine Mates, an AMERCO shareholder,
commenced this putative class action on behalf of all persons
and entities who purchased or acquired AMERCO securities between
February&nbsp;12, 1998 and September&nbsp;26, 2002. The Mates
action asserts claims under section&nbsp;10(b) and
Rule&nbsp;10b-5, and section&nbsp;20(a) of the Securities
Exchange Act. Klug&nbsp;v. AMERCO, et&nbsp;al., United States
District Court of Nevada, Case No.&nbsp;CV-S-03-0380. Edward
Klug, an AMERCO shareholder, commenced this putative class
action on behalf of all persons and entities who purchased or
acquired AMERCO securities between February&nbsp;12, 1998 and
September&nbsp;26, 2002. The Klug action asserts claims under
section&nbsp;10(b) and Rule&nbsp;10b-5 and section&nbsp;20(a) of
the Securities Exchange Act. IG Holdings&nbsp;v. AMERCO,
et&nbsp;al., United States District Court, District of Nevada,
Case No.&nbsp;CV-N-03-0199. IG Holdings, an AMERCO bondholder,
commenced this putative class action on behalf of all persons
and entities who purchased, acquired, or traded AMERCO bonds
between February&nbsp;12, 1998 and September&nbsp;26, 2002,
alleging claims under section&nbsp;11 and section&nbsp;12 of the
Securities Act of 1933 and section&nbsp;10(b) and
Rule&nbsp;10b-5, and section&nbsp;20(a) of the Securities
Exchange Act. Each of these four securities class actions allege
that AMERCO engaged in transactions with SAC entities that
falsely improved AMERCO&#146;s financial statements, and that
AMERCO failed to disclose the transactions properly. The actions
are at a very early stage and have recently been consolidated.
As to AMERCO, the actions are stayed pending AMERCO&#146;s
emergence from bankruptcy. In addition, by agreement of the
parties, AMERCO&#146;s directors who are also named in the
lawsuits have an extension to file their responses to the
complaints. Management intends to defend these cases vigorously.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The United States Department of Labor
(&#147;DOL&#148;) is presently investigating whether there were
violations of the Employee Retirement Income Security Act of
1974 (&#147;ERISA&#148;) involving the AMERCO Employee Savings,
Profit Sharing, and Employee Stock Ownership Plan (the
&#147;Plan&#148;). The DOL has interviewed a number of Company
representatives as well as the Plan fiduciaries and has issued a
subpoena to the Company and a subpoena to SAC Holdings. One of
the issues raised by the DOL relates to the release of shares
from the Plan&#146;s loan suspense account. The Company believes
that it has resolved this particular issue by contributing
additional shares. At the present time, the Company is unable to
determine whether the DOL will assert any other claims against
the Company, SAC Holdings, or the Plan fiduciaries. The DOL has
asked AMERCO and its current directors as well as the Plan
Trustees to sign an agreement tolling the statute of limitations
with respect to any claims arising out of certain transactions
between AMERCO or any affiliate of AMERCO and SAC Holdings or
any of its affiliates and such persons have done so. The DOL
recently asked
</FONT>

<P align="center"><FONT size="2">F-82
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">
<FONT size="2">such parties to extend the tolling agreement and
they have done so. The DOL has not advised the Company that it
believes that any other violations of ERISA have in fact
occurred. Instead, the DOL is simply investigating potential
violations. The Company intends to defend its position. The
Company also intends to take any corrective action that may be
needed in light of the DOL&#146;s ultimate findings. Although
the Company has fully cooperated with the DOL in this matter and
intends to continue to fully cooperate, the DOL may determine
that the Company has violated ERISA. In that event, the Company
may face sanctions, including, but not limited to, significant
monetary penalties and injunctive relief.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">5.</FONT></B></TD>
    <TD>
    <B><FONT size="2">New Accounting Standards</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Statement of Financial Accounting Standards
(&#147;SFAS&#148;) No.&nbsp;143 (&#147;SFAS&nbsp;143&#148;),
Accounting for Asset Retirement Obligations, requires
recognition of the fair value of liabilities associated with the
retirement of long-lived assets when a legal obligation to incur
such costs arises as a result of the acquisition, construction,
development and/or the normal operation of a long-lived asset.
Upon recognition of the liability, a corresponding asset is
recorded at present value and accreted over the life of the
asset and depreciated over the remaining life of the long-lived
asset. SFAS&nbsp;143 defines a legal obligation as one that a
party is required to settle as a result of an existing or
enacted law, statute, ordinance, or written or oral contract or
by legal construction of a contract under the doctrine of
promissory estoppel. SFAS&nbsp;143 is effective for fiscal years
beginning after September&nbsp;15, 2002. We adopted this
statement effective April&nbsp;1, 2003, and it did not affect
our consolidated financial position or results of operations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In April 2002, the FASB adopted
SFAS&nbsp;No.&nbsp;145 (&#147;SFAS&nbsp;145&#148;), Rescission
of No.&nbsp;4, (Reporting Gains and Losses from Extinguishment
of Debt), No.&nbsp;44 (Accounting for Intangible Assets of Motor
Carriers), No.&nbsp;64, (Extinguishments of Debt Made to Satisfy
Sinking-Fund Requirements), Amendment of FASB Statement
No.&nbsp;13 (Accounting for Leases) and Technical Corrections.
This statement eliminates the requirement that gains and losses
on debt extinguishment must be classified as extraordinary items
in the income statement. Instead, such gains and losses will be
classified as extraordinary items only if they are deemed to be
unusual and infrequent, in accordance with the current GAAP
criteria for extraordinary classification. In addition,
SFAS&nbsp;145 eliminates an inconsistency in lease accounting by
requiring that modification of capital leases that result in
reclassification as operating leases be accounted for consistent
with sale-leaseback accounting rules. The statement also
contains other non-substantive corrections to authoritative
accounting literature. The changes related to debt
extinguishment are effective for fiscal years beginning after
May&nbsp;15, 2002. We previously reclassified all extraordinary
loss on debt extinguishment to interest expense. The changes
related to lease accounting will be effective for transactions
occurring after May&nbsp;15, 2002. We adopted the lease
accounting provisions effective May&nbsp;16, 2002 and it did not
affect our consolidated financial position or results of
operations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In September 2002, the FASB issued SFAS
No.&nbsp;146, (&#147;SFAS&nbsp;146&#148;) Accounting for Costs
Associated with Exit or Disposal Activities, which addresses
accounting for restructuring and similar costs. SFAS&nbsp;146
supersedes previous accounting guidance, principally Emerging
Issues Task Force (EITF)&nbsp;Issue No.&nbsp;94-3. SFAS&nbsp;146
requires that the liability for costs associated with an exit or
disposal activity be recognized when the liability is incurred.
Under EITF No.&nbsp;94-3, a liability for an exit cost was
recognized at the date of a company&#146;s commitment to an exit
plan. SFAS&nbsp;146 also establishes that the liability should
initially be measured and recorded at fair value. Accordingly,
SFAS&nbsp;146 may affect the timing of recognizing future
restructuring costs as well as the amount recognized. The
provisions of this Statement are effective for exit or disposal
activities that are initiated after December&nbsp;31, 2002. We
adopted the Statement effective January&nbsp;1, 2003 and it did
not affect our consolidated financial position or results of
operations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In November 2002, the FASB issued FASB
Interpretation No.&nbsp;45 (&#147;FIN&nbsp;45&#148;),
Guarantor&#146;s Accounting for Disclosure Requirements for
Guarantees,&nbsp;Including Indirect Guarantees of Indebtedness
of Others, an
</FONT>

<P align="center"><FONT size="2">F-83
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">
<FONT size="2">interpretation of FASB Statements No.&nbsp;5, 57,
and 107 and rescission of FASB Interpretation No.&nbsp;34,
Disclosure of Indirect Guarantees of Indebtedness of Others.
FIN&nbsp;45 clarifies the requirements for a guarantor&#146;s
accounting for and disclosure of certain guarantees issued and
outstanding. It also requires a guarantor to recognize, at the
inception of a guarantee, a liability for the fair value of the
obligation undertaken in issuing the guarantee. This
Interpretation also incorporates without reconsideration the
guidance in FASB Interpretation No.&nbsp;34, which was
superseded. As a result of FIN&nbsp;45, the Company has recorded
a $125&nbsp;million liability at March&nbsp;31, 2003 and
December&nbsp;31, 2003, which is management&#146;s estimate of
the liability associated with the guarantee of the indebtedness
of an affiliate of Private Mini Storage Realty, L. P. which was
entered into in February 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In December 2002, the FASB issued SFAS&nbsp;148
(&#147;SFAS&nbsp;148&#148;), &#147;Accounting for Stock-Based
Compensation&nbsp;&#151; Transition and Disclosure&#148;, which
amends Statement of Financial Accounting Standards No.&nbsp;123
(&#147;SFAS&nbsp;123&#148;), &#147;Accounting for Stock-Based
Compensation&#148;. SFAS&nbsp;148 provides alternative methods
of transition for a voluntary change to the fair value based
method of accounting for stock-based employee compensation. In
addition, SFAS&nbsp;148 amends the disclosure requirement of
SFAS&nbsp;123 to require more prominent and more frequent
disclosures in financial statements of the effects of
stock-based compensation. The transition guidance and annual
disclosure provisions of SFAS&nbsp;148 are effective for fiscal
years ending after December&nbsp;15, 2002. The interim
disclosure provisions are effective for financial reports
containing condensed financial statements for interim periods
beginning after December&nbsp;15, 2002. We have adopted this
statement and it had no impact on the Company&#146;s
consolidated balance sheet or results of operations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In April 2003, the FASB issued SFAS&nbsp;149,
(&#147;SFAS&nbsp;149&#148;) &#147;Amendment of
Statement&nbsp;133 on Derivative Instruments and Hedging
Activities.&#148; This Statement amends and clarifies the
accounting for derivative instruments, including certain
derivative instruments embedded in other contracts and for
hedging activities under SFAS&nbsp;133. In particular,
SFAS&nbsp;149 (1)&nbsp;clarifies under what circumstances a
contract with an initial net investment meets the characteristic
of a derivative as discussed in SFAS&nbsp;133,
(2)&nbsp;clarifies when a derivative contains a financing
component, (3)&nbsp;amends the definition of an underlying
derivative to conform it to the language used in FIN&nbsp;45,
and (4)&nbsp;amends certain other existing pronouncements.
SFAS&nbsp;149 is generally effective for contracts entered into
or modified after June&nbsp;30, 2003. The Company does not
believe the adoption of SFAS&nbsp;149 will have a material
impact on the Company&#146;s financial position, results of
operations or cash flows.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In May 2003, the FASB issued SFAS No.&nbsp;150
(&#147;SFAS&nbsp;150&#148;), Accounting for Certain Financial
Instruments with Characteristics of both Liabilities and Equity.
This Statement establishes standards for classifying and
measuring as liabilities certain financial instruments that
embody obligations of the issuer and have characteristics of
both liabilities and equity. SFAS&nbsp;150 is effective at the
beginning of the first interim period beginning after
June&nbsp;15, 2003; including all financial instruments created
or modified after May&nbsp;31, 2003. SFAS&nbsp;150 currently has
no impact on the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In January 2003, the FASB issued Interpretation
No.&nbsp;46, Consolidation of Variable Interest Entities
(&#147;FIN&nbsp;46&#148;), an interpretation of Accounting
Research Bulletin No.&nbsp;51. FIN&nbsp;46 requires that
variable interest entities be consolidated by a company if that
company absorbs a majority of the entity&#146;s expected losses,
receives a majority of its expected residual returns, or both,
as a result of holding a variable interest. In December 2003,
the FASB issued FIN&nbsp;46R, which reflected certain amendments
to the standard. The provisions of FIN&nbsp;46, as revised, are
effective for the first interim or annual period ending after
March&nbsp;15, 2004 when certain conditions are met by a
variable interest entity. At this time an evaluation is being
conducted to determine whether the adoption of FIN&nbsp;46 will
require that we consolidate SAC Holdings&#146; investment in
Private Mini.
</FONT>

<P align="center"><FONT size="2">F-84
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">6.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Consolidating Balance Sheets by Industry
    Segment as of December&nbsp;31, 2003 are as follows:</FONT></B></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Balance</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Sheet,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC Moving</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Assets:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">92,252</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">35,437</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">346</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(4,532</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,286</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">132,789</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,077</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">136,866</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Trade receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,078</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,248</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">216,227</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,540</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">270,093</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(30,715</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">239,378</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Notes and mortgage receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">47,825</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,853</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">52,678</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(35,549</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,129</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Inventories, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,479</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,480</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,750</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">55,230</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Prepaid expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,339</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,458</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,809</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,411</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,733</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,487</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investments, fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">180,396</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">588,316</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">768,712</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,039</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">763,673</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investments, other
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">135,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">164,553</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">228,203</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">152,931</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">253,648</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(50,027</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">884,308</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,701</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(411,031</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">474,978</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred policy acquisition costs, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,459</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">80,144</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">86,603</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">86,603</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">470,887</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">273,370</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,914</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">117,405</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,399</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(793,968</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">72,007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">55,931</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(29,508</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">98,430</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">700,478</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">605,200</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">250,577</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">668,886</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">955,333</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(843,995</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,336,479</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">67,870</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(514,575</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,889,774</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment in Subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,139,016</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,139,016</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment in SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(42,664</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(42,664</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">42,664</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total Investment in Subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,096,352</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,139,016</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(42,664</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">42,664</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Property, plant, and equipment, at cost:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Land
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">20,690</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">138,818</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">159,508</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">159,508</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Buildings and improvements
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">148,727</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">603,150</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">751,877</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">751,877</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Furniture and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">460</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">274,632</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,081</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">293,173</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">293,173</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental trailers and other rental equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">156,237</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">156,237</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">156,237</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental trucks
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,208,303</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,208,303</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,208,303</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">SAC Holdings&nbsp;&#151;
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Property, plant and equipment(b)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">991,486</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(258,271</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(h)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">733,215</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">460</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,808,589</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">760,049</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,569,098</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">991,486</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(258,271</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,302,313</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Less: Accumulated depreciation
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">325</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,054,834</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">263,658</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,318,817</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">74,877</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,062</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,385,632</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">135</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">753,755</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">496,391</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,250,281</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">916,609</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(250,209</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,916,681</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total Assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,796,965</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,358,955</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">746,968</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">668,886</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">955,333</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,983,011</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,544,096</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">984,479</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(722,120</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,806,455</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of September&nbsp;30, 2003
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $260,496,
    buildings and improvements of $727,586 and furniture and
    equipment of $3,404
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(g)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(h)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-85
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">6.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Consolidating Balance Sheets by Industry
    Segment as of December&nbsp;31, 2003 are as</FONT></B></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="76%"></TD>
    <TD width="24%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">follows&nbsp;&#151;&nbsp;cont.:</FONT></B></TD>
    <TD align="left">
</TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Balance</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Sheet,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC Moving</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">&#151;</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(Continued)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Liabilities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Payables and accrued expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">214,646</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">264,157</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">436</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">655</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(100,647</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">379,247</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">46,205</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(66,266</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">359,186</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">AMERCO&#146;s notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">54,941</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,158</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">281</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">85,380</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">85,380</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">SAC Holdings&#146; notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">990,079</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(403,521</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">586,558</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Policy benefits and losses, claims and loss
    expenses payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">197,278</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">457,685</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">181,258</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">836,221</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">836,221</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Liabilities from investment contracts
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">603,992</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">603,992</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">603,992</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other policyholders&#146; funds and liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,051</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,472</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">45,523</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">45,523</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,690</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,229</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">37,955</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,328</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(32,241</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,042</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">147,591</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">235,246</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">94,914</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,795</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(371,377</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">123,169</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(23,819</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(98,005</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(h)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,345</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">321,801</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,951</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(332,752</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Liabilities subject to compromise
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">809,808</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">105,064</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,500</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">875,372</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">875,372</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total Liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,226,986</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">749,529</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">522,251</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">493,965</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">838,123</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(843,995</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,986,859</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,017,793</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(600,033</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,404,619</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Minority Interest
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,549</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,549</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Stockholders&#146; equity:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Series preferred stock:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Series&nbsp;A preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Series&nbsp;B preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Series&nbsp;A common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Common Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">540</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,300</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,341</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Additional paid in- capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">396,048</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">121,230</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">147,481</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">70,023</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,435</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(355,169</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">396,048</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(160,264</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(h)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">235,784</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Additional paid-in- capital&nbsp;&#151; SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Accumulated other comprehensive (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(25,801</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(33,860</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,564</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,303</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,993</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(25,801</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(25,801</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Accumulated other comprehensive
    income/(loss)&nbsp;&#151; SAC Holdings
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,598</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,598</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,598</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,598</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,598</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Retained earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">600,531</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">534,258</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">77,235</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">98,034</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">92,972</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(802,499</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">600,531</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(49,461</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">57,523</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">608,593</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cost of common shares in treasury, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(418,179</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(418,179</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(421,378</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Unearned ESOP shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,742</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,722</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,722</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">569,979</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">609,426</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">224,717</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">174,921</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">117,210</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,139,016</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">557,237</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(45,863</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(109,538</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">401,836</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total Liabilities and Stockholders&#146; Equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,796,965</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,358,955</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">746,968</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">668,886</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">955,333</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,983,011</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,544,096</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">984,479</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(722,120</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,806,455</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of September&nbsp;30, 2003
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $260,496,
    buildings and improvements of $727,586 and furniture and
    equipment of $3,404
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(g)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(h)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-86
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">6.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Consolidating Balance Sheets by Industry
    Segment as of March&nbsp;31, 2003 are as follows:</FONT></B></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" nowrap><B><FONT size="1">Balance</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Sheet,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC Moving</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">March&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Assets:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,524</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,046</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">174</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,108</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,320</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">62,172</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,662</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">66,834</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Trade receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,238</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,823</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">224,427</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,062</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">263,550</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(7,754</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">255,796</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Notes and mortgage receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">29,668</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,020</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">35,688</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(24,879</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,809</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Inventories, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">49,229</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">49,233</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,037</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">53,270</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Prepaid expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">87</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">27,400</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">27,498</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">811</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,463</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,846</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investments, fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">253,871</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">613,206</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">867,077</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,477</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">860,600</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investments, other
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">135,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">170,886</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">217,619</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">120,372</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">224,604</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(79,707</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">788,774</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(399,522</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">389,252</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred policy acquisition costs, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,206</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">91,894</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">105,100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">105,100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">471,884</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">161,825</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,991</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">88,660</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,289</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(689,684</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,965</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,635</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">63,600</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">625,495</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">472,292</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">240,642</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">704,644</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">964,375</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(769,391</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,238,057</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">34,145</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(445,095</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,827,107</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment in Subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,037,756</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,037,756</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment in SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(41,938</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(41,938</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,938</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total Investment in Subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">995,818</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,037,756</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(41,938</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,938</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Property, plant, and equipment, at cost:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Land
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,849</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">139,138</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">157,987</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">157,987</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Buildings and improvements
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">145,177</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">602,676</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">747,853</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">747,853</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Furniture and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">459</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">272,884</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,040</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">291,383</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">291,383</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental trailers and other rental equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">149,707</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">149,707</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">149,707</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental trucks
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,140,294</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,140,294</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,140,294</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">SAC Holdings&nbsp;&#151; Property, plant and
    equipment(b)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,015,563</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(258,271</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(h)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">757,292</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">459</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,726,911</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">759,854</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,487,224</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,015,563</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(258,271</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,244,516</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Less: Accumulated depreciation
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">315</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">990,412</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">254,409</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,245,136</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">59,679</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,616</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,298,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">144</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">736,499</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">505,445</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,242,088</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">955,884</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(251,655</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,946,317</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total Assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,621,457</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,208,791</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">746,087</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">704,644</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">964,375</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,807,147</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,438,207</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">990,029</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(654,812</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,773,424</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of December&nbsp;31, 2002
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $273,470,
    buildings and improvements of $739,534 and furniture and
    equipment of $2,559
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(g)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(h)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-87
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">
<B><FONT size="2">6.&nbsp;Consolidating Balance Sheets by
Industry Segment as of March&nbsp;31, 2003 are as
follows&nbsp;&#151;&nbsp;cont.:</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Balance</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Sheet,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">March&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC Moving</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003&nbsp;&#151;</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(Continued)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Liabilities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Payables and accrued expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">139,496</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">263,394</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,892</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">570</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,735</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">371,617</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">48,033</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(32,633</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">387,017</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">AMERCO&#146;s notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">861,158</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">31,693</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">101,505</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,500</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">954,856</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">954,856</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">SAC Holdings&#146; notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">983,190</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(394,171</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">589,019</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Policy benefits and losses, claims and loss
    expenses payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">168,666</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">485,383</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">182,583</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">836,632</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">836,632</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Liabilities from investment contracts
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">639,998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">639,998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">639,998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other policyholders&#146; funds and liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">20,164</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,145</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,309</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,309</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,863</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,943</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,011</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">34,817</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,033</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,463</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,387</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">120,446</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">214,715</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">94,914</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,664</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(353,058</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">85,681</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(19,918</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(98,005</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(h)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(32,242</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">325,783</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,315</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(337,098</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Liabilities subject to compromise
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total Liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,123,963</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">709,411</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">531,105</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">505,547</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">853,275</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(769,391</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,953,910</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,023,338</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(531,272</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,445,976</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Minority Interest
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,828</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(11,828</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Stockholders&#146; equity:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Series preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Series&nbsp;A preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Series&nbsp;B preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Series&nbsp;A common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Common Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">540</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,300</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,341</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Additional paid in- capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">396,050</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">121,230</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">147,481</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">70,023</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,435</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(355,169</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">396,050</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(160,266</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(h)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">235,784</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Additional paid-in- capital&nbsp;&#151; SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Accumulated other comprehensive (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(54,278</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,849</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,589</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,166</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,094</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(54,278</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(54,278</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Accumulated other comprehensive
    income/(loss)&nbsp;&#151; SAC Holdings
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Retained earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">561,606</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">430,656</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">67,500</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">112,185</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">87,999</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(698,340</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">561,606</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(43,650</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,266</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">568,222</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cost of common shares in treasury, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(418,179</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(418,179</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(421,378</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Unearned ESOP shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,197</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,177</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,177</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">497,494</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">499,380</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">214,982</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">199,097</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">111,100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,037,756</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">484,297</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(45,137</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(111,712</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">327,448</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total Liabilities and Stockholders&#146; Equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,621,457</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,208,791</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">746,087</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">704,644</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">964,375</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,807,147</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,438,207</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">990,029</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(654,812</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,773,424</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of December&nbsp;31, 2002
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $273,470,
    buildings and improvements of $739,534 and furniture and
    equipment of $2,559
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(g)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(h)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-88
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">6.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Consolidating Statements of Operations by
    Industry Segment for the Quarter Ended December&nbsp;31, 2003
    are as follows:</FONT></B></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Quarter</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ended,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC Moving</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Revenues:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">356,803</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">20,131</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(20,215</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">356,719</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">43,298</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,520</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">386,497</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,655</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,670</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,501</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">47,171</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">20,106</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,427</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(445</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(f)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">56,088</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">56,088</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">529</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,908</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,017</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,258</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,743</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,455</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,628</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(g)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,827</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total Revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">529</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">400,366</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,163</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">27,364</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,170</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(20,660</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">470,932</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">53,799</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(22,148</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">502,583</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Costs and expenses:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,766</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">283,936</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,687</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,460</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,020</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(20,660</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">290,209</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,926</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,156</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">311,979</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Commission expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,123</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,123</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,987</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">31,136</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,684</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,689</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,218</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,907</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">26,597</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,359</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,956</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,956</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,676</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,351</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,027</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,027</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">231</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,224</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,136</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">39,591</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,377</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,214</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">32,799</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">926</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">33,728</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,148</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(482</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(h)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,394</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">410,766</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,754</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">34,733</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,730</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(20,660</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">483,323</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">34,292</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,002</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">503,613</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in earnings of AREC, UHI, RW&nbsp;&#38;
    OLIC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,983</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,983</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in earnings of SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">216</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">216</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(216</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total&nbsp;&#151; equity earnings in subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,767</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,983</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">216</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(216</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (losses) from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(16,238</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,400</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,409</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(7,369</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,440</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,983</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,175</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,507</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,362</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,030</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Interest Expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,485</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,868</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,127</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,744</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">20,052</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,628</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(g)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">31,168</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(30,723</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(7,532</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,282</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(7,369</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,440</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,983</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(31,919</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(545</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">266</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(32,198</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,574</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,238</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,557</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,573</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,058</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,770</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">761</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,531</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(22,149</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(4,294</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,725</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(4,796</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,382</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,983</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(22,149</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">216</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">266</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(21,667</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Less: Preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,241</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,241</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,241</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (loss) available to common shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(25,390</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(4,294</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,725</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(4,796</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,382</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,983</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(25,390</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">216</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">266</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(24,908</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances are for the quarter ending
    September&nbsp;30, 2003
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $260,496,
    buildings and improvements of $727,586 and furniture and
    equipment of $3,404
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(g)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(h)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-89
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">6.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Consolidating Statements of Operations by
    Industry Segment for the Quarter Ended December&nbsp;31, 2002
    are as follows:</FONT></B></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Quarter</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ended,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC Moving</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Revenues:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">307,938</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,675</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(21,747</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">307,866</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">39,369</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(11,475</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">335,760</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">34,881</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">34,894</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,180</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">45,074</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,557</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,406</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(848</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(f)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">80,115</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">80,115</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,403</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,280</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,056</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,207</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,263</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,952</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,355</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(11,081</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(g)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,274</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total Revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,403</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">350,099</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,744</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">46,764</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">45,669</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(18,643</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">440,230</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">49,549</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(22,556</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">467,223</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Costs and expenses:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,265</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">253,244</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,964</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,587</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,706</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(24,856</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">264,910</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,698</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,850</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">286,758</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Commission expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,864</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,864</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,640</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">32,224</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,876</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,877</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,545</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,422</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">31,788</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">27,921</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">59,709</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">59,709</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,638</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,615</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,253</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,253</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">234</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">32,268</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,748</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">35,250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,985</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">33,265</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">27,942</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,174</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">29,129</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,667</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(482</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(h)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">33,314</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,512</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">371,194</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,887</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">47,013</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">42,242</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(24,856</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">452,992</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">32,910</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(11,957</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">473,945</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in earnings of AREC, UHI, RW&nbsp;&#38;
    OLIC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,323</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,323</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in earnings of SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(4,338</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(4,338</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,338</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total&nbsp;&#151; equity earnings in subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,661</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,323</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(4,338</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,338</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (losses) from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(25,576</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(21,095</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,857</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(249</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,427</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,536</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(17,100</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,639</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,261</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,722</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Interest Expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,632</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,532</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,853</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,017</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">20,483</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(11,081</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(g)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">31,419</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Fees on early extinguishment of BBAT&#146;s
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">26,551</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">26,551</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">26,551</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(64,759</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(22,627</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,004</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(249</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,427</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,536</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(65,668</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,844</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,820</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(64,692</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,494</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,616</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(15,264</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">881</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(277</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">28,185</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,403</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(494</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,909</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(46,265</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(35,243</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,260</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">632</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,150</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,721</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(46,265</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(4,338</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,820</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(45,783</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Less: Preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,241</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,241</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,241</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (loss) available to common shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(49,506</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(35,243</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,260</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">632</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,150</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,721</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(49,506</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(4,338</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,820</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(49,024</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances are for the quarter ending
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $260,496,
    buildings and improvements of $727,586 and furniture and
    equipment of $3,404
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(g)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(h)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-90
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">6.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Consolidating Statements of Operations by
    Industry Segment for the Nine Months Ended December&nbsp;31,
    2003 are as follows:</FONT></B></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" nowrap><B><FONT size="1">Nine</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Months</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ended,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC Moving</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Revenues:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,220,036</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,271</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(50,376</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,219,931</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">127,415</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(42,876</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,304,470</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">142,375</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">52</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">142,427</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">39,621</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">182,048</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">78,247</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">112,852</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,075</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(f)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">188,024</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">188,024</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,057</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,740</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,012</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,180</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,420</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">64,409</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(28,795</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(g)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">35,614</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,057</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,385,151</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">56,335</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">97,427</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">128,272</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(53,451</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,614,791</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">167,036</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(71,671</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,710,156</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Costs and expenses:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">32,399</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">817,768</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,761</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,173</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(53,451</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">837,650</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">81,541</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,811</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">909,380</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Commission expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">139,065</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">139,065</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(22,933</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">116,132</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">70,099</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">70,120</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,903</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">87,023</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">89,594</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">80,207</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">169,801</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">169,801</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,842</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,044</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">28,886</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">28,886</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">691</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">110,758</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,741</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">122,190</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,132</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">112,058</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">93,693</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,092</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">98,795</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,446</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(h)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">113,356</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">33,100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,231,383</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,854</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">119,197</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">120,424</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(53,451</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,466,507</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">114,451</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(44,322</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,536,636</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in earnings of AREC, UHI, RW&nbsp;&#38;
    OLIC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">104,158</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(104,158</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in earnings of SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,811</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,811</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,811</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total&nbsp;&#151; equity earnings in subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">98,347</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(104,158</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,811</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,811</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (loss) from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">66,304</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">153,768</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,481</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(21,770</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,848</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(104,158</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">142,473</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">52,585</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(21,538</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">173,520</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Interest Expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">44,414</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,018</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,965</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">60,361</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">61,273</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(28,795</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(g)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">92,839</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,890</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">161,786</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,516</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(21,770</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,848</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(104,158</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">82,112</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,688</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,257</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">80,681</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">26,758</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(58,184</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,781</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,619</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,876</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(33,464</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,877</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(30,587</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">48,648</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">103,602</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,735</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,151</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,972</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(104,158</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">48,648</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,811</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,257</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,094</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Less: Preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,723</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,723</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,723</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (loss) available to common shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,925</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">103,602</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,735</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,151</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,972</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(104,158</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,925</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,811</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,257</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,371</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances for the nine months ending
    September&nbsp;30, 2003
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $260,496,
    buildings and improvements of $727,586 and furniture and
    equipment of $3,404
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(g)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(h)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-91
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">6.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Consolidating Statements of Operations by
    Industry Segment for the Nine Months Ended December&nbsp;31,
    2002 are as follows:</FONT></B></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Nine</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Months</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ended,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC Moving</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Revenues:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,146,849</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">51,384</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(52,092</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,146,141</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">123,760</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(36,858</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,233,043</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">137,554</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">48</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">137,602</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,107</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">175,709</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">126,876</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">121,099</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(4,844</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(f)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">243,131</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">243,131</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,811</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,243</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,040</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,464</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,036</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(7,692</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">59,902</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(28,394</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(g)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">31,508</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,811</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,307,646</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">59,472</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">148,340</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">134,135</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(64,628</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,586,776</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">161,867</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(65,252</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,683,391</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Costs and expenses:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,399</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">824,302</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,080</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">26,234</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">29,555</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(61,642</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">834,928</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">74,922</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,195</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">900,655</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Commission expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">144,148</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">144,148</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(21,707</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">122,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">71,481</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">71,498</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,986</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">87,484</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">111,733</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">88,409</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">200,142</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">200,142</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,159</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,736</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">27,895</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">27,895</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">697</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">120,407</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,480</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">128,584</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,956</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">122,628</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">83,933</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,437</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">89,391</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,457</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,446</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(h)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">102,402</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,117</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,244,271</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,014</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">151,126</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">132,700</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(61,642</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,496,586</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">105,365</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(38,304</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,563,647</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in earnings of AREC, UHI, RW&nbsp;&#38;
    OLIC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">56,512</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(56,512</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in earnings of SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,394</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,394</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,394</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total&nbsp;&#151; equity earnings in subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">51,118</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(56,512</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,394</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,394</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (losses) from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,812</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">63,375</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">41,458</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,786</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,435</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(59,498</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">84,796</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">56,502</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(21,554</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">119,744</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Interest Expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">29,842</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,657</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,650</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">54,149</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">60,551</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(28,394</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(g)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">86,306</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Fees on early extinguishment of BBAT&#146;s
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">26,551</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">26,551</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">26,551</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(15,581</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">55,718</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,808</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,786</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,435</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(59,498</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,096</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(4,049</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,840</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,887</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,259</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(38,122</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,683</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(79</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(978</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">28,185</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,418</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,345</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,763</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,322</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,596</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,125</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,865</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">457</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(31,313</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,322</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,394</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,840</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">124</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Less: Preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,723</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,723</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,723</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (loss) available to common shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(11,045</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,596</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,125</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,865</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">457</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(31,313</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(11,045</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,394</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,840</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,599</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances are for the nine months ending
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $260,496,
    buildings and improvements of $727,586 and furniture and
    equipment of $3,404
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(g)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(h)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-92
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">6.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Consolidating Cash Flow Statements by Industry
    Segment for the Nine Months Ended December&nbsp;31, 2003 are as
    follows:</FONT></B></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Cash</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Flow,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Nine</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Months</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC Moving</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net cash provided by (used by) operating
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">68,079</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">115,179</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,220</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(55,586</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,798</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">138,250</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,208</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,743</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">151,201</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash flows from investing activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Purchases of investments:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(131,746</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,061</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(133,807</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(19,254</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,717</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(b)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(147,344</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,358</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(45,304</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(50,662</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(50,662</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other asset investment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(31,223</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(46,919</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(78,142</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(29,508</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">29,508</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(78,142</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Proceeds from sale of investments:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,403</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,323</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,753</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">43,331</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(37,614</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,470</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">83,527</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">87,878</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">171,405</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">171,405</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other asset investment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">73</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">130</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">28,534</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">28,737</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">28,737</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net cash provided by (used by) investing
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(110,243</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,392</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">46,946</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,189</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(37,716</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,431</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,389</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(45,536</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash flows from financing activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net change in short-term borrowings
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,649</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,649</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,649</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Proceeds from notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,791</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,791</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Debt issuance costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Leverage Employee Stock Ownership Plan:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Purchase of shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Repayments from loan
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">455</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">455</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">455</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Principal payments on notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(50,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(50,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(7,153</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,437</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(55,716</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Preferred stock dividends paid
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Treasury stock acquisitions, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment contract deposits
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">43,020</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">43,020</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">43,020</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment contract withdrawals
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    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(79,041</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(79,041</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(79,041</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net cash used by investing activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,649</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">455</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(36,021</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(29,917</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,638</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,354</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(35,633</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Increase (decrease) in cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">73,728</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,391</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">172</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,640</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(34</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">70,617</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(585</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">70,032</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash and cash equivalents at the beginning of
    period
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,524</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,046</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">174</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,108</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,320</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">62,172</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,662</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">66,834</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash and cash equivalents at the end of period
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">92,252</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">35,437</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">346</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(4,532</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,286</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">132,789</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,077</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">136,866</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances for the nine months ending
    September&nbsp;30, 2003
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany property, plant and
    equipment
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany investment
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany debt
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-93
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">6.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Consolidating Cash Flow Statements by Industry
    Segment for the Nine Months ended December&nbsp;31, 2002 are as
    follows:</FONT></B></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Cash</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Flow,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Nine</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Months</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC Moving</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="39" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net cash provided by (used in) operating
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">231,977</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">78,008</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(90,812</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(45,151</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(18,999</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">155,023</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,702</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(11,983</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">147,742</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash flows from investing activities:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Purchases of investments:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(76</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(140,467</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,538</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(153,081</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(43,171</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(196,252</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(248,121</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(248,121</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(248,121</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other asset investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,229</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(43,759</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(52,988</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(52,988</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Proceeds from sale of investments:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">49,573</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">134</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">49,707</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,555</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">74,262</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,875</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,979</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">64,312</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">215,162</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">291,328</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">291,328</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other asset investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,070</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,214</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,144</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,144</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net cash provided by (used in) investing
    activities
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    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(76</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(82,019</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,425</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">42,013</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(57,504</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(107,011</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(18,616</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(125,627</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash flows from financial activities:
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    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net change in short-term borrowings
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    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Proceeds from notes
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    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">99,981</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">99,981</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">46,517</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><FONT size="1">(15,517</FONT></TD>
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</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
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</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
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</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
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    <FONT size="1">Purchase of shares
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    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
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    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">975</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">975</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">975</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(201,010</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(4</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(201,014</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(31,850</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">27,500</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(205,364</FONT></TD>
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</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,482</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,482</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,482</FONT></TD>
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</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Treasury stock acquisitions, net
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,407</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,407</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,407</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">137,488</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">137,488</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">137,488</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(74,047</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(74,047</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(74,047</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net cash provided by (used in) financing
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(208,899</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">971</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">99,981</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">63,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(44,506</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,667</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,983</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(17,856</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Increase (decrease) in cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,002</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,040</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(256</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,138</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,062</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,506</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">753</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,259</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash and cash equivalents at the beginning of
    period
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">71</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">29,823</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">576</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,912</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,259</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">47,641</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">47,651</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash and cash equivalents at the end of period
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,073</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">26,783</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">320</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,774</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,803</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">51,147</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">763</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">51,910</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances for the nine months ending
    September&nbsp;30, 2003.
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany property, plant and
    equipment
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany debt
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-94
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">6.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Industry Segment and Geographic Area
    Data</FONT></B></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Geographic
Area Data&nbsp;&#151; All amounts are in
U.S.&nbsp;$&#146;s</I></FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">United</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">United</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">States</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Canada</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">States</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Canada</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Quarter Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Nine Months Ended</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="23"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="23" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">December&nbsp;31, 2003</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">486,963</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,620</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">502,583</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,655,924</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">54,232</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,710,156</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation/amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36,780</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,614</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">38,394</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">107,855</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,501</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">113,356</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,125</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,043</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,168</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">89,426</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,413</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">92,839</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(32,449</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">251</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(32,198</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">71,548</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,133</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">80,681</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,531</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,531</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(30,587</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(30,587</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Identifiable assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,666,507</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">139,948</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,806,455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,666,507</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">139,948</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,806,455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">December&nbsp;31, 2002</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">455,016</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,207</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">467,223</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,639,034</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">44,357</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,683,391</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation/amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,988</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,326</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33,314</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98,406</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,996</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">102,402</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,480</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">939</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,419</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">83,054</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,252</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">86,306</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(65,121</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">429</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(64,692</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(544</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,431</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,887</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,763</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,763</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Identifiable assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,642,835</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">130,620</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,773,455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,642,835</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">130,620</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,773,455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<B><FONT size="2">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities
Subject to Compromise</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the Bankruptcy Code certain claims against
AMERCO in existence prior to the Petition Date are stayed while
AMERCO continues operating as a debtor-in-possession. AMERCO has
received approval from the Court to (1)&nbsp;pay pre-petition
and post-petition employee wages, salaries, benefits, other
employee obligations and insurance obligations; (2)&nbsp;pay
vendors and other providers in the ordinary course for goods and
services received from and after the Petition Date.
Substantially all other pre-petition liabilities of AMERCO have
been classified as liabilities subject to compromise in the
unaudited Condensed Consolidated Balance Sheets. Adjustments to
these liabilities may result from negotiations, payments
authorized by Court order, additional rejection of executory
contracts including leases, or other events.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Shortly after the Chapter&nbsp;11 filing, AMERCO
began notifying all known or potential creditors of the filing
for the purpose of identifying all pre-petition claims against
the Company. Amounts that AMERCO has recorded may be different
than amounts filed by its creditors.
</FONT>

<P align="left">
<B><FONT size="2">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
Relationships and Related Transactions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">SAC Holdings loaned Self-Storage International
Holding Corporation (&#147;SSI&#148;) $4.5&nbsp;million. As of
December&nbsp;31, 2003, the outstanding balance due to SAC
Holdings was $1.5&nbsp;million. Mark&nbsp;V. Shoen, a
significant shareholder and executive officer of AMERCO, owns
all of the equity interest of SSI and substantially all of the
equity interest of SAC Holdings. For financial reporting
purposes, SSI is not consolidated by AMERCO or SAC Holdings.
</FONT>

<P align="center"><FONT size="2">F-95
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table summarizes the components of
liabilities subject to compromise, included in AMERCO&#146;s
Condensed Consolidated Balance Sheet as of December&nbsp;31,
2003 (in thousands):
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Inter-company</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AREC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Debt subject to compromise
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">809,623</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">101,499</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(39,500</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">871,622</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accounts payable and accrued expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">185</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,565</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,750</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total liabilities subject to compromise
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">809,808</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">105,064</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(39,500</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">875,372</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Reorganization expenses incurred as a direct
result of the Company&#146;s Chapter&nbsp;11 filing are included
in operating expenses and interest expense in the Condensed
Consolidated Statement of Operations. Professional fees of
$7.9&nbsp;million and default interest payments of $0 were paid
during the quarter ended December&nbsp;31, 2003. Professional
fees of $13.8&nbsp;million and default interest payments of
$4.4&nbsp;million were paid during the nine months ended
December&nbsp;31, 2003.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">9.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Guarantor and Nonguarantor Financial
    Statements and Subsequent Event</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On March&nbsp;15, 2004, the Company emerged from
Chapter&nbsp;11 with full payment to its creditors and with no
dilution to its stockholders. In connection with our emergence
from Chapter&nbsp;11 bankruptcy, the Company issued
$200&nbsp;million 9.0% Second Lien Senior Secured Notes due
2009. The notes are fully and unconditionally guaranteed,
jointly and severally, by all of AMERCO&#146;s legal
subsidiaries, except for Oxford and RepWest and except for SAC
Holdings. The following condensed consolidating financial
information presents the condensed consolidating balance sheets
as of December&nbsp;31, 2003 and the related condensed
consolidating statements of earnings and condensed consolidating
cash flow statements for the three and nine months ended
December&nbsp;31, 2003 and 2002 for:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;AMERCO;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;the guarantor subsidiaries (comprised of
    U-Haul and Amerco Real Estate Company and each of their
    respective subsidiaries);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;the nonguarantor subsidiaries (comprised
    of Oxford and RepWest and each of their respective
    subsidiaries);&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;SAC Holdings.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The information includes elimination entries
necessary to consolidated AMERCO, the parent, with the guarantor
and nonguarantor subsidiaries.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Investments in subsidiaries are accounted for by
the parent using the equity method of accounting. The guarantor
and nonguarantor subsidiaries are presented on a combined basis.
</FONT>

<P align="center"><FONT size="2">F-96
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="center">
<B><FONT size="2">Condensed Consolidating Balance
Sheet</FONT></B>

<DIV align="center">
<B><FONT size="2">December&nbsp;31, 2003</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Non-Guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Holdings</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="31"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="31" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="35" align="center" valign="top">
    <B><FONT size="1">ASSETS</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">92,252</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">35,783</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,754</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">132,789</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,077</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">136,866</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Receivables
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">31,326</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">238,767</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">270,093</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(30,715</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">239,378</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Notes and mortgage receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">52,678</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">52,678</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(35,549</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,129</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Inventories, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,480</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,480</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,750</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">55,230</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Prepaid expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,339</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,470</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,809</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,411</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,733</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,487</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investments, fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">768,712</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">768,712</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,039</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">763,673</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investments, other
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">135,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">392,756</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">406,579</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(50,027</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">884,308</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,701</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(411,031</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">474,978</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">86,603</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">86,603</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">86,603</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">470,887</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">276,284</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">118,804</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(793,968</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">72,007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">55,931</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(29,508</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">98,430</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">700,478</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">855,777</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,624,219</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(843,995</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,336,479</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">67,870</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(514,575</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,889,774</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment in subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,139,016</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,139,016</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Investment in subsidiaries&nbsp;&#151; SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(42,664</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(42,664</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">42,664</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Land
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">159,508</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">159,508</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">159,508</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Building and Improvements
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">751,877</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">751,877</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">751,877</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Furniture and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">460</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">292,713</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">293,173</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">293,173</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental trailers and other rental equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">156,237</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">156,237</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">156,237</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental trucks
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,208,303</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,208,303</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,208,303</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">SAC Holdings property, plant, and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">991,486</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(258,271</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(h)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">733,215</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">460</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,568,638</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,569,098</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">991,486</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(258,271</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,302,313</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Less accumulated depreciation
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">325</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,318,492</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,318,817</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">74,877</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,062</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,385,632</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total property, plant and<BR>
    equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">135</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,250,146</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,250,281</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">916,609</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(250,209</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,916,681</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">TOTAL ASSETS
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,796,965</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,105,923</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,624,219</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,983,011</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,544,096</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">984,479</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(722,120</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,806,455</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of September&nbsp;30, 2003
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $260,496,
    buildings and improvements of $727,586 and furniture and
    equipment of $3,404
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(g)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(h)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-97
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="center">
<B><FONT size="2">Consolidating Balance
Sheet&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<DIV align="center">
<B><FONT size="2">December&nbsp;31, 2003</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="15%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Non-Guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Holdings</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="31"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="31" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="34" align="center" valign="top">
    <B><FONT size="1">LIABILITIES</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Accounts payable and accrued expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">214,646</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">264,593</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">655</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(100,647</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">379,247</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">46,205</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(66,266</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">359,186</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">AMERCO&#146;s notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">54,941</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">30,158</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">281</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">85,380</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">85,380</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">SAC Holdings&#146; notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">990,079</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(403,521</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">586,558</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Policy benefits and losses, claims and loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">expenses payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">197,278</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">638,943</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">836,221</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">836,221</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Liabilities from investment contracts
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">603,992</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">603,992</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">603,992</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cash overdraft
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">45,523</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">45,523</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">45,523</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other policyholders&#146; funds and liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">22,726</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,229</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">37,955</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,328</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(32,241</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,042</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">147,591</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">330,160</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,795</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(371,377</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">123,169</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(23,819</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(98,005</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(h)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,345</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">321,801</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,951</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(332,752</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Other liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">809,808</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">105,064</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(39,500</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(d)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">875,372</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">875,372</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,226,986</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,271,780</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,332,088</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(843,995</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,986,859</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,017,793</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(600,033</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,404,619</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Minority interest
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,549</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,549</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="1">STOCKHOLDERS&#146; EQUITY</FONT></B></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Series&nbsp;A common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">541</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,800</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,341</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,122</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Additional paid-in- capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">396,048</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">268,711</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">86,458</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(355,169</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">396,048</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(160,264</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(h)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">235,784</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Additional paid-in- capital&nbsp;&#151; SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,199</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Accumulated other comprehensive loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(25,801</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(33,860</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,867</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,993</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(25,801</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(25,801</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Accumulated other comprehensive loss- SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,598</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,598</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,598</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,598</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,598</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Retained earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">600,531</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">611,493</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">191,006</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(802,499</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">600,531</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(49,461</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">57,523</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">608,593</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cost of common shares in treasury
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(418,179</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(418,179</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(421,378</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Unearned ESOP shares in treasury
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">20</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,742</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,722</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,722</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">TOTAL STOCKHOLDERS&#146;<BR>
    EQUITY
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">569,979</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">834,143</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">292,131</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,139,016</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">557,237</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(45,863</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(109,538</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(c)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">401,836</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">TOTAL LIABILITIES AND STOCKHOLDERS&#146; EQUITY
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,796,965</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,105,923</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,624,219</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,983,011</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,544,096</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">984,479</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(722,120</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,806,455</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of September&nbsp;30, 2003
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $260,496,
    buildings and improvements of $727,586 and furniture and
    equipment of $3,404
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(g)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(h)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-98
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="center">
<B><FONT size="2">Condensed Consolidating Statement of
Earnings</FONT></B>

<DIV align="center">
<B><FONT size="2">Three Months Ended December&nbsp;31,
2003</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="13%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Non-Guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Holdings</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="31"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="31" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Revenues:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">376,934</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(20,215</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">356,719</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">43,298</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,520</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">386,497</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,670</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,670</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,501</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">47,171</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">56,533</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(445</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(f)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">56,088</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">56,088</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">529</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,925</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,001</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,455</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,628</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(g)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,827</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">529</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">422,529</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">68,534</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(20,660</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">470,932</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">53,799</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(22,148</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">502,583</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Costs and expenses:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,766</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">287,623</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,480</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(20,660</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">290,209</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">24,926</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,156</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">311,979</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Commission expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,123</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,123</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(6,987</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">31,136</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,689</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,689</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,218</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,907</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,956</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,956</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,956</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,027</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,027</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11,027</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">231</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">39,360</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">39,591</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,377</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,214</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">33,725</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">33,728</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,148</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(482</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(h)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,394</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,000</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">418,520</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">71,463</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(20,660</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">483,323</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">34,292</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(14,002</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">503,613</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in earnings of subsidiary
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,983</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,983</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in earnings of SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">216</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">216</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(216</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (loss) from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(16,238</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,009</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,929</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,983</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(12,175</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,507</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,362</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,030</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">14,485</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,259</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,744</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">20,052</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,628</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(g)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">31,168</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(30,723</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,250</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,929</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,983</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(31,919</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(545</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">266</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(32,198</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,574</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">681</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">515</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,770</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">761</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,531</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(22,149</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(569</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,414</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,983</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(22,149</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">216</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">266</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(21,667</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Less: preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,241</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,241</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,241</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (loss) available to common shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(25,390</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(569</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(2,414</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,983</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(25,390</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">216</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">266</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(24,908</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances are for the quarter ending
    September&nbsp;30, 2003
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $260,496,
    buildings and improvements of $727,586 and furniture and
    equipment of $3,404
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(g)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(h)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-99
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO AND CONSOLIDATED SUBSIDIARIES
AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="center">
<B><FONT size="2">Condensed Consolidating Statement of
Earnings</FONT></B>

<DIV align="center">
<B><FONT size="2">Nine Months Ended December&nbsp;31,
2003</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="13%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Non-Guarantor</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Subsidiaries(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Holdings</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="31"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="31" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Revenues:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,270,307</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(45,649</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,224,658</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">127,415</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(42,876</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,309,197</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">142,427</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">142,427</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">39,621</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">182,048</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">191,099</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(3,075</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(f)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">188,024</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">188,024</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,057</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">28,752</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">34,600</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">64,409</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(28,795</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(g)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">35,614</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,057</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,441,486</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">225,699</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(48,724</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,619,518</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">167,036</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(71,671</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,714,883</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Costs and expenses:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">32,399</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">817,768</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,934</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(48,724</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">842,377</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">81,541</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,811</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">914,107</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Commission expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">139,065</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">139,065</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(22,933</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">116,132</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">70,120</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">70,120</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,903</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">87,023</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">169,801</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">169,801</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">169,801</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">28,886</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">28,886</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">28,886</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">691</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">121,499</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">122,190</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(10,132</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(e)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">112,058</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">98,785</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">98,795</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">16,007</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(1,446</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(h)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">113,356</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">33,100</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,247,237</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">239,621</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(48,724</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,471,234</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">114,451</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(44,322</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,541,363</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in earnings of subsidiary
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">104,158</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(104,158</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Equity in earnings of SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,811</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,811</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,811</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (loss) from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">66,304</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">194,249</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,922</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(104,158</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">142,473</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">52,585</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(21,538</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">173,520</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">44,414</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,947</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">60,361</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">61,273</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(28,795</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)(g)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">92,839</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,890</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">178,302</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(13,922</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(104,158</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">82,112</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(8,688</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,257</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">80,681</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Income tax benefit/(expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">26,758</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(64,965</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,743</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(33,464</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,877</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(30,587</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">48,648</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">113,337</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,179</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(104,158</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">48,648</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,811</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,257</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,094</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Less: preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,723</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,723</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,723</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Earnings (loss) available to common shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,925</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">113,337</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(9,179</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(104,158</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">38,925</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">(5,811</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="1">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,257</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">40,371</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances for the nine months ending
    September&nbsp;30, 2003
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $260,496,
    buildings and improvements of $727,586 and furniture and
    equipment of $3,404
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(g)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(h)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">F-100
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left">

</DIV>

<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="left">
<HR size="4" noshade color="#000000" style="margin-top: -5px">
</DIV>

<DIV align="left">
<HR size="1" noshade color="#000000" style="margin-top: -10px">
</DIV>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
broker-dealer that receives exchange notes for its own account
in the exchange offer must acknowledge that it will deliver a
prospectus in connection with any resale of those exchange
notes. The letter of transmittal states that, by so
acknowledging and delivering a prospectus, a broker-dealer will
not be deemed to admit that it is an &#147;underwriter&#148;
within the meaning of the Securities Act.</FONT></B>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus, as it may be amended or supplemented from time to
time, may be used by a broker-dealer in connection with resales
of exchange notes received in exchange for outstanding notes
where the outstanding notes were acquired by the broker-dealer
as a result of market-making activities or other trading
activities.</FONT></B>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B><FONT size="2">TABLE OF CONTENTS</FONT></B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="93%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#101'>Prospectus Summary</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#102'>Risk Factors</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#103'>Use of Proceeds</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#104'>Ratio of Earnings to Fixed
    Charges</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#105'>Capitalization</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#106'>Business</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#107'>Selected Historical
    Financial Data</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#108'>Management&#146;s Discussion
    and Analysis of Financial Condition of Results of Operation</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#109'>Quantitative and Qualitative
    Disclosures about Market Risk</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#110'>Management</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">51</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#111'>Description of the Exchange
    Notes</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">75</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#112'>The Exchange Offer</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">107</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#113'>United States Federal Income
    Tax Considerations</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">112</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#114'>Plan of Distribution</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">117</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#115'>Legal Matters</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">117</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#116'>Experts</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">118</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#117'>Available Information</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">118</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#118'>Index to Financial
    Statements</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">F-1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w1.txt">EXHIBIT 3.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w5.txt">EXHIBIT 3.5</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w6.txt">EXHIBIT 3.6</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w7.txt">EXHIBIT 3.7</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w8.txt">EXHIBIT 3.8</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w9.txt">EXHIBIT 3.9</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w10.txt">EXHIBIT 3.10</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w11.txt">EXHIBIT 3.11</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w12.txt">EXHIBIT 3.12</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w13.txt">EXHIBIT 3.13</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w14.txt">EXHIBIT 3.14</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w15.txt">EXHIBIT 3.15</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w16.txt">EXHIBIT 3.16</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w17.txt">EXHIBIT 3.17</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w18.txt">EXHIBIT 3.18</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w19.txt">EXHIBIT 3.19</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w20.txt">EXHIBIT 3.20</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w21.txt">EXHIBIT 3.21</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w22.txt">EXHIBIT 3.22</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w23.txt">EXHIBIT 3.23</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w24.txt">EXHIBIT 3.24</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w25.txt">EXHIBIT 3.25</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w26.txt">EXHIBIT 3.26</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w27.txt">EXHIBIT 3.27</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w28.txt">EXHIBIT 3.28</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w29.txt">EXHIBIT 3.29</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w30.txt">EXHIBIT 3.30</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w31.txt">EXHIBIT 3.31</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w32.txt">EXHIBIT 3.32</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w33.txt">EXHIBIT 3.33</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w34.txt">EXHIBIT 3.34</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w35.txt">EXHIBIT 3.35</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w36.txt">EXHIBIT 3.36</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w37.txt">EXHIBIT 3.37</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w38.txt">EXHIBIT 3.38</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w39.txt">EXHIBIT 3.39</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w40.txt">EXHIBIT 3.40</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w41.txt">EXHIBIT 3.41</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w42.txt">EXHIBIT 3.42</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w43.txt">EXHIBIT 3.43</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w44.txt">EXHIBIT 3.44</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w45.txt">EXHIBIT 3.45</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w46.txt">EXHIBIT 3.46</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w47.txt">EXHIBIT 3.47</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w48.txt">EXHIBIT 3.48</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w49.txt">EXHIBIT 3.49</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w50.txt">EXHIBIT 3.50</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w51.txt">EXHIBIT 3.51</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w52.txt">EXHIBIT 3.52</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w53.txt">EXHIBIT 3.53</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w54.txt">EXHIBIT 3.54</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w55.txt">EXHIBIT 3.55</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w56.txt">EXHIBIT 3.56</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w57.txt">EXHIBIT 3.57</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w58.txt">EXHIBIT 3.58</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w59.txt">EXHIBIT 3.59</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w60.txt">EXHIBIT 3.60</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w61.txt">EXHIBIT 3.61</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w62.txt">EXHIBIT 3.62</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w63.txt">EXHIBIT 3.63</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w64.txt">EXHIBIT 3.64</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w65.txt">EXHIBIT 3.65</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w66.txt">EXHIBIT 3.66</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w67.txt">EXHIBIT 3.67</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w68.txt">EXHIBIT 3.68</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w69.txt">EXHIBIT 3.69</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w70.txt">EXHIBIT 3.70</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w71.txt">EXHIBIT 3.71</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w72.txt">EXHIBIT 3.72</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w73.txt">EXHIBIT 3.73</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w74.txt">EXHIBIT 3.74</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w75.txt">EXHIBIT 3.75</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w76.txt">EXHIBIT 3.76</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w77.txt">EXHIBIT 3.77</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w78.txt">EXHIBIT 3.78</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w79.txt">EXHIBIT 3.79</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w80.txt">EXHIBIT 3.80</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w81.txt">EXHIBIT 3.81</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w82.txt">EXHIBIT 3.82</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w83.txt">EXHIBIT 3.83</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w84.txt">EXHIBIT 3.84</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w85.txt">EXHIBIT 3.85</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w86.txt">EXHIBIT 3.86</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w87.txt">EXHIBIT 3.87</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w88.txt">EXHIBIT 3.88</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w89.txt">EXHIBIT 3.89</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w90.txt">EXHIBIT 3.90</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w91.txt">EXHIBIT 3.91</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w92.txt">EXHIBIT 3.92</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w93.txt">EXHIBIT 3.93</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w94.txt">EXHIBIT 3.94</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w95.txt">EXHIBIT 3.95</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w96.txt">EXHIBIT 3.96</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w97.txt">EXHIBIT 3.97</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w98.txt">EXHIBIT 3.98</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w99.txt">EXHIBIT 3.99</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w100.txt">EXHIBIT 3.100</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w101.txt">EXHIBIT 3.101</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w102.txt">EXHIBIT 3.102</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w103.txt">EXHIBIT 3.103</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w104.txt">EXHIBIT 3.104</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w105.txt">EXHIBIT 3.105</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w106.txt">EXHIBIT 3.106</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w107.txt">EXHIBIT 3.107</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w108.txt">EXHIBIT 3.108</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w109.txt">EXHIBIT 3.109</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w110.txt">EXHIBIT 3.110</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w111.txt">EXHIBIT 3.111</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w112.txt">EXHIBIT 3.112</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w113.txt">EXHIBIT 3.113</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w114.txt">EXHIBIT 3.114</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w115.txt">EXHIBIT 3.115</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w116.txt">EXHIBIT 3.116</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w117.txt">EXHIBIT 3.117</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w118.txt">EXHIBIT 3.118</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w119.txt">EXHIBIT 3.119</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w120.txt">EXHIBIT 3.120</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w121.txt">EXHIBIT 3.121</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w122.txt">EXHIBIT 3.122</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w123.txt">EXHIBIT 3.123</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w124.txt">EXHIBIT 3.124</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w125.txt">EXHIBIT 3.125</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w126.txt">EXHIBIT 3.126</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w127.txt">EXHIBIT 3.127</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w128.txt">EXHIBIT 3.128</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w129.txt">EXHIBIT 3.129</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w130.txt">EXHIBIT 3.130</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w131.txt">EXHIBIT 3.131</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w132.txt">EXHIBIT 3.132</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w133.txt">EXHIBIT 3.133</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w134.txt">EXHIBIT 3.134</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w135.txt">EXHIBIT 3.135</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w136.txt">EXHIBIT 3.136</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w137.txt">EXHIBIT 3.137</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w138.txt">EXHIBIT 3.138</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w139.txt">EXHIBIT 3.139</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w140.txt">EXHIBIT 3.140</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w141.txt">EXHIBIT 3.141</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w142.txt">EXHIBIT 3.142</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w143.txt">EXHIBIT 3.143</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w144.txt">EXHIBIT 3.144</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w145.txt">EXHIBIT 3.145</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w146.txt">EXHIBIT 3.146</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w147.txt">EXHIBIT 3.147</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w148.txt">EXHIBIT 3.148</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w149.txt">EXHIBIT 3.149</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w150.txt">EXHIBIT 3.150</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w151.txt">EXHIBIT 3.151</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w152.txt">EXHIBIT 3.152</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w153.txt">EXHIBIT 3.153</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w154.txt">EXHIBIT 3.154</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w155.txt">EXHIBIT 3.155</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w156.txt">EXHIBIT 3.156</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w157.txt">EXHIBIT 3.157</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w158.txt">EXHIBIT 3.158</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w159.txt">EXHIBIT 3.159</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w160.txt">EXHIBIT 3.160</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w161.txt">EXHIBIT 3.161</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w162.txt">EXHIBIT 3.162</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w163.txt">EXHIBIT 3.163</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv3w164.txt">EXHIBIT 3.164</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv4w12.txt">EX-4.12</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv4w13.txt">EX-4.13</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv4w14.txt">EXHIBIT 4.14</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv4w15.txt">EXHIBIT 4.15</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv4w16.txt">EXHIBIT 4.16</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv5w1.txt">EXHIBIT 5.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv10w23.txt">EXHIBIT 10.23</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv10w24.txt">EXHIBIT 10.24</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv10w25.txt">EXHIBIT 10.25</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv10w43a.txt">EXHIBIT 10.43A</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv12w1.txt">EXHIBIT 12.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv21.txt">EXHIBIT 21</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv23w1.txt">EXHIBIT 23.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv25w1.txt">EXHIBIT 25.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv99w1.htm">EXHIBIT 99.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv99w2.htm">EXHIBIT 99.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv99w3.htm">EXHIBIT 99.3</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv99w4.htm">EXHIBIT 99.4</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="p68936exv99w5.htm">EXHIBIT 99.5</A></FONT></TD></TR>
</TABLE>
</CENTER>

<P align="left">
<HR size="1" noshade color="#000000" style="margin-top: -2px">

<DIV align="left">
<HR size="4" noshade color="#000000" style="margin-top: -10px">
</DIV>

<DIV align="left">
<HR size="4" noshade color="#000000" style="margin-top: -5px">
</DIV>

<DIV align="left">
<HR size="1" noshade color="#000000" style="margin-top: -10px">
</DIV>

<P align="center">
<B><FONT size="4">$80,000,000</FONT></B>

<P align="center">
<B><FONT size="4">9.0% Second Lien</FONT></B>

<DIV align="center">
<B><FONT size="4">Senior Secured</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">Notes due&nbsp;2009</FONT></B>
</DIV>

<P align="center">
<B><FONT size="5">AMERCO</FONT></B>

<P align="center">
<HR size="1" width="31%" align="center" noshade>

<P align="center">
<B>PROSPECTUS</B>

<P align="center">
<HR size="1" width="31%" align="center" noshade>

<P align="center">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004
</FONT>

<P align="left">
<HR size="1" noshade color="#000000" style="margin-top: -2px">

<DIV align="left">
<HR size="4" noshade color="#000000" style="margin-top: -10px">
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">PART&nbsp;II</FONT></B>

<P align="center">
<B><FONT size="2">INFORMATION NOT REQUIRED IN
PROSPECTUS</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;20.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Indemnification of Directors and
    Officers</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Nevada General Corporation Law requires
AMERCO to indemnify officers and directors for any expenses
incurred by any officer or director in connection with any
actions or proceedings, whether civil, criminal, administrative,
or investigative, brought against such officer or director
because of his or her status as an officer or director, to the
extent that the director or officer has been successful on the
merits or otherwise in defense of the action or proceeding. The
Nevada General Corporation Law permits a corporation to
indemnify an officer or director, even in the absence of an
agreement to do so, for expenses incurred in connection with any
action or proceeding if such officer or director acted in good
faith and in a manner in which he or she reasonably believed to
be in or not opposed to the best interests of the corporation
and such indemnification is authorized by the stockholders, by a
quorum of disinterested directors, by independent legal counsel
in a written opinion authorized by a majority vote of a quorum
of directors consisting of disinterested directors, or by
independent legal counsel in a written opinion if a quorum of
disinterested directors cannot be obtained. AMERCO&#146;s
Restated Articles of Incorporation eliminate personal liability
of directors and officers, to AMERCO or its stockholders, for
damages for breach of their fiduciary duties as directors or
officers, except for liability (i)&nbsp;for acts or omissions
that involve intentional misconduct, fraud, or a knowing
violation of law, or (ii)&nbsp;for the unlawful payment of
dividends. In addition, AMERCO&#146;s Bylaws provide that AMERCO
shall indemnify, to the fullest extent authorized or permitted
by law, any person made, or threatened to be made, a defendant
in or witness to any threatened, pending, or completed action,
suit, or proceeding by reason of the fact that he or she was a
director or officer of AMERCO. AMERCO has also executed
Indemnification Agreements that provide that certain of
AMERCO&#146;s directors and officers shall be indemnified and
held harmless by AMERCO to the fullest extent permitted by
applicable law or the Restated Articles of incorporation or
Bylaws of AMERCO. AMERCO has established a trust fund with
Harris Trust and Savings Bank as Trustee in order to fund its
obligations under the Indemnification Agreements. AMERCO has
agreed to maintain a minimum balance in the trust fund of
$1,000,000. The Nevada General Corporation Law prohibits
indemnification of a director or officer if a final adjudication
establishes that the officer&#146;s or director&#146;s acts or
omissions involved intentional misconduct, fraud, or a knowing
violation of the law and were material to the cause of action.
Despite the foregoing limitations on indemnification, the Nevada
General Corporation Law may permit an officer or director to
apply to the court for approval of indemnification even if the
officer or director is adjudged to have committed intentional
misconduct, fraud, or a knowing violation of the law. The Nevada
General Corporation Law also provides that indemnification of
directors is not permitted for the unlawful payment of
distributions, except for those directors registering their
dissent to the payment of the distribution.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;21.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Exhibits and Financial Statement
    Schedules</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(a)&nbsp;<I>Exhibits:</I>
</FONT>

<P align="center">
<B><FONT size="2">EXHIBIT INDEX</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="42%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Joint Plan of Reorganization of AMERCO and AMERCO
    Real Estate Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form 8-K filed October&nbsp;20, 2003, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Disclosure Statement Concerning the Debtors&#146;
    Joint Plan of Reorganization
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form 8-K filed October&nbsp;20, 2003, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-1
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="44%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="42%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amended Joint Plan of Reorganization of AMERCO
    and AMERCO Real Estate Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    December&nbsp;31, 2003, file No.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Restated Articles of Incorporation of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Restated By-Laws of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 1996, file No.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Restated Articles of Incorporation of U-Haul
    International,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 2003, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul International,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 2003, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of A&#38;M
    Associates,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of A&#38;M Associates,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Amerco Real Estate
    Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Amerco Real Estate Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Amerco Real Estate
    Company of Alabama,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Amerco Real Estate Company of
    Alabama,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Amerco Real Estate
    Company of Texas,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Amerco Real Estate Company of
    Texas,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Amerco Real Estate
    Services,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Amerco Real Estate Services,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of EIGHT PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of EIGHT PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of ELEVEN PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of ELEVEN PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of eMove,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of eMove,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Fifteen PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Fifteen PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Five PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Five PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Four PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-2
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Four PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Fourteen PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Fourteen PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Nationwide
    Commercial Co.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Nationwide Commercial Co.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of NINE PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of NINE PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of One PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of One PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of PF&#38;F Holdings
    Corporation
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of PF&#38;F Holdings Corporation
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.37</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Seven PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.38</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Seven PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.39</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of SEVENTEEN PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of SEVENTEEN PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.41</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of SIX PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of SIX PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.43</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Sixteen PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Sixteen PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of TEN PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.46</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of TEN PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.47</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of THREE PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.48</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of THREE PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.49</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of TWELVE PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of TWELVE PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.51</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of TWO PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.52</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of TWO PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.53</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Business
    Consultants,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.54</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Business Consultants,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.55</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Alabama,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.56</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Alabama,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-3
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.57</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of Alaska
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.58</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Alaska
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.59</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of Arizona
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.60</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Arizona
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.61</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Arkansas
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.62</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Arkansas
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.63</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    California
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.64</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of California
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. (Canada)
    Ltd.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.66</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. (Canada) Ltd.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.67</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Colorado
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.68</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Colorado
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.69</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Connecticut
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.70</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Connecticut
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.71</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    District of Columbia,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.72</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of District of
    Columbia,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.73</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of Florida
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.74</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Florida
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.75</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of Georgia
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.76</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Georgia
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.77</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul of
    Hawaii,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.78</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul of Hawaii,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.79</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Idaho,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.80</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Idaho,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.81</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Illinois,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.82</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Illinois,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.83</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Indiana,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.84</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Indiana,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.85</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Iowa,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.86</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Iowa,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-4
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.87</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Kansas,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.88</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Kansas,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.89</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Kentucky
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.90</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Kentucky
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.91</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Louisiana
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.92</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Louisiana
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.93</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Maine,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.94</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Maine,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.95</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Maryland,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.96</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Maryland,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.97</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Massachusetts and Ohio,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.98</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Massachusetts and
    Ohio,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Michigan
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Michigan
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.101</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Minnesota
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.102</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Minnesota
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.103</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Mississippi
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.104</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Mississippi
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.105</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Company of
    Missouri
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.106</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Company of Missouri
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.107</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Montana,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.108</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Montana,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.109</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Nebraska
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.110</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Nebraska
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.111</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Nevada,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.112</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Nevada,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.113</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of New
    Hampshire,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of New Hampshire,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.115</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of New
    Jersey,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.116</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of New Jersey,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-5
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.117</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of New
    Mexico,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.118</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of New Mexico,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.119</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    New&nbsp;York,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.120</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of New&nbsp;York,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.121</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of North
    Carolina
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of North Carolina
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.123</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of North
    Dakota
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.124</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of North Dakota
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.125</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Oklahoma,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.126</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Oklahoma,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.127</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of Oregon
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.128</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Oregon
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.129</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Pennsylvania
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Pennsylvania
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.131</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of Rhode
    Island
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.132</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Rhode Island
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.133</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of South
    Carolina,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.134</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of South Carolina,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.135</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of South
    Dakota,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of South Dakota,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.137</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Tennessee
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.138</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Tennessee
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.139</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of Texas
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.140</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Texas
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.141</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Utah,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.142</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Utah,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.143</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Virginia
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.144</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Virginia
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.145</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Washington
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.146</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Washington
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-6
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.147</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of West
    Virginia
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.148</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of West Virginia
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.149</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Wisconsin,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.150</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Wisconsin,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.151</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Wyoming,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.152</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Wyoming,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.153</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Inspections
    Ltd.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.154</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Inspections, Ltd.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.155</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul
    Leasing&nbsp;&#38; Sales Co.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.156</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Leasing&nbsp;&#38; Sales Co.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.157</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Self- Storage
    Corporation
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.158</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Self-Storage Corporation
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.159</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Self- Storage
    Management (WPC),&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.160</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Self-Storage Management
    (WPC),&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.161</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Web Team
    Associates,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.162</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Web Team Associates,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.163</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Yonkers Property
    Corporation
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.164</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Yonkers Property Corporation
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Loan and Security Agreement among AMERCO and
    Wells Fargo Foothill,&nbsp;Inc. dated March&nbsp;1, 2004
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form&nbsp;8-K filed on March&nbsp;26, 2004,
    file no.&nbsp;1-11255.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Indenture, dated as of March&nbsp;1, 2004, among
    AMERCO, the subsidiary guarantors listed therein, and Wells
    Fargo Bank, N.A.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form&nbsp;8-K filed on March&nbsp;26, 2004,
    file no.&nbsp;1-11255.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Purchase Agreement dated as of March&nbsp;1,
    2004, among AMERCO and the Initial Purchasers of the Term B Notes
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form 8-K filed on March&nbsp;26, 2004, file
    no.&nbsp;1-11255.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Notation of Guaranty dated March&nbsp;15, 2004
    for the Term B Notes
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form 8-K filed on March&nbsp;26, 2004, file
    no.&nbsp;1-11255.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Registration Right Agreement, dated as of
    March&nbsp;15, 2004 among AMERCO and the Initial Purchasers of
    the Term B Notes
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form 8-K filed on March&nbsp;26, 2004, file
    no.&nbsp;1-11255.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Global Note dated March&nbsp;15, 2004 for
    the Term B Notes
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form 8-K filed on March&nbsp;26, 2004, file
    no.&nbsp;1-11255.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Indenture dated as of March&nbsp;15, 2004 among
    AMERCO, the subsidiary guarantors listed therein, and The Bank
    of New&nbsp;York
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form 8-K filed on March&nbsp;26, 2004, file
    no.&nbsp;1-11255.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-7
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Indenture dated as of March&nbsp;15, 2004 among
    SAC Holding Corporation and SAC Holding&nbsp;II Corporation and
    Law Debenture Trust Company of New&nbsp;York
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form 8-K filed on March&nbsp;26, 2004, file
    no.&nbsp;1-11255.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">SAC Participation and Subordination Agreement,
    dated as of March&nbsp;15, 2004 among SAC Holding Corporation,
    SAC Holding&nbsp;II Corporation, AMERCO, U-Haul
    International,&nbsp;Inc., and Law Debenture Trust Company of
    New&nbsp;York
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form 8-K filed on March&nbsp;26, 2004, file
    no.&nbsp;1-11255.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Intercreditor Agreement, dated as of
    March&nbsp;1, 2004, between Wells Fargo Bank, N.A. and Wells
    Fargo Foothill,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form 8-K filed on March&nbsp;26, 2004, file
    no.&nbsp;1-11255.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Rights Agreement, dated as of August&nbsp;7, 1998
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    June&nbsp;30, 1998, file no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Fixed Rate Note between SAC Holding Corporation
    and U-Haul International, Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Promissory Note between SAC Holding Corporation
    and U-Haul International,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amended and Restated Promissory Note between SAC
    Holding Corporation and U-Haul International,&nbsp;Inc. (in an
    aggregate principal amount up to $21,000,000)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amended and Restated Promissory Note between SAC
    Holding Corporation and U-Haul International,&nbsp;Inc. (in an
    aggregate principal amount up to $47,500,000)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amended and Restated Promissory Note between SAC
    Holding Corporation and U-Haul International,&nbsp;Inc. (in an
    aggregate principal amount up to $76,000,000)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion of Snell&nbsp;&#38; Wilmer L.L.P.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">AMERCO Employee Savings, Profit Sharing and
    Employee Stock Ownership Plan
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1993, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1A*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">First Amendment to the AMERCO Employee Savings,
    Profit Sharing and Employee Stock Ownership Plan
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 2000, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">U-Haul Dealership Contract
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1993, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Share Repurchase and Registration Rights
    Agreement with Paul&nbsp;F. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1993, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">ESOP Loan&nbsp;Credit Agreement
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1990, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">ESOP Loan Agreement
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1990, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-8
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="44%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="42%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Trust Agreement for the AMERCO Employee Savings,
    Profit Sharing and Employee Stock Ownership Plan
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1990, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amended Indemnification Agreement
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1990, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Indemnification Trust Agreement
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1990, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Promissory Notes between Four SAC Self- Storage
    Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1997, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.9A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amendment and Addendum to Promissory Note between
    Four SAC Self-Storage Corporation and Nationwide Commercial Co.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Three SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1997, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Four SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1997, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Agreement, dated October&nbsp;17, 1995, among
    AMERCO, Edward&nbsp;J. Shoen, James&nbsp;P. Shoen,
    Aubrey&nbsp;K. Johnson, John&nbsp;M. Dodds and William&nbsp;E.
    Carty
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 1995, file no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Directors&#146; Release, dated October&nbsp;17,
    1995, executed by Edward&nbsp;J. Shoen, James&nbsp;P. Shoen,
    Aubrey&nbsp;K. Johnson, John&nbsp;M. Dodds and William&nbsp;E.
    Carty in favor of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 1995, file no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">AMERCO Release, dated October&nbsp;17, 1995,
    executed by AMERCO in favor of Edward&nbsp;J. Shoen,
    James&nbsp;P. Shoen, Aubrey&nbsp;K. Johnson, John&nbsp;M. Dodds
    and William&nbsp;E. Carty
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 1995, file no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Five SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1999, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Eight SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1999, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Nine SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1999, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Ten SAC Self-Storage
    Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1999, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Six-A SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 2000, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Six-B SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 2000, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-9
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Six-C SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 2000, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Eleven SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 2000, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Twelve SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Thirteen SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Fourteen SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Fifteen SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    December&nbsp;31, 2000, file no&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Sixteen SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    December&nbsp;31, 2000, file no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Seventeen SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 2001, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Eighteen SAC
    Self-Storage Corporation and U-Haul
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Nineteen SAC
    Self-Storage Limited Partnership and U- Haul
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Twenty SAC
    Self-Storage Corporation and U-Haul
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Twenty-One SAC
    Self-Storage Corporation and U-Haul
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Twenty-Two SAC
    Self-Storage Corporations and U-Haul
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Twenty-Three SAC
    Self-Storage Corporation and U-Haul
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Twenty-Four SAC
    Self-Storage Limited Partnership and U-Haul
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Twenty-Five SAC
    Self-Storage Limited Partnership and U-Haul
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-10
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="44%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="42%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.37</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Twenty-Six SAC
    Self-Storage Limited Partnership and U-Haul
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.38</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Twenty-Seven SAC
    Self-Storage Limited Partnership and U-Haul
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.39</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Promissory Note between Four SAC Self- Storage
    Corporation and U-Haul International,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.39A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amendment and Addendum to Promissory Note between
    Four SAC Self-Storage Corporation and U-Haul
    International,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Promissory Note between Five SAC Self- Storage
    Corporation and Nationwide Commercial Co.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.41</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Promissory Note between Five SAC Self- Storage
    Corporation and Nationwide Commercial Co.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.41A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amendment and Addendum to Promissory Note between
    Five SAC Self-Storage Corporation and Nationwide Commercial Co.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Promissory Note between Five SAC Self- Storage
    Corporation and U-Haul International,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.43</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Promissory Note between SAC Holding Corporation
    and Oxford Life Insurance Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.43A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amendment and Addendum to Promissory Note between
    SAC Holding Corporation and Oxford Life Insurance Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Promissory Note between SAC Holding Corporation
    and U-Haul International,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Promissory Note between SAC Holding Corporation
    and U-Haul International,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.46</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Promissory Note between SAC Financial Corporation
    and U-Haul International,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.47</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">2003&nbsp;AMERCO Support Party Agreement for the
    benefit of GMAC Commercial Holding Capital Corp.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 2003, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.48</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">State of Arizona Department of Insurance Notice
    of Determination, Order for Supervision and Consent Thereto
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 2003, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">12</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Ratio of earnings to fixed charges
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Subsidiaries of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of BDO Seidman, LLP
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Snell&nbsp;&#38; Wilmer L.L.P.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Included at Exhibit&nbsp;5.1
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">24</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Power of Attorney
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Included on the signature pages hereto
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-11
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">25</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Statement of Eligibility under the Trust
    Indenture Act of 1939 on Form T-1 of Wells Fargo Bank, N.A.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Letter of Transmittal
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Notice of Guaranteed Delivery
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Letter to Clients
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Broker Dealer Letter
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Guidelines for Certification of Taxpayer
    Identification Number on Substitute Form W-9
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Indicates compensatory plan arrangement
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;<I>Financial Statement Schedules:</I>
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">Computation of Ratio of Earnings to Fixed Charges
    filed at Exhibit&nbsp;12.1.
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;22.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Undertakings</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned registrants hereby undertake:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;To file, during any period in which
    offers or sales are being made, a post-effective amendment to
    this registration statement:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;To include any prospectus required by
    Section&nbsp;10(a)(3) of the Securities Act of 1933;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;To reflect in the prospectus any facts
    or events arising after the effective date of the registration
    statement (or the most recent post-effective amendment thereof)
    which, individually or in the aggregate, represent a fundamental
    change in the information set forth in this registration
    statement. Notwithstanding the foregoing, any increase or
    decrease in volume of securities offered (if the total dollar
    value of securities offered would not exceed that which was
    registered) and any deviation from the low or high end of the
    estimated maximum offering range may be reflected in the form of
    prospectus filed with the Commission pursuant to
    Rule&nbsp;424(b) if, in the aggregate, the changes in volume and
    price represent no more than 20&nbsp;percent change in the
    maximum aggregate offering price set forth in the
    &#147;Calculation of Registration Fee&#148; table in this
    registration statement;&nbsp;and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iii)&nbsp;To include any material information
    with respect to the plan of distribution not previously
    disclosed in this registration statement or any material change
    to such information in this registration statement;
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">provided, however, that the undertakings set
    forth in paragraphs (i)&nbsp;and (ii)&nbsp;above do not apply if
    the registration statement is on Form&nbsp;S-3, Form&nbsp;S-8 or
    Form&nbsp;F-3, and the information required to be included in a
    post-effective amendment by those paragraphs is contained in
    periodic reports filed with or furnished to the Commission by
    the registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)
    of the Securities Exchange Act of 1934 that are incorporated by
    reference in this registration statement.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;That, for the purpose of determining any
    liability under the Securities Act of 1933, each such
    post-effective amendment shall be deemed to be a new
    registration statement relating to the securities offered
    therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;To remove from registration by means of
    a post-effective amendment any of the securities being
    registered which remain unsold at the termination of the
    offering.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">II-12
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;To respond to requests for information
    that is incorporated by reference into the prospectus pursuant
    to Items&nbsp;4, 10(b), 11, or 13 of this form, within one
    business day of receipt of such request, and to send the
    incorporated documents by first class mail or other equally
    prompt means. This includes information contained in documents
    filed subsequent to the effective date of the registration
    statement through the date of responding to the request.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;To supply by means of a post-effective
    amendment all information concerning a transaction, and the
    company being acquired involved therein, that was not the
    subject of and included in this registration statement when it
    became effective.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the
Securities and Exchange Commission, such indemnification is
against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate
jurisdiction the question of whether such indemnification by it
is against public policy as expressed in the Act and will be
governed by the final adjudication of such issue.
</FONT>

<P align="center"><FONT size="2">II-13
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<!-- link1 "SIGNATURES" -->

<P align="center">
<B><FONT size="2">SIGNATURES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, AMERCO has duly caused this registration statement to be
signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Phoenix, State of Arizona, on
March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">AMERCO
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ EDWARD J. SHOEN
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Edward J. Shoen
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">Chairman of the Board and President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his true and lawful attorney-in-fact and agent, with full
power of substitution and resubstitution, for him and in his
name, place and stead, in any and all capacities, to sign any
and all amendments to this registration statement, and to file
the same, with all exhibits thereto, and other documents in
connection therewith with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent, full
power and authority to do and perform each and every act and
thing requisite and necessary to be done in and about the
premises, as fully and to all intents and purposes as he might
or could do in person hereby ratifying and confirming all that
said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the
following persons on behalf of AMERCO in the capacities and on
the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chairman of the Board and President (Principal
    Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Treasurer<BR>
    (Principal Financial<BR>
    and Accounting Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ WILLIAM E. CARTY<BR>
    <HR size="1" noshade>William E. Carty
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JAMES P. SHOEN<BR>
    <HR size="1" noshade>James P. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CHARLES J. BAYER<BR>
    <HR size="1" noshade>Charles J. Bayer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN M. DODDS<BR>
    <HR size="1" noshade>John M. Dodds
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JAMES J. GROGAN<BR>
    <HR size="1" noshade>James J. Grogan
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN P. BROGAN<BR>
    <HR size="1" noshade>John P. Brogan
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ M. FRANK LYONS<BR>
    <HR size="1" noshade>M. Frank Lyons
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-14
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">THE FOLLOWING DIRECT AND INDIRECT SUBSIDIARIES OF
THE REGISTRANT WILL GUARANTEE THE DEBT SECURITIES AND ARE
CO-REGISTRANTS UNDER THIS REGISTRATION STATEMENT.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul International,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL INTERNATIONAL,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ EDWARD J. SHOEN
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Edward J. Shoen
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">Chairman of the Board and President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his true and lawful attorney-in-fact and agent, with full
power of substitution and resubstitution, for him and in his
name, place and stead, in any and all capacities, to sign any
and all amendments to this registration statement, and to file
the same, with all exhibits thereto, and other documents in
connection therewith with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent, full
power and authority to do and perform each and every act and
thing requisite and necessary to be done in and about the
premises, as fully and to all intents and purposes as he might
or could do in person hereby ratifying and confirming all that
said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul
International,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chairman of the Board and President (Principal
    Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Assistant Treasurer<BR>
    (Principal Financial<BR>
    and Accounting Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ WILLIAM E. CARTY<BR>
    <HR size="1" noshade>William E. Carty
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN M. DODDS<BR>
    <HR size="1" noshade>John M. Dodds
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN C. TAYLOR<BR>
    <HR size="1" noshade>John C. Taylor
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-15
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, Amerco Real Estate Company has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">AMERCO REAL ESTATE COMPANY
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" width="47%" align="left" noshade></TD>
</TR>

</TABLE>

<DIV align="left">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of Amerco Real Estate Company
and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN M. DODDS<BR>
    <HR size="1" noshade>John M. Dodds
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ WILLIAM E. CARTY<BR>
    <HR size="1" noshade>William E. Carty
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-16
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, Amerco Real Estate Company of Alabama,&nbsp;Inc. has duly
caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of
Phoenix, State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">AMERCO REAL ESTATE COMPANY OF ALABAMA,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of Amerco Real Estate Company
of Alabama,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD FRANK<BR>
    <HR size="1" noshade>Ronald Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-17
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, Amerco Real Estate Company of Texas,&nbsp;Inc. has duly
caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of
Phoenix, State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">AMERCO REAL ESTATE COMPANY OF TEXAS,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of Amerco Real Estate Company
of Texas,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY V. KLINEFELTER<BR>
    <HR size="1" noshade>Gary V. Klinefelter
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GEORGE R. OLDS<BR>
    <HR size="1" noshade>George R. Olds
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-18
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Alaska has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF ALASKA
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JOHN R. NORRIS
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">John R. Norris
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of Alaska and
in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="40%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN R. NORRIS<BR>
    <HR size="1" noshade>John R. Norris
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CHARLES E. KITCHIN,&nbsp;JR.<BR>
    <HR size="1" noshade>Charles E. Kitchin,&nbsp;Jr.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-19
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Arizona March&nbsp;30 duly authorized, in the
City of Phoenix, State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF ARIZONA
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ MICHAEL G. COLMAN
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Michael G. Colman
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of Arizona and
in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ MICHAEL G. COLMAN<BR>
    <HR size="1" noshade>Michael G. Colman
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting&nbsp;Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD FRANK<BR>
    <HR size="1" noshade>Ronald Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JEREMY E. FRANK<BR>
    <HR size="1" noshade>Jeremy E. Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-20
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Florida has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF FLORIDA
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ ROBERT S. MAGYAR
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Robert S. Magyar
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of Florida and
in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ ROBERT S. MAGYAR<BR>
    <HR size="1" noshade>Robert S. Magyar
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD FRANK<BR>
    <HR size="1" noshade>Ronald Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ FRANCISCO J. GRAU<BR>
    <HR size="1" noshade>Francisco J. Grau
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-21
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Hawaii,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF HAWAII,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JACK D. RICKARD,&nbsp;JR.
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Jack D. Rickard,&nbsp;Jr.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of
Hawaii,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JACK D. RICKARD,&nbsp;JR.<BR>
    <HR size="1" noshade>Jack D. Rickard,&nbsp;Jr.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CHARLES E. KITCHIN,&nbsp;JR.<BR>
    <HR size="1" noshade>Charles E. Kitchin,&nbsp;Jr.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-22
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, One PAC Company has duly caused this registration statement
to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Phoenix, State of Arizona, on
March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">ONE PAC COMPANY
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of One PAC Company and in the
capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-23
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, Five PAC Company has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">FIVE PAC COMPANY
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of Five PAC Company and in
the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-24
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, Seven PAC Company has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">SEVEN PAC COMPANY
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of Seven PAC Company and in
the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-25
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, Ten PAC Company has duly caused this registration statement
to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Phoenix, State of Arizona, on
March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">TEN PAC COMPANY
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of Ten PAC Company and in the
capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-26
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, Sixteen PAC Company has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">SIXTEEN PAC COMPANY
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of Sixteen PAC Company and in
the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-27
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, Yonkers Property Corporation has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">YONKERS PROPERTY CORPORATION
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of Yonkers Property
Corporation and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-28
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, Amerco Real Estate Services,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">AMERCO REAL ESTATE SERVICES, INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of Amerco Real Estate
Services,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ MATTHEW F. BRACCIA<BR>
    <HR size="1" noshade>Matthew F. Braccia
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-29
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, TWO PAC Company has duly caused this registration statement
to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Phoenix, State of Arizona, on
March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">TWO PAC COMPANY
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">President
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of TWO PAC Company and in the
capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-30
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, THREE PAC Company has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">THREE PAC COMPANY
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of THREE PAC Company and in
the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-31
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, Four PAC Company has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">FOUR PAC COMPANY
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of Four PAC Company and in
the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-32
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, SIX PAC Company has duly caused this registration statement
to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Phoenix, State of Arizona, on
March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">SIX PAC COMPANY
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of SIX PAC Company and in the
capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-33
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, EIGHT PAC Company has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">EIGHT PAC COMPANY
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of EIGHT PAC Company and in
the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-34
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, NINE PAC Company has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">NINE PAC COMPANY
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of NINE PAC Company and in
the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-35
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, ELEVEN PAC Company has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">ELEVEN PAC COMPANY
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of ELEVEN PAC Company and in
the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-36
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, TWELVE PAC Company has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">TWELVE PAC COMPANY
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of TWELVE PAC Company and in
the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-37
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, Fourteen PAC Company has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">FOURTEEN PAC COMPANY
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of Fourteen PAC Company and
in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-38
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, Fifteen PAC Company has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">FIFTEEN PAC COMPANY
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of Fifteen PAC Company and in
the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-39
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, SEVENTEEN PAC Company has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">SEVENTEEN PAC COMPANY
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of SEVENTEEN PAC Company and
in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-40
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, Nationwide Commercial Co. has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">NATIONWIDE COMMERCIAL CO.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of Nationwide Commercial Co.
and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY V. KLINEFELTER<BR>
    <HR size="1" noshade>Gary V. Klinefelter
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-41
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, PF&#38;F Holdings Corporation has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">PF&#38;F HOLDINGS CORPORATION
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CARLOS VIZCARRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Carlos Vizcarra
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of PF&#38;F Holdings
Corporation and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CARLOS VIZCARRA<BR>
    <HR size="1" noshade>Carlos Vizcarra
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY V. KLINEFELTER<BR>
    <HR size="1" noshade>Gary V. Klinefelter
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-42
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, A&#38;M Associates,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">A&#38;M ASSOCIATES,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ MARK V. SHOEN
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Mark V. Shoen
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of A&#38;M
Associates,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ MARK V. SHOEN<BR>
    <HR size="1" noshade>Mark V. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN C. TAYLOR<BR>
    <HR size="1" noshade>John C. Taylor
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ LAYTON JOHN BAKER<BR>
    <HR size="1" noshade>Layton John Baker
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-43
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, eMove,&nbsp;Inc. has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">EMOVE,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ SAMUEL J. SHOEN
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Samuel J. Shoen
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of eMove,&nbsp;Inc. and in
the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ SAMUEL J. SHOEN<BR>
    <HR size="1" noshade>Samuel J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN C. TAYLOR<BR>
    <HR size="1" noshade>John C. Taylor
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-44
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Business Consultants,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL BUSINESS CONSULTANTS, INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ EDWARD J. SHOEN
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Edward J. Shoen
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Business
Consultants,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-45
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. (Canada) Ltd. has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. (CANADA) LTD.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CLAUDE BOUCHER
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Claude Boucher
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. (Canada) Ltd.
and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CLAUDE BOUCHER<BR>
    <HR size="1" noshade>Claude Boucher
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ KATHLEEN HARRISON<BR>
    <HR size="1" noshade>Kathleen Harrison
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-46
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Alabama,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF ALABAMA,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JAMES E. WHEELUS
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">James E. Wheelus
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of
Alabama,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JAMES E. WHEELUS<BR>
    <HR size="1" noshade>James E. Wheelus
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ DOUGLAS R. WESTON<BR>
    <HR size="1" noshade>Douglas R. Weston
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-47
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Arkansas has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF ARKANSAS
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ KENNETH E. VADNAIS
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" width="47%" align="left" noshade></TD>
</TR>

</TABLE>

<DIV align="left">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Kenneth E. Vadnais
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of Arkansas and
in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ KENNETH E. VADNAIS<BR>
    <HR size="1" noshade>Kenneth E. Vadnais
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ DOUGLAS R. WESTON<BR>
    <HR size="1" noshade>Douglas R. Weston
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-48
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of California has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF CALIFORNIA
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ RICHARD T. FERREIRA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Richard T. Ferreira
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of California
and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RICHARD T. FERREIRA<BR>
    <HR size="1" noshade>Richard T. Ferreira
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD FRANK<BR>
    <HR size="1" noshade>Ronald Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JEREMY E. FRANK<BR>
    <HR size="1" noshade>Jeremy E. Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-49
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Colorado has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF COLORADO
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JAMES R. BRICK
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">James R. Brick
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of Colorado and
in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JAMES R. BRICK<BR>
    <HR size="1" noshade>James R. Brick
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ MARTIN S. COLEMAN<BR>
    <HR size="1" noshade>Martin S. Coleman
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-50
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Connecticut has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF CONNECTICUT
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JEFFREY SONBERG
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Jeffrey Sonberg
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of Connecticut
and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JEFFREY SONBERG<BR>
    <HR size="1" noshade>Jeffrey Sonberg
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ DOUGLAS R. WYNNE<BR>
    <HR size="1" noshade>Douglas R. Wynne
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-51
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of District of Columbia,&nbsp;Inc. has duly
caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of
Phoenix, State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF DISTRICT OF COLUMBIA, INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JAMES E. PONDER
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">James E. Ponder
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of District of
Columbia,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JAMES E. PONDER<BR>
    <HR size="1" noshade>James E. Ponder
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD FRANK<BR>
    <HR size="1" noshade>Ronald Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CHARLES W. HERTZLER<BR>
    <HR size="1" noshade>Charles W. Hertzler
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-52
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Georgia has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF GEORGIA
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JOHN A. BRICK
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">John A. Brick
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of Georgia and
in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN A. BRICK<BR>
    <HR size="1" noshade>John A. Brick
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ DOUGLAS R. WESTON<BR>
    <HR size="1" noshade>Douglas R. Weston
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-53
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Idaho,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF IDAHO,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ DOUGLAS A. MCINTIER
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Douglas A. McIntier
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of
Idaho,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ DOUGLAS A. MCINTIER<BR>
    <HR size="1" noshade>Douglas A. McIntier
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CHARLES E. KITCHIN,&nbsp;JR.<BR>
    <HR size="1" noshade>Charles E. Kitchin,&nbsp;Jr.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-54
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Illinois,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF ILLINOIS,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ SCOTT G. ROMIJN
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Scott G. Romijn
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of
Illinois,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ SCOTT G. ROMIJN<BR>
    <HR size="1" noshade>Scott G. Romijn
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD FRANK<BR>
    <HR size="1" noshade>Ronald Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JIM MCFARLAND<BR>
    <HR size="1" noshade>Jim McFarland
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-55
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Indiana,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF INDIANA,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ BLAIR HOUDE
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Blair Houde
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of
Indiana,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ BLAIR HOUDE<BR>
    <HR size="1" noshade>Blair Houde
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD FRANK<BR>
    <HR size="1" noshade>Ronald Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ PHILIP R. RYAN<BR>
    <HR size="1" noshade>Philip R. Ryan
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-56
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Iowa,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF IOWA,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ RANDY G. DICKSON
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Randy G. Dickson
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of
Iowa,&nbsp;Inc. and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RANDY G. DICKSON<BR>
    <HR size="1" noshade>Randy G. Dickson
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD FRANK<BR>
    <HR size="1" noshade>Ronald Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JIM MCFARLAND<BR>
    <HR size="1" noshade>Jim McFarland
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-57
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Kansas,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF KANSAS,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ GARY D. WITTKOPP
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Gary D. Wittkopp
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of
Kansas,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY D. WITTKOPP<BR>
    <HR size="1" noshade>Gary D. Wittkopp
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ MARTIN S. COLEMAN<BR>
    <HR size="1" noshade>Martin S. Coleman
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-58
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Kentucky has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF KENTUCKY
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CHRISTOPHER J. NESTER
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Christopher J. Nester
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of Kentucky and
in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CHRISTOPHER J. NESTER<BR>
    <HR size="1" noshade>Christopher J. Nester
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD FRANK<BR>
    <HR size="1" noshade>Ronald Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ PHILIP R. RYAN<BR>
    <HR size="1" noshade>Philip R. Ryan
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-59
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Louisiana has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF LOUISIANA
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ KEN W. HIGGINBOTHAM
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Ken W. Higginbotham
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of Louisiana
and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ KEN W. HIGGINBOTHAM<BR>
    <HR size="1" noshade>Ken W. Higginbotham
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ DOUGLAS R. WESTON<BR>
    <HR size="1" noshade>Douglas R. Weston
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-60
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Maine,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF MAINE,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JONATHAN G. HYNES
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Jonathan G. Hynes
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of
Maine,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JONATHAN G. HYNES<BR>
    <HR size="1" noshade>Jonathan G. Hynes
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ DOUGLAS R. WYNNE<BR>
    <HR size="1" noshade>Douglas R. Wynne
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-61
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Maryland,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF MARYLAND,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JAMES E. PONDER
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">James E. Ponder
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of
Maryland,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JAMES E. PONDER<BR>
    <HR size="1" noshade>James E. Ponder
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD FRANK<BR>
    <HR size="1" noshade>Ronald Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CHARLES W. HERTZLER<BR>
    <HR size="1" noshade>Charles W. Hertzler
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-62
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Massachusetts and Ohio,&nbsp;Inc. has duly
caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of
Phoenix, State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF MASSACHUSETTS AND OHIO,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ RONALD J. HOWELL
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Ronald J. Howell
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of
Massachusetts and Ohio,&nbsp;Inc. and in the capacities and on
the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD J. HOWELL<BR>
    <HR size="1" noshade>Ronald J. Howell
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ DOUGLAS R. WYNNE<BR>
    <HR size="1" noshade>Douglas R. Wynne
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-63
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Michigan has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF MICHIGAN
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JAMES A. MEREDITH
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">James A. Meredith
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of Michigan and
in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JAMES A. MEREDITH<BR>
    <HR size="1" noshade>James A. Meredith
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD FRANK<BR>
    <HR size="1" noshade>Ronald Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ PHILIP R. RYAN<BR>
    <HR size="1" noshade>Philip R. Ryan
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-64
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Minnesota has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF MINNESOTA
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ WILLIAM PIETTE
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">William Piette
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of Minnesota
and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ WILLIAM PIETTE<BR>
    <HR size="1" noshade>William Piette
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD FRANK<BR>
    <HR size="1" noshade>Ronald Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JAMES MCFARLAND<BR>
    <HR size="1" noshade>James McFarland
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-65
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Mississippi has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF MISSISSIPPI
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ ROBERT BROWN
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Robert Brown
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of Mississippi
and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ ROBERT BROWN<BR>
    <HR size="1" noshade>Robert Brown
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ DOUGLAS R. WESTON<BR>
    <HR size="1" noshade>Douglas R. Weston
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-66
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Company of Missouri has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL COMPANY OF MISSOURI
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ STEPHEN D. LANGFORD
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Stephen D. Langford
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Company of Missouri
and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ STEPHEN D. LANGFORD<BR>
    <HR size="1" noshade>Stephen D. Langford
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD FRANK<BR>
    <HR size="1" noshade>Ronald Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JAMES MCFARLAND<BR>
    <HR size="1" noshade>James McFarland
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-67
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Montana,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF MONTANA,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ DOUGLAS A. MCINTIER
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Douglas A. McIntier
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of
Montana,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ DOUGLAS A. MCINTIER<BR>
    <HR size="1" noshade>Douglas A. McIntier
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CHARLES E. KITCHIN, JR.<BR>
    <HR size="1" noshade>Charles E. Kitchin,&nbsp;Jr.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-68
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Nebraska has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF NEBRASKA
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ MICHAEL J. HALE
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Michael J. Hale
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of Nebraska and
in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ MICHAEL J. HALE<BR>
    <HR size="1" noshade>Michael J. Hale
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ MARTIN S. COLEMAN<BR>
    <HR size="1" noshade>Martin S. Coleman
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-69
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Nevada,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF NEVADA,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ STERLING HOGAN,&nbsp;SR.
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Sterling Hogan,&nbsp;Sr.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of
Nevada,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ STERLING HOGAN,&nbsp;SR.<BR>
    <HR size="1" noshade>Sterling Hogan,&nbsp;Sr.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD FRANK<BR>
    <HR size="1" noshade>Ronald Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JEREMY E. FRANK<BR>
    <HR size="1" noshade>Jeremy E. Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-70
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of New Hampshire,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF NEW HAMPSHIRE,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JONATHAN G. HYNES
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Jonathan G. Hynes
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of New
Hampshire,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JONATHAN G. HYNES<BR>
    <HR size="1" noshade>Jonathan G. Hynes
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ DOUGLAS R. WYNNE<BR>
    <HR size="1" noshade>Douglas R. Wynne
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-71
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of New Jersey,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF NEW JERSEY,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ ANTHONY C. PALADINO
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Anthony C. Paladino
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of New
Jersey,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ ANTHONY C. PALADINO<BR>
    <HR size="1" noshade>Anthony C. Paladino
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ PAUL E. KELLY<BR>
    <HR size="1" noshade>Paul E. Kelly
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-72
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of New Mexico,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF NEW MEXICO,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CHARLES T. KELLY
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Charles T. Kelly
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of New
Mexico,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CHARLES T. KELLY<BR>
    <HR size="1" noshade>Charles T. Kelly
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ MARTIN S. COLEMAN<BR>
    <HR size="1" noshade>Martin S. Coleman
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-73
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of New&nbsp;York,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF NEW&nbsp;YORK,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ GEORGE D. MACLEISH
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">George D. MacLeish
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of
New&nbsp;York,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GEORGE D. MACLEISH<BR>
    <HR size="1" noshade>George D. MacLeish
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ DOUGLAS R. WYNNE<BR>
    <HR size="1" noshade>Douglas R. Wynne
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-74
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of North Carolina has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF NORTH CAROLINA
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ KEITH C. STUART
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Keith C. Stuart
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of North
Carolina and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ KEITH C. STUART<BR>
    <HR size="1" noshade>Keith C. Stuart
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD FRANK<BR>
    <HR size="1" noshade>Ronald Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CHARLES RAY SMITH<BR>
    <HR size="1" noshade>Charles Ray Smith
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-75
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of North Dakota has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF NORTH DAKOTA
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ LOREN A. FLIFLET
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Loren A. Fliflet
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of North Dakota
and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ LOREN A. FLIFLET<BR>
    <HR size="1" noshade>Loren A. Fliflet
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ MARTIN S. COLEMAN<BR>
    <HR size="1" noshade>Martin S. Coleman
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ ANTHONY F. TORTORICE<BR>
    <HR size="1" noshade>Anthony F. Tortorice
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-76
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Oklahoma,&nbsp;Inc has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF OKLAHOMA,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JIM K. SMITH
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Jim K. Smith
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of
Oklahoma,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JIM K. SMITH<BR>
    <HR size="1" noshade>Jim K. Smith
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ LOGAN TOM FRANK<BR>
    <HR size="1" noshade>Logan Tom Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY JAMES BOUILLON<BR>
    <HR size="1" noshade>Gary James Bouillon
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-77
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Oregon has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF OREGON
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ THOMAS J. CARDELLI
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Thomas J. Cardelli
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of Oregon and
in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ THOMAS J. CARDELLI<BR>
    <HR size="1" noshade>Thomas J. Cardelli
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CHARLES E. KITCHIN,&nbsp;JR.<BR>
    <HR size="1" noshade>Charles E. Kitchin,&nbsp;Jr.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-78
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Pennsylvania has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF PENNSYLVANIA
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ MICHAEL ZEMBA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Michael Zemba
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of Pennsylvania
and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ MICHAEL ZEMBA<BR>
    <HR size="1" noshade>Michael Zemba
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ PAUL E. KELLY<BR>
    <HR size="1" noshade>Paul E. Kelly
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-79
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Rhode Island has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF RHODE ISLAND
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ PATRICK R. MAHONEY
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Patrick R. Mahoney
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of Rhode Island
and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ PATRICK R. MAHONEY<BR>
    <HR size="1" noshade>Patrick R. Mahoney
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ DOUGLAS R. WYNNE<BR>
    <HR size="1" noshade>Douglas R. Wynne
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-80
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of South Carolina,&nbsp;Inc. has duly caused
this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF SOUTH CAROLINA,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="3%"></TD>
    <TD width="57%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">BY:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ RONALD E. PUTNAM
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">RONALD E. PUTNAM
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of South
Carolina,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD E. PUTNAM<BR>
    <HR size="1" noshade>Ronald E. Putnam
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD FRANK<BR>
    <HR size="1" noshade>Ronald Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CHARLES RAY SMITH<BR>
    <HR size="1" noshade>Charles Ray Smith
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-81
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of South Dakota,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF SOUTH DAKOTA,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ LOREN A. FLIFLET
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Loren A. Fliflet
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of South
Dakota,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ LOREN A. FLIFLET<BR>
    <HR size="1" noshade>Loren A. Fliflet
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ MARTIN S. COLEMAN<BR>
    <HR size="1" noshade>Martin S. Coleman
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ ANTHONY F. TORTORICE<BR>
    <HR size="1" noshade>Anthony F. Tortorice
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-82
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Tennessee has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF TENNESSEE
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ DENNIS C. MCQUADE
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Dennis C. McQuade
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of Tennessee
and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ DENNIS C. MCQUADE<BR>
    <HR size="1" noshade>Dennis C. McQuade
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD FRANK<BR>
    <HR size="1" noshade>Ronald Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ PHILIP R. RYAN<BR>
    <HR size="1" noshade>Philip R. Ryan
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-83
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Texas has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF TEXAS
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ LANCE BRUMFIELD
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Lance Brumfield
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of Texas and in
the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ LANCE BRUMFIELD<BR>
    <HR size="1" noshade>Lance Brumfield
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ LOGAN TOM FRANK<BR>
    <HR size="1" noshade>Logan Tom Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY JAMES BOUILLON<BR>
    <HR size="1" noshade>Gary James Bouillon
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-84
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Utah,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF UTAH,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CHARLES T. MOLINARO
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Charles T. Molinaro
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of
Utah,&nbsp;Inc. and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CHARLES T. MOLINARO<BR>
    <HR size="1" noshade>Charles T. Molinaro
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ MARTIN S. COLEMAN<BR>
    <HR size="1" noshade>Martin S. Coleman
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-85
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Virginia has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF VIRGINIA
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ PAUL W. KOCZERA
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Paul W. Koczera
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of Virginia and
in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ PAUL W. KOCZERA<BR>
    <HR size="1" noshade>Paul W. Koczera
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD FRANK<BR>
    <HR size="1" noshade>Ronald Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CHARLES RAY SMITH<BR>
    <HR size="1" noshade>Charles Ray Smith
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-86
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Washington has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF WASHINGTON
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ CHARLES R. EIDE
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Charles R. Eide
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of Washington
and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CHARLES R. EIDE<BR>
    <HR size="1" noshade>Charles R. Eide
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CHARLES E. KITCHIN,&nbsp;JR.<BR>
    <HR size="1" noshade>Charles E. Kitchin,&nbsp;Jr.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-87
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of West Virginia has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF WEST VIRGINIA
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JEFFREY A. BOWLES
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Jeffrey A. Bowles
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of West
Virginia and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JEFFREY A. BOWLES<BR>
    <HR size="1" noshade>Jeffrey A. Bowles
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD FRANK<BR>
    <HR size="1" noshade>Ronald Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ CHARLES RAY SMITH<BR>
    <HR size="1" noshade>Charles Ray Smith
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-88
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Wisconsin,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF WISCONSIN,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ THOMAS H. HODEL
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Thomas H. Hodel
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of
Wisconsin,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ THOMAS H. HODEL<BR>
    <HR size="1" noshade>Thomas H. Hodel
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ RONALD FRANK<BR>
    <HR size="1" noshade>Ronald Frank
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JAMES MCFARLAND<BR>
    <HR size="1" noshade>James McFarland
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-89
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Co. of Wyoming,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL CO. OF WYOMING,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JAMES R. BRICK
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">James R. Brick
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Co. of
Wyoming,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JAMES R. BRICK<BR>
    <HR size="1" noshade>James R. Brick
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ MARTIN S. COLEMAN<BR>
    <HR size="1" noshade>Martin S. Coleman
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-90
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Inspections, Ltd. has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Phoenix, State of
Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL INSPECTIONS, LTD.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ ANTONY J. GROCOTT
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Antony J. Grocott
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Inspections, Ltd.
and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ ANTONY J. GROCOTT<BR>
    <HR size="1" noshade>Antony J. Grocott
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ WOLFGANG BROMBA<BR>
    <HR size="1" noshade>Wolfgang Bromba
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-91
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Leasing and Sales Co. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL LEASING AND SALES CO.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ EDWARD J. SHOEN
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Edward J. Shoen
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Leasing and Sales
Co. and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY V. KLINEFELTER<BR>
    <HR size="1" noshade>Gary V. Klinefelter
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-92
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Self-Storage Corporation has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL SELF STORAGE CORPORATION
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JOAN KRAWCHECK
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Joan Krawcheck
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Self-Storage
Corporation and in the capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOAN KRAWCHECK<BR>
    <HR size="1" noshade>Joan Krawcheck
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-93
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, U-Haul Self-Storage Management (WPC),&nbsp;Inc. has duly
caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of
Phoenix, State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL SELF-STORAGE MANAGEMENT (WPC),&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ JOHN C. TAYLOR
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">John C. Taylor
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of U-Haul Self-Storage
Management (WPC),&nbsp;Inc. and in the capacities and on the
dates indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN C. TAYLOR<BR>
    <HR size="1" noshade>John C. Taylor
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-94
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act, Web Team Associates,&nbsp;Inc. has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Phoenix,
State of Arizona, on March&nbsp;30, 2004.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">WEB TEAM ASSOCIATES,&nbsp;INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ SAMUEL J. SHOEN
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Samuel J. Shoen
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Edward J.
Shoen his or her true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this registration
statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith with the Securities and
Exchange Commission, granting unto said attorney-in-fact and
agent, full power and authority to do and perform each and every
act and thing requisite and necessary to be done in and about
the premises, as fully and to all intents and purposes as he or
she might or could do in person hereby ratifying and confirming
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below
by the following persons on behalf of Web Team
Associates,&nbsp;Inc. and in the capacities and on the dates
indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ SAMUEL J. SHOEN<BR>
    <HR size="1" noshade>Samuel J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ GARY B. HORTON<BR>
    <HR size="1" noshade>Gary B. Horton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Principal Financial<BR>
    and Accounting Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ EDWARD J. SHOEN<BR>
    <HR size="1" noshade>Edward J. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ JOHN C. TAYLOR<BR>
    <HR size="1" noshade>John C. Taylor
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">March&nbsp;30, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-95
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">EXHIBIT INDEX</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="42%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Joint Plan of Reorganization of AMERCO and AMERCO
    Real Estate Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form 8-K filed October&nbsp;20, 2003, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Disclosure Statement Concerning the Debtors&#146;
    Joint Plan of Reorganization
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form 8-K filed October&nbsp;20, 2003, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amended Joint Plan of Reorganization of AMERCO
    and AMERCO Real Estate Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    December&nbsp;31, 2003, file No.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Restated Articles of Incorporation of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Restated By-Laws of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 1996, file No.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Restated Articles of Incorporation of U-Haul
    International,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 2003, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul International,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 2003, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of A&#38;M
    Associates,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of A&#38;M Associates,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Amerco Real Estate
    Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Amerco Real Estate Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Amerco Real Estate
    Company of Alabama,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Amerco Real Estate Company of
    Alabama,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Amerco Real Estate
    Company of Texas,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Amerco Real Estate Company of
    Texas,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Amerco Real Estate
    Services,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Amerco Real Estate Services,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of EIGHT PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of EIGHT PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of ELEVEN PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of ELEVEN PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of eMove,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of eMove,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Fifteen PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Fifteen PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Five PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Five PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Four PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Four PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Fourteen PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Fourteen PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Nationwide
    Commercial Co.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Nationwide Commercial Co.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of NINE PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of NINE PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of One PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of One PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of PF&#38;F Holdings
    Corporation
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of PF&#38;F Holdings Corporation
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.37</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Seven PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.38</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Seven PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.39</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of SEVENTEEN PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of SEVENTEEN PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.41</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of SIX PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of SIX PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.43</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Sixteen PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Sixteen PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of TEN PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.46</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of TEN PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.47</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of THREE PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.48</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of THREE PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.49</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of TWELVE PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of TWELVE PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.51</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of TWO PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.52</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of TWO PAC Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.53</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Business
    Consultants,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.54</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Business Consultants,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.55</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Alabama,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.56</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Alabama,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.57</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of Alaska
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.58</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Alaska
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.59</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of Arizona
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.60</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Arizona
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.61</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Arkansas
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.62</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Arkansas
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.63</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    California
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.64</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of California
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. (Canada)
    Ltd.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.66</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. (Canada) Ltd.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.67</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Colorado
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.68</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Colorado
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.69</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Connecticut
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.70</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Connecticut
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.71</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    District of Columbia,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.72</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of District of
    Columbia,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.73</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of Florida
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.74</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Florida
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.75</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of Georgia
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.76</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Georgia
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.77</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul of
    Hawaii,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.78</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul of Hawaii,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.79</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Idaho,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.80</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Idaho,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.81</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Illinois,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.82</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Illinois,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.83</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Indiana,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.84</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Indiana,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.85</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Iowa,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.86</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Iowa,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.87</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Kansas,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.88</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Kansas,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.89</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Kentucky
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.90</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Kentucky
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.91</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Louisiana
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.92</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Louisiana
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.93</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Maine,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.94</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Maine,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.95</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Maryland,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.96</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Maryland,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.97</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Massachusetts and Ohio,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.98</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Massachusetts and
    Ohio,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Michigan
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Michigan
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.101</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Minnesota
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.102</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Minnesota
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.103</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Mississippi
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.104</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Mississippi
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.105</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Company of
    Missouri
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.106</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Company of Missouri
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.107</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Montana,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.108</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Montana,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.109</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Nebraska
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.110</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Nebraska
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.111</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Nevada,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.112</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Nevada,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.113</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of New
    Hampshire,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of New Hampshire,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.115</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of New
    Jersey,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.116</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of New Jersey,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.117</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of New
    Mexico,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.118</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of New Mexico,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.119</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    New&nbsp;York,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.120</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of New&nbsp;York,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.121</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of North
    Carolina
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of North Carolina
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.123</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of North
    Dakota
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.124</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of North Dakota
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.125</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Oklahoma,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.126</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Oklahoma,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.127</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of Oregon
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.128</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Oregon
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.129</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Pennsylvania
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Pennsylvania
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.131</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of Rhode
    Island
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.132</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Rhode Island
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.133</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of South
    Carolina,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.134</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of South Carolina,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.135</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of South
    Dakota,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of South Dakota,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.137</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Tennessee
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.138</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Tennessee
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.139</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of Texas
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.140</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Texas
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.141</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Utah,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.142</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Utah,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.143</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Virginia
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.144</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Virginia
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.145</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Washington
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.146</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Washington
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.147</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of West
    Virginia
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.148</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of West Virginia
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.149</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Wisconsin,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.150</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Wisconsin,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.151</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Co. of
    Wyoming,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.152</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Co. of Wyoming,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.153</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Inspections,
    Ltd.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.154</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Inspections Ltd.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.155</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul
    Leasing&nbsp;&#38; Sales Co.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.156</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Leasing&nbsp;&#38; Sales Co.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.157</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Self- Storage
    Corporation
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.158</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Self-Storage Corporation
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.159</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of U-Haul Self- Storage
    Management (WPC),&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.160</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul Self-Storage Management
    (WPC),&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.161</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Web Team
    Associates,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.162</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Web Team Associates,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.163</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Articles of Incorporation of Yonkers Property
    Corporation
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.164</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of Yonkers Property Corporation
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Loan and Security Agreement among AMERCO and
    Wells Fargo Foothill,&nbsp;Inc. dated March&nbsp;1, 2004
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form&nbsp;8-K filed on March&nbsp;26, 2004,
    file no.&nbsp;1-11255.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Indenture, dated as of March&nbsp;1, 2004, among
    AMERCO, the subsidiary guarantors listed therein, and Wells
    Fargo Bank, N.A.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form&nbsp;8-K filed on March&nbsp;26, 2004,
    file no.&nbsp;1-11255.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Purchase Agreement dated as of March&nbsp;1,
    2004, among AMERCO and the Initial Purchasers of the Term B Notes
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form 8-K filed on March&nbsp;26, 2004, file
    no.&nbsp;1-11255.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Notation of Guaranty dated March&nbsp;15, 2004
    for the Term B Notes
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form 8-K filed on March&nbsp;26, 2004, file
    no.&nbsp;1-11255.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Registration Right Agreement, dated as of
    March&nbsp;15, 2004 among AMERCO and the Initial Purchasers of
    the Term B Notes
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form 8-K filed on March&nbsp;26, 2004, file
    no.&nbsp;1-11255.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Global Note dated March&nbsp;15, 2004 for
    the Term B Notes
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form 8-K filed on March&nbsp;26, 2004, file
    no.&nbsp;1-11255.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Indenture dated as of March&nbsp;15, 2004 among
    AMERCO, the subsidiary guarantors listed therein, and The Bank
    of New&nbsp;York
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form 8-K filed on March&nbsp;26, 2004, file
    no.&nbsp;1-11255.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Indenture dated as of March&nbsp;15, 2004 among
    SAC Holding Corporation and SAC Holding&nbsp;II Corporation and
    Law Debenture Trust Company of New&nbsp;York
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form 8-K filed on March&nbsp;26, 2004, file
    no.&nbsp;1-11255.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">SAC Participation and Subordination Agreement,
    dated as of March&nbsp;15, 2004 among SAC Holding Corporation,
    SAC Holding&nbsp;II Corporation, AMERCO, U-Haul
    International,&nbsp;Inc., and Law Debenture Trust Company of
    New&nbsp;York
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form 8-K filed on March&nbsp;26, 2004, file
    no.&nbsp;1-11255.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Intercreditor Agreement, dated as of
    March&nbsp;1, 2004, between Wells Fargo Bank, N.A. and Wells
    Fargo Foothill,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form 8-K filed on March&nbsp;26, 2004, file
    no.&nbsp;1-11255.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Rights Agreement, dated as of August&nbsp;7, 1998
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    June&nbsp;30, 1998, file no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Fixed Rate Note between SAC Holding Corporation
    and U-Haul International, Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Promissory Note between SAC Holding Corporation
    and U-Haul International,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amended and Restated Promissory Note between SAC
    Holding Corporation and U-Haul International,&nbsp;Inc. (in an
    aggregate principal amount up to $21,000,000)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amended and Restated Promissory Note between SAC
    Holding Corporation and U-Haul International,&nbsp;Inc. (in an
    aggregate principal amount up to $47,500,000)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amended and Restated Promissory Note between SAC
    Holding Corporation and U-Haul International,&nbsp;Inc. (in an
    aggregate principal amount up to $76,000,000)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion of Snell&nbsp;&#38; Wilmer L.L.P.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">AMERCO Employee Savings, Profit Sharing and
    Employee Stock Ownership Plan
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1993, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1A*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">First Amendment to the AMERCO Employee Savings,
    Profit Sharing and Employee Stock Ownership Plan
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 2000, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">U-Haul Dealership Contract
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1993, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

</TABLE>
</CENTER>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="44%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="42%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Share Repurchase and Registration Rights
    Agreement with Paul&nbsp;F. Shoen
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1993, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">ESOP Loan&nbsp;Credit Agreement
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1990, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">ESOP Loan Agreement
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1990, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Trust Agreement for the AMERCO Employee Savings,
    Profit Sharing and Employee Stock Ownership Plan
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1990, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amended Indemnification Agreement
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1990, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Indemnification Trust Agreement
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1990, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Promissory Notes between Four SAC Self- Storage
    Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1997, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.9A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amendment and Addendum to Promissory Note between
    Four SAC Self-Storage Corporation and Nationwide Commercial Co.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Three SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1997, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Four SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1997, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Agreement, dated October&nbsp;17, 1995, among
    AMERCO, Edward&nbsp;J. Shoen, James&nbsp;P. Shoen,
    Aubrey&nbsp;K. Johnson, John&nbsp;M. Dodds and William&nbsp;E.
    Carty
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 1995, file no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Directors&#146; Release, dated October&nbsp;17,
    1995, executed by Edward&nbsp;J. Shoen, James&nbsp;P. Shoen,
    Aubrey&nbsp;K. Johnson, John&nbsp;M. Dodds and William&nbsp;E.
    Carty in favor of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 1995, file no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">AMERCO Release, dated October&nbsp;17, 1995,
    executed by AMERCO in favor of Edward&nbsp;J. Shoen,
    James&nbsp;P. Shoen, Aubrey&nbsp;K. Johnson, John&nbsp;M. Dodds
    and William&nbsp;E. Carty
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 1995, file no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Five SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1999, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Eight SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1999, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Nine SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1999, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Ten SAC Self-Storage
    Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 1999, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Six-A SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 2000, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Six-B SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 2000, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Six-C SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 2000, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Eleven SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 2000, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Twelve SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Thirteen SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Fourteen SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Fifteen SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    December&nbsp;31, 2000, file no&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Sixteen SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    December&nbsp;31, 2000, file no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Seventeen SAC
    Self-Storage Corporation and a subsidiary of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 2001, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Eighteen SAC
    Self-Storage Corporation and U-Haul
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Nineteen SAC
    Self-Storage Limited Partnership and U- Haul
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Twenty SAC
    Self-Storage Corporation and U-Haul
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Twenty-One SAC
    Self-Storage Corporation and U-Haul
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Twenty-Two SAC
    Self-Storage Corporations and U-Haul
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="44%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="42%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Twenty-Three SAC
    Self-Storage Corporation and U-Haul
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Twenty-Four SAC
    Self-Storage Limited Partnership and U-Haul
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Twenty-Five SAC
    Self-Storage Limited Partnership and U-Haul
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.37</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Twenty-Six SAC
    Self-Storage Limited Partnership and U-Haul
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.38</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Management Agreement between Twenty-Seven SAC
    Self-Storage Limited Partnership and U-Haul
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.39</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Promissory Note between Four SAC Self- Storage
    Corporation and U-Haul International,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.39A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amendment and Addendum to Promissory Note between
    Four SAC Self-Storage Corporation and U-Haul
    International,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Promissory Note between Five SAC Self- Storage
    Corporation and Nationwide Commercial Co.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.41</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Promissory Note between Five SAC Self- Storage
    Corporation and Nationwide Commercial Co.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.41A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amendment and Addendum to Promissory Note between
    Five SAC Self-Storage Corporation and Nationwide Commercial Co.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Promissory Note between Five SAC Self- Storage
    Corporation and U-Haul International,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.43</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Promissory Note between SAC Holding Corporation
    and Oxford Life Insurance Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.43A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amendment and Addendum to Promissory Note between
    SAC Holding Corporation and Oxford Life Insurance Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Promissory Note between SAC Holding Corporation
    and U-Haul International,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Promissory Note between SAC Holding Corporation
    and U-Haul International,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.46</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Promissory Note between SAC Financial Corporation
    and U-Haul International,&nbsp;Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form 10-Q for the quarter ended
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.47</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">2003&nbsp;AMERCO Support Party Agreement for the
    benefit of GMAC Commercial Holding Capital Corp.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 2003, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="44%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="42%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page or Method of Filing</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.48</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">State of Arizona Department of Insurance Notice
    of Determination, Order for Supervision and Consent Thereto
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form 10-K for the year ended March&nbsp;31, 2003, file
    no.&nbsp;1-11255
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">12</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Ratio of earnings to fixed charges
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Subsidiaries of AMERCO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of BDO Seidman, LLP
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Snell&nbsp;&#38; Wilmer L.L.P.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Included at Exhibit&nbsp;5.1
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">24</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Power of Attorney
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Included on the signature pages hereto
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">25</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Statement of Eligibility under the Trust
    Indenture Act of 1939 on Form T-1 of Wells Fargo Bank, N.A.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Letter of Transmittal
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Notice of Guaranteed Delivery
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Letter to Clients
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Broker Dealer Letter
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Guidelines for Certification of Taxpayer
    Identification Number on Substitute Form W-9
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filed herewith
    </FONT></TD>
</TR>

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<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Indicates compensatory plan arrangement
    </FONT></TD>
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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>3
<FILENAME>p68936exv3w1.txt
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<PAGE>

                                                                     EXHIBIT 3.1

                CERTIFICATE OF RESTATED ARTICLES OF INCORPORATION
                                       OF
                                     AMERCO

         The undersigned, being the President and Secretary of AMERCO, a Nevada
corporation, do hereby certify as follows:

                  1.       That on November 5, 1996, the Directors of the
         corporation adopted and consented to the adoption of a resolution
         setting forth a proposed amendment to the Articles of Incorporation of
         the corporation, as hereinafter set forth, declaring the advisability
         thereof, and calling a meeting of the shareholders for the purpose of
         considering and voting upon the proposed amendments.

                  2.       Said resolution called for the following amendment to
         said Articles of Incorporation attached as Exhibit A hereto and by this
         reference incorporated herein.

                  3.       That on January 17, 1997, the shareholders of the
         corporation at a meeting, by vote of stockholders entitled to exercise
         at least two-thirds of the voting power of the corporation, adopted and
         consented to the adoption of a resolution setting forth the proposed
         amendment to the Articles of Incorporation as hereinabove set forth.

                  4.       That the Articles of Incorporation of AMERCO, are
         hereby amended as set forth above and the undersigned make this
         certificate pursuant to Sections 78.385 and 78.390 of the Nevada
         Revised Statutes.

                  5.       That the President and Secretary of AMERCO have been
         authorized to execute the Restated Articles of Incorporation of AMERCO
         by resolution of the Directors of the corporation adopted on November
         5, 1996.

                  6.       That the Restated Articles of Incorporation of
         AMERCO, pursuant to Section 78.403 of the Nevada Revised Statutes,
         correctly set forth the text of the Articles of Incorporation as
         amended to the date hereof.

Dated: January 23, 1997

AMERCO, a Nevada corporation

By: /s/ Edward J. Shoen                       By: /s/ Gary V. Klinefelter
    -----------------------------                 ------------------------------
    Edward J. Shoen                               Gary V. Klinefelter
    President                                     Secretary
<PAGE>

                                    RESTATED
                            ARTICLES OF INCORPORATION
                                       OF
                                     AMERCO

         The undersigned President and Secretary of AMERCO, in accordance with
Section 78.403 of the General Corporation Law of Nevada, restate the Articles of
Incorporation and to that end set forth that:

         1.       The name of the Corporation is AMERCO.

         2.       The name and address of the resident agent is The Corporation
Trust Company of Nevada, One First Street, Reno, Nevada 89501.

         3.       The nature of the business and the objects and purposes to be
transacted, promoted, or carried on by the Corporation are to engage in any
lawful act or activity for which corporations may be organized under the General
Corporation Law of Nevada including but not in any way limited to acting as a
holding company, and acquiring by purchase, merger, or otherwise, wholly or
partially owned subsidiary corporations.

         4.       The Corporation shall have all the general and specific powers
authorized for corporations in the General Corporation Law of Nevada as now or
hereafter in effect.

         5.       The total number of shares of common stock which this
corporation is authorized to issue is (i) One Hundred and Fifty Million
(150,000,000) shares of common stock with a par value of Twenty-five Cents
($0.25) per share ("Common Stock"), and (ii) One Hundred and Fifty Million
(150,000,000) shares of common stock ("Serial Common Stock"), with the Board of
Directors having authority to issue shares of Serial Common Stock in one or more
series (the number of shares of each series being determined by the Board of
Directors), with or without par value, and with such voting powers,
designations, preferences, limitations, restrictions, and relative rights as
shall be stated or expressed in the resolution regarding such Serial Common
Stock adopted by the Board of Directors pursuant to the authority expressly
vested in it by this provision of the Articles of Incorporation, or any
amendment thereto. For purposes of these Articles of Incorporation, the term
"common stock" includes Common Stock and Serial Common Stock.

         In addition to the common stock authorized to be issued by the
foregoing paragraph, this corporation is authorized to issue Fifty Million
(50,000,000) shares of Preferred Stock, with the Board of Directors having
authority to issue such shares in one or more series (the number of shares of
each series being determined by the Board of Directors), with or without par
value, and with such voting powers, designations, preferences limitations,
restrictions, and relative right as shall be stated or expressed in the
resolution regarding

<PAGE>

such preferred stock adopted by the Board of Directors pursuant to the authority
expressly vested in it by this provision of the Articles of Incorporation, or
any amendment thereto.

         6.       For the management of the business, and for the conduct of the
affairs of the Corporation, and for the further definition, limitation, and
regulation of the powers of the Corporation and its directors and stockholders,
it is further provided:

         A.       BOARD OF DIRECTORS. The Board of Directors shall consist of
         not less than 4 nor more than 8 directors, the exact number of
         directors to be determined from time to time solely by a resolution
         adopted by an affirmative vote of a majority of the entire Board of
         Directors. The directors shall be divided into four classes, designated
         Class I, Class II, Class 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. At the 1990 Annual Meeting of Stockholders, Class I
         directors shall be elected for a one-year term, Class II directors for
         a two-year term, Class III directors for a three-year term, and Class
         IV directors for a four-year term. At each succeeding annual meeting of
         stockholders, commencing in 1991, successors to the class of directors
         whose term expires at the annual meeting shall be elected or reelected
         for a four-year term.

                  If the number of directors is changed, any increase or
         decrease shall be apportioned among the classes of directors so as to
         maintain the number of directors in each class as nearly equal as
         possible, but in no case will a decrease in the number of directors
         shorten the term of any incumbent director. When the number of
         directors is increased by the Board of Directors and any newly created
         directorships are filled by the Board of Directors, there shall be no
         classification of the additional directors until the next annual
         meeting of stockholders.

                  A director shall hold office until the meeting for the year in
         which his or her term expires and until his or her successor shall be
         elected and shall qualify, subject however, to prior death,
         resignation, retirement, disqualification or removal from office.

                  Directors need not be stockholders. The names and addresses of
         the current members of the board of Directors are:

<TABLE>
<CAPTION>
    NAME                              ADDRESS
    ----                              -------
<S>                             <C>
Edward J. Shoen                 2727 N. Central Ave.
                                Phoenix, AZ 85004

Mark V. Shoen                   2727 N. Central Ave.
                                Phoenix, AZ 85004

James P. Shoen                  2727 N. Central Ave.
</TABLE>

<PAGE>

<TABLE>
<S>                             <C>
                                Phoenix, AZ 85004

Richard J. Herrera              2727 N. Central Ave.
                                Phoenix, AZ 85004

John M. Dodds                   2727 N. Central Ave.
                                Phoenix, AZ 85004

Charles J. Bayer                2727 N. Central Ave.
                                Phoenix, AZ 85004

W.E Carty                       2727 N. Central Ave.
                                Phoenix, AZ 85004

Aubrey K. Johnson               2727 N. Central Ave.
                                Phoenix, AZ 85004
</TABLE>

         B.       POWERS OF BOARD. In furtherance and not in limitation of the
         powers conferred by the laws of the State of Nevada, the Board of
         Directors is expressly authorized and empowered:

         (i)      To make, alter, amend, and repeal the By-Laws, subject to the
         power of the Stockholders to amend the By-laws, which power may be
         exercised only by the affirmative vote of two-thirds of all of the
         outstanding shares of common stock of the Corporation entitled to vote,
         which vote must be by ballot at a duly constituted meeting of the
         Stockholders, the notice of which meeting must include the proposed
         amendment. This Article 6.B(i) may be amended only by the affirmative
         vote of two-thirds of all of the outstanding shares of common stock of
         the Corporation entitled to vote, which vote must be by ballot at a
         duly constituted meeting of the stockholders, the notice of which
         meeting must include the proposed amendment.

         (ii)     Subject to the applicable provisions of the By-Laws then in
         effect, to determine, from time to time, whether and to what extent,
         and at what times and places, and under what conditions and
         regulations, the accounts and books of the Corporation, or any of them,
         shall be open to stockholder inspection. No stockholder shall have any
         right to inspect any of the accounts, books or documents of the
         Corporation, except as permitted by law, unless and until authorized to
         do so, by resolution of the Board of Directors or of the Stockholders
         of the Corporation;

         (iii)    To authorize and issue, without stockholder consent,
         obligations of the Corporation, secured and unsecured, under such terms
         and conditions as the Board, in its sole discretion, may determine, and
         to pledge or mortgage, as

<PAGE>

         security therefor, any real or personal property of the Corporation,
         including after-acquired property;

         (iv)     To determine whether any and, if so, what part, of the earned
         surplus of the Corporation shall be paid in dividends to the
         stockholders, and to direct and determine other use and disposition of
         any such earned surplus;

         (v)      To fix, from time to time, the amount of the profits of the
         Corporation to be reserved as working capital or for any other lawful
         purpose;

         (vi)     To establish bonus, profit-sharing, stock option, or other
         types of incentive compensation plans for the employees, including
         officers and directors, of the Corporation, and to fix the amount of
         profits to be shared or distributed, and to determine the persons to
         participate in any such plans and the amount of their respective
         participations;

         (vii)    To designate, by resolution or resolutions passed by a
         majority of the whole Board, one or more committees, each consisting of
         two or more directors, which, to the extend permitted by law and
         authorized by the resolution or the By-Laws, shall have and may
         exercise the powers of the Board;

         (viii)   To provide for the reasonable compensation of its own members
         by By-Laws, and to fix the terms and conditions upon which such
         compensation will be paid;

         (ix)     In addition to the powers and authority hereinbefore, or by
         statute, expressly conferred upon it, the Board of Directors may
         exercise all such powers and do all such acts and things as may be
         exercised or done by the Corporation, subject, nevertheless, to the
         provisions of the laws of the State of Nevada, of these Articles of
         Incorporation, and of the By-Laws of the Corporation.

         C.       A directors or officer of the corporation shall not be
         personally liable to this corporation or its stockholders for damages
         for beach of fiduciary duty as a director or officer, but this article
         shall not eliminate or limit the liability of a director or officer for
         (i) acts of omissions which involve intentional misconduct, fraud or a
         knowing violation of law or (ii) the unlawful payment of dividends. Any
         repeal or modification of this Article by the stockholders of the
         Corporation shall be prospective only, and shall not adversely affect
         any limitation on the personal liability of a director or officer of
         the corporation for acts or omissions prior to such repeal or
         modification.

         7.       [Intentionally Omitted as provided for in N.R.S. Section
         78.403(3)].

<PAGE>

         8.       Except as otherwise provided by the Board of Directors, no
holder of any shares of the stock of the Corporation shall have any preemptive
right to purchase, subscribe for, or otherwise acquire any shares of stock of
the Corporation of any class now or hereafter authorized, or any securities
exchangeable for or convertible into such shares, or any warrants or other
instruments evidencing rights or options to subscribe for, purchase or otherwise
acquire such shares.

         9.       No contract or other transaction between this Corporation and
any other Corporation shall be void or voidable because of the fact that any of
the directors of this Corporation are interested in, or are directors of, such
other Corporation, provided that the fact that he or such other Corporation is
so interested shall be disclosed or shall have been known to the Board of
Directors of this Corporation; and any director of the Corporation who is also a
director or officer of such other Corporation, or is so interested, may be
counted in determining the existence of a quorum at any meeting of the Board of
Directors of the Corporation which shall authorize such contract or transaction,
and may vote thereat to authorize any such contract or transaction, with like
force and effect as if he were not such director or officer of such other
corporation or not so interested.

         10.      The duration of this Corporation shall be perpetual.

         11.      The affirmative vote of the holders of two-thirds (2/3) of the
outstanding shares of common stock of this corporation entitled to vote shall be
required to approve, adopt or authorize:

         (A)      Any agreement for the merger, consolidation, amalgamation or
         combination of this corporation with or into any other corporation
         which is an Interested Stockholder (as hereafter defined);

         (B)      Any sale, lease, exchange or other disposition to or with this
         corporation of any assets of any Interested Stockholder;

         (C)      Any sale, lease, exchange or other disposition by this
         corporation of all or substantially all of the assets of this
         corporation to or with an Interested Stockholder;

         (D)      Any plan or proposal for liquidation or dissolution of this
         corporation if any Shareholder of this corporation is an Interested
         Stockholder; or

         (E)      Any reclassification of securities (including any reverse
         stock split) or recapitalization of this corporation which has the
         effect, directly or indirectly, of increasing the proportionate share
         of the outstanding shares of any class of stock or convertible
         securities of this corporation, directly or indirectly owned by an
         Interested Stockholder.

<PAGE>

         As used herein, Interested Stockholder shall mean any person, firm,
corporation or other entity which, as of the record date for the determination
of Shareholders entitled to notice of and to vote on any of the above
transactions, is the beneficial owner, directly or indirectly, of more than five
percent (5%) of any class of voting stock of this corporation. For the purposes
hereof, any person, firms, corporation or other entity shall be deemed to be the
beneficial owner of any shares of voting stock of this corporation which (i) it
has the right to acquire pursuant to any agreement or upon exercise of
conversion rights, warrants or options, or otherwise, or (ii) are owned,
directly or indirectly (including shares deemed owned through the application of
clause (i) above), by any other person, firm, corporation or other entity with
which it has any agreement, arrangement or understanding with respect to the
acquisition, holding, voting or disposition of stock of this corporation, or
which is its "affiliate" or "associate" as those terms are defined in the Rules
and Regulations under the Securities Exchange Act of 1934, as amended.

         The Board of Directors of this corporation shall have the power and
duly, by resolution adopted by the affirmative vote of a majority of the whole
Board of Directors, to determine (and such determination shall be conclusive)
for the purposes of this Article 11, on the basis of information known to it,
whether (i) any person, firm, corporation or other entity is the beneficial
owner, directly or indirectly, of more than five percent (5%) of any class of
voting stock of this corporation, (ii) any proposed sale, lease, exchange or
other disposition involves all or substantially all of the assets of this
corporation, or (iii) any person, firm, corporation or other entity has any
agreement, arrangement or understanding with respect to the acquisition,
holding, voting or disposition of stock of this corporation with any other
person, firm, corporation or other entity.

         Notwithstanding any other provision of these Articles of Incorporation,
the affirmative vote of the holders of two-thirds (2/3) of the outstanding
shares of common stock of this corporation entitled to vote shall be required to
amend, alter, change or repeal, or to adopt any provision inconsistent with,
this Article 11.

         The respective two-thirds voting requirements specified above for any
of the transactions referred to in any one or more of paragraphs A through E
above, or to amend, alter, change or repeal, or to adopt any provision
inconsistent with, this Article 11, shall not be applicable to a proposed action
which has been approved or recommended by majority of the Disinterested
Directors. As used herein, a "Disinterested Director" means (i) any Director of
the corporation who was a Director as of July 24, 1988, or (ii) was thereafter
elected by the Shareholders or appointed by the Board of Directors of this
corporation and was not at the time of such election or appointment associated
with or an affiliate of an Interested Stockholder directly or indirectly
involved in the transaction or proposal before the Board of Directors, or (iii)
a person designated, before his election or appointment as a Director, as a
Disinterested Director by a majority of Disinterested Directors then on the
Board.

<PAGE>

         12.      Stockholder action by written consent is prohibited. This
Article 12 may be amended only by the affirmative vote of two-thirds of all of
the outstanding shares of common stock of the Corporation entitled to vote,
which vote must be by ballot at a duly constituted meeting of the Stockholders,
the notice of which meeting must include the proposed amendment.

         In Witness Whereof, we have executed the foregoing Restated Articles of
Incorporation of AMERCO this 23rd day of January, 1997.

                                            /s/ Edward J. Shoen
                                            ------------------------------------
                                            Edward J. Shoen, President

                                            /s/ Gary V. Klinefelter
                                            ------------------------------------
                                            Gary V. Klinefelter, Secretary

<PAGE>

STATE OF ARIZONA         )
                         )      ss.
County of Maricopa       )

         The foregoing instrument was acknowledged before me this 23rd day of
January, 1997, by Edward J. Shoen, President of AMERCO, a Nevada corporation, on
behalf of the corporation.

                                                   /s/ Nancy Jo Beiley
                                                   -----------------------------
                                                   Notary Public

My commission expires:

5-22-99

STATE OF ARIZONA       )
                       )  ss.
County of Maricopa     )

         The foregoing instrument was acknowledged before me this 23rd day of
January, 1997, by Gary V. Klinefelter, Secretary of AMERCO, a Nevada
corporation, on behalf of the corporation.

                                                   /s/ Nancy Jo Beiley
                                                   -----------------------------
                                                   Notary Public

My commission expires:

5-22-99

<PAGE>

               THIS FORM SHOULD ACCOMPANY AMENDED AND/OR RESTATED
               ARTICLES OF INCORPORATION FOR A NEVADA CORPORATION

1.   Name of corporation: AMERCO

2.   Date of adoption of Amended and/or Restated Articles: January 17, 1997.

3.   If the articles were amended, please indicate what changes have been made:

     (a) Was there a name change? Yes [ ] No [XX]. If yes, what is the new name?

     ___________________________________________________________________________

     (b) Did you change your resident agent? Yes [ ] No [XX]. If yes, please
         indicate new address:

     ___________________________________________________________________________

     (c) Did you change the purposes? Yes [ ] No [XX]. Did you add Banking? [ ],
         Gaming? [ ], Insurance? [ ], None of these? [XX].

     (d) Did you change the capital stock? Yes [ ] No [XX]. If yes, what is the
         new capital stock?

     ___________________________________________________________________________

     (e) Did you change the directors? Yes [ ] No [XX]. If yes, indicate the
         change: _______________________________________________________________

     ___________________________________________________________________________

     (f) Did you add the directors liability provision? Yes [ ] No [XX].

     (g) Did you change the period of existence? Yes [ ] No [XX]. If yes, what
         is the new existence?

     ___________________________________________________________________________

     (h) If none of the above apply, and you have amended or modified the
         articles, how did you change your articles?  Deletion of provision
         requiring 2/3 shareholder approval to amend Article 6.A of the
         Articles.

                                        /s/ [ILLEGIBLE]
                                        ----------------------------------------
                                               Name and Title of Officer

                                        Gary V. Klinefelter, Secretary 1/23/97
                                        ----------------------------------------
                                                         Date

STATE OF Arizona    )
                    )     ss.
COUNTY OF Maricopa  )

On January 23, 1997 personally appeared before me, a Notary Public, Gary V.
Klinefelter, who acknowledged that he/she executed the above document.

                                        /s/ Nancy Jo Beiley
                                        ----------------------------------------
                                                      Notary Public
<PAGE>

               CERTIFICATE OF DESIGNATION, PREFERENCES AND RIGHTS
                OF SERIES C JUNIOR PARTICIPATING PREFERRED STOCK

                                       OF

                                     AMERCO

                  Pursuant to Section 78.1955 of the General Corporation Law of
the State of Nevada, AMERCO (the "Company"), a corporation organized and
existing under the General Corporation Law of the State of Nevada, in accordance
with the provisions of Sections 78.035 and 78.195 thereof, DOES HEREBY CERTIFY:

                  That pursuant to the authority conferred upon the Board of
Directors by the Restated Articles of Incorporation of the Company, the said
Board of Directors on July 13, 1998, adopted the following resolution amending
and restating that certain Certificate of Designation of Series C Preferred
Stock, and creating a series of Three Million (3,000,000) shares of Preferred
Stock designated as Series C Junior Participating Preferred Stock:

                  RESOLVED, that pursuant to the authority vested in the Board
of directors in accordance with the provisions of its Restated Articles of
Incorporation that certain Certificate of Designation of Series C Preferred
Stock be and it hereby is amended and restated and that the designation and
amount thereof and the powers, preferences and relative, participating, optional
and other special rights of the shares of such series, and the qualifications,
limitations or restrictions thereof are as follows:

                  Section 1. Designation and Amount.

                  There shall be a series of the Preferred Stock which shall be
designated as the "Series C Junior Participating Preferred Stock," no par value,
and the number of shares constituting such series shall be 3,000,000. Such
number of shares may be increased or decreased by resolution of the Board of
Directors; provided, that no decrease shall reduce the number of shares of
Series C Junior Participating Preferred Stock to number less than that of the
shares than outstanding plus the number of shares issuable upon exercise of
outstanding rights, options or warrants or upon conversion of outstanding
securities issued by the Company.

                                       1

<PAGE>

                  Section 2. Dividends and Distributions.

                  (A)      Subject to the rights of the holders of any shares of
any series of preferred stock of the Company ranking prior and superior to the
Series C Junior Participating Preferred Stock with respect to dividends, the
holders of shares of Series C Junior Participating Preferred Stock, in
preference to the holders of shares of Common Stock, par value $0.25 per share,
and shares of Serial Common Stock, par value $0.25, of the Company (the "Common
Stock"), and of any other junior stock, shall be entitled to receive, when, as
and if declared by the Board of Directors out of funds legally available for the
purpose, quarterly dividends payable in cash on any regular quarterly dividend
payment date as shall be established by the Board of Directors (each such date
being referred to herein as a "Quarterly Dividend Payment Date"), commencing on
the first Quarterly Dividend Payment Date after the first issuance of a share or
fraction of a share of Series C Junior Participating Preferred Stock, in an
amount per share (rounded to the nearest cent) equal to the greater of (a) $1.00
or (b) subject to the provision for adjustment hereinafter set forth, 100 times
the aggregate per share amount of all cash dividends, and 100 times the
aggregate per share amount (payable in kind) of all non-cash dividends or other
distributions, other than a dividend payable in shares of Common Stock or a
subdivision of the outstanding shares of Common Stock (by reclassification or
otherwise), declared on the Common Stock since the immediately preceding
Quarterly Dividend Payment Date or, with respect to the first Quarterly Dividend
Payment Date, since the first issuance of any share or fraction of a share of
Series C Junior Participating Preferred Stock. In the event the Company shall at
any time after July 13,1998 (the "Rights Declaration Date") declare or pay any
dividend on the Common Stock payable in shares of Common Stock, or effect a
subdivision or combination or consolidation of the outstanding shares of Common
Stock (by reclassification or otherwise than by payment of a dividend in shares
of Common Stock) into a greater or lesser number of shares of Common Stock, then
in each such case the amount to which holders of shares of Series C Junior
Participating Preferred Stock were entitled immediately prior to such event
under clause (b) of the preceding sentence shall be adjusted by multiplying such
amount by a fraction, the numerator of which is the number of shares of Common
Stock outstanding immediately after such event and the denominator of which is
the number of shares of Common Stock that were outstanding immediately prior to
such event.

                  (B)      The Company shall declare a dividend or distribution
on the Series C Preferred Stock as provided in paragraph (A) of this Section
immediately after it declares a dividend or distribution on the Common Stock
(other than a dividend payable in shares of Common Stock); provided that, in the
event no dividend or distribution shall have been declared on the Common Stock
during the period between any Quarterly Dividend Payment Date and the next
subsequent Quarterly Dividend Payment Date, a dividend of $1.00 per share on the
Series C Junior Participating Preferred Stock shall nevertheless be payable on
such subsequent Quarterly Dividend Payment Date.

                  (C)      Dividends shall begin to accrue and be cumulative on
outstanding shares of Series C Junior Participating Preferred Stock from the
Quarterly Dividend Payment Date next preceding the date of issue of such shares,
unless the date of issue of such shares is prior to the record date for the
first Quarterly Dividend Payment Date, in which case dividends on such shares
shall begin to accrue from the date of issue of such shares, or unless the date
of issue is a Quarterly Dividend Payment Date or is a date after the record date
for the determination of holders of shares of Series C Junior Participating
Preferred Stock entitled to receive a quarterly dividend and before such
Quarterly Dividend Payment Date, in either of which events such dividends shall
begin to accrue and be cumulative from such Quarterly Dividend Payment Date.
Accrued but unpaid dividends shall not bear interest. Dividends paid on the
shares of Series C Junior Participating Preferred Stock in an amount less than
the total amount of such dividends at the time accrued and payable on such
shares shall be allocated pro rata on a share-by-share basis

                                       2

<PAGE>

among all such shares at the time outstanding. The Board of Directors may, in
accordance with applicable law, fix a record date for the determination of
holders of shares of Series C Junior Participating Preferred Stock entitled to
receive payment of a dividend or distribution declared thereon, which record
date shall be not more than such number of days prior to the date fixed for the
payment thereof as may be allowed by applicable law.

                  Section 3. Voting Rights.

                  The holders of shares of Series C Junior Participating
Preferred Stock shall have the following voting rights:

                  (A)      Each share of Series C Junior Participating Preferred
Stock shall entitle the holder thereof to 100 votes on all matters submitted to
a vote of the stockholders of the Company. In the event the Company shall at any
time after the Rights Declaration Date declare or pay any dividend on the Common
Stock payable in shares of Common Stock, or effect a subdivision or combination
or consolidation of the outstanding shares of Common Stock (by reclassification
or otherwise than by payment of a dividend in shares of Common Stock) into a
greater or lesser number of shares of Common Stock, then in each such case the
number of votes to which holders of shares of Series C Junior Participating
Preferred Stock were entitled immediately prior to such event under the
preceding sentence shall be adjusted by multiplying such amount by a fraction,
the numerator of which is the number of shares of Common Stock outstanding
immediately after such event and the denominator of which is the number of
shares of Common Stock that were outstanding immediately prior to such event.

                  (B)      Except as otherwise provided herein, in the Company's
Restated Articles of Incorporation or by law, the holders of shares of Series C
Junior Participating Preferred Stock, the holders of shares of Common Stock, and
the holders of shares of any other capital stock of the Company having general
voting rights, shall vote together as one class on all matters submitted to a
vote of stockholders of the Company.

                  (C)      Except as otherwise set forth herein or in the
Company's Restated Articles of Incorporation, and except as otherwise provided
by law, holders of Series C Junior Participating Preferred Stock shall have no
special voting rights and their consent shall not be required (except to the
extent they are entitled to vote with holders of Common Stock as set forth
herein) for taking any corporate action.

                  Section 4. Certain Restrictions.

                  (A)      Whenever dividends or distributions payable on the
Series C Junior Participating Preferred Stock as provided in Section 2 are in
arrears, thereafter and until all accrued and unpaid dividends and
distributions, whether or not declared, on shares of Series C Junior
Participating Preferred Stock outstanding shall have been paid in full, the
Company shall not:

                           (i)      declare or pay dividends on, make any other
         distributions on, or redeem or purchase or otherwise acquire for
         consideration any shares of stock ranking junior (either as to
         dividends or upon liquidation, dissolution or winding up) to the Series
         C Junior Participating Preferred Stock;

                           (ii)     declare or pay dividends on or make any
         other distributions on any shares of stock ranking on a parity (either
         as to dividends or upon Equidation, dissolution or winding up) with the
         Series C Junior Participating Preferred Stock, except dividends paid
         ratably on the Series C Junior Participating Preferred stock and all
         such parity stock

                                        3



<PAGE>

         on which dividends are payable or in arrears in proportion to the total
         amounts to which the holders of all such shares are then entitled;

                           (iii)    except as permitted in Section 4(A)(iv)
         below, redeem or purchase or otherwise acquire for consideration shares
         of any stock ranking on a parity (either as to dividends or upon
         liquidation, dissolution or winding up)with the Series C Junior
         Participating Preferred Stock, provided that the Company may at any
         time redeem, purchase or otherwise acquire shares of any such parity
         stock in exchange for shares of any stock of the Company ranking junior
         (either as to dividends or upon dissolution, liquidation or winding up)
         to the Series C Junior Participating Preferred Stock; and

                           (iv)     purchase or otherwise acquire for
         consideration any shares of Series C Junior Participating Preferred
         Stock, or any shares of stock ranking on a parity with the Series C
         Junior Participating Preferred Stock, except in accordance with a
         purchase offer made in writing or by publication (as determined by the
         Board of Directors) to all holders of such shares upon such terms as
         the Board of Directors, after consideration of the respective annual
         dividend rates and other relative rights and preference of the
         respective series and classes, shall determine in good faith will
         result in fair and equitable treatment among the respective series or
         classes.

                  (B)      The Company shall not permit any subsidiary of the
Company to purchase or otherwise acquire for consideration any shares of stock
of the Company unless the Company could, under paragraph (A) of this Section 4,
purchase or otherwise acquire such shares at such time and in such manner.

                  Section 5. Reacquired Shares.

                  Any shares of Series C Junior Participating Preferred Stock
 purchased or otherwise acquired by the Company in any manner whatsoever shall
 be retired and canceled promptly after the acquisition thereof. The Company
 shall cause all such shares upon their cancellation to be authorized but
 unissued shares of Preferred Stock which may be reissued as part of a new
 series of Preferred Stock, subject to the conditions and restrictions on
 issuance set forth herein.

                  Section 6. Liquidation, Dissolution or Winding Up.

                  (A)      Subject to the rights of the holders of any shares of
any series of Preferred Stock of the Company ranking prior and superior to the
Series C Junior Participating Preferred Stock with respect to liquidation, upon
any liquidation (voluntary or otherwise ), dissolution or winding up of the
Company, no distribution shall be made to the holders of shares of stock ranking
junior (either as to dividends or upon liquidation, dissolution or winding up)
to the Series C Junior Participating Preferred Stock unless, prior thereto, the
holders of shares of Series C Junior Participating Preferred Stock shall have
received $100.00 per share, plus an amount equal to accrued and unpaid dividends
and distribution thereon, whether or not declared, to the date of
such payment (the "Series C Liquidation Preference"). Following the payment of
the full amount of the Series C Liquidation Preference, no additional
distributions shall be made to the holders of shares of Series C Junior
Participating Preferred Stock, unless, prior thereto, the holders of shares of
Common Stock shall have received an amount per share (the "Common Adjustment")
equal to the quotient obtained by dividing (i) the Series C Liquidation
Preference by (ii) 100 (as appropriately adjusted as set forth in subparagraph C
below to reflect such events as stock dividends, and subdivisions, combinations
and consolidations with respect to the Common Stock) (such number in clause (ii)
being referred to as the "Adjustment Number"). Following the payment of the full
amount of the Series C Liquidation Preference and the Common Adjustment

                                       4

<PAGE>
in respect of all outstanding shares of Series C Junior Participating Preferred
Stock and Common Stock, respectively, holders of Series C Junior  Participating
Preferred Stock and  holders of shares of Common Stock shall receive their
ratable and proportionate share of the remaining assets to be distributed in the
ratio of the Adjustment Number to 1 with respect to such Series C Junior
Participating Preferred Stock and Common Stock, on a per share basis,
respectively.

                  (B)      In the event there are not sufficient assets
available to permit payment in full of the Series C Liquidation Preference and
the liquidation preference of all other Series of Preferred Stock, if any, which
rank on a parity with the Series C Junior Participating Preferred Stock, then
such remaining assets shall be distributed ratably to the holders of such parity
shares in proportion to their respective liquidation Preferences. In the event
there are not sufficient assets available to permit payment in full of the
Common Adjustment, then such remaining assets shall be distributed ratably to
the holders of Common Stock.

                  (C)      In the event the company shall at any time after the
rights Declaration Date declare or pay any dividend on Common Stock payable in
shares of Common Stock, or effect a subdivision or combination or consolidation
of the outstanding shares of Common Stock (by reclassification or otherwise than
by payment of a dividend in of Common Stock) into a greater or lesser number of
shares of Common Stock, then in each such case the Adjustment Number in effect
immediately prior to such event shall be adjusted by multiplying such Adjustment
Number by a fraction the numerator of which is the number of shares of Common
Stock outstanding immediately after such event and the denominator of which is
the number of shares of Common Stock that were outstanding immediately prior to
such event.

                  Section 7. Consolidation Merger, etc.

                  In case the company shall enter into any consolidation merger,
 combination or other transaction in which the shares of Common Stock are
 exchanged for or changed into other Stock or securities, cash and/or any other
 Property, then in any such case the shares of Series C Junior Participating
 Preferred Stock shall at the same time be similarly exchanged or changed an
 amount per share (subject to the provision for adjustment hereinafter set
 forth) equal to 100 times the aggregate amount of Stock, securities, cash
 and/or any other property (payable in kind), as the case may be, into which or
 for which each share of Common Stock is changed or exchanged. In the event the
 Company shall at any time after the Rights Declaration Date Declare or pay any
 dividend on Common Stock payable in shares of Common Stock, or effect a
 subdivision or combination or consolidation of the outstanding shares of Common
 Stock (by reclassification or otherwise than by payment of dividend in shares
 of Common Stock) into a greater of lesser number of shares of Common Stock,
 then in each such case the amount set forth in the preceding sentence with
 respect to the exchange or change of shares of Series C Junior  Participating
 Preferred Stock shall be adjusted by multiplying such amount by a fraction the
 numerator of which is the number of shares of Common Stock outstanding
 immediately after such event and the denominator of which is the number of
 shares of Common Stock that are outstanding immediately prior to such event.

                  Section 8. Redemption.

                  The shares of Series C Junior Participating Preferred Stock
shall not be redeemable.

                  Section 9. Ranking.

                  The Series C Junior Participating Preferred Stock shall rank
Junior to all other Series of the Company's Preferred Stock as to the payment of
dividends and the distribution of

                                       5

<PAGE>

assets, unless the terms of any such series shall provide otherwise.

                  Section 10. Fractional Shares.

                  Series C Junior Participating Preferred Stock may be issued in
fractions of a share which shall entitle the holder, in proportion to such
holder's fractional shares, to exercise voting rights, receive dividends,
participate in distributions and to have the benefit of all other rights of
holders of Series C Junior Participating Preferred Stock."

                  Pursuant to Section 78.1955(4) of the General Corporation Law
of the State of Nevada, (a) attached is the original designation,(b) no shares
of Series C Junior Participating Preferred Stock have been issued, and (c) set
forth above is the amended and restated designation of the series, the number of
the series, and the voting powers, designations, preferences, limitations,
restrictions and relative rights of the series.

                  IN WITNESS WHEREOF, we have executed and subscribed this
Certificate and do affirm the foregoing as true under the penalties of perjury
this 4th day of August, 1998.

                                                BY: /s/ Edward J. Shoen
                                                   ------------------------
                                                   Name: Edward J. Shoen
                                                   Title: President
Attest

By: /s/ Gary V. Klinefelter
    -----------------------
Name: Gary V. Klinefelter
Title: Secretary

State of Arizona      )
                      )       SS
County of Maricopa    )

                This instrument was acknowledged before me on 8-4-98 (date) by
Edward J. Shoen and Gary V. Klinefelter as President and Secretary of AMERCO.

                                                /s/ [ILLEGIBLE]
                                                ------------------------------
                                                Notary

                                       6
<PAGE>

           IMPORTANT READ ATTACHED INSTRUCTION BEFORE COMPLETING FORM

                           CERTIFICATE OF CORRECTION
            (PURSUANT TO NRS 78, 80, 81, 82, 86, 87, 88, 88A AND 89)
                             - REMIT IN DUPLICATE -

1. The name of the entity for which correction is being made:

   AMERCO

2. Description of the original document for which correction is being made:

   Restated Articles of Incorporation

3. Filling date of the original document 2/21/97.

4. Description of the inaccuracy or defect.

   See Exhibit A.

5. Correction of the inaccuracy or defect.

   AMERCO is filing herewith Amended & Restated Articles of Incorporation to
   properly reference the terms of its Series A Common Stock, Series A Common
   Stock, Series A Preferred Stock and Series A Preferred Stock.

6. Signature:

/s/ [ILLEGIBLE]                          SECRETARY                  8/31/2001
- -----------------------              -----------------          ----------------
Authorized Signature                       Title*                      Date

*If entity is a Corporation, it must be signed by an Officer; a
Limited-Liability Company, by a manager or managing members; a Limited
Partnership, by a General Partner; a Limited-Liability Partnership, by a
Managing Partner; a Business Trust, by a Trustee.

IMPORTANT: Failure to include any of the above information and remit the proper
fees may cause this filing to be rejected.
<PAGE>

                            CERTIFICATE OF CORRECTION

                                     AMERCO

                                    EXHIBIT A

Response to Item 4.

         On February 21, 1997, AMERCO filed Amended and Restated Articles of
Incorporation which inadvertently failed to reference the terms of its Series A
Common Stock (see Certificate of Designation filed February 4, 1994), Series B
Common Stock (see Certificate of Designation filed August 29, 1996), Series A
Preferred Stock (see Certificate of Designation filed October 15, 1993) and
Series B Preferred Stock (see Certificate of Designation filed August 29, 1996).

<PAGE>

                                    RESTATED
                            ARTICLES OF INCORPORATION
                                       OF
                                     AMERCO

         The undersigned President and Secretary of AMERCO, in accordance with
Section 78.403 of the General Corporation Law of Nevada, restate the Articles of
Incorporation and to that end set forth that:

         1.       The name of the Corporation is AMERCO.

         2.       The name and address of the resident agent is The Corporation
Trust Company of Nevada, One First Street, Reno, Nevada 89501.

         3.       The nature of the business and the objects and purposes to be
transacted, promoted, or carried on by the Corporation are to engage in any
lawful act or activity for which corporations may be organized under the General
Corporation Law of Nevada including but not in any way limited to acting as
holding company, and acquiring by purchase, merger, or otherwise, wholly or
partially owned subsidiary corporations.

         4.       The Corporation shall have all the general and specific powers
authorized for corporations in the General Corporation Law of Nevada as now or
hereafter in effect.

         5.       The total number of shares of common stock which this
corporation is authorized to issue is (i) One Hundred and Fifty Million
(150,000,000) shares of common stock with a par value of Twenty-five Cents
($0.25) per share ("Common Stock"), and (ii) One Hundred and Fifty Million
(150,000,000) shares of common stock ("Serial Common Stock"), with the Board of
Directors having authority to issue shares of Serial Common Stock in one or more
[ILLEGIBLE] the number of shares of each series being determined by the Board of
Directors), with or without par value, and with such voting powers,
designations, preferences, limitations, restrictions, and relative rights as
shall be stated or expressed in the resolution regarding such Serial Common
Stock adopted by the Board of Directors pursuant to the authority expressly
vested in it by this provision of the Articles of Incorporation, or any
amendment thereto. For purposes of these Articles of Incorporation, the term
"common stock" includes Common Stock and Serial Common Stock. The voting powers,
designations, preferences, limitations, restrictions, and relative rights of the
Series A Common Stock are described on Exhibit A attached hereto. The voting
powers, designations, preferences, limitations, restrictions, and relative
rights of the Series B Common Stock arc described on Exhibit B attached hereto.

         In addition to the common stock authorized to be issued by the
foregoing paragraph, this corporation is authorized to issue Fifty Million
(50,000,000) shares of Preferred Stock with the Board of Directors having
authority to issue such shares in one or more series (the number of shares of
each series being determined by the Board of Directors), with or without par
value, and with such voting powers, designations, preferences limitations,
restrictions, and relative right as shall be stated or expressed in the
resolution regarding such preferred stock adopted by the Board of Directors
pursuant to the authority expressly vested in it by this provision of the
Articles of

<PAGE>

Incorporation, or any amendment thereto. The voting powers, designations,
preferences, limitations, restrictions, and relative rights of the Series A
Preferred Stock are described on Exhibit C attached hereto. The voting powers,
designations, preferences, limitations, restrictions, and relative rights of the
Series B Preferred Stock are described on Exhibit D attached hereto.

         6.       For the management of the business, and for the conduct of the
affairs of the Corporation, and for the further definition, limitation, and
regulation of the powers of the Corporation and its directors and stockholders,
it is further provided:

         A.       BOARD OF DIRECTORS. The Board of Directors shall consist of
         not less than 4 nor more than 8 directors, the exact number of
         directors to be determined from time to time solely by a resolution
         adopted by an affirmative vote of a majority of the entire Board of
         Directors. The directors shall be divided into four classes, designated
         Class I, Class II, Class 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. At the 1990 Annual Meeting of Stockholders, Class I
         directors shall be elected for a one-year term, Class II directors for
         a two-year term, Class III directors for a three-year term, and Class
         IV directors for a four-year term. At each succeeding annual meeting of
         stockholders, commencing in 1991, successors to the class of directors
         whose term expires at the annual meeting shall be elected or reelected
         for a four-year term.

                  If the number of directors is changed, any increase or
         decrease shall be apportioned among the classes of directors so as to
         maintain the number of directors in each class as nearly equal as
         possible, but in no case will a decrease in the number of directors
         shorten the term of any incumbent director. When the number of
         directors is increased by the Board of Directors and any newly created
         directorships are filled by the Board of Directors, there shall be no
         classification of the additional directors until the next annual
         meeting of stockholders.

                  A director shall hold office until the meeting for the year in
         which his or her term expires and until his or her successor shall be
         elected and shall qualify, subject, however, to prior death,
         resignation, retirement, disqualification or removal from office.

                  Directors need not be stockholders. The names and addresses of
         the current members of the board of Directors are:

     NAME                                            ADDRESS
     ----                                            -------

Edward J. Shoen                                 2727 N. Central Ave.
                                                Phoenix, AZ 85004

Mark V. Shoen                                   2727 N. Central Ave.
                                                Phoenix, AZ 85004

<PAGE>

                  James P. Shoen                          2727 N. Central Ave.
                                                          Phoenix, AZ 85004

                  Richard J. Herrera                      2727 N. Central Ave.
                                                          Phoenix, AZ 85004

                  John M. Dodds                           2727 N. Central Ave.
                                                          Phoenix, AZ 85004

                  Charles J. Bayer                        2727 N. Central Ave.
                                                          Phoenix, AZ 85004

                  W.E. Carty                              2727 N. Central Ave.
                                                          Phoenix, AZ 85004

                  Aubrey K. Johnson                       2727 N. Central Ave.
                                                          Phoenix, AZ 85004

         B.       POWERS OF BOARD. In furtherance and not in limitation of the
         powers conferred by the laws of the State of Nevada, the Board of
         Directors is expressly authorized and empowered:

         (i)      To make, alter, amend, and repeal the By-Laws, subject to the
         power of the Stockholders to amend the By-laws, which power may be
         exercised only by the affirmative vote of two-thirds of all of the
         outstanding shares of common stock of the Corporation entitled to vote,
         which vote must be by ballot at a duly constituted meeting of the
         Stockholders, the notice of which meeting must include the proposed
         amendment. This Article 6.B(i) may be amended only by the affirmative
         vote of two-thirds of all of the outstanding shares of common stock of
         the Corporation entitled to vote, which vote must be by ballot at a
         duly constituted meeting of the stockholders, the notice of which
         meeting must include the proposed amendment.

         (ii)     Subject to the applicable provisions of the By-Laws then in
         effect, to determine, from time to time, whether and to what extent,
         and at what times and places, and under what conditions and
         regulations, the accounts and books of the Corporation, or any of them,
         shall be open to stockholder inspection. No stockholder shall have any
         right to inspect any of the accounts, books or documents of the
         Corporation, except as permitted by law, unless and until authorized to
         do so by resolution of the Board of Directors or of the Stockholders of
         the Corporation;

         (iii)    To authorize and issue, without stockholder consent,
         obligations of the Corporation, secured and unsecured, under such terms
         and conditions as the Board, in its sole discretion, may determine, and
         to pledge or mortgage, as

<PAGE>

         security therefor, any real or personal property of the Corporation,
         including after-acquired property;

         (iv)     To determine whether any and, if so, what part, of the earned
         surplus of the Corporation shall be paid in dividends to the
         stockholders, and to direct and determine other use and disposition of
         any such earned surplus;

         (v)      To fix, from time to time, the amount of the profits of the
         Corporation to be reserved as working capital or for any other lawful
         purpose;

         (vi)     To establish bonus, profit-sharing, stock option, or other
         types of incentive compensation plans for the employees, including
         officers and directors, of the Corporation, and to fix the amount of
         profits to be shared or distributed, and to determine the persons to
         participate in any such plans and the amount of their respective
         participations:

         (vii)    To designate, by resolution or resolutions passed by a
         majority of the whole Board, one or more committees, each consisting or
         two or more directors, which, to the extend permitted by law and
         authorized by the resolution or the By-Laws, shall have and may
         exercise the powers of the Board;

         (viii)   To provide for the reasonable compensation of its own members
         by By-Laws, and to fix the terms and conditions upon which such
         compensation will be paid;

         (ix)     In addition to the powers and authority hereinbefore, or by
         statute, expressly conferred upon it, the Board of Directors may
         exercise all such powers and do all such acts and things as may be
         exercised or done by the Corporation, subject, nevertheless, to the
         provisions of the laws of the State of Nevada, of these Articles of
         Incorporation, and of the By-Laws of the Corporation.

         C.       A directors or officer of the corporation shall not be
         personally liable to this corporation or its stockholders for damages
         for beach of fiduciary duty as a director or officer, but this article
         shall not eliminate or limit the liability of a director or officer for
         (i) acts of omissions which involve intentional misconduct, fraud or a
         knowing violation of law or (ii) the unlawful payment of dividends. Any
         repeal or modification of this Article by the stockholders of the
         Corporation shall be prospective only, and shall not adversely affect
         any limitation on the personal liability of a director or officer of
         the corporation for acts or omissions prior to such repeal or
         modification.

         7.       [Intentionally Omitted as provided for in N.R.S. Section
78.403(3)].

         8.       Except as otherwise provided by the Board of Directors, no
holder of any shares of the stock of the Corporation shall have any preemptive
right to purchase, subscribe for, or otherwise acquire any shares of stock of
the Corporation of any class now or hereafter authorized, or any securities
exchangeable for or convertible into such shares, or any warrants or

<PAGE>

other instruments evidencing rights or options to subscribe for, purchase or
otherwise acquire such shares.

         9.       [ILLEGIBLE] or other transaction between this Corporation and
any other Corporation shall be void or voidable because of the fact that any of
the directors of this Corporation are interested in, or are directors of, such
other Corporation, provided that the fact that he or such other Corporation is
so interested shall be disclosed or shall have been known to the Board of
Directors of this Corporation; and any director of the Corporation who is also a
director or officer of such other Corporation, or is so interested, may be
counted in determining the existence of a quorum at any meeting of the Board of
Directors of the Corporation which shall authorize such contract or transaction,
and may vote thereat to authorize any such contract or transaction, with like
force and effect as if he were not such director or officer of such other
corporation or not so interested.

         10.      The duration of this Corporation shall be perpetual.

         11.      The affirmative vote of the holders of two-thirds (2/3) of the
outstanding shares of common stock of this corporation entitled to vote shall be
required to approve, adopt or authorize:

         (A)      Any agreement for the merger, consolidation, amalgamation or
         combination of this corporation with or into any other corporation
         which is an Interested Stockholder (as hereafter defined);

         (B)      Any sale, lease, exchange or other disposition to or with this
         corporation of any assets of any Interested Stockholder;

         (C)      Any sale, lease, exchange or other disposition by this
         corporation of all or substantially all of the assets of this
         corporation to or with an Interested Stockholder;

         (D)      Any plan or proposal for liquidation or dissolution of this
         corporation if any Shareholder of this corporation is an Interested
         Stockholder; or

         (E)      Any reclassification of securities (including any reverse
         stock split) or recapitalization of this corporation which has the
         effect, directly or indirectly, of increasing the proportionate share
         of the outstanding shares of any class of stock or convertible
         securities of this corporation, directly or indirectly owned by an
         Interested Stockholder.

         As used herein, Interested Stockholder shall mean any person, firm,
corporation or other entity which, as of the record date for the determination
of Shareholders entitled to notice of and to vote on any of the above
transactions, is the beneficial owner, directly or indirectly, of more than five
percent (5%) of any class of voting stock of this corporation. For the purposes
hereof, any person, firms, corporation or other entity shall be deemed to be the
beneficial owner of any shares of voting stock of this corporation which (i) it
has the right to acquire pursuant to any

<PAGE>

agreement or upon exercise of conversion rights, warrants or options, or
otherwise, or (ii) are owned, directly or indirectly (including shares deemed
owned through the application of clause (i) above), by any other person, firm,
corporation or other entity with which it has any agreement, arrangement or
understanding with respect to the acquisition, holding, voting or disposition of
stock of this corporation, or which is its "affiliate" or "associate" as those
terms are defined in the Rules and Regulations under the Securities Exchange
Act of 1934, as amended.

         The Board of Directors of this corporation shall have the power and
duty, by resolution adopted by the affirmative vote of a majority of the whole
Board of Directors, to determine (and such determination shall be conclusive)
for the purposes of this Article 11, on the basis of information known to it,
whether (i) any person, firm, corporation or other entity is the beneficial
owner, directly or indirectly, of more than five percent (5%) of any class of
voting stock of this corporation, (ii) any proposed sale, lease, exchange or
other disposition involves all or substantially all of the assets of this
corporation, or (iii) any person, firm, corporation or other entity has any
agreement, arrangement or understanding with respect to the acquisition,
holding, voting or disposition of stock of this corporation with any other
person, firm, corporation or other entity.

         Notwithstanding any other provision of these Articles of Incorporation,
the affirmative vote of the holders of two-thirds (2/3) of the outstanding
shares of common stock of this corporation entitled to vote shall be required to
amend, alter, change or repeal, or to adopt any provision inconsistent with,
this Article 11.

         The respective two-thirds voting requirements specified above for any
of the transactions referred to in any one or more of paragraphs A through
E above, or to amend, alter, change or repeal, or to adopt any provision
inconsistent with, this Article 11, shall not be applicable to a proposed
action which has been approved or recommended by majority of the Disinterested
Directors. As used herein, a "Disinterested Director" means (i) any Director of
the corporation who was a Director as of July 24, 1988, or (ii) was thereafter
elected by the Shareholders or appointed by the Board of Directors of this
corporation and was not at the time of such election or appointment associated
with or an affiliate of an Interested Stockholder directly or indirectly
involved in the transaction or proposal before the Board of Directors, or (iii)
a person designated, before his election or appointment as a Director, as a
Disinterested Director by a majority of Disinterested Directors then on the
Board.

<PAGE>

         12.      Stockholder action by written consent is prohibited. This
Article 12 may be amended only by the affirmative vote of two-thirds of all of
the outstanding shares of common stock of the Corporation entitled to vote,
which vote must be by ballot at a duly constituted meeting of the Stockholders,
the notice of which meeting must include the proposed amendment.

         In Witness Whereof, we have executed the foregoing Restated Articles of
Incorporation of AMERCO this 23rd day of January, 1997.

                                                /s/ Edward J. Shoen
                                                -----------------------------
                                                Edward J. Shoen, President

                                                /s/ Gary V. Klinefelter
                                                ------------------------------
                                                Gary V. Klinefelter, Secretary
<PAGE>

STATE OF ARIZONA        )
                        ) ss.
County of Maricopa      )

         The foregoing instrument was acknowledged before me this 23rd day of
January, 1997, by Edward J. Shoen, President of AMERCO, a Navada corporation, on
behalf of the corporation.

                                        /s/ Nancy Jo Beiley
                                        ----------------------------------------
                                        Notary Public

My commission expires:

5-22-99



STATE OF ARIZONA        )
                        ) ss.
County of Maricopa      )

         The foregoing instrument was acknowledged before me this 23rd day of
January, 1997, by Gary V. Klinefelter, Secretary of AMERCO, a Nevada
corporation, on behalf of the corporation.

                                        /s/ Nancy Jo Beiley
                                        ----------------------------------------
                                        Notary Public

My commission expires:

5-22-99



<PAGE>

                                    EXHIBIT A

                                     AMERCO

                              SERIES A COMMON STOCK

         (a) Designation. A series of Serial Common Stock (as defined in the
Articles of Incorporation) is hereby designated "Series A Common Stock." The
number of shares constituting the Series A Common Stock is 10,000,000. Shares of
the Series A Common Stock shall have a par value of $0.25.

         (b) Dividends and Distributions. Shares of the Series A Common Stock
shall be entitled to receive such dividends and distributions as may be declared
by the Board of Directors from time to time and shall be payable, when and as
declared by the Board of Directors.

         (c) Conversion. The holders of shares of the Series A Common Stock
shall not have any rights to convert such shares into or exchange such shares
for shares of any other class or classes or of any other series of any class or
classes of [ILLEGIBLE] Corporation.

         (d) Voting. The shares of the Series A Common Stock shall be entitled
to one vote per share.

         (e) Liquidation Rights. Upon the dissolution, liquidation, or winding
up of the affairs of the Corporation, whether voluntary or involuntary, the
Series A Common Stock shall be entitled to distribution of the assets of the
Company on a pari passu basis with the Company's common stock, $0.25 par value.

<PAGE>

                                    EXHIBIT B

                                     AMERCO

                              SERIES B COMMON STOCK

         (a) Designation. A series of Serial Common Stock (as defined in the
Articles of Incorporation) is hereby designated "Series B Common Stock." The
number of shares constituting the Series B Common Stock is 10,000,000. Shares of
the Series B Common Stock shall have a par value of $0.25.

         (b) Dividends and Distributions. Shares of the Series B Common Stock
shall be entitled to receive such dividends and distributions as may be declared
by the Board of Directors from time to time on a pari passu basis with the
Corporation's Common Stock and Series A Common Stock and shall be payable, when
and as declared by the Board of Directors.

         (c) Conversion. The holders of shares of the Series B Common Stock
shall not have any rights to convert such shares into or exchange such shares
for shares of any other class or classes or of any other series of any class or
classes of stock of the Corporation.

         (d) Voting. The shares of the Series B Common Stock shall be entitled
to one-tenth (1/10) of one vote per share.

         (e) Liquidation Rights. Upon the dissolution, liquidation, or winding
up of the affairs of the Corporation, whether voluntary or involuntary, the
Series B Common Stock shall be entitled to distribution of the assets of the
Corporation on a pari passu basis with the Corporation's Common Stock and Series
A Common Stock.

<PAGE>

                                    EXHIBIT C

                                     AMERCO

                            SERIES A PREFERRED STOCK

         (a) Designation. A series of preferred stock is hereby designated
"Series A 8 1/2% Preferred Stock." The number of shares constituting the
Series A Preferred Stock is 6,100,000. Shares of the Series A Preferred Stock
shall have a liquidation preference of $25.00 per share and shall have no par
value.

         (b) Dividend Rate.

                  (i) Shares of the Series A Preferred Stock shall be entitled
         to receive dividends at a fixed annual rate of $2.125 per share. Such
         dividends shall be cumulative from the date of original issue of such
         shares and shall be payable, when and as declared by the Board of
         Directors, quarterly for each of the quarters ending February, May,
         August, and November of each year, payable in arrears on the first
         business day that is not a legal holiday of each succeeding March,
         June, September, and December, commencing December 1, 1993. Each such
         dividend shall be paid to the holders of record of shares of the Series
         A Preferred Stock as they appear on the stock records of the
         Corporation on the applicable record date, not exceeding 15 days
         preceding the payment date thereof, as shall be fixed by the Board of
         Directors. Dividends on account of arrears for any past dividend
         periods may be declared and paid at any time, without reference to any
         regular dividend payment date, to holders of record on such date as may
         be fixed by the Board of Directors, which shall not exceed 15 days
         preceding such dividend payment date thereof.

<PAGE>

                  (ii) No dividends shall be declared or paid or set apart for
         payment on any shares of any class or classes of stock of the
         Corporation or any series thereof ranking, as to dividends, on a parity
         with or junior to the Series A Preferred Stock for any period unless
         full cumulative dividends have been or contemporaneously are declared
         and paid, or declared and a sum sufficient for the payment thereof set
         apart for such payment, on the Series A Preferred Stock for all
         dividend payment periods terminating on or prior to the date of payment
         of such dividend. When dividends are not paid in full, as aforesaid,
         upon the shares of the Series A Preferred Stock and any other shares of
         any class or classes of stock or series thereof ranking on a parity as
         to dividends with the Series A Preferred Stock, all dividends declared
         upon shares of the Series A Preferred Stock and any other shares of
         such class or classes of series thereof ranking on a parity as to
         dividends with the Series A Preferred Stock shall be declared pro rata
         so that the amount of dividends declared per share of the Series A
         Preferred Stock and such other shares shall in all cases bear to each
         other the same ratio that accrued dividends per share on the shares of
         the Series A Preferred Stock and such other shares bear to each other.
         Holders of shares of the Series A Preferred Stock shall not be entitled
         to any dividend, whether payable in cash, property or stock, in
         excess of full cumulative dividends, as herein provided, on the Series
         A Preferred Stock. No interest, or sum of money in lieu of interest,
         shall be payable in respect of any dividend payment or payments on the
         Series A Preferred Stock that may be in arrears.

                  (iii) So long as any shares of the Series A Preferred Stock
         are outstanding, no dividend (other than a dividend in common stock or
         in any other shares ranking junior to the Series A Preferred Stock as
         to dividends and upon Liquidation (as defined in subsection (f) (i) and
         other than as provided in paragraph (ii) of this subsection (b)) shall
         be

                                       C-2

<PAGE>

         declared or paid or set aside for payment or other distribution
         declared or made upon the shares of any class or classes of stock of
         the Corporation or any series thereof ranking junior to or on a parity
         with the Series A Preferred Stock as to dividends or upon Liquidation
         nor shall any of the shares of any class or classes of stock of the
         Corporation or any series thereof ranking junior to or on a parity with
         the Series A Preferred Stock as to dividends or upon Liquidation be
         redeemed, purchased, or otherwise acquired or any consideration paid
         (or any moneys be paid to or made available for a sinking fund for the
         redemption of any such shares) by the Corporation, or any subsidiary
         thereof (except by conversion into or exchange for shares of the
         Corporation ranking junior to the Series A Preferred Stock as to
         dividends and upon liquidation), unless, in each case, the full
         cumulative dividends on all outstanding shares of the Series
         [ILLEGIBLE] Preferred Stock shall have been or contemporaneously are
         declared and paid, or declared and a sum sufficient for payment thereof
         is set apart for payment, for all past dividend payment periods.

                  (iv) Dividends payable on the Series A Preferred Stock for any
         period less than a full quarterly dividend period, and for the dividend
         period beginning on the date of issuance of the shares of the Series A
         Preferred Stock, shall be computed on the basis of a 360-day year
         consisting of 12 30-day months. The amount of dividends payable on
         shares of the Series A Preferred Stock for each full quarterly dividend
         period shall be computed by dividing by 4 the annual rate per share set
         forth above in subsection (b) (i).

         (c) Redemption.

                  (i) The shares of the Series A Preferred Stock shall not be
         redeemable prior to December 1, 2000. On and after December 1, 2000,
         the Corporation, at its option, may redeem shares of the Series A
         Preferred Stock, as a whole or in part, for cash, at any time or from
         time to time, at a redemption price of $25.00 per share plus, in each
         case, accrued and unpaid dividends thereon to the date fixed for
         redemption.

                  (ii) In the event that fewer than all the outstanding shares
         of the Series A Preferred Stock are to be redeemed, the number of
         shares to be redeemed shall be determined by the Board of Directors and
         the shares to be redeemed shall be determined by lot or pro rata as may
         be determined by the Board of Directors or by any other method as may
         be determined by the Board of Directors in its sole discretion to be
         equitable.

                                       C-3

<PAGE>

                  (iii) In the event the Corporation shall redeem shares of the
         Series A Preferred Stock, notice of such redemption shall be given by
         first class mail, postage prepaid, mailed not less than 30 nor more
         than 60 days prior to the redemption date, to each holder of record of
         the shares to be redeemed, at such holder's address as the same appears
         on the stock records of the Corporation, or by publishing notice
         thereof in The Wall Street Journal or The New York Times, or, if
         neither such newspaper is then being published, any other daily
         newspaper of national circulation (each, an "Authorized Newspaper"). If
         the Corporation elects to provide such notice by publication, it shall
         also promptly mail notice of such redemption to each holder of the
         shares of the Series A Preferred Stock to be redeemed. Each such mailed
         or published notice shall state: (v) the redemption date; (w) the
         number of shares of the Series A Preferred Stock to be redeemed and, if
         fewer than all the shares held by such holder are to be redeemed, the
         number of such shares to be redeemed from such holder; (x) the
         redemption price; (y) the place or places where certificates for such
         shares are to be surrendered for payment of the redemption price; and
         (z) that dividends on the shares to be redeemed will cease to accrue on
         such redemption date. No defect in the notice of redemption or in the
         mailing thereof shall affect the validity of the redemption
         proceedings, and the failure to give notice to any holder of shares of
         the Series A Preferred Stock to be so redeemed shall not affect the
         validity of the notice given to the other holders of shares of the
         Series A Preferred Stock to be so redeemed.

                  (iv) Notice having been mailed as aforesaid, then,
         notwithstanding that the certificates evidencing the shares of the
         Series A Preferred Stock shall not have been surrendered, from and
         after the redemption date (unless default shall be made by the
         Corporation in providing money for the payment of the redemption price)
         dividends on the shares of the Series A Preferred Stock so called for
         redemption shall cease to accrue, and said shares shall no longer be
         deemed to be outstanding, and all rights of the holders thereof as
         stockholders (including dividend and voting rights) of the Corporation
         (except the right to receive from the Corporation the redemption price)
         shall cease. Upon surrender in accordance with said notice of the
         certificates for any shares so redeemed (properly endorsed or assigned
         for transfer, if the Board of Directors shall so require and the notice
         shall so state), such shares shall be redeemed by the Corporation at
         the redemption price aforesaid. In case fewer than all the shares
         represented by any such certificate are redeemed, a new certificate
         shall be

                                       C-4

<PAGE>

         issued representing the unredeemed shares without cost to the holder
         thereof.

                  (v) Any shares of the Series A Preferred Stock that shall at
         any time have been redeemed shall, after such redemption, in the
         discretion of the Board of Directors of the Corporation, be (x) held in
         treasury or (y) resume the status of authorized but unissued shares of
         preferred stock, without designation as to series, until such shares
         are once more designated as part of a particular series by the Board of
         Directors.

                  (vi) Notwithstanding the foregoing provisions of this
         subsection (c), if any dividends on the Series A Preferred Stock are in
         arrears, no shares of the Series A Preferred Stock shall be redeemed
         unless all outstanding shares of the Series A Preferred Stock are
         simultaneously redeemed, and the Corporation shall not, and shall not
         permit any subsidiary thereof to, purchase or otherwise acquire any
         shares of the Series A Preferred Stock; provided, however, that the
         foregoing shall not prevent the purchase or acquisition of shares of
         the Series A Preferred Stock pursuant to a purchase or exchange offer
         made on the same terms to holders of all outstanding shares of the
         Series A Preferred Stock.

         (d) Conversion. The holders of shares of the Series A Preferred Stock
shall not have any rights herein to convert such shares into or exchange such
shares for shares of any other class or classes or of any other series of any
class or classes of stock of the Corporation.

         (e) Voting. The shares of the Series A Preferred Stock shall not have
any voting powers either general or special, except as required by law and
except that:

                  (i) So long as any of the shares of the Series A Preferred
         Stock are outstanding, the consent of the holders of at least
         two-thirds of all the shares of the Series A Preferred Stock at the
         time outstanding, given in person or by proxy, either in writing or by
         a vote at a meeting called for the purpose at which the holders of
         shares of the Series A Preferred Stock shall vote together as a
         separate class, shall be necessary for authorizing, affecting or
         validating the amendment, alteration, or repeal of any of the
         provisions of the Articles of Incorporation of the Corporation or of
         any certificate amendatory thereof or supplemental thereto (including
         any certificate of amendment or any similar document relating to any
         series of preferred stock) that would adversely affect the powers,
         preferences, or special rights of the Series A Preferred Stock,
         including the creation or authorization of any class of stock that
         ranks senior to the Series A Preferred Stock with respect to dividends
         or upon Liquidation. Any

                                       C-5

<PAGE>

         amendment or any resolution or action of the Board of Directors that
         would create or issue any series of preferred stock out of the
         authorized shares of preferred stock, or that would authorize, create,
         or issue any shares or class of stock (whether or not already
         authorized), ranking junior to or on a parity with the Series A
         Preferred Stock with respect to the payment of dividends and
         distributions and distributions upon any Liquidation, shall not be
         considered to affect adversely the powers, preferences, or special
         rights of the outstanding shares of the Series A Preferred Stock;

                  (ii) In the event that the Corporation shall have failed to
         declare and pay or set apart for payment in full the dividends
         accumulated on the outstanding shares of the Series A Preferred Stock
         for any six quarterly dividend payment periods, whether or not
         consecutive, and all such preferred dividends remain unpaid (a
         "Preferred Dividend Default"), the holders of outstanding shares of the
         Series A Preferred Stock, voting together as a class with the holders
         of all other series of preferred stock then entitled to vote on the
         election of such directors, shall be entitled to elect two directors to
         the Board of Directors of the Corporation until the full dividends
         accumulated on all outstanding shares of the Series A Preferred Stock
         have been declared and paid in full. Upon the occurrence of a Preferred
         Dividend Default, the Board of Directors shall within 10 business days
         (any day other than a day that is a Saturday, Sunday, or legal holiday
         on which banks are authorized to close in New York, New York) of such
         default call a special meeting of the holders of shares of the Series A
         Preferred Stock and all other holders of a series of preferred stock
         who are then entitled to participate in the election of such two
         directors for the purpose of electing the two directors provided by the
         foregoing provisions; provided that, in lieu of holding such meeting,
         the holders of record of a majority of the outstanding shares of the
         Series A Preferred Stock and all other series of preferred stock who
         are then entitled to participate in the election of such two directors
         may, by action taken by written consents permitted by law and the
         Articles of Incorporation and the Bylaws of the Corporation, elect such
         two directors. If and when all accumulated dividends on the shares of
         the Series A Preferred Stock have been declared and paid or set aside
         for payment in full, the holders of shares of the Series A Preferred
         Stock shall be divested of the special voting rights provided by this
         paragraph, subject to revesting in the event of each and every
         subsequent Preferred Dividend Default. Upon termination of such special
         voting rights attributable to all holders of shares of the Series A
         Preferred Stock and any other series of

                                       C-6

<PAGE>

         preferred stock, each director elected by the holders of shares of the
         Series A Preferred Stock and the holders of any other series of
         preferred stock (hereinafter referred to as a "Preferred Stock
         Director") pursuant to such special voting rights shall, without
         further action, be deemed to have resigned, subject always to the
         election of directors pursuant to the foregoing provisions in case of a
         future Preferred Dividend Default. Any Preferred Stock Director may be
         removed at any time with or without cause by, and shall not be removed
         otherwise than by, the vote of the holders of record of two-thirds of
         the outstanding shares of the Series A Preferred Stock and all other
         series of preferred stock who were entitled to participate in such
         Preferred Stock Director's election, voting as a separate class, at a
         meeting called for such purpose or by written consent as, and to the
         extent, permitted by law and the Articles of Incorporation and the
         Bylaws of the Corporation. So long as a Preferred Dividend Default
         shall continue, any vacancy in the office of a Preferred Stock Director
         shall be filled by written consent of the Preferred Stock Director
         remaining in office or, if none remains in office, by vote of the
         holders of record of a majority of the outstanding shares of the Series
         A Preferred Stock and all other series of preferred stock who are then
         entitled to participate in the election of such Preferred Stock
         Directors as provided above. As long as a Preferred Dividend Default
         shall continue, holders of shares of the Series A Preferred Stock shall
         not, as such stockholders, be entitled to vote on the election or
         removal of directors other than Preferred Stock Directors, but shall
         not be divested of any other voting rights provided to such
         stockholders by law with respect to any other matter to be acted upon
         by the stockholders of the Corporation. The Preferred Stock Directors
         shall each be entitled to one vote per director on any matter.

         (f) Liquidation Rights.

                  (i) Upon the dissolution, liquidation, or winding up of the
         affairs of the Corporation, whether voluntary or involuntary
         (collectively, a "Liquidation"), after payment or provision for payment
         has been made of the debts and other liabilities of the Corporation and
         payment or provision for payment has been made on all amounts required
         to be paid in respect of all outstanding shares of any class or classes
         of stock of the Corporation or series thereof ranking senior to the
         shares of the Series A Preferred Stock, the holders of the shares of
         the Series A Preferred Stock shall be entitled, subject to paragraph
         (iv) of this subsection (f), to receive out of the assets of the
         Corporation, before any payment or distribution

                                       C-7

<PAGE>

         shall be made on common stock or on any other class of stock ranking
         junior to preferred stock upon Liquidation, the amount of $25.00 per
         share, plus a sum equal to all dividends (whether or not earned or
         declared) on such shares accrued and unpaid thereon to the date of
         final distribution.

                  (ii) Neither the sale, transfer, or lease of all or any part
         of the property or business of the Corporation, nor the merger or
         consolidation of the Corporation into or with any other corporation or
         the merger or consolidation of any other corporation into or with the
         Corporation, shall be deemed to be a Liquidation for the purposes of
         this subsection (f).

                  (iii) After the payment to the holders of the shares of the
         Series A preferred Stock of the full preferential amounts provided for
         in this subsection (f), the holders of the Series A Preferred Stock as
         such shall have no right or claim to any of the remaining assets of the
         Corporation and the shares of the Series A Preferred Stock shall no
         longer be deemed to be outstanding or be entitled to any other powers,
         preferences, rights, or privileges, including voting rights, and such
         shares shall be surrendered for cancellation to the Corporation.

                  (iv) In the event the assets of the Corporation available for
         distribution to the holders of shares of the Series A Preferred Stock
         upon any Liquidation shall be insufficient to pay in full all amounts
         to which such holders are entitled pursuant to paragraph (i) of this
         subsection (f), no such distribution shall be made on account of any
         shares of any series of preferred stock ranking on a parity with the
         shares of the Series A Preferred stock upon such Liquidation unless
         proportionate distributive amounts shall be paid on account of the
         shares of the Series A Preferred Stock, ratably, in proportion to the
         full distributable amounts to which holders of all such parity shares
         are respectively entitled upon such Liquidation.

         (g) Priority. Any shares of any class or classes of the Corporation or
series thereof shall be deemed to rank:

                  (i) Prior to the shares of the Series A Preferred Stock,
         either as to dividends or upon Liquidation, if the holders of such
         class or classes shall be entitled to the receipt of dividends or of
         amounts distributable upon Liquidation of the Corporation, in
         preference or priority to the holders of shares of the Series A
         Preferred Stock;

                  (ii) On a parity with shares of the Series A Preferred Stock,
         either as to dividends or upon

                                       C-8
<PAGE>
         Liquidation, whether or not the dividend rates, dividend payment
         dates, or redemption or Liquidation prices per share or sinking fund
         provisions, if any, be different from those of the Series A Preferred
         Stock, if the holders of such shares shall be entitled to the receipt
         of dividends or of amounts distributable upon Liquidation of the
         Corporation, in proportion to their respective dividend rates or
         Liquidation prices, without preference or priority, one over the other,
         as between the holders of such shares and the holders of shares of the
         Series A Preferred Stock; and

                  (iii)    Junior to shares of the Series A Preferred Stock,
         either as to dividends or upon Liquidation, if such class is common
         stock or if the holders of shares of the Series A Preferred Stock shall
         be entitled to receipt of dividends or of amounts distributable upon
         Liquidation of the Corporation, in preference or priority to the
         holders of shares of such class or classes.

         (h)      Sinking or Retirement Fund. The shares of the Series A
Preferred Stock shall not be entitled to the benefit of a sinking or retirement
fund to be applied to the purchase or redemption of such shares.

         (i)      Miscellaneous.

                  (i)      Subject to paragraph (iii) of subsection (c) above,
         all notices referred to herein shall be in writing, and all notices
         hereunder shall be deemed to have been given upon the earlier of
         receipt thereof or three business days after the mailing thereof if
         sent by first class mail with postage prepaid, addressed: if to the
         Corporation, to its offices at 1325 Airmotive Way, Suite 100, Reno,
         Nevada 89502-3239 (Attention: Secretary); if to a holder, to the
         address thereof shown on the security register maintained by the
         registrar for the Series A Preferred Stock; or to such other address as
         the Corporation or holder, as the case may be, shall have designated by
         notice similarly given.

                  (ii)     In the event a holder of shares of the Series A
         Preferred Stock shall not by written notice designate the name to whom
         payment upon redemption of any shares of the Series A Preferred Stock
         should be made or the address to which the certificate or certificates
         representing such shares, or such payment, should be sent, the
         Corporation shall be entitled to register such shares, and make such
         payment, in the name of the holder of such shares as shown on the
         records of the Corporation and to send the certificate or certificates
         representing such shares, or such payment, to the address of such
         holder shown on the records of the Corporation.

                                      C-9

<PAGE>

                                   EXHIBIT D

                                     AMERCO

                            SERIES B PREFERRED STOCK

         The Series Designated as Series B Preferred Stock (the "Series B
Preferred"), will consist of 100,000 shares and will have the designations,
preferences, voting powers, relative, participating, optional or other special
rights and privileges, and the qualifications, limitations and restrictions
described below. Shares of the Series B Preferred shall have liquidation rights
as provided in Section 2 and shall have no par value. Certain capitalized terms
used below have the meanings given in Section 11.

1.       DIVIDENDS AND DISTRIBUTIONS.

         a.       REGULAR DIVIDENDS. Subject to the prior rights of the holders
of Senior Shares, if any, the Holder, in preference to the holders of Junior
Shares, shall be entitled, in conjunction with any provision then being made for
the holders of Parity Shares, to receive, when, as and if declared by the Board
of Directors, out of any funds of the Corporation lawfully available for the
payment of dividends, payable on the last day of each Payment Period, cumulative
cash dividends at, but not exceeding, (i) the product of the Conversion Value
times the Floating Rate, plus (ii) any Additional Amounts, payable on the last
day of each Payment Period following the date of this Certificate. If the stated
dividends are not paid in full, the Series B Preferred and all Parity Shares
shall share ratably in the payment of dividends, including accumulations
thereof, if any, on such shares in accordance with the sums that would be
payable on such shares if all dividends were paid in full.

         b.       NOTICE. The Holder will notify the Corporation of any event
occurring after the date of this Certificate which will entitle the Holder to
receive any Additional Amounts as promptly as practicable after it obtains
knowledge thereof but in any event within thirty (30) days after it obtains
knowledge thereof and determines to request such compensation. Determinations
and allocations by the Holder for purposes hereof of the effect of any
Regulatory Change on its costs of purchasing or holding the Series B Preferred
or on amounts receivable by it in respect of the Series B Preferred and of the
additional amounts required to compensate the Holder in respect of any
Additional Amounts, shall be prima facie valid provided that such determinations
and allocations are made on a reasonable basis.

         c.       PRIORITY. Any and all dividends payable on the Series B
Preferred shall be paid in preference and in priority to the payment of
dividends or distributions on any Junior Shares. So long as any Series B
Preferred shares are outstanding, no dividends whatever shall be paid or
declared, nor shall any distribution be made, on any Junior Shares, other than a
dividend or distribution payable in Junior Shares, nor shall the Corporation or
any subsidiary of the Corporation purchase, redeem or otherwise acquire for a
consideration any Junior Shares, unless full cumulative dividends have been or
contemporaneously are declared and paid, or declared and

<PAGE>

a sum sufficient for the payment thereof set apart for such payment, on the
Series B Preferred for all Payment Periods terminating on or prior to the date
of payment of such purchase, redemption or acquisition.

2.       LIQUIDATION RIGHTS.

         a.       GENERALLY. In the event of any liquidation, dissolution or
winding up of the Corporation, whether voluntary or involuntary, before any
amount shall be paid to the holders of any Junior Shares, the Holder of the
Series B Preferred shall be paid first out of the assets of the Corporation
available for distribution to holders of its capital stock an amount per share
equal to, but not exceeding, (i) the Conversion Value, as appropriately adjusted
to reflect any stock split, stock dividend, combination, recapitalization and
the like of the Series B Preferred, plus (ii) all accrued but unpaid dividends
(including any interest accrued thereon calculated through the date of
liquidation (the "Liquidation Date")). If, upon the occurrence of a liquidation,
dissolution or winding up, the assets and funds thus distributed to the Holder
shall be insufficient to permit the payment to the Holder of its full
liquidation preferences, then the entire assets and funds of the Corporation
legally available for distribution to the holders of capital stock (other than
Senior Shares) shall be distributed ratably to the Holder and the holders of any
Parity Shares.

         b.       EVENTS DEEMED A LIQUIDATION. For purposes of this Section 2,
the Holder may elect to have treated as a liquidation, dissolution or winding up
of the Corporation the consolidation or merger of the Corporation with or into
any other corporation or the sale or other transfer in a single transaction or a
series of related transactions of all or substantially all of the assets of the
Corporation, or any other reorganization of the Corporation, unless the
stockholders of the Corporation immediately prior to any such transaction are
holders of a majority [ILLEGIBLE] voting securities of the surviving or
acquiring corporation immediately thereafter (and for purposes of this
calculation equity securities which any stockholder or the Corporation owned
immediately prior to such merger or consolidation as a stockholder of another
party to the transaction shall be disregarded).

         c.       PRIORITY. Any amounts payable on the Series B Preferred in the
event of any liquidation, dissolution or winding up of the Corporation shall be
paid in preference and in priority to the payment of any amounts payable on
Junior Shares.

3.       CONVERSION. The Holder has conversion rights as follows (the
         "Conversion Rights"):

         a.       RIGHT TO CONVERT. Upon each of the following to occur from
time to time: (i) August 31, 1997, and for 10 Business Days thereafter; (ii) the
first day of each fiscal quarter of the Corporation occurring after August 31,
1997, and for 10 Business Days after the first day of each such fiscal quarter;
(iii) the expiration of ten days after the occurrence of an Event of
Noncompliance under the Stock Purchase Agreement that is not then cured, and at
any time thereafter; (iv) any dividends on the Series B Preferred becoming in
arrears, and at any time thereafter; (v) the Corporation no longer holding more
than 50% of the outstanding stock and assets of any of Ponderosa Holdings, Inc.,
Oxford Life Insurance Company or Republic Western Insurance Company, and at any
time thereafter; or (vi) the Corporation or any of its subsidiaries

                                      D-2

<PAGE>

completing any Excess Equity Offering, and at any time thereafter, then each
share of Series B Preferred shall be convertible, at the option of the Holder,
into either:

                  i.       the number of fully paid and nonassessable shares of
Series B Common Stock that results from dividing the Conversion Price per share
in effect at the time of conversion into the per share Conversion Value but no
more than the maximum amount authorized and available for issuance; or

                  ii.      all of the shares of capital stock of Picacho then
outstanding.

Upon conversion, all accrued but unpaid dividends (including interest accrued
thereon calculated as of the Conversion Date) on the Series B Preferred shall be
paid in cash, to the extent permitted by applicable law.

         b.       CONVERSION PRICE AND CONVERSION VALUE. The initial Conversion
Price of the Series B Preferred shall be $25.00 per share, and the initial
Conversion Value of the Series B Preferred shall be $1,000.00 per share. The
initial Conversion Price of the Series B Preferred shall be subject to
adjustment from time to time as provided in Section 3(d).

         c.       MECHANICS OF CONVERSION. To convert any shares of Series B
Preferred, the Holder shall surrender the certificate or certificates therefor,
duly endorsed, at the principal office of the Corporation, or notify the
Corporation in writing that such certificates have been lost, stolen or
destroyed and agree to indemnify the Corporation from any loss incurred by it in
connection with such certificates, and shall give written notice (the
"Conversion Notice") to the Corporation at such office that the Holder elects to
convert the same, specifying whether the Series B Preferred shares are to be
converted into Series B Common Stock or shares of Picacho. As soon as
practicable (but not more than one Business Day) after such delivery, or after
such [ILLEGIBLE] the Corporation shall issue and deliver at such office to the
Holder, unless the Corporation shall elect instead to redeem the Series B
Preferred as provided in Section 5:

                  i.       A certificate or certificates for the number of
shares of Series B Common Stock to which the Holder shall be entitled if the
Holder has elected to convert the Series B Preferred into Series B Common Stock;
or

                  ii.      A certificate or certificates for all of the
outstanding shares of Picacho, if the Holder has elected to convert the Series B
Preferred into Picacho stock;

and, in either case, a check payable to the Holder in the amount of any accrued
or declared but unpaid dividends payable pursuant to Section 1, if any. Such
conversion shall be deemed to have been made immediately prior to the close of
business on the date of such surrender of the shares of Series B Preferred to be
converted or of the notification of lost certificates and the persons entitled
to shares of Series B Common Stock or Picacho stock issuable upon such
conversion shall be treated for all purposes as the record holder or holders of
such shares on such date (the "Conversion Date"). In the event of a notice of
redemption of any shares of Series B Preferred pursuant to Section 5, the
Conversion Rights shall terminate at the close of business on the

                                      D-3

<PAGE>

Redemption Date, unless default is made in payment of the redemption price, in
which case the Conversion Rights for such shares shall continue until such
payment.

         d.       ADJUSTMENTS TO CONVERSION PRICE.

                  i.       ADJUSTMENT OF CONVERSION PRICE. The Conversion Price
of the Series B Preferred shall be adjusted if the Corporation issues or is
deemed to issue Additional Shares of Common Stock for a consideration per share
that is less than the Conversion Price for the Series B Preferred in effect on
the date of, and immediately prior to, such issue or deemed issue.

                  ii.      DEEMED ISSUE OF ADDITIONAL SHARES OF COMMON STOCK. If
the Corporation at any time or from time to time after the date of this
Certificate issues any Options or Convertible Securities or shall fix a record
date for the determination of holders of any class of securities entitled to
receive any such Options or Convertible Securities, then the maximum number of
shares, (as set forth in the instrument relating thereto without regard to any
provisions contained therein for a subsequent adjustment of such number) of
Common Stock issuable upon the exercise of such Options or, in the case of
Convertible Securities and Options therefor, the exercise of such Options and
conversion or exchange of such Convertible Securities, shall be deemed to be
Additional Shares of Common Stock issued as of the time of such issue or, in
case such a record date shall have been fixed, as of the close of business on
such record date, provided that Additional Shares of Common Stock shall not be
deemed to have been issued unless the consideration per share (determined
pursuant to Section 3(d)(iv)) of such Additional Shares of Common Stock would be
less than the Conversion Price in effect on the date of and immediately prior to
such issue, or such record date, as the case may be, and provided further that
in any such case in which Additional Shares of Common Stock are deemed to be
issued:

                  (1)      except as provided in Section 3(d)(ii)(2), no further
adjustment in the Conversion Price shall be made upon the subsequent issue of
Convertible Securities or shares of Common Stock upon the exercise of such
Options or conversion or exchange of such Convertible Securities;

                  (2)      if such Options or Convertible Securities by their
terms provide, with the passage of time or otherwise, for any change in the
consideration payable to the Corporation, or change in the number of shares of
Common Stock issuable, upon the exercise, conversion or exchange thereof (other
than under or by reason of provisions designed to protect against dilution), the
Conversion Price computed upon the original issue thereof (or upon the
occurrence of a record date with respect thereto) and any subsequent adjustments
based thereon, shall, upon any such increase or decrease becoming effective, be
recomputed to reflect such increase or decrease insofar as it affects such
Options or the rights of conversion or exchange under such Convertible
Securities; and

                  (3)      no readjustment pursuant to clause (2) above shall
have the effect of increasing the Conversion Price.

                                      D-4

<PAGE>


                  iii.     ADJUSTMENT OF CONVERSION PRICE UPON ISSUANCE OF
ADDITIONAL SHARES OF COMMON STOCK. Except as provided by Section 3(d)(ii)(2). In
the event the Corporation shall issue Additional Shares of Common Stock
(including Additional Shares of Common Stock deemed to be issued pursuant to
Section 3(d)(ii)) without consideration or for a consideration per share less
than the Conversion Price of the Series B Preferred in effect on the date of and
immediately prior to such issue, then and in each such event the Conversion
Price of the Series B Preferred shall be reduced to the price (calculated to the
nearest cent) [ILLEGIBLE] which the Additional Shares of Common Stock are
issued.

                  iv.      DETERMINATION OF CONSIDERATION. For purposes of this
Section 3(d), the consideration received by the Corporation for the issue of any
Additional Shares of Common Stock shall be determined after payment of all
commissions paid or discounts given in connection with the issuance or deemed
issuance of the shares and shall be computed as follows:

                  (1)      CASH AND PROPERTY: Such consideration shall:

                           (a)      insofar as it consists of cash, be computed
at the aggregate amount of cash received by the Corporation;

                           (b)      insofar as it consists of property other
than cash, be computed at the fair value thereof at the time of such issue, as
determined by the Board of Directors in the good faith exercise of its
reasonable business judgment: and

                           (c)      in the event Additional Shares of Common
Stock are issued together with other shares or securities or other assets of the
Corporation for consideration that covers both, be the proportion of such
consideration so received for the Additional Shares of Common Stock, computed as
provided in clauses (a) and (b) above, as determined by the Board of Directors
in the good faith exercise of its reasonable business judgment.

                  (2)      OPTIONS AND CONVERTIBLE SECURITIES. The consideration
per share received by the Corporation for Additional Shares of Common Stock
deemed to have been issued pursuant to Section 3(d)(ii), relating to Options and
Convertible Securities, shall be determined by dividing:

                           (a)      the total amount, if any, received or
receivable by the Corporation as consideration for the issue of such Options or
Convertible Securities, plus the minimum aggregate amount of additional
consideration (as set forth in the instruments relating thereto, without regard
to any provision contained therein for a subsequent adjustment of such
consideration) payable to the Corporation upon the exercise of such Options or
the conversion or exchange of such Convertible Securities, or in the case of
Options for Convertible Securities, the exercise of such Options for Convertible
Securities and the conversion or exchange of such Convertible Securities, by

                           (b)      the maximum number of shares of Common Stock
(as set forth in the instruments relating thereto, without regard to any
provision contained therein for a

                                      D-5

<PAGE>

subsequent adjustment of such number) issuable upon the exercise of such Options
or the conversion or exchange of such Convertible Securities.

                  v.       OTHER ADJUSTMENTS.

                           (a)      SUBDIVISIONS, COMBINATIONS, OR
CONSOLIDATIONS OF SERIES B COMMON STOCK. In the event the outstanding shares of
Series B Common Stock shall be subdivided, combined or consolidated, by stock
split, stock dividend, combination or like event, into a greater or lesser
number of shares of Series B Common Stock, the Conversion Price of the Series B
Preferred in effect immediately prior to such subdivision, combination,
consolidation or stock dividend shall, concurrently with the effectiveness of
such subdivision, combination or consolidation, be proportionately adjusted to
achieve the result that, upon conversion of the Series B Preferred into Series B
Common Stock, the Holder shall receive, as nearly as possible, the same
percentage of the outstanding shares of Series B Common Stock that it would have
had the Series B Preferred been converted immediately prior to such subdivision,
combination or consolidation.

                           (b)      RECLASSIFICATIONS. In the case, at any time
after the date of this Certificate, of any capital reorganization or any
reclassification of the stock of the Corporation (other than as a result of a
subdivision, combination or consolidation of shares), or the consolidation or
merger of the Corporation with or into another person (other than a
consolidation or merger (A) in which the Corporation is the continuing entity
and that does not result in any change in the Common Stock or (B) that is
treated as a liquidation pursuant to Section 2(b)), the Conversion Price shall
be adjusted so that the shares of the Series B Preferred shall, after such
reorganization, reclassification, consolidation or merger, be convertible into
the kind and number of shares of stock or other securities or property of the
Corporation or otherwise to which the Holder would have been entitled if
immediately prior to such reorganization, reclassification, consolidation or
merger if the Holder had converted the shares of the Series B Preferred into
Series B Common Stock. The provisions of this clause 3(d)(v)(b) shall similarly
apply to [ILLEGIBLE] reorganizations, reclassifications, consolidations or
mergers.

         e.       NO ADJUSTMENTS TO CONVERSION VALUE. The Corporation shall not
effect any stock split, stock dividend, combination or recapitalization of the
Series B Preferred and, therefore, the Conversion Value of the Series B
Preferred will not be adjusted.

         f.       CERTIFICATE AS TO ADJUSTMENTS. Upon the occurrence of each
adjustment or readjustment of the Conversion Price of the Series B Preferred
pursuant to this Section 3, the Corporation at its expense shall promptly
compute such adjustment or readjustment in accordance with the terms of this
Certificate and furnish to the Holder a certificate setting forth such
adjustment or readjustment and showing in detail the facts upon which such
adjustment or readjustment is based. The Corporation shall, upon the written
request at any time of the Holder, furnish or cause to be furnished to the
Holder a like certificate setting forth (i) such adjustments and readjustments,
(ii) the Conversion Price of the Series B Preferred at the time in effect, and
(iii) the number of shares of Series B Common Stock and the amount, if any, of
other property which at the time would be received upon the conversion of the
Series B Preferred.

                                      D-6

<PAGE>

         g.       STATUS OF CONVERTED STOCK. In case any shares of Series B
Preferred shall be converted pursuant to Section 3, the shares so converted
shall be canceled, shall not be reissuable and shall cease to be part of the
outstanding capital stock of the Corporation.

         h.       FRACTIONAL SHARES. In lieu of any fractional shares of Series
B Common Stock to which the Holder would otherwise be entitled upon conversion,
the Corporation shall pay cash equal to such fraction multiplied by the fair
market value of one share of Series B Common Stock as determined by the Board
of Directors in the good faith exercise of its reasonable business judgment.

         i.       Miscellaneous.

                  i.       All calculations under this Section 3 shall be made
to the nearest cent or to the nearest one hundredth (1/100) of a share, as the
case may be.

                  ii.      The Holder shall have the right to challenge any
determination by the Board of Directors of fair market value pursuant to this
Section 3, in which case such determination of fair market value shall be made
by an independent appraiser selected jointly by the Board of Directors and the
Holder, the cost of such appraisal to be borne equally by the Corporation and
the Holder.

                  iii.     No adjustment in the Conversion Price of the Series B
Preferred need be made if such adjustment would result in a change in such
Conversion Price of less than $0.01. Any adjustment of less than $0.01 that is
not made shall be carried forward and shall be made at the time of and together
with any subsequent adjustment that, on a cumulative basis, amounts to an
adjustment of $0.01 or more in such conversion Price.

         j.       RESERVATION OF STOCK ISSUABLE UPON CONVERSION. The Corporation
shall at all times reserve and keep available out of its authorized but unissued
shares of Series B Common Stock, solely for the purpose of effecting the
conversion of the shares of Series B Preferred, such number of its shares of
Series B Common Stock as shall from time to time be sufficient to effect the
conversion of all outstanding shares of Series B Preferred. If at any time the
number of authorized but unissued shares of Series B Common Stock shall not be
sufficient to effect the conversion of all then outstanding shares of Series B
Preferred, the Corporation will take such corporate action as may, in the
opinion of its counsel, be necessary to increase its authorized but unissued
shares of Series B Common Stock to such number of shares as shall be sufficient
for such purpose.

4.       VOTING RIGHTS.

         a.       Except as otherwise required by law and Subsection 4(b), the
Holder shall have no voting rights with respect to the Series B Preferred.

         b.       So long as any of the shares of Series B Preferred are
outstanding, the written consent of the Holder shall be necessary for
authorizing, affecting or validating the amendment,

                                      D-7

<PAGE>

alteration, or repeal of any of the provisions of the Articles of Incorporation
of the Corporation or of any certificate amendatory thereof or supplemental
thereto (including any certificate of amendment or any similar document relating
to any series of preferred stock) that would adversely affect the powers,
preferences, or special rights of the Series B Preferred, including the creation
or authorization of any class of Senior Shares or Parity Shares. Any amendment
or any resolution or action of the Board of Directors that would create or issue
any series of Junior Shares out of the authorized shares of preferred stock, or
that would authorize, create, or issue any other Junior Shares (whether or not
already authorized), shall not be considered to affect adversely the powers,
preferences, or special rights of the outstanding shares of the Series B
Preferred.

5.       REDEMPTION.

         a.       OPTIONAL REDEMPTION. If the Holder exercises its Conversion
Rights pursuant to Section 3, then instead of effecting the conversion, the
Corporation may, by giving written notice to the Holder (a "Notice of
Redemption") not later than one Business Day after receiving the Conversion
Notice, elect to redeem all (but not less than all) of the Series B Preferred
outstanding on the Redemption Date.

         b.       REDEMPTION VALUE. Upon any redemption of the Series B
Preferred, the Corporation shall pay out of funds legally available therefor in
cash a sum per share equal to the Conversion Value, together with (i) all
accrued but unpaid dividends (including any interest accrued thereon) calculated
as of the Redemption Date, (ii) if the Redemption Date is a date other than the
last day of a Payment Period, the Interim Payment; and (iii) all other costs,
fees, expenses, or amounts the Corporation is required to pay Holder pursuant to
the Stock Purchase Agreement, regardless of the reason for such redemption or
such costs, fees, expenses, or amounts (collectively the "Redemption Value").

         c.       NOTICE OF REDEMPTION. Any Notice of Redemption given by the
Corporation shall be delivered to the Holder, notifying the Holder of the
redemption to be effected. The Notice of Redemption shall:

                  i.       State that the Series B Preferred is to be redeemed;

                  ii.      Specify the date (the "Redemption Date") on which the
Series B Preferred is to be redeemed, which shall be not more than ten Business
Days following the date the Corporation receives the Conversion Notice from the
Holder;

                  iii.     Request wire transfer or other instructions for the
payment of the Redemption Value.

         d.       TRANSFER INSTRUCTIONS. Not less than one Business Day after
delivery of the Notice of Redemption, the Holder shall provide the Corporation
with instructions for wire or other transfer of the Redemption Value to the
Holder.

                                      D-8

<PAGE>

         e.       COMPLETING THE REDEMPTION. On the Redemption Date:

                  i.       The Holder shall surrender to the Corporation at the
principal offices of the Corporation the Holder's certificate or certificates
representing the shares to be redeemed or provide a notice to the Corporation in
writing that such certificates have been lost, stolen or destroyed and that the
Holder agrees to indemnify the Corporation from any loss incurred by it in
connection with such certificates; and

                  ii.      The Corporation shall pay the Redemption Value to the
Holder by wire or other transfer acceptable to the Holder, and thereupon each
surrendered or lost certificate shall be canceled.

         f.       LACK OF LEGALLY AVAILABLE FUNDS. If the funds of the
Corporation legally available for redemption of the Series B Preferred are
insufficient to redeem the total number of shares of Series B Preferred required
to be redeemed on the Redemption Date, then, at the Holder's election in its
sole discretion, the Corporation either shall redeem that number of shares of
Series B Preferred for which the Corporation has funds legally available or
shall not redeem any of the Series B Preferred.

         g.       EFFECT OF REDEMPTION. From and after the payment of the
Redemption Value, all rights of the Holder shall cease with respect to such
shares, and such shares shall not thereafter be transferred on the books of the
Corporation or be deemed to be outstanding for any purpose whatsoever.

6.       NOTICE OF RECORD DATE. In the event of any taking by the Corporation of
a record of the holders of any class of securities for the purpose of
determining the holders thereof who are entitled to receive any dividend or
other distribution, any right to subscribe for [ILLEGIBLE] otherwise acquire
any shares of stock of any class or any other securities or property, or to
receive any other right, the Corporation shall notify the Holder, at least 10
days prior to the date specified therein, a notice specifying the date on which
any such record is to be taken for the purpose of such dividend, distribution or
right, and the amount and character of such dividend, distribution or right.

7.       NOTICES. All notices and other communications provided for in this
Certificate shall be given or made in writing and telecopied, mailed by
certified mail return receipt requested or delivered to the intended recipient
at such address as shall be designated by such person in a notice to each other
relevant person given in accordance with this Section, in addition to any other
notices that may be required by law. All such communications shall be deemed to
have been duly given when transmitted by telecopy, subject to telephone
confirmation or receipt, or when personally delivered or, in the case of a
mailed notice, upon receipt, in each case given or addressed as provided herein.

8. WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE
CORPORATION HEREBY IRREVOCABLY AND EXPRESSLY WAIVES ALL RIGHT TO A TRIAL BY JURY
IN ANY ACTION, PROCEEDING, OR

                                      D-9
<PAGE>

COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF OR
RELATING TO THE SERIES B PREFERRED SHARES, THE STOCK PURCHASE AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED THEREBY OR THE ACTIONS OF THE HOLDER IN THE
NEGOTIATION, ADMINISTRATION, OR ENFORCEMENT THEREOF.

9. INTEREST. Any amounts required to be paid under this Certificate that are not
paid on the first day such payment may be made and any dividends in arrears
shall bear interest from that date at the lesser of (a) the Maximum Rate or (b)
the sum of four percent plus the rate per annum publicly announced from time to
time by NationsBank, N.A. as its prime rate in effect at its principal office in
Charlotte, North Carolina.

10. MAXIMUM RATE. Notwithstanding anything to the contrary contained herein, in
the event the Series B Preferred shall be deemed to be debt instead of equity,
no provisions of this Certificate shall require the payment or permit the
collection of interest in excess of the Maximum Rate. If any excess of interest
in such respect shall be adjudicated to be so provided in this Certificate or
otherwise in connection with the Series B Preferred, the provisions of this
paragraph shall govern and prevail, and neither the Corporation nor the
successor or assigns of the Corporation shall be obligated to pay the excess
amount of such interest, or any other excess sum paid with respect to the Series
B Preferred. If, for any reason, interest in excess of the Maximum Rate shall be
deemed charged, required or permitted by any court of competent jurisdiction,
any such excess shall be applied as a payment and reduction of the principal of
indebtedness deemed to be evidenced by the Series B Preferred; and, if such
principal has been paid in full, any remaining excess shall forthwith be paid to
the Corporation. In determining whether or not the interest paid or payable
exceed the Maximum Rate, the Corporation and the Holder shall, to the extent
permitted by applicable law, (i) characterize any nonprincipal payment as an
expense, fee, or premium rather than as interest, (ii) exclude voluntary
prepayments and the effects thereof [ILLEGIBLE] (iii) amortize, prorate,
allocate, and spread in equal or unequal parts the total amount of interest
throughout the entire term of the indebtedness deemed to be avidenced by the
Series B Preferred so that the interest for the entire period does not exceed
the Maximum Rate.

11. DEFINITIONS.

         a. Capitalized terms used in this Certificate and not otherwise defined
have the meanings given to those terms in the Series B Stock Purchase Agreement
between the Corporation and Blue Ridge Investments, LLC, dated August 30, 1996.

         b. "Additional Amounts" means such amounts, if any, as are necessary
to compensate the Holder for any costs incurred by Holder which the Holder
determines are attributable, directly or indirectly, to its purchase or holding
of the Series B Preferred or any reduction in any amount receivable by the
Holder as a holder of the Series B Preferred to the extent such costs and
reductions in amount are not reflected in any dividends, fees, reimbursements or
other amounts received by the Holder hereunder or under the Stock Purchase
Agreement, resulting from (i) an increase (over the dividend rate paid
hereunder) in the cost of funding the purchase of the Series B Preferred, or
(ii) any Regulatory Change which:

                                      D-10

<PAGE>

                  (A) changes the basis of taxation of any amounts payable
         generally to NationsBank under Eurodollar loans (other than taxes
         imposed on the overall net income of NationsBank or its applicable
         lending office for any of such loans by the jurisdiction in which
         NationsBank has its principal office or such applicable lending
         office);

                  (B) imposes or modifies any reserve, special deposit, minimum
         capital, capital ratio, or similar requirement relating to any
         extensions of credit or other assets of, or any deposits with or other
         liabilities or commitments of, NationsBank (including any of such loans
         or any deposits referred to in the definition of "Floating Rate"
         herein); or

                  (C) imposes any other condition generally affecting loans by
         NationsBank or any of such extensions of credit or liabilities or
         commitments.

         c. "Additional Shares of Common Stock" means all shares of Common Stock
issued (or, pursuant to Section 3(d)(ii), deemed to be issued) by the
corporation after the date of this Certificate, other than shares of Common
Stock issued or issuable:

                  i. upon conversion of shares of Series B Preferred;

                  ii. as a dividend or distribution on Series B Preferred;

                  iii. in a transaction described in Section 3(d)(v);

                  iv. by way of dividend or other distribution on shares of
Common Stock excluded from the definition of Additional Shares of Common Stock.

         d. "Affiliate" has the meaning given that term in Rule 405
promulgated by the Securities and Exchange Commission under the Securities Act.

         e. "Business Day" means (a) any day on which commercial banks are not
authorized or required to close in Charlotte, North Carolina and (b) with
respect to all payments, Conversions, Payment Periods, and notices, any day
which is a Business Day described in clause (a) above and which is also a day on
which dealings in dollar deposits are carried out in the London interbank
market.

         f. "Common Stock" means shares of the Corporation's common stock, par
value $0.25 per share, serial common stock, or other securities entitled
generally to vote in the election of directors of the Corporation.

         g. "Conversion Date" has the meaning given in Section 3(c).

         h. "Conversion Notice" has the meaning given in Section 3(c).

         i. "Conversion Price" has the meaning given in Section 3(b).

                                      D-11

<PAGE>

         j. "Conversion Value" has the meaning given in Section 3(b).

         k. "Convertible Securities" means any evidences of indebtedness, shares
or other securities convertible into or exchangeable for Common Stock, except
the Series B Preferred.

         l. "Corporation" means AMERCO, a Nevada corporation.

         m. "Excess Equity Offering" means any offer or sale of equity
securities of the Corporation or any of its subsidiaries, whether public or
private, after the date of this Certificate, other than (i) the offer and sale
of Series B Preferred issued to Holder, (ii) the offer and sale by the
Corporation of up to $125,000,000 of equity securities in a single transaction
occurring on or before March 1, 1997, and (iii) issuances of equity securities
to employees of the Corporation or its subsidiaries pursuant to written employee
benefit plans existing on the date of this Certificate in the maximum amount
permitted under such plans or arrangements on the date of this Certificate.

         n. "Floating Rate" means, for any Payment Period, the rate per annum
that is the lesser of (x) the sum of (i) two and one-quarter percent (2.25 %),
and (ii) the rate per annum (rounded upwards, if necessary, to the nearest
1/100 of 1%) appearing on Telerate Page 3750 (or any successor page) as the
London interbank offered rate for deposits in Dollars at approximately 11:00
a.m. (London time) two Business Days prior to the first day of such Payment
Period for a term comparable to such Payment Period, or if for any reason such
rate is not available, the rate per annum (rounded upwards, if necessary, to
the nearest 1/100 of 1%) appearing on Reuters Screen LIBO Page (or any
successor page) as the London interbank offered rate for deposits in Dollars at
approximately 11:00 a.m. (London time) two Business Days prior to the first day
of such Payment Period for a term comparable to such Payment Period; provided,
however, if more than one rate is specified on Reuters Screen LIBO Page, the
applicable rate shall be the [ILLEGIBLE] mean of all such rates, or(y)
the Maximum Rate. Dividends shall be computed on the basis of a year of 360 days
and the actual number of days elapsed (including the first day but excluding the
last day) during the Payment Period unless such calculation would result in the
dividends exceeding the Maximum Rate, in which case dividends shall be
calculated on the basis of a year of 365 or 366 days, as the case may be.
Notwithstanding the first sentence of this paragraph, if at any time the
dividend is limited by the terms of this Certificate to the Maximum Rate, then
any subsequent reduction in the Floating Rate shall not reduce the dividend
below the Maximum Rate until the aggregate amount of dividends accrued
[ILLEGIBLE] the aggregate amount of dividends which would have accrued on
the Series B Preferred if the dividend specified in the first sentence of this
paragraph had at all times been in effect.

         o. "Holder" means the holder or holders of record of the Series B
Preferred.

         p. "Interim Payment" means such amount or amounts as shall be
sufficient to compensate the Holder for any loss, cost, or expense incurred by
the Holder as a result of any payment or prepayment for any reason on a date
other than the last day of a Payment Period. Without limiting the effect of the
preceding sentence, such compensation shall include an amount equal to the
excess, if any, of (i) the amount of dividends which otherwise would have
accrued

                                      D-12

<PAGE>

on the Conversion Value of the Series B Preferred redeemed from the period from
the date of such redemption to the last day of the Payment Period at the
applicable rate of dividends for such Series B Preferred provided for herein,
over (ii) the interest component of the amount the Holder would have bid in the
London interbank market for dollar deposits of leading banks in amounts
comparable to the Conversion Value of the Series B Preferred redeemed and with
the maturities comparable to the applicable Payment Period.

         q. "Junior Shares" means all classes and series of shares that, by the
terms of the Corporation's Articles of Incorporation, or by law, shall be
subordinate to the Series B Preferred with respect to the right of the
holders thereof to receive dividends and to participate in the assets of the
Corporation distributable to shareholders upon any liquidation, dissolution or
winding-up of the Corporation.

         r. "Liquidation Date" has the meaning given in Section 2(a).

         s. "Maximum Rate" means the maximum rate of [ILLEGIBLE] interest
permitted from day to day by applicable law, and calculated after taking into
account any and all relevant fees, payments, and other charges contracted for,
charged or received which are deemed to be interest under applicable law.

         t. "NationsBank" means NationsBank Corporation, a Delaware
corporation.

         u. "Options" means rights, options or warrants to subscribe for,
purchase or otherwise acquire either Common Stock or Convertible Securities,
other than the Series B Preferred.

         v. "Parity Shares" means all classes and series of shares that, by the
terms of the Corporation's Articles of Incorporation, or by law, shall be
on parity with the Series B Preferred with respect to the right of the holders
thereof to receive dividends and to participate in the [ILLEGIBLE] of the
Corporation distributable to shareholders upon any liquidation, dissolution or
winding-up of the Corporation.

         w. "Payment Period" means each period commencing on the date any shares
of Series B Preferred are first issued or, in the case of each subsequent,
successive Payment Period, the last day of the next preceding Payment Period,
and ending on the numerically corresponding day in the first, second or third
calendar month thereafter, as the Holder may select by written notice to the
Corporation at least three days before the commencement of the applicable
Payment Period, except that each such Payment Period which commences on the last
Business Day of a calendar month (or on any day for which there is no
numerically corresponding day in the appropriate subsequent calendar month)
shall end on the last Business Day of the appropriate subsequent calendar month.
Notwithstanding the foregoing: (a) each Payment Period which would otherwise end
on a day which is not a Business Day shall end on the next succeeding Business
Day (or, if such succeeding Business Day falls in the next succeeding calendar
month, on the next preceding Business Day); (b) any Payment Period which would
otherwise extend beyond a Conversion Date, Redemption Date or Liquidation Date
shall end on the Conversion Date, Redemption Date or Liquidation Date, as
appropriate; and (c) no Payment Period shall have

                                      D-13

<PAGE>

a duration of less than one (1) month. If Holder shall fail to give the
Corporation a notice of the length of a Payment Period prior to the end of
the then current Payment Period, such Payment Period shall automatically be
continued on the last day thereof as Payment Period having a term of one month.

         x. "Picacho" means Picacho Peak Investment Co., a Nevada corporation.

         y. "Redemption Date" has the meaning given in Section 5(c).

         z.  Regulatory Change" means any change after the date of this
Certificate in United States federal, state or foreign laws or regulations
(including Regulation D of the Board of Governors of the Federal Reserve System
as the same may be amended or supplemented from time to time) or the adoption or
making after such date of any interpretations, directives or requests applying
to a class of institutions including NationsBank of or under any United States
federal, state or foreign laws or regulations (whether or not having the force
of law) by any court or governmental or monetary authority charged with the
interpretation or administration thereof.

         aa. "Senior Shares" means all classes and series of shares, including
the Corporation's Series A 8(1/2)% Preferred Stock, that, by the terms of the
Corporation's Articles of Incorporation, or by law, shall be senior to the
Series B Preferred with respect to the right of the holders thereof to receive
dividends and to participate in the assets of the Corporation distributable to
shareholders upon any liquidation, dissolution or winding-up of the Corporation.

         bb. "Series B Common Stock" means the Series B common stock, $0.25 par
value per share, of the Corporation.

         cc. "Stock Purchase Agreement" means the Series B Stock Purchase
Agreement between the Corporation and Blue Ridge Investments, LLC, dated August
30, 1996.

                                      D-14


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.5
<SEQUENCE>4
<FILENAME>p68936exv3w5.txt
<DESCRIPTION>EXHIBIT 3.5
<TEXT>
<PAGE>

                                                                     EXHIBIT 3.5

                              ARTICLES OF AMENDMENT

                                       TO

                           ARTICLES OF INCORPORATION

                                       OF

                             A & M ASSOCIATES, INC.

     Pursuant to the provisions of Section 10-061, Arizona Revised Statutes, the
undersigned corporation adopts the following Articles of Amendment to its
Articles of Incorporation:

FIRST:   The name of the corporation is: A & M ASSOCIATES, INC.

SECOND:  The document attached hereto as Exhibit "A" sets forth the amendments
         to the Articles of Incorporation which were adopted by the shareholders
         of the corporation at their meeting on May 18, 1995, in the manner
         prescribed by law.

THIRD:   The number of shares of stock outstanding at the time of such adoption
         was 100 shares; and the number of shares entitled to vote on the
         amendment was 100 shares.

FOURTH:  The designation and number of outstanding shares of each class or
         series entitled to vote thereon, as a class or series, was as follows:

             CLASS OR SERIES             NUMBER OF SHARES
                 COMMON                        100

FIFTH:   The number of shares of each class or series entitled to vote thereon
         as a class or series voted for or against such amendment, respectively,
         was:

         CLASS OR SERIES         NUMBER FOR          NUMBER AGAINST
            COMMON                  100                    -0-

DATED:  [ILLEGIBLE], 1995.
      -------------

                                          A & M ASSOCIATES, INC.

                                          BY: /s/ Edward J. Shoen
                                             -----------------------------------
                                              Edward J. Shoen, President

Attest:

/s/ Gary V.  Klinefelter
- ------------------------------------
Gary V. Klinefelter, Secretary

<PAGE>

                                    EXHIBIT A

                   AMENDMENT TO THE ARTICLES OF INCORPORATION

                                       OF

                             A & M ASSOCIATES, INC.

1.       Article V is amended to read as follows:

                  The existence of the corporation shall be: perpetual

<PAGE>

                         CONSENT OF THE SOLE STOCKHOLDER

                                       OF

                             A & M ASSOCIATES, INC.

                             AN ARIZONA CORPORATION

                                                           May 18, 1995

         On the above date, U-Haul International, Inc., a Navada Corporation,
the sole shareholder of the above named corporation acting through Edward J.
Shoen, on the authority of the Board of Directors of U-Haul International, Inc.,
to vote the stock of all of its subsidiaries, hereby consents to and adopts the
following, resolutions:

         RESOLVED: That the officers of A & M Associates, Inc. an Arizona
         corporation, be and hereby are authorized to amend their Articles of
         Incorporation,

                             Article IV as follows:

                                   ARTICLE IV

                   The existence of the corporation shall be:

                                    perpetual

                                            U-HAUL INTERNATIONAL, INC.
                                            a Nevada Corporation

                                            BY: /s/ Edward J. Shoen
                                               ---------------------------------
                                                Edward J. Shoen

<PAGE>

                              ARTICLES OF AMENDMENT

                        TO THE ARTICLES OF INCORPORATION

                                       OF

                 U-HAUL ADVERTISING & MARKETING ASSOCIATES, INC.

                             AN ARIZONA CORPORATION

     Pursuant to the provisions of Section 10-059, Arizona General Corporation
Law, the undersigned corporation adopts the attached Articles of Amendment to
its Articles of Incorporation:

FIRST:   The name of the corporation is: U-Haul Advertising & Marketing
         Associates, Inc.

SECOND:  The document attached hereto as Exhibit A sets forth the amendment to
         the Articles of Incorporation which was adopted by the shareholders on
         August 31, 1988, in the manner prescribed by the Arizona General
         Corporation Law.

THIRD:   The number of shares of the corporation outstanding at the time of such
         adoption was 100; and the number of shares entitled to vote thereon was
         100; and the number of shares voted for such amendment was 100.

FOURTH:  The designation and number of outstanding shares of each class or
         series entitled to vote thereon as a class or series were none.

FIFTH:   The number of shares of each class or series entitled to vote thereon
         as a class or series which voted for or against such amendment,
         respectively, were none.
<PAGE>

SIXTH:     No exchange, reclassification or cancellation of issued shares shall
           be effected as a result of this amendment.

SEVENTH:   Such amendment shall not effect a change in the amount of stated
           capital, and the stated capital shall remain unchanged.

DATED:     December 8, 1988

                                      U-Haul Advertising & Marketing
                                      Associates, Inc., an Arizona
                                      corporation

                                         BY: /s/ Mark V. Shoen
                                            ------------------------------------
                                             Mark V. Shoen, President

                                         BY: /s/ Gary V. Klinefelter
                                            ------------------------------------
                                             Gary V. Klinefelter, Secretary

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         The foregoing instrument was acknowledged before me this 8th day of
December, 1988, by Mark V. Shoen, President of U-Haul Advertising & Marketing
Associates, Inc., an Arizona corporation.

                                            /s/ Blanche I. Passolt
                                            ------------------------------------
                                                       Notary Public

          (NOTARIAL SEAL)

<PAGE>

                       CERTIFICATE OF CORPORATE RESOLUTION

         I, Mark V. Shoen, do hereby certify that I am the duly elected and
acting President of U-Haul Advertising & Marketing Associates Inc., and that the
following is a true and accurate copy of a resolution adopted by signed Consent
by the sole shareholder of said corporation, as the same appears upon the books
and records of this corporation:

                  RESOLVED: That the officers of U-Haul Advertising & Marketing
                  Associates, Inc., be and are authorized to amend their
                  Articles of Incorporation, Article I, as follows:

                                    ARTICLE I

                  Name: The name of the corporation shall be A & M ASSOCIATES,
                  INC.,

         In Witness Whereof, I have set my hand and affixed the seal of this
corporation this 8th day of December, 1988.

                                            /s/ Mark V. Shoen
                                            ------------------------------------
                                                  Mark V. Shoen, President

<PAGE>

SIXTH:     No exchange, reclassification or cancellation of issued shares shall
           be effected as a result of this amendment.

SEVENTH:   Such amendment shall not effect a change in the amount of stated
           capital, and the stated capital shall remain unchanged.

DATED:     September 1, 1988.

                                         A & M Associates, Inc.
                                         An Arizona Corporation

                                         BY: /s/ Mark V. Shoen
                                            ------------------------------------
                                            Mark V. Shoen, President

                                         BY: /s/ Gary V. Klinefelter
                                            ------------------------------------
                                            Gary V. Klinefelter, Secretary

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         The foregoing instrument was acknowledged before me this 1st day of
September, 1988, by Mark V. Shoen, President of A & M Associates, Inc., an
Arizona Corporation.

                                            /s/ Blanche I. Passolt
                                            -------------------------
                                                  Notary Public

           (NOTARIAL SEAL)

<PAGE>

                       CERTIFICATE OF CORPORATE RESOLUTION

         I, Mark V. Shoen, do hereby certify that I am the duly elected and
acting President of A & M Associates, Inc., an Arizona corporation, and that
the following is a true and accurate copy of a resolution adopted by signed
Consent by the sole shareholder of said corporation, as the same appears upon
the books and records of this corporation:

                  RESOLVED: That the officers of A & M Associates, Inc., be and
                  they are hereby authorized to amend their Articles of
                  Incorporation, Article I, as follows:

                                    ARTICLE I

                  Name: The name of the corporation shall be U-HAUL ADVERTISING
                  & MARKETING ASSOCIATES, INC.

         In Witness Whereof, I have set my hand and affixed the seal of this
corporation this 1st day of September, 1988.

                                            /s/ Mark V. Shoen
                                            ------------------------------------
                                                  Mark V. Shoen, President

<PAGE>

                        AMENDED ARTICLES OF INCORPORATION

         WHEREAS, REORGCO J, INC. was duly formed as a corporation by its
incorporators under and by virtue of the laws of the State of Arizona on April
28, 1970 and

         WHEREAS, the sole stockholder, AMERCO, a Nevada corporation, and all
officers and member of the Board of Directors of said corporation have
unanimously voted to alter and amend the name of said corporation to read as
follows:

         A & M ASSOCIATES, INC.

         NOW, THEREFORE, the said Articles of Incorporation are hereby amended
as above set forth.

         IN WITNESS THEREOF, the duly authorized officers of said corporation
have hereunto set their hands.

                                         /s/ Duane P. Swanson
                                         --------------------------------------
                                         Duane P. Swanson - President

                                         /s/ Franklin N. Ashton
                                         --------------------------------------
                                         Franklin N. Ashton - Secretary

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 19th day of August, 1971, did come and appear before me, Duane
P. Swanson and Franklin N. Ashton known to me to be the duly elected President
and Secretary respectively of REORGCO J, INC., an Arizona corporation, who did,
after an oath was duly administered, subscribe and acknowledge their foregoing
signatures for the purposes herein intended.

                                         /s/ [ILLEGIBLE]
                                         --------------------------------------
                                         Notary Public - State of Arizona

                                         My Commission Expires [ILLEGIBLE]

<PAGE>

                              ARTICLES OF AMENDMENT

                        TO THE ARTICLES OF INCORPORATION

                                       OF

                             A & M ASSOCIATES, INC.

                             AN ARIZONA CORPORATION

     Pursuant to the provisions of Section 10-059, Arizona General Corporation
Law, the undersigned corporation adopts the attached Articles of Amendment to
its Articles of Incorporation:

FIRST:   The name of the corporation is: A & M Associates, Inc.

SECOND:  The document attached hereto as Exhibit A sets forth the amendment to
         the Articles of Incorporation which was adopted by the shareholders on
         August 31, 1988, in the manner prescribed by the Arizona General
         Corporation Law.

THIRD:   The number of shares of the corporation outstanding at the time of such
         adoption was 100; and the number of shares entitled to vote thereon was
         100; and the number of shares voted for such amendment was 100.

FOURTH:  The designation and number of outstanding shares of each class or
         series entitled to vote thereon as a class or series were none.

FIFTH:   The number of shares of each class or series entitled to vote thereon
         as a class or series which voted for or against such amendment,
         respectively, were none.

<PAGE>

                                STATE OF ARIZONA

                             Corporation Commission

[SEAL]

To all to Whom these Presents shall Come, Greeting:

         BE IT KNOWN THAT                      REORGCO J, INC.

 HAVING SUBMITTED TO THE ARIZONA CORPORATION COMMISSION EVIDENCE OF COMPLIANCE
WITH THE LAWS OF THE STATE OF ARIZONA GOVERNING THE INCORPORATION OF COMPANIES,
 IS, BY VIRTUE OF THE POWER VESTED IN THE COMMISSION UNDER THE CONSTITUTION AND
             THE LAWS OF THE STATE OF ARIZONA, HEREBY GRANTED THIS

                          CERTIFICATE OF INCORPORATION

 AUTHORIZING SAID COMPANY TO EXERCISE THE FUNCTIONS OF A CORPORATION, UNDER THE
  LAWS NOW IN EFFECT IN THE STATE OF ARIZONA, AND SUBJECT TO SUCH LAWS AS MAY
 HEREAFTER BE ENACTED, FOR A PERIOD OF TWENTY-FIVE YEARS FROM THE DATE HEREOF,
                   UNLESS SOONER REVOKED BY AUTHORITY OF LAW.

                BY ORDER OF THE ARIZONA CORPORATION COMMISSION.

                  IN WITNESS WHEREOF, I, DICK HERBERT THE CHAIRMAN, HAVE
                  HEREUNTO SET MY HAND AND CAUSED THE OFFICIAL SEAL OF THE
                  ARIZONA CORPORATION COMMISSION TO BE AFFIXED AT THE CAPITOL,
                  IN THE CITY OF PHOENIX, THIS 11th DAY OF JUNE A.D. 1970

                                                                      CHAIRMAN.

ATTEST:

                    SECRETARY.                             NO.            79164

BY

           ASSISTANT SECRETARY.

<PAGE>

                             ARTICLES OF INCORPORATION

                                          of

                                 REORGCO J, INC.

         KNOW ALL MEN BY THESE PRESENTS, that we the undersigned, have this day
adopted, made and subscribed in triplicate to the following Articles of
Incorporation, for the purpose of forming a corporation under the laws of the
state of Arizona.

                                   ARTICLE I

         The name of this corporation shall be REORGCO J, INC.,

                                   ARTICLE II

         The principal place of business of the corporation shall be at 2727
North Central Avenue, Phoenix, Arizona, County of Maricopa.

                                  ARTICLE III

         The purpose or purposes for which the corporation is organized are to
transact the business of advertising, both as principal and agent, promoting and
developing the business of other corporations, partnerships, or individuals for
hire, or upon commission, or otherwise, by and through the means of preparing
advertising for other corporations, partnerships, or individuals, and of
advertising the business, commodities, or other property, real, personal or
mixed, of other corporations, partnerships, or individuals in newspapers, books,
booklets, prospectuses, magazines, circulars, pamphlets, or other similar
literature and advertising media.

         To manufacture, buy, sell, and otherwise dispose of at either Wholesale
or retail, import and export and generally trade in and deal with advertising
displays, signs, advertisements, and advertising devices and novelties, and to
manufacture, buy, sell, store, market, prepare for market, and generally deal in
and trade with any article or things of every nature and description.

Page one of four pages

<PAGE>

         To engage in the business of promoting, selling and distributing
advertising material, decalcomania transfers, signs, advertising displays,
adhesive signs, adhesive stickers, adhesive display markers, and all similar
related commodities

         To carry on the business of printers and lithographers, stereotypers,
electrotypes, photographic printers, photolithographers, engravers, die-sinkers,
blank book manufacturers, book binders, and stationers, and the printing of
books, pamphlets, periodicals, newspapers, posters, circulars, envelopes, bill
and letterheads, cards, tags, labels and forms of every description, and any and
all kinds of documents, instruments, and other printed matter.

                                   ARTICLE IV

         The authorized amount of capital stock of this corporation shall be One
Thousand ($1,000.00) Dollars, divided into one hundred (100) shares of the par
value of Ten ($10.00) Dollars each. Said capital stock shall be paid in at such
time and upon such conditions as the Board of Directors may be resolution
direct, either in cash, or by services rendered to the corporation, or by real
or personal property transferred to it. Shares of stock when issued in exchange
for services or property pursuant to a resolution of the Board of Directors
shall thereupon become and be fully paid the same as though paid for in cash at
par, and shall be non-assessable forever, and the determination of the Board of
Directors as to the value of any property or services received by the
corporation in exchange for stock shall be conclusive.

         All shareholders shall have pre-emptive rights to purchase, subscribe
for or otherwise acquire any unissued shares of stock of this corporation of any
class now or hereafter authorized.

                                    ARTICLE V

         The time of the commencement of this corporation shall be the date of
the issuance to it of a certificate of incorporation by the Corporation
Commission of the state of Arizona, and the time of its duration shall be

Page two of four pages

<PAGE>

twenty-five (25) years from and after said date, with the privilege of renewal
in the manner provided by law.

                                   ARTICLE VI

         This corporation shall have three (3) directors initially. The number
of directors may be increased or diminished from time to time in accordance with
the by-laws adopted by the stockholders, but shall never be less than three (3).

                                   ARTICLE VII

         The affairs of this corporation shall be conducted by the Board of
Directors and by such officers as the said Board of Directors may from time to
time elect or appoint. Said directors shall be elected by the stockholders at
the annual meeting of the corporation, which shall be on the third Wednesday in
May, and shall hold office until their successors are elected and qualified.

         The following named persons shall serve as officers and directors of
this corporation until the first annual meeting:

         President                      John A. Lorentz

         Vice-President                 David L. Helsten

         Secretary-Treasurer            Richard Rink

         Director                       John A. Lorentz

         Director                       David L. Helsten

         Director                       Richard Rink

                                  ARTICLE VIII

         The corporation shall not incur or subject itself to a total in-
debtedness of liability, direct or contingent, in an amount exceeding two-thirds
(2/3) of its authorized capital stock unless authorized by three-fourths (3/4)
of the vote cast with respect thereto at a lawfully held shareholders meeting,
and approved by the Corporation Commission of the state of Arizona.

Page three of four pages
<PAGE>

                                   ARTICLE IX

         Except as to the amount of any unpaid stock subscription owing to this
corporation, the private property of the stockholders of this corporation shall
be exempt from liability for its debts and obligations.

                                    ARTICLE X

         The statutory agent for the corporation shall be C. T. CORPORATION
SYSTEM, 14 North 18th Avenue, Phoenix, Maricopa County, Arizona, 85007.

                                   ARTICLE XI

         The incorporators of this corporation are:

         David L. Helsten              16 E. Fillmore
                                       Tempe, Maricopa County, Arizona

         Richard Rink                  2727 N. Central Avenue
                                       Phoenix, Maricopa County, Arizona

         IN TESTIMONY WHEREOF, we have hereunto set our hands this 23rd day of
April, 1970.

                                       /s/ David L. Helsten
                                       -----------------------------------
                                       David L. Helsten

                                       /s/ Richard Rink
                                       -----------------------------------
                                       Richard Rink

STATE OF ARIZONA   )
                   ) ss.
COUNTY OF MARICOPA )

         THIS IS TO CERTIFY that on the 23rd day of April, 1970, before me, a
Notary Public, personally appeared David L. Helsten and Richard Rink who I am
satisfied are the persons named in and who executed the foregoing Articles of
Incorporation, and I first having made known to them the contents thereof, they
did acknowledge that they had signed the same as their voluntary act and deed
for the uses and purposes therein expressed.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal on this 23rd day of April, 1970.

                                        /s/ [ILLEGIBLE]
                                        ---------------------------------------
        (NOTARIAL SEAL)                 Notary Public for the State of Arizona
                                        Residing at Phoenix, Arizona
                                        My Commission expires 8-13-72

Page four of four pages


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.6
<SEQUENCE>5
<FILENAME>p68936exv3w6.txt
<DESCRIPTION>EXHIBIT 3.6
<TEXT>
<PAGE>

                                                                     EXHIBIT 3.6

                                   BY-LAWS OF

                                 REORGCO J, INC.

                             An Arizona Corporation

                                    ARTICLE I

                                                              DATE: May 18, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Arizona shall be located
in the city of Phoenix. The corporation may have such other offices either
within or without the state of Arizona as the Board of Directors may designate
or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Monday in May of each year, at the office of the corporation in the state
of Arizona or otherwise as provided in the notice of said meeting. The purpose
of said annual meeting shall be for the election of directors and for the
purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each,
shareholder of record entitled to vote at such meeting. If mailed, such notice
shall be deemed to be delivered when deposited in the United States mail
addressed to the shareholder at his address as it appears on the stock transfer
book of the corporation, with postage thereon prepaid. Provided, however, that
notice of any meeting of shareholders whether regular or special, may be waived
either before, at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the

<PAGE>

shares entitled to vote at the meeting. All meetings of the shareholders may be
held within or without the state of Arizona. Notice of the special meetings will
be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                      -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) to 5 Directors shall be chosen annually by
the stockholders at their annual meeting. The holders of the majority of the
outstanding shares of stock entitled to vote may at any time pre-emptorily
terminate the term of office of all or any of the Directors by a vote at a
meeting called for such purposes. Such removal shall be effective immediately
even if successors are not elected simultaneously and the vacancies on the Board
of Directors resulting therefrom shall be filled by the stockholders, or by the
Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Arizona.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Arizona.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                      -3-
<PAGE>

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trade-marks in contracts, and interests
                  thereunder, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  state of Arizona, governing the disposition of the entire
                  assets and business of the corporation as a going concern.

                                      -4-
<PAGE>

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Arizona statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. [ILLEGIBLE] Such
officers shall be elected by ballot or unanimous acclamation at the meeting of
the Board of Directors after the annual election of Directors. In order to hold
any election there shall be a quorum present, and any officer receiving a
majority vote shall be declared elected and shall hold office for one year and
until his or her respective successor shall have been duly elected and
qualified; provided, however, that all officers, agents and employees of the
corporation shall be subject to removal from office pre-emptorily by vote of the
Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the

                                      -5-
<PAGE>

annual meeting of the shareholders. The President shall do and perform such
other duties as from time to time may be assigned by the Board of Directors to
him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the

                                      -6-
<PAGE>

corporation is organized under the laws of Arizona, the number and par value, if
any, of each share represented by it, the name of the person owning the shares
represented thereby, with the number of each share and the date of issue, and
the stock thereby represented is transferrable only upon the books of the
corporation and upon the signer of such certificates. A stock transfer book,
known as the stock register shall be kept, in which shall be entered the number
of each certificate issued and the number of the person owning the shares
thereby represented, with the number of such shares and the date of issue. The
transfer of any share or shares of stock in the corporation may be made by
surrender of the certificate issued therefor, and the written assignment thereof
by the owner or his duly authorized Attorney in Fact. Upon such surrender and
assignment, a new certificate shall be issued to the assignee as he may be
entitled, but without such surrender and assignment no transfer of stock shall
be recognized by the corporation. The Board of Directors shall have the power
concerning the issue, transfer and registration of certificate for agents and
registrars of transfer, and may require all stock certificates to bear
signatures of either or both. The stock transfer books shall be closed ten days
before each meeting of the shareholders and during such period no stock shall be
transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each calendar year and shall close on the 31st day
of March of the year.

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

                                      -7-
<PAGE>

The foregoing By-Laws of REORGCO J, INC., are hereby accepted and adopted as the
By-Laws of said corporation, and we, the undersigned, do hereby certify that the
above foregoing By-Laws are duly adopted by the Board of Directors and that the
same do now constitute the By-Laws of this corporation.

                                           /s/ John A. Lorentz
                                           -------------------------------------
                                           President - John A. Lorentz

ATTEST:

     [ILLEGIBLE]
____________________________
Secretary - Richard Rink

     (CORPORATE SEAL)

                                      -8-
<PAGE>

                              A&M ASSOCIATES, INC.
                             An Arizona corporation

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of A&M Associates, Inc., an
Arizona corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1, of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the Shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2, to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the President, Secretary, Treasurer, Assistant Secretary
and/or Assistant Treasurer of Company (collectively, the "Authorized Officers")
be, and each of them hereby is, authorized and empowered to certify to the
passage of the foregoing resolutions under the seal of Company or otherwise.

<PAGE>

Dated: August 15, 2003.                 SHAREHOLDER:

                                        U-Haul International, Inc.
                                        a Nevada Corporation

                                        By: /s/ Gary V. Klinefelter
                                        Name: Gary V. Klinefelter
                                        Its:  Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.7
<SEQUENCE>6
<FILENAME>p68936exv3w7.txt
<DESCRIPTION>EXHIBIT 3.7
<TEXT>
<PAGE>

                                                                     EXHIBIT 3.7

                                        FILING FEE: $75.00 OF C66620
                                        U-HAUL INTERNATIONAL/BLANCHE I. PASSOLT
                                        P.O. BOX 21502
                                        PHOENIX, AZ 85036

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 22th day of October,
1990, entered into by Amerco Real Estate Company, a Nevada Corporation, the
surviving corporation and U-Haul Co. of Pennsylvania, a Pennsylvania corporation
the absorbed Corporation, and together referred to as the Constituent
Corporations hereby witnesseth that

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the States of Nevada and Pennsylvania which laws permit such
mergers.

         NOW THEREFORE, the parties hereto do agree as follows:

                                       I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is John A.
Lorentz, 2721 N. Central Avenue, Phoenix, Arizona 85004.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Absorbed Corporation shall be cancelled.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Surviving
                           Corporation.

<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                            NUMBER OF
                         NUMBER OF           SHARES           NUMBER     NUMBER
      COMPANY              SHARES           ENTITLED          VOTED       VOTED
       NAME             OUTSTANDING         TO VOTE            FOR       AGAINST
- --------------------------------------------------------------------------------
<S>                     <C>                 <C>              <C>         <C>
AMERCO REAL ESTATE
COMPANY                  100,000            100,000          100,000        -0-

U-HAUL CO. OF
PENNSYLVANIA                 500                500              500        -0-
</TABLE>

                                       V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the States of Nevada and Pennsylvania to consummate and make effective
this merger, subject, however to the appropriate vote or consent to the
stockholders of the Constituent Corporation in accordance with the requirements
of the States of Nevada and Pennsylvania.

                                       VI

         The Surviving Corporation hereby irrevocable appoints The Secretary of
State as its agent to accept service of process in any suit or other proceeding
and to enforce against the surviving Corporation any obligation of any
Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P. O. Box 21502, Phoenix, Arizona 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                      Surviving Corporation: AMERCO REAL ESTATE
                                             COMPANY, a Nevada
                                             Corporation

                      By: /s/ Edward J. Shoen
                          -------------------------------------------------
                          Edward J. Shoen, President

Verifies

By: /s/ Gary V. Klinefelter
    --------------------------------------
    Gary V. Klinefelter, Secretary

                      Absorbed Corporation: U-HAUL CO. OF
                                            PENNSYLVANIA, a
                                            Penna. Corporation

                      By: /s/ John A. Lorentz
                          -------------------------------------------------
                          John A. Lorentz, President

Verified

By: /s/ Gary V. Klinefelter
    --------------------------------------
    Gary V. Klinefelter, Secretary
<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this    day of October, 1990, before me, the undersigned Notary
Public, personally appeared Edward J. Shoen, known to me to be the President of
Amerco Real Estate Company, a Nevada Corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                            /s/ Blanche I. Passolt
                                            ------------------------------------
                                                        NOTARY PUBLIC

         (NOTARY SEAL)

STATE OF PENNSYLVANIA

COUNTY OF

         On this       day of October, 1990, before me, the undersigned Notary
Public, personally appeared John A. Lorentz known to me to be the President of
U-Haul Co. of Pennsylvania a Pennsylvania Corporation, that he is the person who
executed instrument on behalf of said corporation, and acknowledged to me that
such corporation executed the same.

                                            /s/ Blanche I. Passolt
                                            ------------------------------------
                                                        NOTARY PUBLIC

        (NOTARY SEAL)

<PAGE>

CERTIFICATE OF MERGER

MERGING

U-HAUL CO. OF METRO NEW YORK, INC.
(NY) NOT QUAL.

INTO

AMERCO REAL ESTATE COMPANY

REQUESTED BY:                          3816-85

U-HAUL INTERNATIONAL
ATTN: BLANCHE I. PASSOLT
2727 N. CENTRAL AVE.
P.O. BOX 21502
PHOENIX, AZ 85036-1502

FILE NUMBER: 3816-85

FILE DATE: 8/13/90

FILING FEE: $75.00

3816-85 GS

<PAGE>

                                        FILING FEE: $75.00 DF C01927
                                        U-HAUL INTERNATIONAL
                                        ATTN: BLANCHE I. PASSOLT
                                        P.O. BOX 21502
                                        PHOENIX, AZ 85036-1502

                       PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 4th day of January,
1991, entered into by Amerco Real Estate Company, a Nevada corporation, the
surviving corporation and Novi Manufacturing Co. a Michigan corporation the
absorbed Corporation, and together referred to as the Constituent Corporations
hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the States of Nevada and Michigan which laws permit such
mergers.

         NOW THEREFORE, the parties hereto do agree as follows:

                                       I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is John A.
Lorentz, 2721 N. Central Avenue, Phoenix, Arizona 85004.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Absorbed Corporation shall be cancelled.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Surviving
                           Corporation.

<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                             NUMBER OF
                        NUMBER OF             SHARES          NUMBER      NUMBER
     COMPANY             SHARES              ENTITLED          VOTED      VOTED
      NAME             OUTSTANDING            TO VOTE           FOR       AGAINST
- ---------------------------------------------------------------------------------
<S>                    <C>                   <C>             <C>          <C>
AMERCO REAL ESTATE
 COMPANY                  100,000             100,000        100,000        -0-

NOVI MANUFACTURING
 CO.                          500                 500            500        -0-
</TABLE>

                                       V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the States of Nevada and Michigan to consummate and make effective this
merger, subject, however to the appropriate vote or consent to the stockholders
of the Constituent Corporation in accordance with the requirements of the States
of Nevada and Michigan.

                                       VI

         The Surviving Corporation hereby irrevocable appoints The Corporation
Trust Company as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P. O. Box 21502, Phoenix, Arizona 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                                   Surviving Corporation: AMERCO REAL ESTATE
                                                          COMPANY, a Nevada
                                                          Corporation

                                   By: /s/ Edward J. Shoen
                                       -----------------------------------------
                                       Edward J. Shoen, President

Verified

BY: /s/ Gary V. Klinefelter
    --------------------------------------
    Gary V. Klinefelter, Secretary

                                   Absorbed Corporation: NOVI MANUFACTURING CO.
                                                         A Michigan Corporation

                                   By: /s/ John A. Lorentz
                                       -----------------------------------------
                                       John A. Lorentz, President

Verified

By: /s/ Gary V. Klinefelter
    --------------------------------------
    Gary V. Klinefelter, Secretary
<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 4th day of January, 1991, before me, the undersigned Notary
Public, personally appeared Edward J. Shoen, known to me to be the President of
Amerco Real Estate Company, a Nevada Corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                              /s/ Blanche I. Passolt
                                       ----------------------------------
                                                  NOTARY PUBLIC

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 4th day of January, 1991 before me, the undersigned Notary
Public, personally appeared John A. Lorentz known to me to be the President of
Novi Manufacturing Co., Inc., a Michigan Corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                              /s/ Blanche I. Passolt
                                       ----------------------------------
                                                  NOTARY PUBLIC

         (NOTARY SEAL)

<PAGE>

PLAN AND AGREEMENT OF MERGER

MERGING

NOVI MANUFACTURING CO.
(MI) CORP. NOT QUAL.

INTO

AMERCO REAL ESTATE COMPANY              3816-85
(NV)

REQUESTED BY:

U-HAUL INTERNATIONAL
ATTN: BLANCE I. PASSOLT
P.O. BOX 21502
PHOENIX, AZ 85036-1502

FILE NUMBER: 3816-85

FILE DATE: 1/10/91

FILING FEE: $75.00

3816-85 GS                              FILING FEE: $75.00 DF
                                        2 CERTS.    $20.00
<PAGE>

                                                    FILING FEE: $75,00 DF C01926
                                                    U-HAUL INTERNATIONAL
                                                    ATTN: BLANCE I. PASSOLT
                                                    P.O. BOX 21502
                                                    PHOENIX, AZ 85036-1502

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 4th day of
January, 1991, entered into by Amerco Real Estate Company, a Nevada
Corporation, the surviving corporation and Boston Trailer Manufacturing Company,
Inc., a Massachusetts corporation the absorbed Corporation, and together
referred [ILLEGIBLE] as the Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the States of Nevada and Massachusetts which laws permit such
mergers.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is John A.
Lorentz, 2721 N. Central Avenue, Phoenix, Arizona 85004.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Absorbed Corporation shall be cancelled.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Surviving
                           Corporation.
<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                           NUMBER OF
                             NUMBER OF      SHARES      NUMBER       NUMBER
     COMPANY                  SHARES       ENTITLED      VOTED        VOTED
      NAME                  OUTSTANDING     TO VOTE       FOR        AGAINST
- ------------------          -----------    ---------    -------      -------
<S>                         <C>            <C>          <C>          <C>
AMERCO REAL ESTATE
COMPANY                       100,000       100,000     100,000        -0-

BOSTON TRAILER
MANUFACTURING
COMPANY, INC.                   2,786         2,786       2,786        -0-
</TABLE>

                                       V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the States of Nevada and Massachusetts to consummate and make effective
this merger, subject, however to the appropriate vote or consent to the
stockholders of the Constituent Corporation in accordance with the requirements
of the States of Nevada and Massachusetts.

                                       VI

         The Surviving Corporation hereby irrevocable appoints The Corporation
Trust Company as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P. O. Box 21502, Phoenix, Arizona 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                           Surviving Corporation:       AMERCO REAL ESTATE
                                                        COMPANY, a Nevada
                                                        Corporation

                           By:    /s/ Edward J. Shoen
                               -------------------------------------------------
                                  Edward J. Shoen, President

Verified

By:  /s/ Gary V. Klinefelter
    --------------------------------------------
      Gary V. Klinefelter, Secretary

                           Absorbed Corporation: BOSTON TRAILER
                                                 MANUFACTURING COMPANY,
                                                 a Massachusetts
                                                 Corporation

                           By:    /s/ John A. Lorentz
                               -------------------------------------------------
                                  John A. Lorentz, President

Verified

By:   /s/ Gary V. Klinefelter
    --------------------------------------------
      Gary V. Klinefelter, Secretary

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 4th day of January, 1991, before me, the undersigned Notary
Public, personally appeared Edward J. Shoen, known to me to be the President of
Amerco Real Estate Company, a Nevada Corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                                 /s/ [ILLEGIBLE]
                                       ----------------------------------
                                                  NOTARY PUBLIC

(NOTARY SEAL)

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 4th day of January, 1991 before me, the undersigned Notary
Public, personally appeared John A. Lorentz known to me to be the President of
Boston Trailer Manufacturing Company, Inc., a Massachusetts Corporation, that he
is the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                                 /s/ [ILLEGIBLE]
                                       ----------------------------------
                                                  NOTARY PUBLIC

(NOTARY SEAL)

<PAGE>

                                    RESTATED

                            ARTICLES OF INCORPORATION

                                       OF

                           AMERCO REAL ESTATE COMPANY

         KNOW ALL MEN BY THESE PRESENTS: That we, the undersigned, have
voluntarily associated ourselves together for the purpose of forming a
corporation under the laws of the State of Nevada, and we do certify:

                                    ARTICLE I

         The name of the corporation is: AMERCO REAL ESTATE COMPANY

                                   ARTICLE II

         The principal place of business of the corporation shall be at:

                  1325 Airmotive Way, Suite #170, Reno, Nevada

                                   ARTICLE III

         The nature of the business and the objects and purposes to be
         transacted, promoted, or carried on by the Corporation are to engage in
         any lawful act or activity for which corporations may be organized
         under the General Corporation Law of Nevada.

                                   ARTICLE IV

         The number of shares of common stock which this corporation is
         authorized to issue is twenty million (20,000,000) shares with a par
         value of one Cent ($0.01) per share. In addition to the common stock
         authorized to be issued, the corporation is authorized to issue five

                                     1 of 9

<PAGE>

         million (5,000,000) shares of preferred stock, with the Board of
         Directors having authority to issue such shares in one or more series,
         with a par value of One Cent ($0.01) per share, with limited voting
         powers or without voting powers, and with such designations,
         preferences and relative, participating, optional or other special
         rights, or qualifications, limitations or restrictions thereof as shall
         be stated or expressed in the resolution regarding such stock adopted
         by the Board of Directors pursuant to the authority expressly vested in
         it by this provision of the Articles of Incorporation, or any amendment
         hereto.

                                    ARTICLE V

         For the management of the business, and for the conduct of the affairs
         of the corporation, and for the further definition, limitation, and
         regulation of the powers of the corporation and its directors and
         stockholders, it is further provided:

         A.       BOARD Of DIRECTORS. The Board of Directors shall consist of
         not less than 4 nor more than 8 directors, the exact number of
         directors to be determined from time to time solely by a resolution
         adopted by an affirmative vote of a majority of the entire Board of
         Directors. The directors shall be divided into four classes, designated
         Class I, Class II, Class 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. At the 1990 Annual Meeting of Stockholders, Class I
         directors shall be elected for a one-year term, Class II directors for
         a two-year term, Class III directors for a three-year term, and Class
         IV directors for a four-year term. At each succeeding annual meeting of
         stockholders, commencing in 1991, successors to the class of directors
         whose term expires at the annual meeting shall be elected or reelected
         for a four-year term.

                                     2 of 9

<PAGE>

                  If the number of directors is changed, any increase or
         decrease shall be apportioned among the classes of directors so as to
         maintain the number of directors in each class as nearly equal as
         possible, but in no case will a decrease in the number of directors
         shorten the term of any incumbent director. When the number of
         directors is increased by the Board of Directors and any newly created
         directorships are filled by the Board of Directors, there shall be no
         classification of the additional directors until the next annual
         meeting of stockholders.

                  A director shall hold office until the meeting for the year in
         which his or her term expires and until his or her successor shall be
         elected and shall qualify, subject, however, to prior death,
         resignation, retirement, disqualification or removal from office.

                  This Article V may be amended only by the affirmative vote of
         two-thirds of all of the outstanding shares of common stock of the
         corporation entitled to vote, which vote must be by ballot at a duly
         constituted meeting of the stockholders, the notice of which meeting
         must include the proposed amendment.

         Directors need not be stockholders. The names and addresses of the
         initial Board are:

                  Mark V. Shoen           2727 N. Central Avenue
                                          Phoenix, AZ 85004

                  Edward J. Shoen         2727 N. Central Avenue
                                          Phoenix, AZ 85004

                  Paul F. Shoen           2727 N. Central Avenue
                                          Phoenix, AZ 85004

                  John H. Dodds           2727 N. Central Avenue
                                          Phoenix, AZ 85004

                  Aubrey K. Johnson       2727 N. Central Avenue
                                          Phoenix, AZ 85004

                  Gary B. Horton          1325 Airmotive Way, Suite 170
                                          Reno, NV 89502

                  James P. Shoen          1325 Airmotive Way, Suite 170
                                          Reno, NV 89502

         B.       POWERS OF THE BOARD OF DIRECTORS. In furtherance and not in
         limitation of the powers conferred by the laws of the State of Nevada,
         the Board of Directors is expressly authorized and empowered:

                                     3 of 9

<PAGE>

                           (i) To make, alter, amend, and repeal the bylaws,
                  subject to the power of the stockholders to amend the bylaws,
                  which power may be exercised only by the affirmative vote of
                  two-thirds of all of the outstanding shares of common stock of
                  the corporation entitled to vote, which vote must be by ballot
                  at a duly constituted meeting of the stockholders, the notice
                  of which meeting must include the proposed amendment. This
                  Article 6.3(i) may be amended only by the affirmative vote of
                  two-thirds of all of the outstanding shares of common stock of
                  the corporation entitled to vote, which vote must by ballot at
                  duly constituted meeting of the stockholders, the notice of
                  which meeting must include the proposed amendment;

                           (ii) Subject to the applicable provisions of the
                  bylaws then in effect, to determine, from time to time,
                  whether and to what extent, and at what times and places, and
                  under what conditions and regulations, the accounts and books
                  of the corporation, or any of then, shall be open to
                  stockholder inspection. No stockholder shall have any right to
                  inspect any of the accounts, books or documents of the
                  corporation, except as permitted by law, unless and until
                  authorized to do so by resolution of the Board of Directors or
                  of the stockholders of the corporation;

                           (iii) To authorize and issue, without stockholder
                  consent, obligations of the corporation, secured and
                  unsecured, under such terms and conditions as the Board of
                  Directors, in its sole discretion, may determine, and to
                  pledge or mortgage, as security therefor, any real or personal
                  property of the corporation, including after-acquired
                  property;

                           (iv) To determine whether any and if so, what part,
                  of the earned surplus of the corporation shall be paid in
                  dividends to the stockholders, and to direct and determine
                  other use and disposition of any such earned surplus;

                           (v) To fix, time time to time, the amount of the
                  profits of the corporation to be reserved as working capital
                  or for any other lawful purpose;

                           (vi) To establish bonus, profit-sharing, stock
                  option, or other types of incentive compensation plans for the
                  employees, including officers and directors, of the
                  corporation, and to fix the amount of profits to be shared or
                  distributed, and to determine the persons to participate in
                  any such plans and the amount of their respective
                  participations;

                                     4 of 9

<PAGE>

                           (vii) To designate, by resolution or resolutions
                  passed by a majority of the entire Board of Directors, one or
                  more committees, each consisting of two or more directors,
                  which, to the extent permitted by law and authorized by the
                  resolution or the bylaws, shall have and may exercise the
                  powers of the Board of Directors;

                           (viii) To provide for the reasonable compensation of
                  its own members, and to fix the terms and conditions upon
                  which such compensation will be paid;

                           (ix) In additional to the powers and authority
                  hereinbefore, or by statute, expressly conferred upon it, the
                  Board of Directors may exercise all such powers and of all
                  such acts and things as may be exercised or done by the
                  corporation, subject, nevertheless, to the provisions of the
                  laws of the State of Nevada, of these Articles of
                  Incorporation, and of the bylaws of the corporation.

         C.       LIMITATION OF DIRECTOR LIABILITY. A director of officer of
         the corporation shall not be personally liable to this corporation or
         its stockholders for damages for breach of fiduciary duty as a director
         or officer, but this Article 6.C shall not eliminate or limit the
         liability of a director or officer for (i) acts or omissions which
         involve intentional misconduct, fraud or a knowing violation of law, or
         (ii) the unlawful payment of dividends. Any repeal or modification of
         this Article 6.C by the stockholders of the corporation shall be
         prospective only, and shall not adversely affect any limitation on the
         personal liability of a director or officer of the corporation for acts
         or omissions prior to such repeal or modification.

                                   ARTICLE VI

         The names and address of each of the incorporators are:

         John A. Lorentz         2727 N. Central Ave., Phoenix, AZ 85004

         George R. Olds          2727 N. Central Ave., Phoenix, AZ 85004

         Blanche I. Passolt      2727 N. Central Ave., Phoenix, AZ 85004

                                   ARTICLE VII

         The period of existence of the corporation shall be:

                                    Perpetual

                                     5 of 9

<PAGE>

                                  ARTICLE VIII

         Except as otherwise provided by the Board of Directors, no holder of
         any shares of the stock of the corporation shall have any preemptive
         right to purchase, subscribe for, or otherwise acquire any shares of
         stock of the corporation of any class now or hereafter authorized, or
         any securities exchangeable for or convertible into such shares, or any
         warrants or other instruments evidencing rights or options to subscribe
         for, purchase or otherwise acquire such shares.

                                   ARTICLE IX

         The affirmative vote of the holders of two-thirds (2/3) of the
         outstanding shares of common stock of this corporation entitled to vote
         shall be required to approve, adopt or authorize:

                  A.       Any agreement for the merger, consolidation,
                  amalgamation or combination of this corporation with or into
                  any other corporation which is an Interested Stockholder (as
                  hereafter defined);

                  B.       Any sale, lease, exchange or other disposition to or
                  with this corporation of any assets of any Interested
                  Stockholder;

                  C.       Any sale, lease, exchange or other disposition by
                  this corporation of all or substantially all of the assets of
                  this corporation to or with an Interested stockholder;

                  D.       Any plan or proposal for liquidation or dissolution
                  of this corporation if any stockholder of this corporation is
                  an Interested Stockholder; or

                  E.       Any reclassification of securities (including any
                  reverse stock split) or recapitalization of this corporation
                  which has the effect, directly or indirectly, of increasing
                  the proportionate share of the outstanding

                                     6 of 9

<PAGE>

                  shares of any class of stock or convertible securities of this
                  corporation, directly or indirectly owned by an Interested
                  stockholder.

                  As used herein, Interested stockholder shall mean any person,
         firm, corporation or other entity which, as of the record date for the
         determination of stockholders entitled to notice of and to vote on any
         of the above transactions, is the beneficial owner, directly or
         indirectly, of more than five percent (5%) of any class of voting stock
         of this corporation. For the purposes hereof, any person, firm,
         corporation or other entity shall be deemed to be the beneficial owner
         of any shares of voting stock of this corporation which (i) it has the
         right to acquire pursuant to any agreement or upon exercise of
         conversion rights, warrants or options, or otherwise, or (ii) are
         owned, directly or indirectly (including shares deemed owned through
         the application of clause (i) above), by any other person, firm,
         corporation or other entity with which it has any agreement,
         arrangement or understanding with respect to the acquisition, holding,
         voting or disposition of stock of this corporation, or which is its
         "affiliate" or "associate" as those terms are defined in the Rules and
         Regulations under the Securities Exchange Act of 1934, as amended.

                  The Board of Directors of this corporation shall have the
         power and duty, by resolution adopted by the affirmative vote of a
         majority of the entire Board of

                                     7 of 9

<PAGE>

         Directors, to determine (and such determination shall be conclusive)
         for the purposes of this Article 9, on the basis of information known
         to it, whether (i) any person, firm, corporation or other entity is the
         beneficial owner, directly or indirectly, of more than five percent
         (5%) of any class of voting stock of this corporation, (ii) any
         proposed sale, lease, exchange or other disposition involves all or
         substantially all of the assets of this corporation, or (iii) any
         person, firm, corporation or other entity has any agreement,
         arrangement or understanding with respect to the acquisition, holding,
         voting or disposition of stock of this corporation with any other
         person, firm, corporation or other entity.

                  Notwithstanding any other provision of these Articles of
         Incorporation, the affirmative vote of the holders of two-thirds (2/3)
         of the outstanding shares of common stock of this corporation entitled
         to vote shall be required to amend, alter, change or repeal, or to
         adopt any provision inconsistent with, this Article 9.

                  The respective two-thirds voting requirements specified above
         for any of the transactions referred to in any one or more of
         paragraphs A through E above, or to amend, alter, change or repeal, or
         to adopt any provision inconsistent with, this Article 9, shall not be
         applicable to a proposed action which has been approved or recommended
         by majority of the Disinterested

                                     8 of 9

<PAGE>

         Directors, as used herein, a "Disinterested Director" means (i) any
         Director named in these Articles of Incorporation as one of the first
         members of the corporation's Board of Directors, (ii) any Director of
         the corporation who is elected by the stockholders or appointed by the
         Board of Directors of this corporation and was not at the time of such
         election or appointment associated with or an affiliate of an
         Interested Stockholder directly or indirectly involved in the
         transaction or proposal before the Board of Directors, or (iii) a
         person designated, before his election or appointment as a director, as
         a Disinterested Director by a majority of Disinterested Directors then
         on the Board of Directors.

                                    ARTICLE X

         Shareholder action by written consent is prohibited. This Article 10
         may be amended only by the affirmative vote of two-thirds of all of the
         outstanding shares of common stock of the corporation entitled to vote,
         which vote must be by ballot at a duly constituted meeting of the
         stockholders, the notice of which meeting must include the proposed
         amendment.

         IN WITNESS WHEREOF, we have executed the foregoing Re-Stated Articles
of Incorporation of Amerco Real Estate Company this 19th day of September, 1990.

                                                /s/ Charles J. Bayer
                                                --------------------------------
                                                Charles J. Bayer, President

                                                /s/ Gary V. Klinefelter
                                                --------------------------------
                                                Gary V. Klinefelter, Secretary

                                     9 of 9

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 19th day of September, 1990, personally appeared before me, the
undersigned Notary Public, Charles J. Bayer, President and Gary V. Klinefelter,
Secretary of AMERCO REAL ESTATE COMPANY, a Nevada corporation, known to me to be
the persons named in and who executed the same and that the matters contained
herein are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal this 19th day of September, 1990.

                                                /s/ Blanche I. Passolt
                                        ----------------------------------------
                                                     NOTARY PUBLIC

         (NOTARIAL SEAL)

<PAGE>

               THIS FORM SHOULD ACCOMPANY AMENDED AND/OR RESTATED
               ARTICLES OF INCORPORATION FOR A NEVADA CORPORATION

1.       Name of corporation: AMERCO REAL ESTATE COMPANY

2.       Date of adoption of Amended and/or Restated Articles: 9/19/90

3.       If the articles were amended, please indicate what changes have been
         made:__________________________________________________________________

         (a) Was there a name change? Yes [ ] No [x]. If yes, what is the new
             name?
             ___________________________________________________________________

         (b) Did you change your resident agent? Yes [ ] No [x]. If yes, please
             indicate new address:
             ___________________________________________________________________

         (c) Did you change the purposes? Yes [ ] No [x]. Did you add Banking?
             [ ], Gaming? [ ], Insurance? [ ], None of these? [x].

         (d) Did you change the capital stock? Yes [ ] No [x]. If yes, what is
             the new capital stock?
             ___________________________________________________________________

         (e) Did you change the directors? Yes [ ] No [x]. If yes, indicate the
             change:____________________________________________________________
             ___________________________________________________________________

         (f) Did you add the directors liability provision? Yes [ ] No [x].

         (g) Did you change the period of existence? Yes [ ] No [x]. If yes,
             what is the new existence?
             ___________________________________________________________________

         (h) If none of the above apply, and you have amended or modified the
             articles, how did you change your articles? Re-Stated the Articles
             of Incorporation

                                           /s/ Gary V. Klinefelter
                                           -------------------------
                                           Gary V.     Name and Title of Officer
                                           Klinefelter,       Secretary 10/10/90
                                           -------------------------------------
                                                                 Date

STATE OF ARIZONA   )
                     ss.
COUNTY OF MARICOPA )

On October 10, 1990 personally appeared before me, a Notary Public, Gary V.
Klinefelter, who acknowledged that he/she executed the above document.

                                                        /s/ Blanche I. Passolt
                                                       -------------------------
                                                            Notary Public


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.8
<SEQUENCE>7
<FILENAME>p68936exv3w8.txt
<DESCRIPTION>EXHIBIT 3.8
<TEXT>
<PAGE>

                                                                     EXHIBIT 3.8

                                    BYLAWS OF

                           AMERCO REAL ESTATE COMPANY

                              A NEVADA CORPORATION

                                    ARTICLE I

SECTION 1.        Offices:

The principal office and registered office of the corporation shall be located
in the State of Nevada at such locations as the Board of Directors may from time
to time authorize by resolution. The corporation may have such other offices
either within or without the State of Nevada as the Board of Directors may
designate or as the business of the corporation may require from time to time.

SECTION 2.        References:

Any reference herein made to law will be deemed to refer to the law of the State
of Nevada, including any applicable provisions of Chapter 78 of title 7, Nevada
Revised Statutes (or its successor), as at any given time in effect. Any
reference herein made to the Articles will be deemed to refer to the applicable
provision or provisions of the Articles of Incorporation of the corporation, and
all amendments thereto, as at any given time on file with the office of the
clerk of Washoe County, Nevada.

SECTION 3.        Shareholders of Record:

The word "shareholder" as used herein shall mean one who is a holder of record
of shares in the corporation.

                                   ARTICLE II

                                  SHAREHOLDERS

SECTION 1.        Annual Meeting:

An annual meeting of the shareholders for the election of directors to succeed
those whose terms expire and for the

<PAGE>

transaction of such other business as may properly come before the meeting shall
be held on the last Saturday of September of each year at a time of day and
place as determined by the Board of Directors, or on such other date as may be
determined by the Board of Directors.

SECTION 2.        Special Meetings:

         a.       Special meetings of the shareholders may be held whenever and
wherever called by the Chairman of the Board, a majority of the Board of
Directors, or upon the delivery of proper written request of the holders of not
less than fifty percent (50%) of all the shares outstanding and entitled to vote
at such meeting. The business which may be conducted at any such special meeting
will be confined to the purpose stated in the notice thereof, and to such
additional matters as the Chairman of such meeting may rule to be germane to
such purposes.

         b.       For purposes of this Section, proper written request for the
call of a special meeting shall be made by a written request specifying the
purposes for any special meeting requested and providing the information
required by Section 5 of this Article II hereof. Such written request must be
delivered either in person or by registered or certified mail, return receipt
requested, to the Chairman of the Board, or such other person as may be
specifically authorized by law to receive such request. Within thirty (30) days
after receipt of proper written request, a special meeting shall be called and
notice given in the manner required by these bylaws and the meeting shall be
held at a time and place selected by the Board of Directors, but not later than
ninety (90) days after receipt of such proper written request. The
shareholder(s) who request a special meeting of shareholders must pay the
corporation the corporation's reasonably estimated cost of preparing and mailing
a notice of a meeting of shareholders before such notice is prepared and mailed.

SECTION 3.        Notice:

Notice of any meeting of the shareholders will be given by the corporation as
provided by law to each shareholder entitled to vote at such meeting. Any such
notice may be waived as provided by law.

SECTION 4.        Right to Vote:

For each meeting of the shareholders, the Board of Directors will fix in advance
a record date as contemplated by law, and the shares of stock and the
shareholders "entitled to vote" (as that or any similar term is herein used) at
any meeting of the

                                       -2-
<PAGE>

shareholders will be determined as of the applicable record date. The Secretary
(or in his or her absence an Assistant Secretary) will see to the making and
production of any record of shareholders entitled to vote that is required by
law. Any such entitlement may be exercised through proxy, or in such other
manner as is specifically provided by law. No proxy shall be valid after eleven
(11) months from the date of its execution unless otherwise provided by the
proxy. In the event of contest, the burden of proving the validity of any
undated, irrevocable, or otherwise contested proxy will rest with the person
seeking to exercise the same. A telegram, cablegram, or facsimile appearing to
have been transmitted by a shareholder (or by his duly authorized
attorney-in-fact) may, in the discretion of the tellers, if any, be accepted as
a sufficiently written and executed proxy.

SECTION 5.        Manner of Bringing Business Before the Meeting:

At any annual or special meeting of shareholders only such business (including
nomination as a director) shall be conducted as shall have been properly brought
before the meeting. In order to be properly brought before the meeting, such
business must have either been (A) specified in the written notice of the
meeting (or any supplement thereto) given to shareholders on the record date for
such meeting by or at the direction of the Board of Directors, (B) brought
before the meeting at the direction of the Board of Directors or the Chairman of
the meeting, selected as provided in Section 9 of this Article II, or (C)
specified in a written notice given by or on behalf of a shareholder on the
record date for such meeting entitled to vote thereat or a duly authorized proxy
for such shareholder, in accordance with all of the following requirements. A
notice referred to in clause (C) hereof must be delivered personally to, or
mailed to and received at, the principal executive office of the corporation,
addressed to the attention of the Secretary, not more than ten (10) days after
the date of the initial notice referred to in clause (A) hereof, in the case of
business to be brought before a special meeting of shareholders, and not less
than one hundred and twenty (120) days prior to the anniversary date of the
initial notice referred to in clause (A) hereof with respect to the previous
year's annual meeting, in the case of business to be brought before an annual
meeting of shareholders. Such notice referred to in clause (C) hereof shall set
forth (i) 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, (ii) the name and address of the person proposing to bring such
business before the meeting, (iii) 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, if such date has been made

                                       -3-
<PAGE>

publicly available, or as of a date not later than thirty (30) days prior to the
delivery of the initial notice referred to in clause (A) hereof, if the record
date has not been made publicly available, (iv) 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 pursuant to Section 14 of the
Securities Exchange Act of 1934, as amended, or any successor thereto, and the
written consent of each such nominee to serve if elected, (v) any material
interest of such shareholder in the specified business, (vi) whether or not such
shareholder 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 (vii) all
other information that would be required to be filed with the Securities and
Exchange Commission 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 14 of the Securities Exchange Act of 1934, as
amended, or any successor thereto. No business shall be brought before any
meeting of the shareholders of the corporation otherwise than as provided in
this Section.

Notwithstanding compliance with the foregoing provisions, the Board of Directors
shall not be obligated to include information as to any shareholder nominee for
director or any other shareholder proposal in any proxy statements or other
communication sent to shareholders.

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.

SECTION 6.        Right to Attend:

Except only to the extent of persons designated by the Board of Directors or the
Chairman of the meeting to assist in the conduct of the meeting, and except as
otherwise permitted by the Board or such Chairman, the persons entitled to
attend any meeting of shareholders may be confined to (i) shareholders entitled
to vote thereat and (ii) the persons upon whom proxies valid for purposes of the
meeting have been conferred or their duly appointed substitutes (if the related
proxies confer a power of substitution); provided, however, that the Board of
Directors or the Chairman of the meeting may establish rules

                                       -4-
<PAGE>

limiting the number of persons referred to in clause (ii) as being entitled to
attend on behalf of any shareholder so as to preclude such an excessively large
representation of such shareholder at the meeting as, in the judgment of the
Board or such Chairman, would be unfair to other shareholders represented at the
meeting or be unduly disruptive to the orderly conduct of business at such
meeting (whether such representation would result from fragmentation of the
aggregate number of shares held by such shareholder for the purpose of
conferring proxies, from the naming of an excessively large proxy delegation by
such shareholder, or from employment of any other device). A person otherwise
entitled to attend any such meeting will cease to be so entitled if, in the
judgment of the Chairman of the meeting, such person engages thereat in
disorderly conduct impeding the proper conduct of the meeting in the interests
of all shareholders as a group.

SECTION 7.        Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 8.        Tellers:

The Board of Directors, in advance of any shareholders meeting may appoint one
or more tellers to act at such meeting (and any adjournment thereof), and may
appoint one or more alternate tellers to serve (in the order designated) in the
absence of any teller or tellers so appointed. If any person appointed as teller
or alternate teller fails to appear or to act, a substitute may be appointed by
the Chairman of the meeting. The tellers (acting through a majority of them on
any disputed matter) will determine the number of shares outstanding, the
authenticity, validity and effect of proxies, the credentials of the persons
purporting to be shareholders or persons named or referred to in proxies, and
the number of shares represented at the meeting in person and by proxy; they
will receive and count votes, ballots and consents and announce the results
thereof; they will hear and determine all challenges and questions pertaining to
proxies and voting; and, in general, they will perform such acts as may be
proper to conduct elections and voting with complete fairness to all
shareholders. No such teller need be a shareholder of the corporation. Each
shareholder shall be entitled to one vote

                                       -5-
<PAGE>

for each share of stock held by him or her, and in the event a shareholder holds
a fraction of a share or full shares plus a fraction, any such fractional share
shall be entitled to a proportionate fraction of one vote.

SECTION 9. Organization and Conduct of Business:

Each shareholders meeting will be called to order and thereafter chaired by the
Chairman of the Board if there then is one; or, if not, or if the Chairman of
the Board is absent or so requests, then by the President; or if both the
Chairman of the Board and the President are unavailable, then by such other
officer of the corporation or such shareholder as may be appointed by the Board
of Directors. The Secretary (or in his or her absence an Assistant Secretary) of
the corporation will act as secretary of each shareholders meeting; if neither
the Secretary nor an Assistant Secretary is in attendance, the Chairman of the
meeting may appoint any person (whether a shareholder or not) to act as
secretary thereat. After calling a meeting to order, the Chairman thereof may
require the registration of all shareholders intending to vote in person, and
the filing of all proxies, with the teller or tellers, if one or more have been
appointed (or, if not, with the secretary of the meeting). After the announced
time for such filing of proxies has ended, no further proxies or changes,
substitutions, or revocations of proxies will be accepted. The Chairman of a
meeting will, among other things, have absolute authority to determine the order
of business to be conducted at such 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). Any informational or other informal session of shareholders conducted
under the auspices of the corporation after the conclusion of or otherwise in
conjunction with any formal business meeting of the shareholders will be chaired
by the same person who chairs the formal meeting, and the foregoing authority on
his or her part will extend to the conduct of such informal session.

SECTION 10. Voting:

The number of shares voted on any matter submitted to the shareholders which is
required to constitute their action thereon or approval thereof will be
determined in accordance with applicable law, the Articles, and these bylaws, if
applicable. Voting will be by ballot on any matter as to which a ballot vote is
demanded, prior to the time the voting begins, by any person entitled to vote on
such matter; otherwise, a voice vote will suffice. No ballot or change of vote
will be accepted after the polls have been declared closed following the ending
of the announced time for voting.

                                      -6-
<PAGE>

SECTION 11. Shareholder Approval or Ratification:

The Board of Directors may submit any contract or act for approval or
ratification at any duly constituted meeting of the shareholders, the notice of
which either includes mention of the proposed submittal or is waived as provided
by law. If any contract or act so submitted is approved or ratified by a
majority of the votes cast thereon at such meeting, the same will be valid and
as binding upon the corporation as it would be if approved and ratified by each
and every shareholder of the corporation.

SECTION 12. Informalities and Irregularities:

All informalities or irregularities in any call or notice of a meeting, or in
the areas of credentials, proxies, quorums, voting, and similar matters, will be
deemed waived if no objection is made at the meeting.

SECTION 13. Action Without a Meeting:

No action which may be taken by a vote of the shareholders may be taken unless
taken at a meeting held pursuant to Section 1 or Section 2 of this Article II.

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Directors:

The Board of Directors shall consist of not less than 4 nor more than 8
directors, the exact number of directors to be determined from time to time
solely by a resolution adopted by an affirmative vote of a majority of the
entire Board of Directors. The directors shall be divided into four classes,
designated class I, Class II, Class 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. At each
annual meeting of shareholders, successors to the class of directors whose term
expires at the annual meeting shall be elected or reelected for a four-year
term.

                                      -7-
<PAGE>

If the number of directors is changed, any increase or decrease shall be
apportioned among the classes of directors so as to maintain the number of
directors in each class as nearly equal as possible, but in no case will a
decrease in the number of directors shorten the term of any incumbent director.
When the number of directors is increased by the Board of Directors and any
newly created directorships are filled by the Board, there shall be no
classification of the additional directors until the next annual meeting of
shareholders.

A director shall hold office until the meeting for the year in which his or her
term expires and until his or her successor shall be elected and shall qualify,
subject, however, to prior death, resignation, retirement, disqualification or
removal from office.

SECTION 2. Vacancies:

Newly created directorships resulting from an increase in the number of the
directors and any vacancy on the Board of Directors shall be filled by an
affirmative vote of a majority of the Board of Directors then in office. If the
number of directors then in office is less than a quorum, such newly created
directorships and vacancies may be filled by a majority of the directors then in
office, although less than a quorum, or by the sole remaining director. A
director elected by the Board of Directors to fill a vacancy shall hold office
until the next meeting of shareholders called for the election of directors and
until his or her successor shall be elected and shall qualify.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the shareholders of the
corporation, the newly elected Directors shall meet for the purpose of
organization, the election of officers, and the transaction of such other
business as may come before said meeting. No notice shall be required for such
meeting. The meeting may be held within or without the State of Nevada. Regular
meetings, other than the annual ones, may be held at regular intervals at such
times and places as the Board of Directors may provide.

SECTION 4. Special Meetings:

Special meetings of the Board of Directors may be called at any time by the
President or by any one member of the Board giving written notice thereof to the
President of said corporation, or said special meeting may be called without
notice by unanimous consent of all the members by the presence of all the
members

                                      -8-
<PAGE>

of said board at any such meeting. The special meetings of the Board of
Directors may be held within or without the State of Nevada.

SECTION 5. Notice:

No notice need be given of regular meetings of the Board of Directors. Notice of
the time and place (but not necessarily the purpose or all of the purposes) of
any special meeting will be given to each director in person or by telephone, or
via mail or telegram addressed in the manner then appearing on the corporation's
records. Notice to any director of any special meeting will be deemed given
sufficiently in advance when (i) if given by mail, the same is deposited in the
United States mail at least four days before the meeting date, with postage
thereon prepaid, (ii) if given by telegram, the same is delivered to the
telegraph office for fast transmittal at least 48 hours prior to the convening
of the meeting, (iii) if given by facsimile transmission, the same is received
by the director or an adult member of his or her office staff or household, at
least 24 hours prior to the convening of the meeting, or (iv) if personally
delivered or given by telephone, the same is handed, or the substance thereof is
communicated over the telephone, to the director or to an adult member of his or
her office staff or household, at least 24 hours prior to the convening of the
meeting. Any such notice may be waived as provided by law. No call or notice of
a meeting of directors will be necessary if each of them waives the same in
writing or by attendance. Any meeting, once properly called and noticed (or as
to which call and notice have been waived as aforesaid) and at which a quorum is
formed, may be adjourned to another time and place by a majority of those in
attendance.

SECTION 6. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by law or by these
bylaws, but if at any meeting of the Board less than a quorum is present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 7. Action by Telephone or Consent:

Any meeting of the Board or any committee thereof may be held by conference
telephone or similar communications equipment as permitted by law in which case
any required notice of such meeting may generally describe the arrangements
(rather than the place) for the holding thereof, and all other provisions herein
contained or referred to will apply to such meeting as

                                      -9-
<PAGE>

though it were physically held at a single place. Action may also be taken by
the Board or any committee thereof without a meeting if the members thereof
consent in writing thereto as contemplated by law.

SECTION 8. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at its meetings. The usual order of business at such meetings shall be as
follows:

         1st      Roll Call; a quorum being present.

         2nd.     Reading of minutes of the preceding meeting and action
                  thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                               POWER OF DIRECTORS

SECTION 1. GENERALLY:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. SPECIAL POWERS:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
         all real or personal property including franchises, stocks, bonds and
         debentures of other companies, business and goodwill, patents,
         trademarks in contracts, and interests thereunder, and other rights and
         properties which in their judgment may be

                                      -10-
<PAGE>

         beneficial for the purpose of this corporation, and to issue shares of
         stock of this corporation in payment of such property, and in payment
         for services rendered to this corporation when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
         amount or amounts to be set aside or retained as reserve funds or as
         working capital of this corporation.

         3.       To issue notes and other obligations or evidence of the debt
         of this corporation, and to secure the same, if deemed advisable, and
         endorse and guarantee the notes, bonds, stocks, and other obligations
         of other corporations with or without compensation for so doing, and
         from time to time to sell, assign, transfer or otherwise dispose of any
         of the property of this corporation, subject, however, to the laws of
         the State of Nevada, governing the disposition of the entire assets and
         business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
         stock, but only from the surplus or from the net profit arising from
         the business of this corporation, after deducting therefrom the
         amounts, at the time when any dividend is declared which shall have
         been set aside by the Directors as a reserve fund or as a working fund.

         5.       To adopt, modify and amend the bylaws of this corporation.

         6.       To periodically determine by Resolution of the Board the
         amount of compensation to be paid to members of the Board of Directors
         in accordance with Article 6, Section B, Subsection viii of the
         Articles of Incorporation.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by law.

                                      -11-
<PAGE>

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

The officers of the corporation shall consist of a President, one or more
Vice-Presidents, Secretary, Assistant Secretaries, Treasurer, Assistant
Treasurer, a resident agent and such other officers as shall from time to time
be provided for by the Board of Directors. Such officers shall be elected by
ballot or unanimous acclamation at the meeting of the Board of Directors after
the annual election of Directors. In order to hold any election there must be
quorum present, and any officer receiving a majority vote shall be declared
elected and shall hold office for one year and until his or her respective
successor shall have been duly elected and qualified; provided, however, that
all officers, agents and employees of the corporation shall be subject to
removal from office pre-emptorily by vote of the Board of Directors at any
meeting.

SECTION 2. Powers and Duties of Chairman of the Board:

The Chairman of the Board of Directors will serve as a general executive
officer, but not necessarily as a full-time employee, of the corporation. He or
she shall preside at all meetings of the shareholders and of the Board of
Directors, shall have the powers and duties set forth in these bylaws, and shall
do and perform such other duties as from time to time may be assigned by the
Board of Directors.

SECTION 3. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary or
Assistant Secretary shall sign all certificates of the shares of the capital
stock of the corporation.

The President shall each year present an annual report of the preceding year's
business to the Board of Directors at a meeting to be held immediately preceding
the annual meeting of the shareholders, which report shall be read at the annual
meeting of the shareholders. The President shall do and perform such other
duties as from time to time may be assigned by the Board of Directors to him.

                                      -12-
<PAGE>

Notwithstanding any provision to the contrary contained in the bylaws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 4. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 5. Powers and Duties of the Secretary and Assistant Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct. In the absence or inability of the Secretary, the
Assistant Secretary shall perform the duties of the Secretary.

Execution of Instruments:

In addition to the provisions of any previous bylaws respecting the execution of
instruments of the corporation, the Board of Directors may from time to time
direct the manner in which any officer or officers or by whom any particular
deed, transfer, assignment, contract, obligation, certificate, promissory note,
guarantee and other instrument or instruments may be signed on behalf of the
corporation and any acts of the Board of Directors subsequent to the 1st day of
December, 1978 in accordance with the provision of this bylaw are hereby
adopted, ratified and confirmed as actions binding upon and enforceable against
the corporation.

                                      -13-
<PAGE>

SECTION 6. Powers and Duties of Treasurer and Assistant Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. The Treasurer shall
generally perform the duties of and act as the financial agent for the
corporation for the receipt and disbursement of its funds. He shall give such
bond for the faithful performance of his duties as the Board of Directors may
determine. The office of the Treasurer of said corporation may be held by the
same person holding the President, Vice-President or Secretary's office,
provided the Board of Directors indicates the combination of these offices. In
the absence or inability of the Treasurer, the Assistant Treasurer shall perform
the duties of the Treasurer.

SECTION 7. Indemnification:

The corporation shall indemnify, to the fullest extent authorized or permitted
by law, as the same exists or may hereafter be amended (but, in the case of any
such amendment, only to the extent that such amendment permits the corporation
to provide broader indemnification rights than such law permitted the
corporation to provide prior to such amendment), any person made, or threatened
to be made, a defendant or witness to any threatened, pending or completed
action, suit, or proceeding (whether civil, criminal, administrative,
investigative or otherwise) by reason of the fact that he or she, or his or her
testator or intestate, is or was a director or officer of the corporation or by
reason of the fact that such director or officer, at the request of the
corporation, is or was serving any other corporation, partnership, joint
venture, trust, employee benefit plan, or other enterprise. Nothing contained
herein shall diminish any rights to indemnification to which employees or agents
other than directors or officers may be entitled by law, and the corporation may
indemnify such employees and agents to the fullest extent and in the manner
permitted by law. The rights to indemnification set forth in this Article VI,
Section 7 shall not be exclusive of any other rights to which any person may be
entitled under any statute, provision of the Articles of Incorporation, bylaw,
agreement, contract, vote of shareholders or disinterested directors, or
otherwise.

                                      -14-
<PAGE>

In furtherance and not in limitation of the powers conferred by statute:

         1.       The corporation may purchase and maintain insurance on behalf
         of any person who is or was a director, officer, employee or agent of
         the corporation, or is serving in any capacity, at the request of the
         corporation, any other corporation, partnership, joint venture, trust,
         employee benefit plan or other enterprise, against any liability or
         expense incurred by him or her in any such capacity, or arising out of
         his or her status as such, whether or not the corporation would have
         the power to indemnify him or her against such liability or expense
         under the provisions of law; and

         2.       The corporation may create a trust fund, grant a security
         interest or lien on any assets of the corporation and/or use other
         means (including, without limitation, letters of credit, guaranties,
         surety bonds and/or other similar arrangements), and enter into
         contracts providing indemnification to the full extent authorized or
         permitted by law and including as part thereof provisions with respect
         to any or all of the foregoing to ensure the payment of such amounts as
         may become necessary to effect indemnification as provided therein, or
         elsewhere.

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary or Assistant Secretary.
All certificates shall be consecutively numbered in progression beginning with
number one. Each certificate shall show upon its face that the corporation is
organized under the laws of Nevada, the number and par value, if any, of each
share represented by it, the name of the person owning the shares represented
thereby, with the number of each share and and the date of issue, and that the
stock thereby represented is transferable only upon the books of the
corporation. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the name of
the person owning the shares thereby represented, with the number of such shares
and the date of issue. The transfer of any share or

                                      -15-
<PAGE>

shares of stock in the corporation may be made by surrender of the certificate
issued therefor, and the written assignment thereof by the owner or his duly
authorized Attorney in Fact. Upon such surrender and assignment, a new
certificate shall be issued to the Assignee as he may be entitled, but without
such surrender and assignment no transfer of stock shall be recognized by the
corporation. The Board of Directors shall have the power concerning the issue,
transfer and registration of certificates for agents and registrars of transfer,
and may require all stock certificates to bear signatures of either or both. The
stock transfer books shall be closed ten days before each meeting of the
shareholders and during such period no stock shall be transferred.

SECTION 2. Right of First Refusal on Its Outstanding Common Stock;

         a.       In case any holder of shares of Common Stock of the
         corporation shall wish to make any sale, transfer or other disposition
         of all or any part of the shares held by him, he shall first notify the
         Secretary of the corporation in writing designating the number of
         shares which he desires to dispose of, the name(s) of the person(s) to
         whom such shares are to be disposed of and the bona fide cash price at
         which such shares are to be so disposed of.

         b.       The corporation shall have a period of 30 calendar days
         following the date of its receipt of such notice to determine whether
         it wishes to purchase such shares at the price stated therein. Such
         determination shall be made by the corporation by its delivery to such
         holder of a written acceptance of such offer within such 30-day period.
         Such written acceptance shall specify the date (to be not later than
         the tenth calendar day following the date on which such 30-day period
         expired), time and place at which such holder shall deliver to the
         corporation the certificate(s) for the shares of Common Stock to be so
         sold against the delivery by the corporation of a certified or bank
         cashier's check in the amount of the purchase price therefor.

         c.       If the corporation shall not so accept such offer within such
         30-day period, then such holder shall be entitled, for a period of 90
         days commencing on the first day after the date on which such 30-day
         period expires, to dispose of all or any part of the shares of Common
         Stock designated in such notice to the corporation at the price set
         forth therein to the prospective named transferee(s) and such
         transferee(s)

                                      -16-
<PAGE>

         shall be entitled to have such shares transferred upon the books of the
         corporation upon its acquisition thereof at such price. If such holder
         shall not dispose of all or any part of such shares within such 90-day
         period (or, in the event of a sale of part thereof, the shares
         remaining untransferred), such shares shall continue to be subject in
         all respects to the provision of this Article VII, Sec. 2.

         d.       All certificates for shares of Common Stock shall, so long as
         the provisions of this Article VII, Sec. 2 shall be in effect, bear the
         following legend:

                  "The transfer of the shares represented by this
                  certificate is subject to a right of first refusal
                  by the corporation as provided in its bylaws, and no
                  transfer of this certificate or the shares
                  represented hereby shall be valid or effective
                  unless and until such provision of the bylaws shall
                  have been met. A copy of the bylaws of the
                  corporation is available for inspection at the
                  principal office of the corporation."

         e.       The provisions of this Article VII, Sec. 2 may be terminated
         or modified at any time by the affirmative vote of not less than a
         majority of the then number of directors of the corporation. Each
         holder of shares of Common Stock shall be notified of any such
         termination and shall have the right to exchange his outstanding
         certificate for such shares for a certificate without the aforesaid
         legend.

SECTION 3. Lost Certificates:

In the event of the loss, theft or destruction of any certificate representing
shares of stock of this corporation, the corporation may issue (or, in the case
of any such stock as to which a transfer agent and/or registrar have been
appointed, may direct such transfer agent and/or registrar to countersign,
register and issue) a replacement certificate in lieu of that alleged to be
lost, stolen or destroyed, and cause the same to be delivered to the owner of
the stock represented thereby, provided that the owner shall have submitted such
evidence showing the circumstances of the alleged loss, theft or destruction,
and his or her ownership of the certificate as the corporation considers
satisfactory, together with any other facts which the corporation considers
pertinent, and further

                                      -17-
<PAGE>

provided that an indemnity agreement and/or indemnity bond shall have been
provided in form and amount satisfactory to the corporation and to its transfer
agents and/or registrars, if applicable.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

         The fiscal year of the corporation shall be fixed by resolution of the
Board of Directors.

                                   ARTICLE IX

                               AMENDMENT OF BYLAWS

SECTION 1. Amendment of Bylaws by the Board of Directors;

The bylaws may be amended by a majority vote of the Board of Directors of this
corporation at any meeting of the Board of Directors.

SECTION 2. Shareholder Amendment of Bylaws:

The bylaws may be amended by an affirmative vote of two-thirds of all of the
outstanding shares of common stock entitled to vote, which vote must be by
ballot at a duly constituted meeting of the shareholders, the notice of which
meeting must include the proposed amendment.

                                      -18-
<PAGE>

                                   CERTIFICATE

                  I, Gary V. Klinefelter, secretary of Amerco Real Estate
Company, a Nevada corporation, do hereby certify that the foregoing is a true
and correct copy of the corporation's bylaws, and that such bylaws are in full
force and effect as of the date hereof.

                  IN WITNESS WHEREOF, I have hereunto set by hand and affixed
the seal of the corporation this 12 day of July, 1990.

                                                  /S/ Gary V. Klinefelter
                                                  ------------------------------
                                                  Gary V. Klinefelter, Secretary

                                      -19-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.9
<SEQUENCE>8
<FILENAME>p68936exv3w9.txt
<DESCRIPTION>EXHIBIT 3.9
<TEXT>
<PAGE>

                                                                     EXHIBIT 3.9

NANCY L. WORLEY                                                    P.O. BOX 5616
SECRETARY OF STATE                                     MONTGOMERY, AL 36103-5616

                                STATE OF ALABAMA

I, NANCY L. WORLEY, SECRETARY OF STATE OF THE STATE OF ALABAMA, HAVING CUSTODY
OF THE GREAT AND PRINCIPAL SEAL OF SAID STATE, DO HEREBY CERTIFY THAT

     as appears on file and of record in this office, the pages hereto attached,
     contain a true, accurate and literal copy of articles of incorporation of
     Amerco Real Estate Company of Alabama, Inc. as received and filed in the
     office of the Secretary of State of Alabama on August 2, 1991, showing the
     date of incorporation as July 26, 1991, the date said instrument was filed
     in the office of the Judge of Probate of Montgomery County.

                  IN TESTIMONY WHEREOF, I HAVE HEREUNTO SET MY HAND AND AFFIXED
                  THE GREAT SEAL OF THE STATE, AT THE CAPITOL, IN THE CITY OF
                  MONTGOMERY, ON THIS DAY.

                           08/06/03
                  -------------------------------------------------------------
[SEAL]            DATE

                  /s/ Nancy L. Worley
                  -------------------------------------------------------------
                  NANCY L. WORLEY                           SECRETARY OF STATE

<PAGE>

                                STATE OF ALABAMA

I, BILLY JOE CAMP, SECRETARY OF STATE OF THE STATE OF ALABAMA, HAVING CUSTODY OF
THE GREAT AND PRINCIPAL SEAL OF SAID STATE, DO HEREBY CERTIFY THAT

pursuant to the provisions of Section 10-2A-26, Code of Alabama 1975, and upon
an examination of the corporation records on file in this office, the following
corporate name is reserved as available:

                   Amerco Real Estate Company of Alabama, Inc.

This domestic corporation name is proposed to be incorporated in Montgomery
County and is for the exclusive use of Blanche I. Passolt, P. O. Box 21502,
Phoenix, AZ 85036-1502 for a period of one hundred twenty days beginning July
15, 1991 and expiring November 13, 1991.

                           IN TESTIMONY WHEREOF, I HAVE HEREUNTO SET MY HAND AND
                           AFFIXED THE GREAT SEAL OF THE STATE, AT THE CAPITOL,
                           IN THE CITY OF MONTGOMERY, ON THIS DAY.

                           July 15, 1991
                           -----------------------------------------------------
[SEAL]                     DATE

                           /s/ Billy Joe Camp
                           -----------------------------------------------------
                           BILLY JOE CAMP                     SECRETARY OF STATE

<PAGE>

                         CERTIFICATION OF INCORPORATION

                                       OF

                   AMERCO REAL ESTATE COMPANY OF ALABAMA, INC.

STATE OF ALABAMA  X

MONTGOMERY COUNTY X

         I, the undersigned Walker Hobbie, Jr., Judge of Probate of Montgomery
County, Alabama, hereby certify that the Certificate of Incorporation of

                  AMERCO REAL ESTATE COMPANY OF ALABAMA, INC.

has this day been filed for record in the Probate Court of Montgomery County,
Alabama; and that the Certificate of Incorporation has been recorded in
compliance of Title 10-2A-92 of the Code of Alabama, and that the incorporators
of said corporation, their successors and assigns, constitute a body corporate
under the name set forth in said Certificate, namely:

                  AMERCO REAL ESTATE COMPANY OF ALABAMA, INC.

         IN WITNESS WHEREOF, I, the said Walker Hobbie, Jr., as Judge of
Pro-bate of Montgomery County, Alabama, hereunto set my name and affix my seal
of said Probate on this the 26 day of JULY, 1991.

                                            /s/ Walker Hobbie, Jr.
                                            ------------------------------------
                                            WALKER HOBBIE, JR.
                                            JUDGE OF PROBATE
                                            MONTGOMERY COUNTY, ALABAMA.

<PAGE>

                            ARTICLES OF INCORPORATION

                                       OF

                   AMERCO REAL ESTATE COMPANY OF ALABAMA, INC.

                             AN ALABAMA CORPORATION

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a corporation
under the laws of the State of Alabama.

                                    ARTICLE I

         The name of the corporation is: AMERCO REAL ESTATE COMPANY OF ALABAMA,
         INC.

                                   ARTICLE II

         The period of duration of the corporation is perpetual.

                                   ARTICLE III

         The purpose or purposes for which the corporation is organized which
         may be stated to be, or to include, the transaction of any or all
         lawful business for which corporations may be incorporated under this
         chapter.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
         authority to issue are Five Hundred (500) shares of common stock with a
         par value of Ten ($10.00) Dollars each, or a total capitalization of
         One Thousand ($1,000.00) Dollars.

<PAGE>

                                    ARTICLE V

         The corporation will not commence business until the consideration of
         at least One Thousand ($1,000.00) Dollars has been received for the
         issuance of shares.

                                   ARTICLE VI

         The address of its principal office shall be 60 Commerce Street, City
         of Montgomery, Alabama 36103 and the name of the initial registered
         agent at said address is: The Corporation Company.

                                   ARTICLE VII

         The initial Board of Directors shall consist of three (3) members, and
         the initial Board who shall act until the first annual meeting of
         stockholders and their successors have been elected and qualified are:

         Edward J. Shoen                 2727 N. Central Ave. Phx. Az. 85004

         Gary V. Klinefelter             2721 N. Central Ave. Phx. Az. 85004

         George R. Olds                  2721 N. Central Ave. Phx. Az. 85004

                                  ARTICLE VIII

         The name and address of the agent designated by the incorporators to
         receive subscriptions to the capital stock is:

         John A. Lorentz                 2721 N. Central Ave. Phx. Az. 85004

         IN WITNESS WHEREOF, I have hereunto set my hand this 22nd day of July
1991.

                                            /s/ John A. Lorentz
                                            ------------------------------------
                                            John A. Lorentz, Incorporator

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 22nd day of July, 1991, before me, a Notary Public for the
State of Arizona, personally appeared John A. Lorentz, known to me to be the
persons named in and who executed the foregoing instrument, and who acknowledged
that they had executed the same and that the matters therein contained are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal this 22nd day of July, 1991.

                                            /s/ Blanche I. Passolt
                                            ------------------------------------
                                                       NOTARY PUBLIC

        (NOTARIAL SEAL)
<PAGE>

The State Of Alabama
   Montgomery County   } Probate Court


I, Walker Hobbie, Jr., Judge of Probate in and for the said County, in said
State, hereby certify that the within and foregoing pages are a full, true and
complete copy of INCORPORATION OF AMERCO REAL ESTATE COMPANY OF ALABAMA, INC.
as fully and completely as the same appears of record in this office in Book No.
0170 of Corporation at page 236.

                                    Given under my hand and official seal this
                                    31 day of JULY, A.D. 1991

                              /s/ [ILLEGIBLE]
                              --------------------------------------------------
                              Judge of Probate Court, Montgomery County, Alabama

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.10
<SEQUENCE>9
<FILENAME>p68936exv3w10.txt
<DESCRIPTION>EXHIBIT 3.10
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.10

                                   BY-LAWS OF

                   AMERCO REAL ESTATE COMPANY OF ALABAMA, INC.

                             AN ALABAMA CORPORATION

                                    ARTICLE I

                                                             DATE: July 26, 1991

SECTION 1. Offices:

The principal office of the corporation 1n the State of Third Thursday 1n May
shall be located at such place as the Board of Directors may from time to time
select. The corporation may have such other offices either within or without the
State of Alabama as the Board of Directors may designate or as the business of
the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Thursday 1n May of each year, at the office of the corporation in the
State of Alabama or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for election of directors and for the
purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting 1s a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting 1s called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited 1n the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

                                      -1-
<PAGE>

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Alabama. Notice of the special meeting will be
had as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as Inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                      -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Office:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the term of office of all or any of the Directors by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Alabama.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of Alabama.

SECTION 5. Quorom:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

                                      -3-
<PAGE>

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

SECTION 7. Meetings By Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

                                      -4-
<PAGE>

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property Including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trademarks in contracts, and interests
                  thereunder, and other judgment may be beneficial for the
                  purpose of this corporation, and to issue shares of stock of
                  this corporation in payment of such property, and in payment
                  for services rendered to this corporation, when they deem it
                  advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To Issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  State of Alabama, governing the disposition of the entire
                  assets and business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statues regulating the appointment of
committees.

                                   ARTICLE VI

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided

                                      -5-
<PAGE>

for by the Board of Directors. Such officers shall be elected by ballot or
unanimous acclamation at the meeting of the Board of Directors after the annual
election of Directors. In order to hold any election there shall be a quorum
present, and any officer receiving a majority vote shall be declared elected and
shall hold office for one year and until his or her respective successor shall
have been duly elected and qualified; provided, however, that all officers,
agents and employees of the corporation shall be subject to removal from office
pre-emptorily by vote of the Board of Directors at any meeting.

SECTION 2. Powers and Duties of President;

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                      -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers;

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Alabama, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of Issue, and the stock thereby represented is
transferable only upon the books of the corporation and upon the signing of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the name of
the person owning the shares thereby represented, with the number of such shares
and the date of issue. The transfer of any share or shares of stock in the
corporation may be made by surrender of the certificate issued therefore, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or Issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of each year.

                                      -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of Amerco Real Estate Company of Alabama, Inc. are hereby
accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                           /s/ Charles J. Bayer
                                           -------------------------------------
                                           Charles J. Bayer, President

ATTEST:

/s/ John A. Lorentz
- --------------------------------
John A. Lorentz, Secretary

(CORPORATE SEAL)

                                      -8-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.11
<SEQUENCE>10
<FILENAME>p68936exv3w11.txt
<DESCRIPTION>EXHIBIT 3.11
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.11

Corporations Section                              Geoffrey S. Connor
P.O.Box 13697                                     Assistant Secretary of State
Austin, Texas 78711-3697

                           [THE STATE OF TEXAS LOGO]

                        OFFICE OF THE SECRETARY OF STATE

The undersigned, as Secretary of State of Texas, does hereby certify that the
attached is a true and correct copy of each document on file in this office as
described below:

                    AMERCO REAL ESTATE COMPANY OF TEXAS, INC.
                            Filing Number: 114817000

Articles Of Incorporation                                         March 30, 1990
Change Of Registered Agent/Office                                  July 13, 1990
Assumed Name Certificate                                          March 23, 1995
Public Information Report (PIR)                                December 31, 2001
Public Information Report (PIR)                                December 31, 2002

                                    In testimony whereof, I have hereunto signed
                                    my name officially and caused to be
                                    impressed hereon the Seal of State at my
                                    office in Austin, Texas on August 05, 2003.
(SEAL)
                                            /s/ Geoffrey S. Connor
                                            Geoffrey S. Connor
                                            Assistant Secretary of State

          Come visit us on the internet at http://www.sos.state.tx.us/
PHONE(512) 463-5555                          FAX(512) 463-5709         TTY7-1-1
Prepared by: Beverly Mayfield


<PAGE>

                          ARTICLES OF INCORPORATION

                                       OF

                      AMERCO REAL ESTATE COMPANY OF TEXAS,

                               A TEXAS CORPORATION

         I, the undersigned incorporator, being a natural person over the age of
eighteen years, hereby adopt the following Articles of Incorporation for the
purpose of forming a profit corporation under the laws of the State of Texas:

                                        I

         The name of the corporation is: AMERCO REAL ESTATE COMPANY OF TEXAS,
INC.

                                       II

         The period of duration of the corporation shall be perpetual.

                                       III

         The purpose for which the corporation is organized is for the
transaction of any or all lawful business for which corporations may be
incorporated under this Act.

                                       IV

         The aggregate number of shares which the corporation shall have
authority to issue is 100 shares of Common stock with a $10.00 par value each.

                                        V

         The corporation will not commence business until it has received for
the issuance of shares consideration of the value of a stated sum which shall be
at least One Thousand Dollars ($1,000.00), consisting of money, labor done, or
property actually received.

<PAGE>

Page 2

                                       VI

         The post office address of its initial registerest office is 1601 Elm
Street, Dallas, Texas 75201 and the name of the initial registered agent at such
address is C. T. Corporation System.

                                       VII

         The number of directors constituting the initial board of directors
will be three (3) and the name and address of the persons who is to serve as
directors until the first meeting of the shareholders or until his sucessor be
elected and qualified are:

         Edward J. Shoen, 2727 N. Central Ave. Phoenix, Az. 85004
         Gary V. Klinefelter, 1927 E. Woodman Dr. Tempe, Az. 85283
         George R. Olds, 3311 E. Dry Creek Road, Phoenix, Az. 85044

                                      VIII

         The name and address of the incorporator is:

         Gary V. Klinefelter, 1927 E. Woodman Dr. Tempe, Az. 85283

         IN TESTIMONY WHEREOF, I have set my hand this 28th day of March, 1990.

                                            /s/ Gary V. Klinefelter
                                            ------------------------------------
                                            Gary V. Klinefelter, Incorporator

STATE OF ARIZONA

COUNTY OF MARICOPA

         This is to certify that on this 28th day of March, 1990, personally
appeared before me Gary V. Klinefelter, Incorporator of Amerco Real Estate
Company of Texas, Inc., being by me first duly sworn, deposes and says that he
signed the foregoing Articles of Incorporation in the capacity indicated, and
that the statements therein contained are true.

                                            /s/ Blanche I. Passolt
                                            ------------------------------------
                                                       NOTARY PUBLIC

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1.       The name of the consenting corporation is: AMERCO BUSINESS
CONSULTANTS, INC. and is organized and existing under the Arizona and is
qualified to do business in the State of Texas.

         2.       The name of the corporation to which this Consent is being
given and which is about to be organized under the laws of the State of Texas
is:

                    AMERCO REAL ESTATE COMPANY OF TEXAS, INC.

         IN WITNESS WHEREOF, this corporation has caused this Consent to be
executed this 28th March, 1990.

                                    AMERCO BUSINESS CONSULTANTS, INC.,
                                    An Arizona Corporation, qualified in Texas

                                    BY: /s/ John A. Lorentz
                                        ---------------------------------------
                                         John A. Lorentz, Assistant Secretary

STATE OF ARIZONA

COUNTY OF MARICOPA

         Before me, a Notary Public, personally appeared John A. Lorentz, known
to me to be the person who executed and attested the foregoing instrument
respectively, and acknowledged that he executed and attested the same for the
purposes therein contained and that the statements are truly set forth.

         In Witness Whereof, I have hereunto set my hand and official seal this
28th day of March, 1990.

                                           /s/ Blanche I. Passolt
                                           -------------------------------------

<PAGE>

To the Secretary of State
   of the State of Texas:

         C T Corporation System, as the registered agent for the domestic and
foreign corporations named on the attached list submits the following statement
for the purpose of changing the registered office for such corporations, in the
State of Texas:

1.       The name of the corporation is See attached list

         2.       The post office address of its present registered office is
                  c/o C T CORPORATION SYSTEM, 1601 ELM STREET, DALLAS, TEXAS
                  75201

         3.       The post office address to which its registered office is to
                  be changed is c/o C T CORPORATION SYSTEM, 350 N. ST. PAUL
                  STREET, DALLAS, TEXAS 75201

         4.       The name of its present registered agent is C T CORPORATION
                  SYSTEM

         5.       The name of its successor registered agent is C T CORPORATION
                  SYSTEM

         6.       The post office address of its registered office and the post
                  office address of the business office of its registered agent,
                  as changed, will be identical.

         7.       Notice of this change of address has been given in writing to
                  each corporation named on the attached list 10 days prior to
                  the date of filing of this certificate.

Dated July 2, 1990.

                                                    C T CORPORATION SYSTEM

                                             By /s/ [ILLEGIBLE]
                                                -----------------------
                                                    Its Vice President

<PAGE>

                            ASSUMED NAME CERTIFICATE

1.       The name of the corporation, limited liability company, limited
         partnership, or registered limited liability partnership as stated in
         its articles of incorporation, articles organization, certificate of
         limited partnership, application or comparable document is AMERCO REAL
         ESTATE COMPANY OF TEXAS, INC.

2.       The assumed name under which the business or professional service is or
         is to be conducted or rendered is AMERCO REAL ESTATE COMPANY.

3.       The state, country, or other jurisdiction under the laws of which it
         was incorporated, organized or associated is Texas, and the address of
         its registered or similar office in that jurisdiction is 350 N. St.
         Paul St. Dallas, Texas 75201.

4.       The period, not to exceed 10 years, during which the assumed name will
         be used is 10 years.

5.       The entity is a (circle one): business corporation, non-profit
         corporation, professional corporation, professional association,
         limited liability company, limited partnership, registered limited
         liability partnership or some other type of incorporated business,
         professional or other association (specify) Business corporation.

6.       If the entity is required to maintain a registered office in Texas, the
         address of the registered office is 350 N. St. Paul St. Dallas, Texas
         75201 and the name of its registered agent at such address is C T
         Corporation System. The address of the principal office (if not the
         same as the registered office) is 2721 N. Central Avenue, Phoenix, AZ
         85036.

7.       If the entity is not required to or does not maintain a registered
         office in Texas, the office address in Texas is ____________________
         _____________________ and if the entity is not incorporated, organized
         or associated under the laws of Texas, the address of its place of
         business in Texas is ___________________________________ and the office
         address elsewhere is __________________________________________________
         _____________________________________________________________________.

8.       The county or counties where business or professional services are
         being or are to be conducted or rendered under such assumed name are
         (if applicable, use the designation "ALL" or "ALL EXCEPT"):
         All.

     (Certificate must be executed and notarized on the back of this form.)

(TEX - 1228 - 9/20/94)
<PAGE>

                                /s/ [ILLEGIBLE]
                                -----------------------------------------------
                                Signature of officer, general partner, manager,
                                representative or attorney-in-fact of the entity

Before me on this 22nd day of March, 1995, personally appeared Charles Bayer
and acknowledged to me that ----- he executed the foregoing certificate for the
purposes therein expressed.

                               /s/ [ILLEGIBLE]
                               ----------------------------------
         (Notary Seal)

                               Notary Public Maricopa County

                INSTRUCTIONS FOR FILING ASSUMED NAME CERTIFICATE

1.       A corporation, limited liability company, limited partnership or
         registered limited liability partnership, which regularly conducts
         business or renders a professional service in this state under a name
         other than the name contained in its articles of incorporation,
         articles of organization, certificate of limited partnership or
         application, must file an assumed name certificate with the secretary
         of state and with the appropriate county clerk in accordance with
         section 36.11 of the Texas Business and Commerce Code.

2.       The information provided in paragraph 6 as regards the registered agent
         and registered office address in Texas must match the information on
         file in this office. To verify the information on file with this
         office, you may contact our corporate information unit at (512)
         463-5555. Forms to change the registered agent/office are available
         from this office should you require to update this information.

3.       A certificate executed and acknowledged by an attorney-in-fact shall
         include a statement that the attorney-in-fact has been duly authorized
         in writing by his principal to execute and acknowledge the same.

4.       For purposes of filing with the secretary of state, the assumed name
         registrant should submit an originally executed assumed name
         certificate accompanied by the filing fee of $25 to the Secretary of
         State, Statutory Filings Division, Corporations Section, P.O. Box
         13697, Austin, Texas 78711-3697. The phone number is (512) 463-5582,
         TDD: 735-2989, FAX: (512) 463-5709.

5.       All assumed name certificates to be filed with the county clerk must be
         forwarded directly to the appropriate county clerk by the assumed name
         registrant.

6.       Whenever an event occurs that causes the information in the assumed
         name certificate to become materially misleading (e.g. change of
         registered agent/office or a change of name), a new certificate must be
         filed within 60 days after the occurrence of the events which
         necessitate the filing.

7.       A registrant that ceases to transact business or render professional
         services under an assumed name for which a certificate has been filed
         may file an abandonment of use pursuant to the Texas Business and
         Commerce Code, Section 36.14. Forms for this purpose are available from
         this office.

700/0045
Revised 12/94

The Office of the Secretary of State does not discriminate on the basis of race,
color, national origin, sex religion, age or disability in employment
[ILLEGIBLE] the provision of services

<PAGE>

                  PUBLIC INFORMATION REPORT (PIR) NOTIFICATION

A COPY OF THE LISTED REPORT IS NOT AVAILABLE FROM THE OFFICE OF THE SECRETARY OF
THE STATE OF TEXAS. PRIOR TO AUGUST 2001, THE SECRETARY OF STATE DID NOT RETAIN
A COPY OF THE PUBLIC INFORMATION REPORT, WHICH PROVIDES MANAGEMENT INFORMATION
MADE AVAILABLE BY THE REPORTING ENTITY. IF YOU HAVE RECEIVED THIS NOTIFICATION
IN LIEU OF A COPY OF A LISTED REPORT, YOU MAY CONTACT THE TEXAS COMPTROLLER OF
PUBLIC ACCOUNTS AT (512) 463-4600 TO REQUEST A COPY OF THE RECORD FILED WITH THE
COMPTROLLER.
<PAGE>

<TABLE>
<S>                                                  <C>          <C>                                       <C>
[LOGO] [ILLEGIBLE] 05-102                            3333         b. [ ]
               (Rev. 2-02.20)                             ------  ------
a. I Code [ ] 13196                                                           Do not write in the space above
                                                                  ------------------------------------------------------
TEXAS FRANCHISE TAX                                       ------  c. Taxpayer identification number  d. Report year
PUBLIC INFORMATION REPORT                                 ------  [ ]  3-01139-8639-9                [ ]  2002
MUST be filed with your Corporation Franchise Tax Report          ------------------------------------------------------
                       Corporation name and address
- --------------------------------------------------------------------       e. PIR / IND    [ ] [ ] 1, 2, 3, 4
    [ILLEGIBLE]                                                          -----------------------------------------------
         AMERCO REAL ESTATE COMPANY OF TEXAS INC                             Secretary of State file number or, if none.
         PO BOX 21517                                                                 Comptroller unchartered number
         PHOENIX                               AZ 85036-1517             -----------------------------------------------
                                                                                              g. [ ]          [ ]
                                                                         Item A on Franchise     01148170-00      2
                                                                         Tax Report form, Page 1
- --------------------------------------------------------------------     -----------------------------------------------
</TABLE>

The following information MUST be provided for the
Secretary of State (S.O.S.) by each corporation or limited
liability company that files a Texas Corporation Franchise
Tax Report. The information will be available for public
inspection.                                                          [ILLEGIBLE]

"SECTION A" MUST BE COMPLETE AND ACCURATE.
If preprinted information is not correct, please type or
print the correct information.                                PLEASE SIGN BELOW!

- - Blacken this circle completely if there are currently no changes to the
  information preprinted in Sections A, B, and C of this report.

Corporation's principal office
     2727 N. CENTRAL AVE., PHOENIX AZ 85004

Principal place of business
     SAME AS ABOVE

SECTION A. Name, title and mailing address of each officer and director. Use
additional sheets, if necessary.

<TABLE>
<CAPTION>
NAME                                                      TITLE           DIRECTOR        Social Security No. (Optional)
- ----                                                      -----           --------
<S>                                                       <C>             <C>             <C>
    CARLOS VIZCARRA                                       P               [ ] YES
- ------------------------------------------------------------------------------------------------------------------------
MAILING ADDRESS                                                                             Expiration date (mm-dd-yyyy)
- ---------------
         2727 N CENTRAL AVE PHOENIX, AZ 85004
- ------------------------------------------------------------------------------------------------------------------------
NAME                                                      TITLE           DIRECTOR          Social Security No. (Optional)
- ----                                                      -----           --------
    GARY V KLINEFELTER                                    S               [ ] YES
- ------------------------------------------------------------------------------------------------------------------------
MAILING ADDRESS                                                                             Expiration date (mm-dd-yyyy)
- ---------------
         2727 N CENTRAL AVE PHOENIX, AZ 85004
- ------------------------------------------------------------------------------------------------------------------------
NAME                                                      TITLE           DIRECTOR          Social Security No. (Optional)
- ----                                                      -----           --------
    GEORGE R OLDS                                         DIRECTOR        [X] YES
- ------------------------------------------------------------------------------------------------------------------------
MAILING ADDRESS                                                                             Expiration date (mm-dd-yyyy)
- ---------------
         2727 N CENTRAL AVE PHOENIX, AZ 85004
- ------------------------------------------------------------------------------------------------------------------------
NAME                                                      TITLE           DIRECTOR          Social Security No. (Optional)
- ----                                                      -----           --------
    EDWARD J SHOEN                                        DIRECTOR        [X] YES
- ------------------------------------------------------------------------------------------------------------------------
MAILING ADDRESS                                                                             Expiration date (mm-dd-yyyy)
- ---------------
         2727 N CENTRAL AVE PHOENIX, AZ 85004
- ------------------------------------------------------------------------------------------------------------------------
NAME                                                      TITLE           DIRECTOR          Social Security No. (Optional)
- ----                                                      -----           --------
    GARY V KLINEFELTER                                    DIRECTOR        [X] YES
- ------------------------------------------------------------------------------------------------------------------------
MAILING ADDRESS                                                                             Expiration date (mm-dd-yyyy)
- ---------------
         2727 N CENTRAL AVE PHOENIX, AZ 85004
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>

SECTION B.   List each corporation or limited liability company, if any, in
             which this reporting corporation or limited liability company owns
             an interest of ten percent (10%) or more. Enter the information
             requested for each corporation. Use additional sheets, if
             necessary.

<TABLE>
<S>                                         <C>                         <C>                          <C>
- ------------------------------------------------------------------------------------------------------------------------
Name of owned (subsidiary) corporation      State of incorporation      Taxes S.O.S. file number     Percentage Interest

- ------------------------------------------------------------------------------------------------------------------------
Name of owned (subsidiary) corporation      State of incorporation      Taxes S.O.S. file number     Percentage Interest

- ------------------------------------------------------------------------------------------------------------------------
</TABLE>

SECTION C.   List each corporation or limited liability company, if any, that
             owns an interest of ten percent (10%) or more in this reporting
             corporation or limited liability company. Enter the information
             requested for each corporation or limited liability company. Use
             additional sheets, if necessary.

<TABLE>
<S>                                          <C>                         <C>                          <C>
- ------------------------------------------------------------------------------------------------------------------------
Name of owning (parent) corporation          State of incorporation      Taxes S.O.S. file number     Percentage Interest
    AMERCO REAL ESTATE COMPANY                        NV                          N/A                      100.00
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>

Registered agent and registered office currently on file. (Changes must be filed
separately with the Secretary of State)

    Agent:  CT CORPORATION SYSTEM
    Office: 350 N. ST. PAUL STREET      - Blacken this circle if you need forms
            DALLAS, TX 75201              to change this information.

I declare that the information in this document and any attachments is true and
correct to the best of my knowledge and belief and that a copy of this report
has been mailed to each person named in this report who is an officer or
director and who is not currently employed by this corporation or limited
liability company or a related corporation

<TABLE>
<S>                                                       <C>          <C>        <C>
- -----------------------------------------------------------------------------------------------------------------------
          Officer, director, or other authorized person   Title          Date     Daytime phone (Area code and number)
SIGN   -  [ILLEGIBLE]                                     PRESIDENT    4/19/02    [ILLEGIBLE]
HERE
- ------------------------------------------------------------------------------------------------------------------------
                                                                                                               0308105
</TABLE>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.12
<SEQUENCE>11
<FILENAME>p68936exv3w12.txt
<DESCRIPTION>EXHIBIT 3.12
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.12

                                    BY-LAWS OF

                        AMERCO REAL ESTATE COMPANY, INC.

                              AN TEXAS CORPORATION

                                    ARTICLE I

                                                            DATE: March 28, 1990

SECTION 1.        Offices:

The principal office of the corporation in the State of Texas shall be located
at such place as the Board of Directors may from time to time select. The
corporation may have such other offices either within or without the State of
Texas as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1.        Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
first day of April of each year, at the office of the corporation in the State
of Texas or otherwise as provided in the notice of said meeting. The purpose of
said annual meeting shall be for election of directors and for the purpose of
transacting such other business as may be brought before said meeting. The Board
of Directors may change the time and place of the annual meeting providing such
change of time and place be preceded by a notice of such change to all
stockholders of record. If said day of the annual meeting is a legal holiday,
then said meeting shall be held on the next ensuing day not a holiday.

SECTION 2.        Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

                                       -1-

<PAGE>

SECTION 3.        Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Texas. Notice of the special meeting will be had
as provided under Section 2 of this Article.

SECTION 4.        Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

SECTION 5.        Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6.        Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7.        Order of Business

                  1st.     All persons claiming to hold proxies shall present
                           them to the tellers for verification.

                  2nd.     Proof of due notice of meeting when applicable.

                  3rd.     Reading and disposal of all unapproved minutes.

                  4th.     Reports of officers and committees.

                  5th.     Election of Directors.

                  6th.     Unfinished business.

                  7th.     New business.

                  8th.     Adjournment.

                                      -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1.        Number and Term of Office:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the term of office of all or any of the Directors by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2.        Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3.        Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Texas.

SECTION 4.        Special Meeting:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of Texas.

SECTION 5.        Quorom:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or these
By-laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

                                      -3-
<PAGE>

SECTION 6.        Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

                  1st.     Roll call; a quorum being present.

                  2nd.     Reading of minutes of preceding meeting and action
                           thereon.

                  3rd.     Consideration of communications of the Board of
                           Directors.

                  4th.     Reports of officials and committees.

                  5th.     Unfinished business.

                  6th.     Miscellaneous business.

                  7th.     New business.

                  8th.     Adjournment.

SECTION 7.        Meetings By Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

SECTION 1.        Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2.        Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

                                      -4-
<PAGE>

                  1.       To purchase, lease, and acquire, in any lawful manner
                           any and all real or personal property including
                           franchises, stocks, bonds and debentures of other
                           companies, business and good will, patents,
                           trademarks in contracts, and interests thereunder,
                           and other Judgment may be beneficial for the purpose
                           of this corporation, and to issue shares of stock of
                           this corporation in payment of such property, and in
                           payment for services rendered to this corporation,
                           when they deem it advisable.

                  2.       To fix and determine and to vary, from time to time,
                           the amount or amounts to be set aside or retained as
                           reserve funds or as working capital of this
                           corporation.

                  3.       To issue notes and other obligations or evidences of
                           the debt of this corporation, and to secure the same,
                           if deemed advisable, and endorse and guarantee notes,
                           bonds, stocks, and other obligations of other
                           corporations with or without compensation for so
                           doing, and from time to time to sell, assign,
                           transfer or otherwise dispose of any of the property
                           of this corporation, subject, however, to the laws of
                           the State of Texas, governing the disposition of the
                           entire assets and business of the corporation as a
                           going concern.

                  4.       To declare and pay dividends, both in the form of
                           money and stock, but only from the surplus or from
                           the net profit arising from the business of this
                           corporation, after deducting therefrom the amounts,
                           at the time when any dividend is declared which shall
                           have been set aside by the Directors as a reserve
                           fund or as a working fund.

                                    ARTICLE V

SECTION 1.        Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statues regulating the appointment of
committees.

                                   ARTICLE VI

SECTION 1.        Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided

                                      -5-
<PAGE>

for by the Board of Directors. Such officers shall be elected by ballot or
unanimous acclamation at the meeting of the Board of Directors after the annual
election of Directors. In order to hold any election there shall be a quorum
present, and any officer receiving a majority vote shall be declared elected and
shall hold office for one year and until his or her respective successor shall
have been duly elected and qualified; provided, however, that all officers,
agents and employees of the corporation shall be subject to removal from office
pre-emptorily by vote of the Board of Directors at any meeting.

SECTION 2.        Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3.        Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                      -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1.        Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Texas, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferable only upon the books of the corporation and upon the signing of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the name of
the person owning the shares thereby represented, with the number of such shares
and the date of issue. The transfer of any share or shares of stock in the
corporation may be made by surrender of the certificate issued therefor, and the
written assignment thereof by the owner or his duly authorized Attorney in Fact.
Upon such surrender and assignment, a new certificate shall be issued to the
assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2.        Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1.        Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of the year.

                                      -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1.        Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of Amerco Real Estate Company, Inc. are hereby accepted
and adopted as the By-Laws of said corporation, and we, the undersigned, do
hereby certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                        /s/ Edward J. Shoen
                                        -------------------------------------
                                        Edward J. Shoen, President

ATTEST:

/s/ Gary V. Klinefelter
- --------------------------------
Gary V. Klinefelter, Secretary

(CORPORATE SEAL)

                                      -8-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.13
<SEQUENCE>12
<FILENAME>p68936exv3w13.txt
<DESCRIPTION>EXHIBIT 3.13
<TEXT>
<PAGE>
                                                                    EXHIBIT 3.13

                            ARTICLES OF INCORPORATION

                                       OF

                       AMERCO REAL ESTATE SERVICES, INC.

         I, the undersigned incorporator, for the purpose of forming a
corporation under Title 7, Chapter 78 of the Nevada Revised Statutes, as amended
("NRS"), do hereby adopt and make the following Articles of Incorporation:

                                   ARTICLE I

         The name of the corporation (hereinafter the "Corporation") is AMERCO
REAL ESTATE SERVICES, INC.

                                   ARTICLE II

         The principal place of business of the Corporation shall be:

                  2727 North Central Avenue, Phoenix, AZ 85004

         The Corporation's resident agent shall be:

                  The Corporation Trust Company of Nevada
                  6100 Neil Road, Suite 500
                  Reno, Nevada 89511

                                   ARTICLE III

         The nature of the business and of the purposes to be conducted and
promoted by the Corporation, is to engage real estate brokerage activities and
all other lawful purposes.

                                   ARTICLE IV

         The Corporation shall have authority to issue 1,000 shares of common
stock.

                                       1

<PAGE>

                                    ARTICLE V

         The members of the governing board of the Corporation are styled as
directors. The number of directors constituting the initial Board of Directors
of the Corporation is one(1). The number of directors may be changed by an
action of the Board to no less than one (1) or no more than nine (9) members.

         The following person shall serve as the director of the Corporation,
effective as of the date of the effectiveness of these Articles of
Incorporation:

<TABLE>
<CAPTION>
Name                              Address
- ----                              -------
<S>                               <C>
Carlos Vizcarra                   2727 North Central Avenue, Phoenix, AZ 85004

Matthew Braccia                   2727 North Central Avenue, Phoenix, AZ 85004
</TABLE>

                                   ARTICLE VI

         The name and address of the incorporator is:

                 Jennifer M. Settles, Esq.
                 2727 North Central Avenue, 11th Floor
                 Phoenix, AZ 85004

                                   ARTICLE VII

         The period of existence of the Corporation shall be perpetual.

                                  ARTICLE VIII

         In furtherance and not in limitation of the powers conferred by
statute, the Board of Directors is expressly authorized to make, alter, amend or
repeal the Bylaws of the Corporation in accordance with the terms thereof.

                                       2
<PAGE>

                                   ARTICLE IX

         The corporation shall indemnify, to the fullest extent authorized or
permitted by law, as the same exists or may hereafter be amended (but, in the
case of any such amendment, only to the extent that such amendment permits the
corporation to provide broader indemnification rights than such law permitted
the corporation to provide prior to such amendment), any person made, or
threatened to be made, a defendant or witness to any threatened, pending or
completed action, suit, or proceeding (whether civil, criminal, administrative,
investigative or otherwise) by reason of the fact that he or she, or his or her
testator or intestate, is or was a director or officer of the corporation or by
reason of the fact that such director or officer, at the request of the
corporation, is or was serving any other corporation, partnership, joint
venture, trust, employee benefit plan, or other enterprise. Nothing contained
herein shall diminish any rights to indemnification to which employees or agents
other than directors or officers may be entitled by law, and the corporation may
indemnify such employees and agents to the fullest extent and in the manner
permitted by law. The rights to indemnification set forth in this Article IX
shall not be exclusive of any other rights to which any person may be entitled
under any statute, provision of the Articles of Incorporation, bylaw, agreement,
contract, vote of shareholders or directors, otherwise. Notwithstanding any
provision hereof to the contrary, the following shall govern: Any
indemnification shall be fully subordinated to any obligations respecting the
Property and shall not constitute a claim against the Corporation in the event
that cash flow is insufficient to pay such obligations.

In furtherance and not in limitation of the powers conferred by statute:

         1. The corporation may purchase and maintain insurance on behalf of any
person who is or was a director, officer, employee or agent of the corporation,
or is serving in any capacity, at the request of the corporation, any other
corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise, against any liability or expense incurred by him or her in any such
capacity, or arising out of his or her status as such, whether or not the
corporation would have the power to indemnify him or her against such liability
or expense under the provisions of law; and

         2. The corporation may create a trust fund, grant a security interest
or lien on any assets of the corporation and/or use other means (including,
without limitation, letters of credit, guaranties, surety bonds and/or other
similar arrangements), and enter into contracts providing indemnification to the
full extent authorized or permitted by law and including as part thereof
provisions with respect to any or all of the foregoing to ensure the payment of
such amounts as may become necessary to effect indemnification as provided
therein, or elsewhere.

                                    ARTICLE X

         No director or officer shall be personally liable to the corporation or
its stockholders for damages for breach of fiduciary duty as a director or
officer, except the liability of a director or officer shall not be limited or
eliminated for:

                                       3
<PAGE>

         (a) Acts or omissions which involve intentional misconduct, fraud or a
knowing violation of law; or

         (b) The payment of distribution in violation of Nevada revised Statutes
78,300.

Dated as of March 5, 2001.

                                        /s/ Jennifer M. Settles
                                        ----------------------------------------
                                        Jennifer M. Settles, sole incorporator

                                       4
<PAGE>

STATE OF ARIZONA        )
                        )
COUNTY OF MARICOPA      )

         I, Nancy K. Ventre, the undersigned authority, a Notary Public in and
for said County in said State, hereby certify that Jennifer M. Settles, sole
incorporator of AMERCO REAL ESTATE SERVICES, INC., a Nevada corporation, and who
is known to me, executed the within Articles of Incorporation as Incorporator
and with full authority, executed the same voluntarily for and as the act of
said corporation.

         Given under my hand and official seal, this the 5th day of March, 2001.

                                              /s/ Nancy K. Ventre
                                              -----------------------------
                                              NOTARY PUBLIC
                                              My Commission Expires: 8-19-2003

                                       5


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.14
<SEQUENCE>13
<FILENAME>p68936exv3w14.txt
<DESCRIPTION>EXHIBIT 3.14
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.14

                                    BYLAWS OF

                        AMERCO REAL ESTATE SERVICES, INC.

                              A NEVADA CORPORATION

                                    ARTICLE I

                                    GENERAL

         1.01     References. Any reference herein made to law will be deemed to
refer to the law of the state of Nevada, including any applicable provisions of
Chapter 78 of Title 7, Nevada Revised Statutes (or its successor), as of any
given time in effect. Any reference herein made to the Articles will be deemed
to refer to the applicable provision or provisions of the Articles of
Incorporation of AMERCO REAL ESTATE SERVICES, INC. (the "Corporation"), and all
amendments thereto, as at any given time on file with the Nevada Secretary of
State, together with any and all certificates filed by the Corporation with the
Nevada Secretary of State (or any successor to its functions) pursuant to
applicable law.

         1.02     Seniority. The Articles will in all respects be considered
senior and superior to these Bylaws, with any inconsistency to be resolved in
favor of the Articles, and with these Bylaws to be deemed automatically amended
from time to time to eliminate any such inconsistency which may then exist.

         1.03     Offices. The principal office of the Corporation shall be
located at such place as the Board of Directors may from time to time select.
The Corporation may have such other offices either within or without the State
of Nevada as the Board of Directors may designate or as the business of the
corporation may require from time to time.

         1.04     Change Thereof. The Board of Directors may change the
Corporation's principal office or its statutory agent from time to time by
filing a statement with the Nevada Secretary of State pursuant to applicable
law.

         1.05     Stockholders of Record. The word "stockholder" as used herein
shall mean one who is a holder of record of shares in the corporation as defined
in Section 2.04.

                                       1
<PAGE>

                                   ARTICLE II

                                  STOCKHOLDERS

         2.01     Annual Meeting. The annual meeting of the stockholders of the
Corporation shall be held on the Second Tuesday in February of each year, at the
office of the Corporation in the State of Nevada or otherwise as provided in the
notice of said meeting. The purpose of said annual meeting shall be for election
of directors and for the purpose of transacting such other business as may be
brought before said meeting. The Board of Directors may change the time and
place of the annual meeting providing such change of time and place be preceded
by a notice of such change to all stockholders of record. If said day of the
annual meeting is a legal holiday, then said meeting shall be held on the next
ensuing day not a holiday.

         2.02     Special Meetings. Special meetings of the stockholders may be
called by the President, the Board of Directors, or the holders of not less than
one-tenth of all the shares entitled to vote at the meeting. All meetings of the
stockholders may be held within or without the State of Nevada. Notice of the
special meeting will be had as provided under Section 2.03 of this Article.

         2.03     Notices. Written or printed notice stating the place, day and
hour of the meeting and, in case of special meeting, the purposes for which the
meeting is called, shall be delivered not less than ten or more than fifty days
before the date of the meeting, either personally or by mail, by or at the
direction of the President, the Secretary or the officer or persons calling the
meeting, to each stockholder of record entitled to vote at such meeting. If
mailed, such notice shall be deemed to be delivered when deposited in the United
States mail addressed to the shareholder at his address as it appears on the
stock transfer book of the Corporation, with postage thereon prepaid. Provided,
however, that notice of any meeting of stockholders whether regular or special,
may be waived either before, at or after such meeting. Any stockholder may waive
call or notice of any annual, deferred annual, or special meeting (and any
adjournment thereof) at any time before, during which or after it is held.
Attendance of a stockholder at any such meeting in person or by proxy will
automatically evidence his waiver of call and notice of such meeting (and any
adjournment thereof) unless he or his proxy is attending the meeting for the
express purpose of objecting to the transaction of business because the meeting
has not been properly called or noticed.

         2.04     Stockholders of Record. For each meeting, or consent to
corporate action without a meeting, of stockholders (and at any adjournment of
such meeting), or in order to make a determination of stockholders for
determining those stockholders entitled to receive payment of any dividend, or
for any other lawful action, the Board of Directors may fix in advance a record
date which shall not be more than sixty (60) nor less than ten (10) days prior
to the date of such meeting or other action.

                                       2
<PAGE>

         If no record date is fixed by the Board of Directors for determining
stockholders entitled to notice of, and to vote at, a meeting of stockholders,
the record date shall be at four o'clock in the afternoon on the day before the
notice is given, or, if notice is waived, at the commencement of the meeting. If
no record date is fixed for determining stockholders entitled to express written
consent to corporate action without a meeting, the record date shall be the time
of the day on which the first written consent is served upon an officer or
director of the Corporation.

         A determination of stockholders of record entitled to notice of, and to
vote at, a meeting of stockholders shall apply to any adjournment of the
meeting; provided, however, that the Board of Directors may fix a new record
date for the adjourned meeting, and further provided that the adjournment or
adjournments of any such meeting do not exceed thirty (30) days in the
aggregate.

         2.05     Tellers. At all meetings of stockholders, the Chairman may
appoint three tellers who shall act as inspectors of elections and determine the
validity of the proxies and press upon the qualifications of all persons
offering to vote at each meeting and count the ballots. The election shall be by
secret ballot, or in case there is only one nomination for a certain office, the
election may be by acclamation. Each stockholder of record shall be entitled to
one vote for each share of stock held by him.

         2.06     Proxies. Any stockholder entitled to vote thereat may vote by
proxy at any meeting of the stockholders (and at any adjournment thereof) which
is specified in such proxy, provided that his or her proxy is executed in
writing by such stockholder or his or her duly authorized attorney-in-fact. No
proxy shall be valid after eleven (11) months from the date of its execution,
unless otherwise specifically provided therein. The burden of proving the
validity of any undated, irrevocable or otherwise contested proxy at a meeting
of the stockholders will rest with the person seeking to exercise the same. A
telegram or cablegram appearing to have been transmitted by a stockholder or by
his duly authorized attorney-in-fact may be accepted as a sufficiently written
and executed proxy.

         2.07     Voting. Except for the election of directors (which will be
governed by cumulative voting pursuant to applicable law) and except as may
otherwise be required by the Corporation's Articles, these Bylaws or by statute,
each issued and outstanding share of the Corporation (specifically excluding
shares held in the treasury of the corporation) represented at any meeting of
the stockholders in person or by a proxy given pursuant to Section 2.06 above,
will be entitled to one vote on each matter submitted to a vote of the
stockholders at such meeting. Unless otherwise required by the Corporation's
Articles or by applicable law, any question submitted to the stockholders will
be resolved by a majority of the votes cast thereon, provided that such votes
constitute a majority of the quorum of that particular meeting, whether or not
such quorum is then present. Voting will be by ballot on any question as to
which a ballot vote is demanded prior to the time the voting begins by any
person entitled to vote on such question; otherwise, a voice vote will suffice.
No ballot or change of vote will be accepted after the polls have been declared
closed following the ending of the announced time for voting.

                                       3
<PAGE>

         2.08     Quorum. At any meeting of the stockholders, the presence in
person or by proxy of the holders of a majority of the shares of the Corporation
issued, outstanding and entitled to vote at the meeting will constitute a quorum
of the stockholders for all purposes. In the absence of a quorum, any meeting
may be adjourned from time to time by its chairman, without notice other than by
announcement at the meeting, until a quorum is formed. At any such adjourned
meeting at which a quorum is present, any business may be transacted which might
have been transacted at the meeting as originally noticed. Once a quorum has
been formed at any meeting, the stockholders from time to time remaining in
attendance may continue to transact business until adjournment, notwithstanding
the prior departure of enough stockholders to leave less than a quorum. If an
adjournment is for more than thirty (30) days, or if after the adjournment a new
record date is fixed for the adjourned meeting, a notice of the adjourned
meeting shall be given to each stockholder of record entitled to vote at the
meeting.

         2.09     Order of Business.

         1st      All persons claiming to hold proxies shall present them to the
tellers for verification.

         2nd      Proof of due notice of meeting when applicable.

         3rd      Reading and disposal of all unapproved minutes.

         4th      Reports of officers and committees.

         5th      Election of Directors.

         6th      Unfinished business.

         7th      New business.

         8th      Adjournment.

         2.10     Action by Stockholders Without a Meeting. Any action required
or permitted to be taken at a meeting of the stockholders of the Corporation may
be taken without a meeting if a consent in writing, setting forth the action so
taken, is signed by stockholders holding at least eighty-five percent (85%) of
the outstanding common stock.

                                       4
<PAGE>

                                  ARTICLED III

                               BOARD OF DIRECTORS

         3.01     Number and Term of Directors. The Board of Directors will be
comprised of not less than one nor more than nine members who need not be
stockholders of the Corporation. The directors will regularly be elected at each
annual meeting of the stockholders, but directors may be elected at any other
meeting of the stockholders. The Board of Directors will have the power to
increase or decrease its size within the aforesaid limits and to fill any
vacancies by majority vote which may occur in its membership, whether resulting
from an increase in the size of that board or otherwise, and shall hold office
until the next annual meeting of the stockholders. Each director elected by the
stockholders or the Board of Directors shall hold office until his or her
successor is duly elected and qualified. However, the holders of the majority of
the outstanding shares of stock entitled to vote may at any time pre-emptorily
terminate the term of office of all or any of the Directors by a vote at a
meeting called for such purposes. Such removal shall be effective immediately
even if successors are not elected simultaneously and the vacancies of the Board
of Directors resulting therefrom shall be filled by the stockholders, or by the
Board of Directors as provided in this Section.

         3.02     Regular Meetings. After the adjournment of the annual meeting
of the stockholders of the Corporation, the newly elected directors shall meet
for the purpose of organization, the election of officers, and the transaction
of such other business as may come before said meeting. No notice shall be
required for such meeting. The meeting may be held within or without the State
of Nevada.

         3.04     Quorum. A quorum for the transaction of business at any
meeting or adjourned meeting of the Board of Directors will consist of a
majority of those then in office. Once a quorum has been formed, the directors
from time to time remaining in attendance at such meeting prior to its
adjournment will continue to be legally competent to transact business properly
brought before the meeting, notwithstanding the prior departure from the meeting
of enough directors to leave less than a quorum.

         3.05     Voting. Any matter submitted to a meeting of the Board of
Directors will be resolved by a majority of the votes cast thereon.

         3.06     Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

                  1st      Roll call; a quorum being present.

                                       5
<PAGE>



                  2nd      Reading of minutes of preceding meeting and action
                           thereon.

                  3rd      Consideration of communications of the Board of
                           Directors.

                  4th      Reports of officials and committees.

                  5th      Unfinished business.

                  6th      Miscellaneous business.

                  7th      New business.

                  8th      Adjournment.

         3.12     Meetings by Conference Telephone. If all the directors
consent, a director may participate in a meeting of the board or of a committee
of the board by means of such telephone or other communications facilities as
permit all persons participating in the meeting to hear each other, and a
director participating in such a meeting by such means is deemed to be present
at the meeting.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

         4.01     Generally: The Government in control of the Corporation shall
be vested in the Board of Directors.

         4.02     Special Powers: The Board of Directors shall have, in addition
to its other powers, but expressly subject to the limitations set forth in the
Articles, the express right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner real
                  property and any personal property including franchises,
                  stocks, bonds and debentures of other companies, business and
                  good will, patents, trademarks, contracts and interests
                  thereunder, and other property that in the judgment of the
                  Board of Directors may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

                                       6
<PAGE>

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  State of Nevada, governing the disposition of the entire
                  assets and business of the Corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

                                   COMMITTEES

         5.01     Committees: From time to time the Board of Directors, by
affirmative vote of a majority of the whole Board may appoint any committee or
committees for any purpose or purposes, and such committee or committees shall
have and may exercise such powers as shall be conferred or authorized by the
resolution of appointment. Provided, however, that such committee or committees
shall at no time have more power than that authorized by the statues regulating
the appointment of committees.

                                   ARTICLE VI

                                    OFFICERS

         6.01     Officers: And the officers of the Corporation shall consist of
a President and Secretary, and such other officers as shall from time to time be
provided for by the Board of Directors. Such officers shall be elected by ballot
or unanimous acclamation at the meeting of the Board of Directors after the
annual election of directors. In order to hold any election there shall be a
quorum present, and any officer receiving a majority vote shall be declared
elected and shall hold office for one year and until his or her respective
successor shall have been duly elected and qualified; provided, however, that
all officers, agents and employees of the Corporation shall be subject to
removal from office pre-emptorily by vote of the Board of Directors at any
meeting.

         6.02     Powers and Duties of President: The President shall at all
times be subject to the control of the Board of Directors. He shall have general
charge of the affairs of the Corporation.

                                       7
<PAGE>

He shall supervise over and direct all officers and employees of the Corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the Corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
Corporation. The President shall preside at all meetings of the shareholders and
of the Board of Directors and by virtue of his office he shall be a member and
Chairman of the executive committee if one is appointed. The President shall
each year present an annual report of the preceding year's business to the Board
of Directors at a meeting to be held immediately preceding the annual meeting of
the stockholders, which report shall be read at the annual meeting of the
stockholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

         Notwithstanding any provision to the contrary contained in the Bylaws
of the Corporation, the Board may at any time and from time to time direct the
manner in which any person or persons by whom any particular contract, document,
note or instrument in writing of the Corporation may or shall be signed by and
may authorize any officer or officers of the Corporation to sign such contracts,
documents, notes or instruments.

         6.03     Powers and Duties of the Secretary: The Secretary of the
Corporation shall keep the minutes of all meetings of the Board of Directors and
the minutes of all meetings of the shareholders, and also when requested by a
committee, the minutes of such committee, in books provided for the purpose. He
shall attend to the giving and serving of notice of the Corporation. It shall be
the duty of the Secretary to sign with the President, in the name of the
Corporation, all contracts, notes, mortgages, and other instruments and other
obligations authorized by the Board of Directors, and when so ordered by the
Board of Directors, he shall affix the Seal of Corporation thereto. The
Secretary shall have charge of all books, documents, and papers properly
belonging to his office, and of such other books and papers as the Board of
Directors may direct.

                                   ARTICLE VII

                           RESIGNATIONS AND VACANCIES

         7.01     Resignations. Any director, committee member, or officer may
resign from his or her office at any time by written notice delivered or
addressed to the Corporation at its principal office. Any such resignation will
be effective upon its receipt by the Corporation unless some later time is
therein fixed, and then from that time; the acceptance of a resignation will not
be required to make it effective.

         7.02     Vacancies. If the office of any director, committee member, or
officer becomes vacant by reason of his or her death, resignation,
disqualification, removal or otherwise, the Board of Directors may choose a
successor to hold office for the unexpired term.

                                       8
<PAGE>

                                  ARTICLE VIII

                                      SEAL

         8.01     Form Thereof. The Board of Directors may provide for a seal of
the Corporation which will have inscribed thereon the name of the Corporation,
the state and year of its incorporation, and the words "Corporate Seal."

                                   ARTICLE IX

                      STOCK AND CERTIFICATES AND TRANSFERS

         9.01.    Stock and Certificates and Transfers: All certificates for the
shares of the capital stock of the Corporation shall be signed by the President
or Vice-President, and Secretary. All certificates shall be consecutively
numbered in progression beginning with number one. Each certificate shall show
upon its face that the Corporation is organized under the laws of Nevada, the
number and par value, if any, of each share represented by it, the name of the
person owning the shares represented thereby, with the number of each share and
the date of issue, and the stock thereby represented is transferable only upon
the books of the Corporation and upon the signing of such certificates. A stock
transfer book, known as the stock register shall be kept, in which shall be
entered the number of each certificate issued and the name of the person owning
the shares thereby represented, with the number of such shares and the date of
issue. The transfer of any share or shares of stock in the Corporation may be
made by surrender of the certificate issued therefore, and the written
assignment thereof by the owner or his duly authorized Attorney in Fact. Upon
such surrender and assignment, a new certificate shall be issued to the assignee
as he may be entitled, but without such surrender and assignment no transfer of
stock shall be recognized by the Corporation. The Board of Directors shall have
the power concerning the issue, transfer and registration of certificate for
agents and registrars of transfer, and may require all stock certificates to
bear signatures of either or both. The stock transfer books shall be closed ten
days before each meeting of the shareholders and during such period no stock
shall be transferred.

                                    ARTICLE X

                                    DIVIDENDS

         10.01    Subject to such restrictions or requirements as may be imposed
by applicable law or the Corporation's Articles or as may otherwise be binding
upon the Corporation, the Board of Directors may from time to time declare and
the Corporation may pay dividends on shares of the corporation outstanding on
the dates of record fixed by the board, to be paid in cash, in property or in
shares of the Corporation on or as of such payment or distribution dates as the
Board may prescribe.

                                       9
<PAGE>

                                   ARTICLE XI

                                   FISCAL YEAR

         11.01    Fiscal Year. The fiscal year of the Corporation shall commence
with the opening of business on the first day of April of each year and shall
close on the 31st day of March each year.

                                   ARTICLE XII

                                   AMENDMENTS

         12.01    Amendment of Bylaws: The Bylaws may be amended by a majority
vote of all shareholders of the Corporation entitled to vote at a regular annual
meeting. Also, said Bylaws may be altered or amended by a majority vote of the
stockholders of said corporation at any special meeting called for that object
and purpose, and provided all the stockholders are given legal notice of the
object and purpose of said meeting.

                                       10
<PAGE>

Dated as of March 7, 2001

                                                  /s/ Carlos Vizcarra
                                                  -----------------------------
                                                  Carlos Vizcarra, President

STATE OF ARIZONA    )
                    )
COUNTY OF MARICOPA  )

         I, Nancy K. Ventre, the undersigned authority, a Notary Public in and
for said County in said State, hereby certify that Carlos Vizcarra, President of
Amerco Real Estate Services, Inc., a Nevada corporation, and who is known to me,
executed same as President and with full authority, executed the same
voluntarily for and as the act of said corporation.

         Given under my hand and official seal, this the 7 day of March, 2001.

  NANCY K. VENTRE                               /s/ [ILLEGIBLE]
Notary Public-Arizona                           ------------------------
  MARICOPA COUNTY                               NOTARY PUBLIC
My Commission Expires
  AUGUST 19, 2003                               My Commission Expires:8/19/2003

                                       11

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.15
<SEQUENCE>14
<FILENAME>p68936exv3w15.txt
<DESCRIPTION>EXHIBIT 3.15
<TEXT>
<PAGE>
                                                                    EXHIBIT 3.15

                           ARTICLES OF INCORPORATION

                                       OF

                                EIGHT PAC COMPANY

                              A NEVADA CORPORATION

         KNOW ALL MEN BY THESE PRESENTS: That I, the undersigned, for the
purpose of forming a corporation under the laws of the State of Nevada, do
certify:

                                    ARTICLE I

         The name of the corporation is: EIGHT PAC Company.

                                   ARTICLE II

         The principal place of business of the corporation shall be:

                  1325 Airmotive Way, Suite 100, Reno 89502.

         The corporation's resident agent shall be:

                  The Corporation Trust Company of Nevada
                  One East First Street, Reno, Nevada 89501

                                   ARTICLE III

         The nature of the business and the objects and purposes to be
transacted, promoted, or carried on by the corporation are to engage in any
lawful act or activity for which corporations may be organized under the General
Corporation Law of Nevada.

                                   ARTICLE IV

         The corporation shall have authority to issue the following:

              The number of shares of common stock which this corporation is
              authorised to issue is One Hundred thousand (100,000) shares with
              a par value of One Cent ($.01) per share.

<PAGE>

                                   ARTICLE V

         The number of the Board of Directors shall be:

                  The Board of Directors will consist of one (1) to nine (9).
                  The person who is to serve as Director until the first annual
                  meeting of shareholders or until his successor is elected and
                  qualified is:

         Charles J. Bayer, 3240 E. Pershing, Phoenix, Az. 85032

                                   ARTICLE VI

         The name and address of the incorporator is:

         J. Scott Askew, 2721 N. Central Avenue, Phoenix, Az. 85004

                                   ARTICLE VII

         The period of existence of the corporation shall be:

                                    Perpetual

IN WITNESS WHEREOF, I the aforementioned incorporator have signed the Articles
of Incorporation this 13th day of January, 1995

                                    /s/ J. Scott Askew
                                    --------------------------------------------
                                    J. Scott Askew, Incorporator
<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         THIS IS TO CERTIFY that on the 13th day of January, 1995 before me, a
Notary Public, personally appeared J. Scott Askew, who I am satisfied is the
person named in and who executed the foregoing Articles of Incorporation and I
first having made known to him the contents thereof, did acknowledge that he had
signed the same as his voluntary act and deed for the uses and purposes therein
expressed.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal this 13th day of January, 1995.

        (NOTARIAL SEAL)

                                                    /s/ Blanche I. Passolt
                                                    ----------------------------
                                                    Blanche I. Passolt
                                                    NOTARY PUBLIC


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.16
<SEQUENCE>15
<FILENAME>p68936exv3w16.txt
<DESCRIPTION>EXHIBIT 3.16
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.16

                                   BY-LAWS OF

                                EIGHT PAC COMPANY

                              A NEVADA CORPORATION

                                    ARTICLE I

                                                          DATE: January 23, 1995

SECTION 1. Offices:

The principal office of the corporation in the State of Nevada shall be located
at such place as the Board of Directors may from time to time select. The
corporation may have such other offices either within or without the State of
Nevada as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
second Saturday in June of each year, at the office of the corporation in the
State of Nevada or otherwise as provided in the notice of said meeting. The
purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of a special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Nevada. Notice of the special meeting will be had
as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

                                      -1-
<PAGE>

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  teller(s) for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Directors:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the terms of office of all or any of the Directors, by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors, though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Nevada.

                                      -2-
<PAGE>

SECTION 4. Special Meetings:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of Nevada.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

         1st.     Roll Call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

SECTION 7. Meetings by Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trademarks In contracts, and interests
                  thereunder, and other rights and properties which in their
                  judgement may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

                                      -3-
<PAGE>

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  State of Nevada, governing the disposition of the entire
                  assets and business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided for by the Board
of Directors. Such officers shall be elected by ballot or unanimous acclamation
at the meeting of the Board of Directors after the annual election of Directors.
In order to hold any election there shall be a quorum present, and any officer
receiving a majority vote shall be declared elected and shall hold office for
one year and until his or her respective successor shall have been duly elected
and qualified; provided, however, that all officers, agents and employees of the
corporation shall be subject to removal from office pre-emptorily by vote of the
Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

                                      -4-
<PAGE>

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Nevada, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and that the stock thereby
represented is transferable only upon the books of the corporation and upon the
signing of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the name of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation may be made by surrender of the certificate issued
therefor, and the written assignment thereof by the owner or his duly authorized
Attorney in Fact. Upon such surrender and assignment, a new certificate shall be
issued to the Assignee as he may be entitled, but without such surrender and
assignment no transfer of stock shall be recognized by the corporation. The
Board of Directors shall have the power concerning the issue, transfer and
registration of certificates to bear signatures of either or both. The stock
transfer books shall be closed ten days before each meeting of the shareholders
and during such period no stock shall be transfered.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of the year.

                                      -5-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of the Board of Directors of this
corporation at a regular annual meeting. Also, said By-Laws may be altered or
amended by a majority vote of the shareholders of said corporation at any
special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing Re-stated By-Laws of Eight PAC Company are hereby accepted and
adopted as the By-Laws of said corporation, and we, the undersigned, do hereby
certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                                 /s/ Charles J. Bayer
                                                 ------------------------------
                                                 Charles J. Bayer, President

ATTEST:

/s/ J. Scott Askew
- -----------------------------
J. Scott Askew, Secretary

(CORPORATE SEAL)

                                      -6-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.17
<SEQUENCE>16
<FILENAME>p68936exv3w17.txt
<DESCRIPTION>EXHIBIT 3.17
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.17

                            ARTICLES OF INCORPORATION

                                       OF

                               ELEVEN PAC COMPANY

                              A NEVADA CORPORATION

         KNOW ALL MEN BY THESE PRESENTS: That I, the undersigned, for
the purpose of forming a corporation under the laws of the State of Nevada, do
certify:

                                    ARTICLE I

         The name of the corporation is: ELEVEN PAC Company.

                                   ARTICLE II

         The principal place of business of the corporation shall be:

                  1325 Airmotive Way, Suite 100, Reno 89502.

         The corporation's resident agent shall be:

                  The Corporation Trust Company of Nevada
                  One East First Street, Reno, Nevada  89501

                                   ARTICLE III

         The nature of the business and the objects and purposes to be
transacted, promoted, or carried on by the corporation are to engage in
any lawful act or activity for which corporations may be organized under the
General Corporation Law of Nevada.

                                   ARTICLE IV

         The Corporation shall have authority to issue the following :

                  The number of shares of common stock which this corporation is
                  authorised to issue is one hundred thousand (100,000) shares
                  with a par value of one cent($.01) per share.

<PAGE>

                                    ARTICLE V

         The number of the Board of Directors shall be:

                  The board of Directors will consist of one (1) to nine (9).
                  The person who is to serve as Director until the first annual
                  meeting of shareholders or until his successor is elected and
                  qualified is:

         Charles J. Bayer, 3240 E. Pershing, Phoenix, Az. 85032

                                   ARTICLE VI

         The name and address of the incorporator is:

         J. Scott Askew, 2721 N. Central Avenue, Phoenix, Az. 85004

                                   ARTICLE VII

         The period of existence of the corporation shall be:

                                   Perpetual

IN WITNESS WHEREOF, I the Aforementioned incorporator have signed the articles
of Incorporation this 23rd day of February, 1995

                                               /s/ J. Scott Askew
                                               ---------------------------
                                               J. Scott Askew, Incorporator

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         THIS IS TO CERTIFY that on the 23rd day of February, 1995 before
[ILLEGIBLE], a Notary Public, personally appeared J. Scott Askew, who I am
satisfied the person named in and who executed the foregoing Articles of
Incorporation and I first having made known to him the contents thereof, did
acknowledge that he had signed the [illegible] as his voluntary act and deed for
the uses and purposes therein expressed.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal this 23rd day of February, 1995.

          [NOTARIAL SEAL]

                                                          /s/ Blanche I. Passolt
                                                          ----------------------
                                                          BLANCHE I. PASSOLT
                                                          NOTARY PUBLIC

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.18
<SEQUENCE>17
<FILENAME>p68936exv3w18.txt
<DESCRIPTION>EXHIBIT 3.18
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.18

                                   BY-LAWS OF

                               ELEVEN PAC COMPANY

                              A NEVADA CORPORATION

                                    ARTICLE I

                                                         DATE: February 23, 1995

SECTION 1. Offices:

The principal office of the corporation in the State of Nevada shall be located
at such place as the Board of Directors may from time to time select. The
corporation may have such other offices either within or without the State of
Nevada as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
second Saturday in June of each year, at the office of the corporation in the
State of Nevada or otherwise as provided in the notice of said meeting. The
purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of a special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Nevada. Notice of the special meeting will be had
as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

                                      -1-
<PAGE>

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  teller(s) for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Directors:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the terms of office of all or any of the Directors, by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors, though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Nevada.

                                      -2-
<PAGE>

SECTION 4. Special Meetings:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of Nevada.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

         1st.     Roll Call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

SECTION 7. Meetings by Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trademarks in contracts, and interests
                  thereunder, and other rights and properties which in their
                  judgement may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

                                      -3-
<PAGE>

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  State of Nevada, governing the disposition of the entire
                  assets and business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. COMMITTEES:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided for by the Board
of Directors. Such officers shall be elected by ballot or unanimous acclamation
at the meeting of the Board of Directors after the annual election of Directors.
In order to hold any election there shall be a quorum present, and any officer
receiving a majority vote shall be declared elected and shall hold office for
one year and until his or her respective successor shall have been duly elected
and qualified; provided, however, that all officers, agents and employees of the
corporation shall be subject to removal from office pre-emptorily by vote of the
Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

                                      -4-
<PAGE>

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or Instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Nevada, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and that the stock thereby
represented is transferable only upon the books of the corporation and upon the
signing of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the name of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation may be made by surrender of the certificate issued
therefor, and the written assignment thereof by the owner or his duly authorized
Attorney in Fact. Upon such surrender and assignment, a new certificate shall be
Issued to the Assignee as he may be entitled, but without such surrender and
assignment no transfer of stock shall be recognized by the corporation. The
Board of Directors shall have the power concerning the issue, transfer and
registration of certificates to bear signatures of either or both. The stock
transfer books shall be closed ten days before each meeting of the shareholders
and during such period no stock shall be transfered.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of the year.

                                      -5-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of the Board of Directors of this
corporation at a regular annual meeting. Also, said By-Laws may be altered or
amended by a majority vote of the shareholders of said corporation at any
special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing Re-stated By-Laws of Eleven PAC Company are hereby accepted and
adopted as the By-Laws of said corporation, and we, the undersigned, do hereby
certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                                /s/ Charles J. Bayer
                                                -------------------------------
                                                Charles J. Bayer, President

ATTEST:

/s/ J. Scott Askew
- ----------------------------
J. Scott Askew, Secretary

(CORPORATE SEAL)

                                      -6-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.19
<SEQUENCE>18
<FILENAME>p68936exv3w19.txt
<DESCRIPTION>EXHIBIT 3.19
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.19

                           ARTICLES OF INCORPORATION

                                       OF

                                  eMove, Inc.

         KNOW ALL MEN BY THESE PRESENTS: That I, the undersigned, for the
purpose of forming a corporation under the laws of the State of Nevada, do
certify:

                                    ARTICLE I

         The name of the corporation is: eMove, Inc.

                                   ARTICLE II

         The principal place of business of this Corporation shall be: 2721 N.
Central Avenue, Phoenix, Arizona.

                                   ARTICLE III

         The corporation's resident agent shall be: The Corporation Trust
Company of Nevada, 6100 Neil Rd, Reno, Nevada 89511.

                                   ARTICLE IV

         The nature of the business and the objects and purposes to be
transacted, promoted, or carried on by the corporation are to engage in any
lawful act or activity for which corporations may be organized under the General
Corporation Law of Nevada.
<PAGE>

                                    ARTICLE V

         The corporation shall have authority to issue the following:

         The number of shares of common stock which this corporation is
authorized to issue is One Thousand (1,000) shares with a par value of One Cent
($.01) per share.

                                   ARTICLE VI

         The Board of Directors shall consist of one (1) to three (3)
individuals, as determined by resolution of the Board of Directors. The initial
Board of Directors shall consist of three people, who shall serve as Director
until the annual meeting of shareholders or until his successor is elected and
qualified. The initial directors shall be:

                        Edward J. Shoen
                        2721 N. Central Avenue
                        Phoenix, Arizona 85004

                        John C. Taylor
                        2721 N. Central Avenue
                        Phoenix, Arizona 85004

                        Samuel J. Shoen
                        2721 N. Central Avenue
                        Phoenix, Arizona 85004

                                   ARTICLE VII

         The name and address of the incorporator is:

                        Thomas F. Tollison
                        2721 N. Central Avenue, 11th Floor
                        Phoenix, Arizona 85003

                                        2

<PAGE>

                                  ARTICLE VIII

         The period of existence of the Corporation shall be perpetual.

                                   ARTICLE IX

         The corporation shall indemnify, to the fullest extent authorized or
permitted by law, as the same exists or may hereafter be amended, any person
made, or threatened to be made, a defendant or witness to any threatened,
pending or completed action, suit, or proceeding (whether civil, criminal,
administrative, investigative or otherwise) by reason of the fact that he or
she, or his or her testator or intestate, is or was a director or officer of the
corporation or by reason of the fact that such director or officer, at the
request of the corporation, is or was serving any other corporation,
partnership, joint venture, trust, employee benefit plan, or other enterprise.
Nothing contained herein shall diminish any rights to indemnification to which
employees or agents other than directors or officers may be entitled by law, and
the corporation may indemnify such employees and agents to the fullest extent
and in the manner permitted by law. The rights to indemnification set forth in
this Article shall not be exclusive of any other rights to which any person may
be entitled under any statute, provision of the Articles of Incorporation,
Bylaw, agreement, contract, vote of shareholders or directors, or as otherwise
provided.

         In furtherance and not in limitation of the powers conferred by
statute:

         1.       The corporation may purchase and maintain insurance on behalf
of any person who is or was a director, officer, employee or agent of the
corporation, or is serving in any capacity, at the request of the corporation,
any other corporation, partnership, joint venture, trust, employee benefit plan
or other enterprise, against any liability or expense incurred by him or her in
any such capacity, or arising out of his or her status as such,

                                       3

<PAGE>

whether or not the corporation would have the power to indemnify him or her
against such liability or expense under the provisions of law; and

         2.       The corporation may create a trust fund, grant a security
interest or lien on any assets of the corporation and/or use other means
(including, without limitation, letters of credit, guaranties, surety bonds
and/or other similar arrangements), and enter into contracts providing
indemnification to the full extant authorized or permitted by law and including
as part thereof provisions with respect to any or all of the foregoing to ensure
the payment of such amounts as may become necessary to effect indemnification as
provided therein, or elsewhere.

         No director or officer shall be personally liable to the corporation or
its stockholders for damages for breach of fiduciary duty as a director or
officer, except the liability of a director or officer shall not be limited or
eliminated for: (a) acts or omissions which involve intentional misconduct,
fraud or a knowing violation of law; or (b) the payment of distribution in
violation of Nevada Revised Statutes Section 78.300.

         IN WITNESS WHEREOF, I, the aforementioned incorporator, have signed the
Articles of Incorporation this 18th day of October, 2001.

                                            /s/ Thomas F. Tollison
                                            ------------------------------------
                                            Thomas F. Tollison, Incorporator

                                       4

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.20
<SEQUENCE>19
<FILENAME>p68936exv3w20.txt
<DESCRIPTION>EXHIBIT 3.20
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.20

                                     BYLAWS
                                       OF
                                  eMOVE, INC.
                              A NEVADA CORPORATION

                                                         Dated: October 20, 2001

                                   ARTICLE I

                          LOCATION AND CORPORATE SEAL

Section 1. Home Office of the Company

         The home office of the company shall be at Phoenix, Maricopa County,
Arizona. Offices may also be maintained at such other place or places as may be
designated from time to time by the Board of Directors, where the business of
the Company may be transacted. Meetings of stockholders and of the Board of
Directors may be held at any place with the same effect as though done or held
at said Home Office.

Section 2. Corporate Seal.

         The company shall have a common seal, consisting of a circle having on
the circumference thereof "eMOVE, Inc." and in the center "Incorporated Nevada
2001"

                                   ARTICLE II

                                  STOCKHOLDERS

Section 1. Annual Meetings of Stockholders.

         The first annual meeting of the stockholders of the company shall be
held on or before the first business day following the expiration of two months
from and after the filing of the articles of incorporation, but succeeding
annual meetings of stockholders shall be held on the third Wednesday of October
of each year beginning in 2002 (or on the next succeeding business day if such
be a holiday), at such place as may be specified by the secretary in a notice to
be issued by him not less than thirty days before such meeting.

Section 2. Special Meetings.

         Special meetings of the stockholders may be held at any place upon call
of the Board of Directors of the president, and the secretary shall give thirty
days' notice of such meetings. Only such business as may be specified in the
notice may be transacted at special meetings.

Section 3. Quorum.

                                       1
<PAGE>

         At any meeting of the stockholders, a majority of the issued and
outstanding stock shall constitute a quorum and in the absence of a quorum, the
meeting shall be adjourned from time to time until a quorum shall be present.

Section 4. Voting.

         At any meeting of the stockholders, each stockholder shall be entitled
to one vote for each share of stock owned by him, except in the case of election
of directors, when cumulative voting shall apply. Voting may be in person or by
proxy and proxies may be given for more than one meeting.

Section 5. Waiver of Notice.

         Any meeting shall be deemed to have been validly and legally called and
held if all of the stockholders of record on the day of the meeting sign a
written waiver of notice, either before or after the meeting. No such waiver
shall be necessary in case all stockholders are actually present in person at
the meeting, in which event notice shall conclusively be deemed to have been
waived.

                                   ARTICLE III

                               BOARD OF DIRECTORS

Section 1. Number and Election.

         The Board of Directors shall consist of not less than one nor more than
nine. At succeeding annual meetings, the stockholders shall elect five directors
for one-year terms expiring at the annual meeting. Between annual meetings, the
remaining directors shall elect directors to fill vacancies occurring from any
cause, but any director so elected shall serve only until the next annual
meeting.

Section 2. Powers and Duties.

         It shall be the duty of the Board of Directors to control and manage
the property and business of the corporation, to appoint from its own membership
or otherwise the officers of the corporation who may serve under written or oral
contract at the pleasure of the Board. The Board shall have the power to enter
into written contracts with officers for terms extending beyond their own terms
of office. Generally and without limitation, the Board shall have the power and
shall operate the business of the corporation in a prudent and careful manner to
the best interests of the policyholders and stockholders.

Section 3. Regular Meetings.

         After the adjournment of the annual meeting of the stockholders of the
corporation, the newly elected Directors shall meet for the purpose of
organization, the election of officers, and the transaction of such other
business as may come before said meeting. No notice shall be

                                       2
<PAGE>

required for such meeting. The meeting may be held within or without the State
of Arizona. Regular meetings, other than annual ones, may be held at regular
intervals at such times and places as the Board of Directors may provide.

Section 4. Special Meetings.

         Special meetings of the Board of Directors may be called at any time by
the President or by any one member of the Board giving written notice thereof to
the President of said corporation, or said special meetings may be called
without notice by unanimous written consent of all the members by the presence
of all the members of said Board at any such meetings. The special meetings of
the Board of Directors may be held within or without the State of Arizona.

Section 5. Quorum.

         A majority of the membership of the Board of Directors, but not less
than five, shall constitute a quorum.

                                   ARTICLE IV

                                    OFFICERS

Section 1. Designation of Titles.

         The titles of officers of the corporation may be, but shall not be,
required to include a Chairman of the Board, a President, one or more
Vice-Presidents, a Secretary, a Treasurer, and such Assistant Secretaries,
Registrar, Assistant Treasurers and other officers as may be deemed necessary or
expedient for the proper conduct of the business of the corporation. Any two or
more of such offices, except those of President and Secretary, may be held by
the same person. The Board of Directors may leave any office vacant
indefinitely, so long as there be a President or a Vice-President and a
Secretary or an Assistant Secretary available to act.

Section 2. Selection of Officers.

         The directors shall choose the officers of the corporation, who shall
serve at the pleasure of the Board and may be removed from office at any time by
the Board, by the affirmative vote of the holders of a majority of the shares
issued and outstanding at a regular or special meeting, or by an authorization
in writing signed by the holders of a majority of the shares issued and
outstanding.

Section 3. Chairman of the Board.

         The Chairman of the Board (if one shall be selected) shall preside at
all meetings of the Board of Directors, and shall perform such other duties as
may be from time to time assigned to him. If the position of Chairman of the
Board shall be unfilled, the President shall perform the duties of the office.

                                       3
<PAGE>

Section 4. President.

         The President shall preside at all meetings of stockholders. He shall
sign all policies, all deeds and conveyances, all contracts and agreements, and
all other instruments requiring execution on behalf of the corporation, and
shall act as operating and directing head of the corporation, subject to
policies established by the Board of Directors.

Section 5. Vice-Presidents.

         There shall be as many Vice-Presidents as shall be from time to time
determined and they shall perform such duties as may be from time to time
assigned to them. Any one of the Vice-Presidents, as authorized by the Board,
shall have all the powers and perform all the duties of the President in case of
the temporary absence of the President or in case of his temporary inability to
act. In case of the permanent absence or inability of the President to act, the
office shall be declared vacant by the Board of Directors and a successor chosen
by the Board.

Section 6. Secretary.

         The Secretary shall see that the minutes of all meetings of
stockholders, of the Board of Directors and of any standing committees are kept.
He shall be the custodian of the corporate seal, and shall affix it to all
proper instruments. He shall give or cause to be given notices of all meetings
of the stockholders and of the Board of Directors. He shall have change of all
the books and records of the Company except the books of account and in general
shall perform all the duties incident to the office of Secretary of a
corporation and such other duties as may be assigned to him.

Section 7. Treasurer.

         The treasurer shall have general custody of all of the funds and
securities of the Company except such as may be required by law to be deposited
with any state official; he shall see to the deposit of the funds of the company
in such bank or banks as the Board of Directors may designate. Regular books of
account shall be kept under his direction and supervision, and he shall render
financial statements to the President, directors, policyholders and stockholders
at proper times. He shall have charge of the preparation and filing of such
reports and financial statements and returns as may be required by law. He shall
give to the Company such fidelity bonds as may be required, and the premium
therefore shall be paid for by the Company as an operating expense.

Section 8. Assistant Secretaries.

         There may be such number of Assistant Secretaries as may be from time
to time determined by the Board of Directors, and such persons shall perform
such functions as may be from time to time assigned to them.

                                       4
<PAGE>

Section 9. Assistant Treasurers.

         There may be such number of Assistant Treasurers as the Board of
Directors shall from time to time fix, and such persons shall perform such
functions as may be from time to time assigned to them.

Section 10. Registrars.

         There may be such number of Registrars as the Board of Directors shall
from time to time fix, and such persons shall perform such functions as may be
from time to time assigned to them.

                                   ARTICLE V

                                   COMMITTEES

Section 1. Executive Committee.

         At the option of the Board of Directors, there shall be an Executive
Committee, which shall consist of such persons as shall be from time to time
appointed to such committee by the Board. The Executive Committee shall have all
of the powers and perform all of the functions of the Board of Directors between
regular or special meetings of the Board of Directors.

Section 2 Additional Standing Committees.

         At the Option of the Board of Directors, there may be standing
Investment, Acquisitions, and Merger Committees and the Board of Directors shall
delegate such additional standing committees, as it may deem advisable. The
Board of Directors shall delegate to such standing committees such functions,
duties, and responsibilities as it may chose, and shall from time to time fix,
appoint, and remove the personnel of such committees.

Section 3. Special Committees.

         The Board of Directors or the President may at any time designate such
special committees as it or he may deem advisable, may fix the duties of such
committees, and appoint and remove their personnel.

Section 4. Minutes and Record of Committees.

         A record shall be kept of the proceedings and determination of all
standing committees and the reports of all Special Committees. The minutes of
the meetings of the standing Executive, Investment, Acquisitions, and Merger
committees (if such committees shall be organized) shall be preserved in the
same manner as are preserved the minutes of all meetings of the Board of
Directors.

                                       5
<PAGE>

                                   ARTICLE VI

                                   AMENDMENTS

Section 1. Repeal, alteration, or amendment.

         These bylaws may be repealed, altered, or amended, or substitute bylaws
may be adopted only by a majority of the Board of Directors at any time.

                                   ARTICLE VII

                          LIABILITY AND INDEMNIFICATION

Section 1. Personal Liability of Directors.

         No director of the corporation shall be personally liable to the
corporation or its shareholders for monetary damages for a breach of fiduciary
duty as a director; provided, however, that this Article shall not eliminate or
limit the liability of a director for (I) any breach of the director's duty of
loyalty to the corporation or its shareholders; (II) acts or omissions not in
good faith or which involve intentional conduct or a knowing violation of law;
(III) authorizing the unlawful payment of a dividend or other distribution on
the corporation's capital stock or the unlawful purchase of its capital stock;
(IV) a violation of Arizona Revised Statutes Section 10041 director conflicts of
interest; or (V) any transaction from which the director derived an improper
personal benefit.

Section 2. Corporate Indemnification Language Directors and Officers.

         The Company shall indemnify, to the fullest extent authorized or
permitted by law, as the same exists or may hereafter be amended (but, in case
of any such amendment, only to the extent that such amendment permits the
Company to provide broader indemnification rights than such law permitted the
Company to provide prior to such amendment), any person made, or threatened to
be made, a defendant or witness to any threatened, pending or completed action,
suite, or proceeding (whether civil, criminal, administrative, investigative or
otherwise) by reason of the fact that he or she, or his or her testator or
intestate, is or was a director or office of the company or by reason of the
fact that such director or officer, at the request of the Company, is or was
serving any other corporation, partnership, joint venture, trust, employee
benefit plan, or other enterprise. Nothing contained herein shall diminish any
rights to indemnification to which employees or agents other than directors or
officers may be entitled by law, and the Company may indemnify such employees
and agents to the fullest extent and in the manner permitted by law. The rights
to indemnification set forth in this Article XIV shall not be exclusive of any
other rights to which any person may be entitled under any statue, provision of
the Articles of Incorporation, bylaw, agreement, contract, vote of stockholders
or disinterested directors, or otherwise.

         In furtherance and not in limitation of the powers conferred by
statute:

                                       6
<PAGE>

         1. The Company may purchase and maintain insurance on behalf of any
person who is or was a director, officer, employee or agent of the Company, or
is serving in any capacity, at the request of the Company, any other
corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise, against any liability or expense incurred by him or her in any such
capacity, or arising out of his or her status as such, whether or not the
Company would have the power to indemnify him or her against such liability or
expense under the provisions of law; and

         2. The Company may create a trust fund, grant a security interest or
lien on any assets of the Company and/or use other means (including, without
limitation, letters of credit, guaranties, surety bonds and/or other similar
arrangements), and enter into contracts providing indemnification to the full
extent authorized or permitted by law and including as part thereof provisions
with respect to any or all of the foregoing to ensure the payment of such
amounts as may become necessary to effect indemnification as provided therein,
or elsewhere.

                                                     /s/ Samuel J. Shoen
                                                     ---------------------------
                                                     Samuel J. Shoen, President

                                       7

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.21
<SEQUENCE>20
<FILENAME>p68936exv3w21.txt
<DESCRIPTION>EXHIBIT 3.21
<TEXT>
<PAGE>
                                                                    EXHIBIT 3.21

                            ARTICLES OF INCORPORATION

                                       OF

                               FIFTEEN PAC COMPANY

                  KNOW ALL MEN BY THESE PRESENTS: That I, the undersigned, for
         the purpose of forming a corporation under the laws of the State of
         Nevada, do certify:

                                    ARTICLE I

                  The name of the corporation is: FIFTEEN PAC COMPANY

                                   ARTICLE II

                  The principal place of business of this Corporation shall be:
         1325 Airmotive Way, Suite 100, Reno, Nevada 89502.

                                   ARTICLE III

                  The corporation's resident agent shall be: The Corporation
         Trust Company of Nevada, One East First Street, Reno, Nevada 89501.

                                   ARTICLE IV

                  The nature of the business and the objects and purposes to be
         transacted, promoted, [ILLEGIBLE] carried on by the corporation are to
         engage in any lawful act or activity for which corporations may be
         organized under the General Corporation Law of Nevada.

<PAGE>

                                    ARTICLE V

         The corporation shall have authority to issue the following:

                           The number of shares of common stock which this
                  corporation is authorized to issue is One Hundred Thousand
                  (100,000) shares with a par value of One Cent ($.01) per
                  share.

                                   ARTICLE VI

         The Board of Directors shall consist of one (1) to nine (9)
individuals, as determined by resolution of the Board of Directors. The initial
Board of Directors shall consist of one person, who shall serve as Director
until the annual meeting of shareholders or until his successor is elected and
qualified. Such person shall be Charles J. Bayer, 2721 N. Central Avenue,
Phoenix, Arizona 85004.

                                     ARTICLE VII

         The name and address of the incorporator is:

                      Jennifer M. Settles
                      2721 N. Central Avenue, 11th Floor
                      Phoenix, Arizona 85003

                                  ARTICLE VIII

         The period of existence of the Corporation shall be perpetual.

                                   ARTICLE IX

         The corporation shall indemnify, to the fullest extent authorized or
permitted by law, as the same exists or may hereafter be amended, any person
made, or threatened to

                                        2
<PAGE>

be made, a defendant or witness to any threatened, pending or completed action,
suit, or proceeding (whether civil, criminal, administrative, investigative or
otherwise) by reason of the fact that he or she, or his or her testator or
intestate, is or was a director or officer of the corporation or by reason of
the fact that such director or officer, at the request of the corporation, is or
was serving any other corporation, partnership, joint venture, trust, employee
benefit plan, or other enterprise. Nothing contained herein shall diminish any
rights to indemnification to which employees or agents other than directors or
officers may be entitled by law, and the corporation may indemnify such
employees and agents to the fullest extent and in the manner permitted by law.
The rights to indemnification set forth in this Article shall not be exclusive
of any other rights to which any person may be entitled under any statute,
provision of the Articles of Incorporation, Bylaw, agreement, contract, vote of
shareholders or directors, or as otherwise provided.

In furtherance and not in limitation of the powers conferred by statute:

         1. The corporation may purchase and maintain insurance on behalf of any
person who is or was a director, officer, employee or agent of the corporation,
or is serving in any capacity, at the request of the corporation, any other
corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise, against any liability or expense incurred by him or her in any such
capacity, or arising out of his or her status as such, whether or not the
corporation would have the power to indemnify him or her against such liability
or expense under the provisions of law; and

         2. The corporation may create a trust fund, grant a security interest
or lien on any assets of the corporation and/or use other means (including,
without limitation, letters of

                                        3
<PAGE>

credit, guaranties, surety bonds and/or other similar arrangements), and enter
into contracts providing indemnification to the full extent authorized or
permitted by law and including as part thereof provisions with respect to any or
all of the foregoing to ensure the payment of such amounts as may become
necessary to effect indemnification as provided therein, or elsewhere.

         No director or officer shall be personally liable to the corporation or
its stockholders for damages for breach of fiduciary duty as a director or
officer, except the liability of a director or officer shall not be limited or
eliminated for: (a) acts or omissions which involve intentional misconduct,
fraud or a knowing violation of law; or (b) the payment of distribution in
violation of Nevada Revised Statutes Section 78.300.

         IN WITNESS WHEREOF, I, the aforementioned incorporator, have signed the
Articles of Incorporation this 11th day of August, 1999.

                                       /s/ Jennifer M. Settles
                                       -----------------------------------------
                                       Jennifer M. Settles, Incorporator

STATE OF ARIZONA    )
                    )
COUNTY OF MARICOPA  )

         I, Nancy K. Ventre, the undersigned authority, a Notary Public in and
for said County in said State, hereby certify that on the 11th day of August,
1999 before me personally appeared, Jennifer M. Settles, who is the person named
in and who executed the foregoing Articles of Incorporation and who is known to
me, executed the same as

                                        4
<PAGE>

Incorporator and with full authority, executed the same voluntarily for and as
the act of said corporation.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal this 11th day of August, 1999.

                                         /s/ Nancy K. Ventre
                                         -----------------------
                                         NOTARY PUBLIC
                                         My Commission Expires: 8/19/99

                                       5

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.22
<SEQUENCE>21
<FILENAME>p68936exv3w22.txt
<DESCRIPTION>EXHIBIT 3.22
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.22

                                    BYLAWS OF

                              FIFTEEN PAC COMPANY

                              A NEVADA CORPORATION

                                    ARTICLE I

                                     GENERAL

         1.01 References. Any reference herein made to law will be deemed to
refer to the law of the state of Nevada, including any applicable provisions of
Chapter 78 of Title 7, Nevada Revised Statutes (or its successor), as of any
given time in effect. Any reference herein made to the Articles will be deemed
to refer to the applicable provision or provisions of the Articles of
Incorporation of FIFTEEN PAC COMPANY (the "Corporation"), and all amendments
thereto, as at any given time on file with the Nevada Secretary of State,
together with any and all certificates filed by the Corporation with the Nevada
Secretary of State (or any successor to its functions) pursuant to applicable
law.

         1.02 Seniority. The Articles will in all respects be considered senior
and superior to these Bylaws, with any inconsistency to be resolved in favor of
the Articles, and with these Bylaws to be deemed automatically amended from time
to time to eliminate any such inconsistency which may then exist.

         1.03 Offices. The principal office of the Corporation shall be located
at such place as the Board of Directors may from time to time select. The
Corporation may have such other offices either within or without the State of
Nevada as the Board of Directors may designate or as the business of the
corporation may require from time to time.

         1.04 Change Thereof. The Board of Directors may change the
Corporation's principal office or its statutory agent from time to time by
filing a statement with the Nevada Secretary of State pursuant to applicable
law.

         1.05 Stockholders of Record. The word "stockholder" as used herein
shall mean one who is a holder of record of shares in the corporation as defined
in Section 2.04.

                                       1
<PAGE>

                                   ARTICLE II

                                  STOCKHOLDERS

         2.01 Annual Meeting. The annual meeting of the stockholders of the
Corporation shall be held on the Second Saturday in August of each year, at the
office of the Corporation in the State of Nevada or otherwise as provided in the
notice of said meeting. The purpose of said annual meeting shall be for election
of directors and for the purpose of transacting such other business as may be
brought before said meeting. The Board of Directors may change the time and
place of the annual meeting providing such change of time and place be preceded
by a notice of such change to all stockholders of record. If said day of the
annual meeting is a legal holiday, then said meeting shall be held on the next
ensuing day not a holiday.

         2.02 Special Meetings. Special meetings of the stockholders may be
called by the President, the Board of Directors, or the holders of not less than
one-tenth of all the shares entitled to vote at the meeting. All meetings of the
stockholders may be held within or without the State of Nevada. Notice of the
special meeting will be had as provided under Section 2.03 of this Article.

         2.03 Notices. Written or printed notice stating the place, day and hour
of the meeting and, in case of special meeting, the purposes for which the
meeting is called, shall be delivered not less than ten or more than fifty days
before the date of the meeting, either personally or by mail, by or at the
direction of the President, the Secretary or the officer or persons calling the
meeting, to each stockholder of record entitled to vote at such meeting. If
mailed, such notice shall be deemed to be delivered when deposited in the United
States mail addressed to the shareholder at his address as it appears on the
stock transfer book of the Corporation, with postage thereon prepaid. Provided,
however, that notice of any meeting of stockholders whether regular or special,
may be waived either before, at or after such meeting. Any stockholder may waive
call or notice of any annual, deferred annual, or special meeting (and any
adjournment thereof) at any time before, during which or after it is held.
Attendance of a stockholder at any such meeting in person or by proxy will
automatically evidence his waiver of call and notice of such meeting (and any
adjournment thereof) unless he or his proxy is attending the meeting for the
express purpose of objecting to the transaction of business because the meeting
has not been properly called or noticed.

         2.04 Stockholders of Record. For each meeting, or consent to corporate
action without a meeting, of stockholders (and at any adjournment of such
meeting), or in order to make a determination of stockholders for determining
those stockholders entitled to receive payment of any dividend, or for any other
lawful action, the Board of Directors may fix in advance a record date which
shall not be more than sixty (60) nor less than ten (10) days prior to the date
of such meeting or other action.

                                       2
<PAGE>

         If no record date is fixed by the Board of Directors for determining
stockholders entitled to notice of, and to vote at, a meeting of stockholders,
the record date shall be at four o'clock in the afternoon on the day before the
notice is given, or, if notice is waived, at the commencement of the meeting. If
no record date is fixed for determining stockholders entitled to express written
consent to corporate action without a meeting, the record date shall be the time
of the day on which the first written consent is served upon an officer or
director of the Corporation.

         A determination of stockholders of record entitled to notice of, and to
vote at, a meeting of stockholders shall apply to any adjournment of the
meeting; provided, however, that the Board of Directors may fix a new record
date for the adjourned meeting, and further provided that the adjournment or
adjournments of any such meeting do not exceed thirty (30) days in the
aggregate.

         2.05 Tellers. At all meetings of stockholders, the Chairman may appoint
three tellers who shall act as inspectors of elections and determine the
validity of the proxies and press upon the qualifications of all persons
offering to vote at each meeting and count the ballots. The election shall be by
secret ballot, or in case there is only one nomination for a certain office, the
election may be by acclamation. Each stockholder of record shall be entitled to
one vote for each share of stock held by him.

         2.06 Proxies. Any stockholder entitled to vote thereat may vote by
proxy at any meeting of the stockholders (and at any adjournment thereof) which
is specified in such proxy, provided that his or her proxy is executed in
writing by such stockholder or his or her duly authorized attorney-in-fact. No
proxy shall be valid after eleven (11) months from the date of its execution,
unless otherwise specifically provided therein. The burden of proving the
validity of any undated, irrevocable or otherwise contested proxy at a meeting
of the stockholders will rest with the person seeking to exercise the same. A
telegram or cablegram appearing to have been transmitted by a stockholder or by
his duly authorized attorney-in-fact may be accepted as a sufficiently written
and executed proxy.

         2.07 Voting. Except for the election of directors (which will be
governed by cumulative voting pursuant to applicable law) and except as may
otherwise be required by the Corporation's Articles, these Bylaws or by statute,
each issued and outstanding share of the Corporation (specifically excluding
shares held in the treasury of the corporation) represented at any meeting of
the stockholders in person or by a proxy given pursuant to Section 2.06 above,
will be entitled to one vote on each matter submitted to a vote of the
stockholders at such meeting. Unless otherwise required by the Corporation's
Articles or by applicable law, any question submitted to the stockholders will
be resolved by a majority of the votes cast thereon, provided that such votes
constitute a majority of the quorum of that particular meeting, whether or not
such quorum is then present. Voting will be by ballot on any question as to
which a ballot vote is demanded prior to the time the voting begins by any
person entitled to vote on such question; otherwise, a voice vote will suffice.
No ballot or change of vote will be accepted after the polls have been declared
closed following the ending of the announced time for voting.

                                       3
<PAGE>

         2.08 Quorum. At any meeting of the stockholders, the presence in person
or by proxy of the holders of a majority of the shares of the Corporation
issued, outstanding and entitled to vote at the meeting will constitute a quorum
of the stockholders for all purposes. In the absence of a quorum, any meeting
may be adjourned from time to time by its chairman, without notice other than by
announcement at the meeting, until a quorum is formed. At any such adjourned
meeting at which a quorum is present, any business may be transacted which might
have been transacted at the meeting as originally noticed. Once a quorum has
been formed at any meeting, the stockholders from time to time remaining in
attendance may continue to transact business until adjournment, notwithstanding
the prior departure of enough stockholders to leave less than a quorum. If an
adjournment is for more than thirty (30) days, or if after the adjournment a new
record date is fixed for the adjourned meeting, a notice of the adjourned
meeting shall be given to each stockholder of record entitled to vote at the
meeting.

         2.09 Order of Business.

         1st  All persons claiming to hold proxies shall present them to the
tellers for verification.

         2nd  Proof of due notice of meeting when applicable.

         3rd  Reading and disposal of all unapproved minutes.

         4th  Reports of officers and committees.

         5th  Election of Directors.

         6th  Unfinished business.

         7th  New business.

         8th  Adjournment.

         2.10 Action by Stockholders Without a Meeting. Any action required or
permitted to be taken at a meeting of the stockholders of the Corporation may be
taken without a meeting if a consent in writing, setting forth the action so
taken, is signed by stockholders holding at least eighty-five percent (85%) of
the outstanding common stock.

                                       4
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

         3.01 Number and Term of Directors. The Board of Directors will be
comprised of not less than one nor more than nine members who need not be
stockholders of the Corporation. The directors will regularly be elected at each
annual meeting of the stockholders, but directors may be elected at any other
meeting of the stockholders. The Board of Directors will have the power to
increase or decrease its size within the aforesaid limits and to fill any
vacancies by majority vote which may occur in its membership, whether resulting
from an increase in the size of that board or otherwise, and shall hold office
until the next annual meeting of the stockholders. Each director elected by the
stockholders or the Board of Directors shall hold office until his or her
successor is duly elected and qualified. However, the holders of the majority of
the outstanding shares of stock entitled to vote may at any time pre-emptorily
terminate the term of office of all or any of the Directors by a vote at a
meeting called for such purposes. Such removal shall be effective immediately
even if successors are not elected simultaneously and the vacancies of the Board
of Directors resulting therefrom shall be filled by the stockholders, or by the
Board of Directors as provided in this Section.

         3.02 Regular Meetings. After the adjournment of the annual meeting of
the stockholders of the Corporation, the newly elected directors shall meet for
the purpose of organization, the election of officers, and the transaction of
such other business as may come before said meeting. No notice shall be required
for such meeting. The meeting may be held within or without the State of Nevada.

         3.04 Quorum. A quorum for the transaction of business at any meeting or
adjourned meeting of the Board of Directors will consist of a majority of those
then in office. Once a quorum has been formed, the directors from time to time
remaining in attendance at such meeting prior to its adjournment will continue
to be legally competent to transact business properly brought before the
meeting, notwithstanding the prior departure from the meeting of enough
directors to leave less than a quorum.

         3.05 Voting. Any matter submitted to a meeting of the Board of
Directors will be resolved by a majority of the votes cast thereon.

         3.06 Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

         1st  Roll call; a quorum being present.

                                       5
<PAGE>

         2nd  Reading of minutes of preceding meeting and action thereon.

         3rd  Consideration of communications of the Board of Directors.

         4th  Reports of officials and committees.

         5th  Unfinished business.

         6th  Miscellaneous business.

         7th  New business.

         8th  Adjournment.

         3.12 Meetings by Conference Telephone. If all the directors consent, a
director may participate in a meeting of the board or of a committee of the
board by means of such telephone or other communications facilities as permit
all persons participating in the meeting to hear each other, and a director
participating in such a meeting by such means is deemed to be present at the
meeting.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

         4.01 Generally: The Government in control of the Corporation shall be
vested in the Board of Directors.

         4.02 Special Powers: The Board of Directors shall have, in addition to
its other powers, but expressly subject to the limitations set forth in the
Articles, the express right to exercise the following powers:

         1.   To purchase, lease, and acquire, in any lawful manner real
              property and any personal property including franchises, stocks,
              bonds and debentures of other companies, business and good will,
              patents, trademarks, contracts and interests thereunder, and other
              property that in the judgment of the Board of Directors may be
              beneficial for the purpose of this corporation, and to issue
              shares of stock of this corporation in payment of such property,
              and in payment for services rendered to this corporation, when
              they deem it advisable.

         2.   To fix and determine and to vary, from time to time, the amount or
              amounts to be set aside or retained as reserve funds or as working
              capital of this corporation.

                                       6
<PAGE>

         3.   To issue notes and other obligations or evidences of the debt of
              this corporation, and to secure the same, if deemed advisable, and
              endorse and guarantee notes, bonds, stocks, and other obligations
              of other corporations with or without compensation for so doing,
              and from time to time to sell, assign, transfer or otherwise
              dispose of any of the property of this corporation, subject,
              however, to the laws of the State of Nevada, governing the
              disposition of the entire assets and business of the Corporation
              as a going concern.

         4.   To declare and pay dividends, both in the form of money and stock,
              but only from the surplus or from the net profit arising from the
              business of this corporation, after deducting therefrom the
              amounts, at the time when any dividend is declared which shall
              have been set aside by the Directors as a reserve fund or as a
              working fund.

                                    ARTICLE V

                                   COMMITTEES

         5.01 Committees: From time to time the Board of Directors, by
affirmative vote of a majority of the whole Board may appoint any committee or
committees for any purpose or purposes, and such committee or committees shall
have and may exercise such powers as shall be conferred or authorized by the
resolution of appointment. Provided, however, that such committee or committees
shall at no time have more power than that authorized by the statues regulating
the appointment of committees.

                                   ARTICLE VI

                                    OFFICERS

         6.01 Officers: And the officers of the Corporation shall consist of a
President and Secretary, and such other officers as shall from time to time be
provided for by the Board of Directors. Such officers shall be elected by ballot
or unanimous acclamation at the meeting of the Board of Directors after the
annual election of directors. In order to hold any election there shall be a
quorum present, and any officer receiving a majority vote shall be declared
elected and shall hold office for one year and until his or her respective
successor shall have been duly elected and qualified; provided, however, that
all officers, agents and employees of the Corporation shall be subject to
removal from office pre-emptorily by vote of the Board of Directors at any
meeting.

         6.02 Powers and Duties of President: The President shall at all times
be subject to the control of the Board of Directors. He shall have general
charge of the affairs of the Corporation.

                                       7
<PAGE>

He shall supervise over and direct all officers and employees of the Corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the Corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
Corporation. The President shall preside at all meetings of the shareholders and
of the Board of Directors and by virtue of his office he shall be a member and
Chairman of the executive committee if one is appointed. The President shall
each year present an annual report of the preceding year's business to the Board
of Directors at a meeting to be held immediately preceding the annual meeting of
the stockholders, which report shall be read at the annual meeting of the
stockholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

         Notwithstanding any provision to the contrary contained in the Bylaws
of the Corporation, the Board may at any time and from time to time direct the
manner in which any person or persons by whom any particular contract, document,
note or instrument in writing of the Corporation may or shall be signed by and
may authorize any officer or officers of the Corporation to sign such contracts,
documents, notes or instruments.

         6.03 Powers and Duties of the Secretary: The Secretary of the
Corporation shall keep the minutes of all meetings of the Board of Directors and
the minutes of all meetings of the shareholders, and also when requested by a
committee, the minutes of such committee, in books provided for the purpose. He
shall attend to the giving and serving of notice of the Corporation. It shall be
the duty of the Secretary to sign with the President, in the name of the
Corporation, all contracts, notes, mortgages, and other instruments and other
obligations authorized by the Board of Directors, and when so ordered by the
Board of Directors, he shall affix the Seal of Corporation thereto. The
Secretary shall have charge of all books, documents, and papers properly
belonging to his office, and of such other books and papers as the Board of
Directors may direct.

                                   ARTICLE VII

                           RESIGNATIONS AND VACANCIES

         7.1 Resignations. Any director, committee member, or officer may resign
from his or her office at any time by written notice delivered or addressed to
the Corporation at its principal office. Any such resignation will be effective
upon its receipt by the Corporation unless some later time is therein fixed, and
then from that time; the acceptance of a resignation will not be required to
make it effective.

         7.2 Vacancies. If the office of any director, committee member, or
officer becomes vacant by reason of his or her death, resignation,
disqualification, removal or otherwise, the Board of Directors may choose a
successor to hold office for the unexpired term.

                                       8
<PAGE>

                                  ARTICLE VIII

                                      SEAL

         8.01 Form Thereof. The Board of Directors may provide for a seal of the
Corporation which will have inscribed thereon the name of the Corporation, the
state and year of its incorporation, and the words "Corporate Seal."

                                   ARTICLE IX

                      STOCK AND CERTIFICATES AND TRANSFERS

         9.01. Stock and Certificates and Transfers: All certificates for the
shares of the capital stock of the Corporation shall be signed by the President
or Vice-President, and Secretary. All certificates shall be consecutively
numbered in progression beginning with number one. Each certificate shall show
upon its face that the Corporation is organized under the laws of Nevada, the
number and par value, if any, of each share represented by it, the name of the
person owning the shares represented thereby, with the number of each share and
the date of issue, and the stock thereby represented is transferable only upon
the books of the Corporation and upon the signing of such certificates. A stock
transfer book, known as the stock register shall be kept, in which shall be
entered the number of each certificate issued and the name of the person owning
the shares thereby represented, with the number of such shares and the date of
issue. The transfer of any share or shares of stock in the Corporation may be
made by surrender of the certificate issued therefore, and the written
assignment thereof by the owner or his duly authorized Attorney in Fact. Upon
such surrender and assignment, a new certificate shall be issued to the assignee
as he may be entitled, but without such surrender and assignment no transfer of
stock shall be recognized by the Corporation. The Board of Directors shall have
the power concerning the issue, transfer and registration of certificate for
agents and registrars of transfer, and may require all stock certificates to
bear signatures of either or both. The stock transfer books shall be closed ten
days before each meeting of the shareholders and during such period no stock
shall be transferred.

                                    ARTICLE X

                                    DIVIDENDS

         10.01 Subject to such restrictions or requirements as may be imposed by
applicable law or the Corporation's Articles or as may otherwise be binding upon
the Corporation, the Board of Directors may from time to time declare and the
Corporation may pay dividends on shares of the corporation outstanding on the
dates of record fixed by the board, to be paid in cash, in property or in shares
of the Corporation on or as of such payment or distribution dates as the Board
may prescribe.

                                       9
<PAGE>

                                   ARTICLE XI

                                  FISCAL YEAR

         11.01 Fiscal Year. The fiscal year of the Corporation shall commence
with the opening of business on the first day of April of each year and shall
close on the 31st day of March each year.

                                   ARTICLE XII

                                   AMENDMENTS

         12.01 Amendment of Bylaws: The Bylaws may be amended by a majority vote
of all shareholders of the Corporation entitled to vote at a regular annual
meeting. Also, said Bylaws may be altered or amended by a majority vote of the
stockholders of said corporation at any special meeting called for that object
and purpose, and provided all the stockholders are given legal notice of the
object and purpose of said meeting.

                                       10
<PAGE>

Dated as of August 12, 1999.

                                                  /s/ Rex C. Nowlan
                                                  ------------------------------
                                                  Rex C. Nowlan, Secretary

STATE OF ARIZONA     )
                     )
COUNTY OF MARICOPA   )

         I, Nancy K. Ventre, the undersigned authority, a Notary Public in and
for said County in said State, hereby certify that Rex C. Nowlan, Secretary of
FIFTEEN PAC COMPANY, a Nevada corporation, and who is known to me, executed same
as Secretary and with full authority, executed the same voluntarily for and as
the act of said corporation.

         Given under my hand and official seal, this the 12th day of August,
1999.

                                                   /s/ [ILLEGIBLE]
                                                   -----------------------------
                                                   NOTARY PUBLIC

                                                   My Commission Expires:8/19/99

                                       11

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.23
<SEQUENCE>22
<FILENAME>p68936exv3w23.txt
<DESCRIPTION>EXHIBIT 3.23
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.23

                            ARTICLES OF INCORPORATION

                                       OF

                                FIVE PAC COMPANY

         KNOW ALL MEN BY THESE PRESENTS: That I, the undersigned, for the
purpose of forming a corporation under the laws of the State of Nevada, do
certify:

                                    ARTICLE I

         The name of the corporation is: Five PAC Company.

                                   ARTICLE II

         The principal place of business of the corporation shall be:

                [ILLEGIBLE] Airmotive Way, Suite 100, Reno 89502.

         The corporation's resident agent shall be:

                    The Corporation Trust Company of Nevada
                    One East First Street, Reno, Nevada 89501

                                  ARTICLE III

         The nature of the business and the objects and purposes to be
transacted, promoted, or carried on by the corporation are to engage in any
lawful act or activity for which corporations may be organized under the General
Corporation Law of Nevada.

                                   ARTICLE IV

         The corporation shall have authority to issue the following:

                  The number of shares of common stock which this
                  corporation is authorized to issue is One Hundred
                  thousand (100,000) shares with a par value of One
                  Cent ($.01) per share.

<PAGE>

                                   ARTICLE V

         The number of the Board of Directors shall be:

                  The Board of Directors will consist of one
                  (1) to nine (9). The person who is to serve
                  as Director until the first annual meeting of
                  shareholders or until his successor is elected and qualified
                  is:

         Charles J. Bayer, 3240 E. Pershing, Phoenix, Az. 85032

                                   ARTICLE VI

         The name and address of the incorporator is:

         J. Scott Askew, 2721 N. Central Avenue, Phoenix, Az. 85004

                                   ARTICLE VII

         The period of existence of the corporation shall be:

                                    Perpetual

IN WITNESS WHEREOF, I the aforementioned incorporator have signed the Articles
of Incorporation this 20th day of December, 1994.

                                                    /s/  J. Scott Askew
                                                    ---------------------------
                                                    J. Scott Askew, Incorporator

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         THIS IS TO CERTIFY that on the 20th day of December, 1994, before me, a
Notary Public, personally appeared J. Scott Askew, who I am satisfied is the
person named in and who executed the foregoing Articles of Incorporation and I
first having made known to him the contents thereof, did acknowledge that he had
signed the same as his voluntary act and deed for the uses and purposes therein
expressed.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal this 20th day of December, 1994.

         (NOTARIAL SEAL)                             /s/ Blanche I. Passolt
                                                     ---------------------------
                                                     Blanche I. Passolt
                                                     NOTARY PUBLIC

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.24
<SEQUENCE>23
<FILENAME>p68936exv3w24.txt
<DESCRIPTION>EXHIBIT 3.24
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.24

                                   BY-LAWS OF

                                FIVE PAC COMPANY

                              A NEVADA CORPORATION

                                    ARTICLE I

                                                         DATE: December 22, 1994

SECTION 1. Offices:

The principal office of the corporation in the State of Nevada shall be located
at such place as the Board of Directors may from time to time select. The
corporation may have such other offices either within or without the State of
Nevada as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
second Saturday in June of each year, at the office of the corporation in the
State of Nevada or otherwise as provided in the notice of said meeting. The
purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of a special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mall, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Nevada. Notice of the special meeting will be had
as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

                                      -1-
<PAGE>

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  teller(s) for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Directors:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the terms of office of all or any of the Directors, by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors, though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Nevada.

                                      -2-
<PAGE>

SECTION 4. Special Meetings:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of Nevada.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

         1st.     Roll Call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

SECTION 7. Meetings by Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trademarks in contracts, and Interests
                  thereunder, and other rights and properties which in their
                  judgement may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

                                      -3-
<PAGE>

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  State of Nevada, governing the disposition of the entire
                  assets and business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided for by the Board
of Directors. Such officers shall be elected by ballot or unanimous acclamation
at the meeting of the Board of Directors after the annual election of Directors.
In order to hold any election there shall be a quorum present, and any officer
receiving a majority vote shall be declared elected and shall hold office for
one year and until his or her respective successor shall have been duly elected
and qualified; provided, however, that all officers, agents and employees of the
corporation shall be subject to removal from office pre-emptorily by vote of the
Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

                                      -4-
<PAGE>

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Nevada, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and that the stock thereby
represented is transferable only upon the books of the corporation and upon the
signing of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the name of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation may be made by surrender of the certificate issued
therefor, and the written assignment thereof by the owner or his duly authorized
Attorney in Fact. Upon such surrender and assignment, a new certificate shall be
issued to the Assignee as he may be entitled, but without such surrender and
assignment no transfer of stock shall be recognized by the corporation. The
Board of Directors shall have the power concerning the issue, transfer and
registration of certificates to bear signatures of either or both. The stock
transfer books shall be closed ten days before each meeting of the shareholders
and during such period no stock shall be transfered.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of the year.

                                      -5-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of the Board of Directors of this
corporation at a regular annual meeting. Also, said By-Laws may be altered or
amended by a majority vote of the shareholders of said corporation at any
special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing Re-stated By-Laws of Five PAC Company are hereby accepted and
adopted as the By-Laws of said corporation, and we, the undersigned, do hereby
certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                              /s/ Charles J. Bayer
                                              ----------------------------------
                                              Charles J. Bayer, President

ATTEST:

/s/ J. Scott Askew
- ----------------------------------
J. Scott Askew, Secretary

(CORPORATE SEAL)

                                      -6-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.25
<SEQUENCE>24
<FILENAME>p68936exv3w25.txt
<DESCRIPTION>EXHIBIT 3.25
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.25

                            ARTICLES OF INCORPORATION

                                       OF

                                FOUR PAC COMPANY

         KNOW ALL MEN BY THESE PRESENTS: That I, the undersigned, for the
purpose of forming a corporation under the laws of the State of Nevada, do
certify:

                                    ARTICLE I

         The name of the corporation is: Four PAC company.

                                   ARTICLE II

         The principal place of business of the corporation shall be:

                   1325 Airmotive Way, Suite 100, Reno 89502.

         The corporation's resident agent shall be:

                    The Corporation Trust Company of Nevada
                   One East First Street, Reno, Nevada 89501

                                   ARTICLE III

         The nature of the business and the objects and purposes to be
transacted, promoted, or carried on by the corporation are to engage in any
lawful act or activity for which corporations may be organized under the General
Corporation Law of Nevada.

                                   ARTICLE IV

         The corporation shall have authority to issue the following:

         The number of shares of common stock which this corporation is
         authorized to issue is One Hundred thousand (100,000) shares with a par
         value of One Cent ($.01) per share.

<PAGE>

                                    ARTICLE V

        The number of the Board of Directors shall be:

            The Board of Directors will consist of one (1) to nine (9).
            The person who is to serve as Director until the first annual
            meeting of shareholders or until his successor is elected and
            qualified is:

        Charles J. Bayer, 3240 E. Pershing, Phoenix, Az. 85032

                                   ARTICLE VI

        The name and address of the incorporator is:

        J. Scott Askew, 2721 N. Central Avenue, Phoenix, AZ. 85004

                                   ARTICLE VII

        The period of existence of the corporation shall be:

                                    Perpetual

IN WITNESS WHEREOF, I the aforementioned incorporator have signed the
Articles of Incorporation this 20th day of December, 1994.

                                                  /s/ J. Scott  Askew
                                                  -----------------------------
                                                  J. Scott Askew, Incorporator

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         THIS IS TO CERTIFY that on the 20th day of December, 1994, before me, a
Notary Public, personally appeared J. Scott Askew, who I am satisfied is the
person named in and who executed the foregoing Articles of Incorporation and I
first having made known to him the contents thereof, did acknowledge that he had
signed the same as his voluntary act and deed for the uses and purposes therein
expressed.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal this 20th day of December, 1994.

         (NOTARIAL SEAL)

                                                          /s/ Blanche I. Passolt
                                                          ----------------------
                                                          Blanche I. Passolt
                                                          NOTARY PUBLIC


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.26
<SEQUENCE>25
<FILENAME>p68936exv3w26.txt
<DESCRIPTION>EXHIBIT 3.26
<TEXT>
<PAGE>

                                                                  EXHIBIT 3.26
                                   BY-LAWS OF

                                FOUR PAC COMPANY

                              A NEVADA CORPORATION

                                    ARTICLE I

                                                         DATE: December 22, 1994

SECTION 1. Offices:

The principal office of the corporation in the State of Nevada shall be located
at such place as the Board of Directors may from time to time select. The
corporation may have such other offices either within or without the State of
Nevada as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
second Saturday in June of each year, at the office of the corporation in the
State of Nevada or otherwise as provided in the notice of said meeting. The
purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of a special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Nevada. Notice of the special meeting will be had
as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

                                      -1-
<PAGE>

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  teller(s) for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Directors:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the terms of office of all or any of the Directors, by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors, though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Nevada.

                                      -2-
<PAGE>

SECTION 4. Special Meetings:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of Nevada.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

         1st.     Roll Call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

SECTION 7. Meetings by Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trademarks in contracts, and interests
                  thereunder, and other rights and properties which In their
                  judgement may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

                                      -3-
<PAGE>

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  State of Nevada, governing the disposition of the entire
                  assets and business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided for by the Board
of Directors. Such officers shall be elected by ballot or unanimous acclamation
at the meeting of the Board of Directors after the annual election of Directors.
In order to hold any election there shall be a quorum present, and any officer
receiving a majority vote shall be declared elected and shall hold office for
one year and until his or her respective successor shall have been duly elected
and qualified; provided, however, that all officers, agents and employees of the
corporation shall be subject to removal from office pre-emptorily by vote of the
Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

                                      -4-
<PAGE>

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Nevada, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and that the stock thereby
represented is transferable only upon the books of the corporation and upon the
signing of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the name of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation may be made by surrender of the certificate issued
therefor, and the written assignment thereof by the owner or his duly authorized
Attorney in Fact. Upon such surrender and assignment, a new certificate shall be
issued to the Assignee as he may be entitled, but without such surrender and
assignment no transfer of stock shall be recognized by the corporation. The
Board of Directors shall have the power concerning the issue, transfer and
registration of certificates to bear signatures of either or both. The stock
transfer books shall be closed ten days before each meeting of the shareholders
and during such period no stock shall be transfered.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of the year.

                                      -5-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of the Board of Directors of this
corporation at a regular annual meeting. Also, said By-Laws may be altered or
amended by a majority vote of the shareholders of said corporation at any
special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing Re-stated By-Laws of Four PAC Company are hereby accepted and
adopted as the By-Laws of said corporation, and we, the undersigned, do hereby
certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                             /s/ Charles J. Bayer
                                             -----------------------------------
                                             Charles J. Bayer, President

ATTEST:

/s/ J. Scott Askew
- ---------------------------
J. Scott Askew, Secretary

(CORPORATE SEAL)

                                      -6-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.27
<SEQUENCE>26
<FILENAME>p68936exv3w27.txt
<DESCRIPTION>EXHIBIT 3.27
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.27

                            ARTICLES OF INCORPORATION

                                       OF

                              FOURTEEN PAC COMPANY

         KNOW ALL MEN BY THESE PRESENTS: That I, the undersigned, for the
purpose of forming a corporation under the laws of the State of Nevada, do
certify:

                                    ARTICLE I

         The name of the corporation is: FOURTEEN PAC COMPANY.

                                   ARTICLE II

         The principal place of business of the corporation shall be 1325
Airmotive Way, Suite 100, Reno, NV 89502.

                                   ARTICLE III

         The corporation's resident agent shall be: The Corporation Trust
Company of Nevada, One East First Street, Reno, Nevada 89501.

                                   ARTICLE IV

         The nature of the business and the objects and purposes to be
transacted, promoted, or carried on by the corporation are to engage in any
lawful act or activity for which corporations may be organized under the General
Corporation Law of Nevada.

                                    ARTICLE V

         The corporation shall have authority to issue the following:

<PAGE>

                  The number of shares of commons stock which this corporation
                  is authorized to issue is One Hundred Thousand (100,000)
                  shares with a par value of One Cent ($.01) per share.

                                   ARTICLE VI

         The Board of Directors shall consist of one (1) to nine (9)
individuals, as determined by resolution of the Board of Directors. The initial
Board of Directors shall consist of one person, who shall serve as Director
until the annual meeting of shareholders or until his successor is elected and
qualified. Such person shall be Charles J. Bayer, 2721 N. Central Avenue,
Phoenix, AZ 85004.

                                   ARTICLE VII

                  The name and address of the incorporator is:

                        Jennifer M. Settles
                        2721 N. Central Avenue, 11th Floor
                        Phoenix, Arizona 85003

                                  ARTICLE VIII

                  The period of existence of the Corporation shall be perpetual.

                                   ARTICLE IX

         The corporation shall indemnify, to the fullest extent authorized or
permitted by law, as the same exists or may hereafter be amended, any person
made, or threatened to be made, a defendant or witness to any threatened,
pending or completed action, suit, or proceeding (whether civil, criminal,
administrative, investigative or otherwise) by reason of the fact that he or
she, or his or her testator or intestate, is or was a director or officer of the
corporation or by reason of the fact that such director or officer, at the
request of the

                                       2
<PAGE>

corporation, is or was serving any other corporation, partnership, joint
venture, trust, employee benefit plan, or other enterprise. Nothing contained
herein shall diminish any rights to indemnification to which employees or agents
other than directors or officers may be entitled by law, and the corporation may
indemnify such employees and agents to the fullest extent and in the manner
permitted by law. The rights to indemnification set forth in this Article shall
not be exclusive of any other rights to which any person may be entitled under
any statute, provision of the Articles of Incorporation, Bylaw, agreement,
contract, vote of shareholders or directors, or as otherwise provided.

         In furtherance and not in limitation of the powers conferred by
statute:

         1. The corporation may purchase and maintain insurance on behalf of any
person who is or was a director, officer, employee or agent of the corporation,
or is serving in any capacity, at the request of the corporation, any other
corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise, against any liability or expense incurred by him or her in any such
capacity, or arising out of his or her status as such, whether or not the
corporation would have the power to indemnify him or her against such liability
or expense under the provisions of law; and

         2. The corporation may create a trust fund, grant a security interest
or lien on any assets of the corporation and/or use other means (including,
without limitation, letters of credit, guaranties, surety bonds and/or other
similar arrangements), and enter into contracts providing indemnification to the
full extent authorized or permitted by law and including as part thereof
provisions with respect to any or all of the foregoing to

                                       3
<PAGE>

ensure the payment of such amounts as may become necessary to effect
indemnification as provided therein, or elsewhere.

         No director or officer shall be personally liable to the corporation or
its stockholders for damages for breach of fiduciary duty as a director or
officer, except the liability of a director or officer shall not be limited or
eliminated for: (a) acts or omissions which involve intentional misconduct,
fraud or a knowing violation of law; or (b) the payment of distribution in
violation of Nevada Revised Statutes Section 78.300.

         IN WITNESS WHEREOF, I, the aforementioned incorporator, have signed the
Articles of Incorporation this 23rd day of July, 1999

                                              /s/ Jennifer M. Settles
                                              ----------------------------------
                                              Jennifer M. Settles, Incorporator

STATE OF ARIZONA        )
                        )
COUNTY OF MARICOPA      )

         I, Nancy K. Ventre, the undersigned authority, a Notary Public in and
for said County in said State, hereby certify that on the 23rd day of July, 1999
before me personally appeared, Jennifer M. Settles, who is the person named in
and who executed the foregoing Articles of Incorporation and who is known to me,
executed the same as Incorporator and with full authority, executed the same
voluntarily for and as the act of said corporation.

                  IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed
my official seal this 23rd day of July, 1999.

                                             /s/ Nancy K. Ventre
                                             -----------------------------------
                                             NOTARY PUBLIC
                                             My Commission Expires: 8/19/99

                                       4

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.28
<SEQUENCE>27
<FILENAME>p68936exv3w28.txt
<DESCRIPTION>EXHIBIT 3.28
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.28

                                   BY-LAWS OF

                              FOURTEEN PAC COMPANY

                              A NEVADA CORPORATION

                                                             DATE: July 26, 1999

                                    ARTICLE I

SECTION 1. Offices:


The principal office of the corporation in the State of Arizona shall be located
at such place as the Board of Directors may from time to time select. The
corporation may have such other offices either within or without the State of
Arizona as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
first Monday in July of each year, at the office of the corporation in the State
of Arizona or otherwise as provided in the notice of said meeting. The purpose
of said annual meeting shall be for election of directors and for the purpose of
transacting such other business as may be brought before said meeting. The Board
of Directors may change the time and place of the annual meeting providing such
change of time and place be preceded by a notice of such change to all
stockholders of record. If said day of the annual meeting is a legal holiday,
then said meeting shall be held on the next ensuing day not a holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of a special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

                                       1
<PAGE>

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Arizona. Notice of the special meeting will be
had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                       2
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Office:

A board of one (1) to three (3) Directors shall be chosen annually by the
stockholders at their annual meeting. The holders of the majority of the
outstanding shares of stock entitled to vote may at any time pre-emptorily
terminate the term of office of all or any of the Directors by a vote at a
meeting called for such purposes. Such removal shall be effective immediately
even if successors are not elected simultaneously and the vacancies of the Board
of Directors resulting therefrom shall be filled by the stockholders, or by the
Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Arizona.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the State of Arizona.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

                                       3
<PAGE>

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

                  1st.     Roll Call; a quorum being present.

                  2nd.     Reading of minutes of preceding meeting and action
                           thereon.

                  3rd.     Consideration of communications of the Board of
                           Directors.

                  4th.     Reports of officials and committees.

                  5th.     Unfinished business.

                  6th.     Miscellaneous business.

                  7th.     New business.

                  8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trademarks in contracts, and Interests
                  thereunder, and other rights and properties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

                                       4
<PAGE>

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of corporations with or without compensation
                  for so doing, and from time to time to sell, assign, transfer
                  or otherwise dispose of any of the property of this
                  corporation, subject, however, to the laws of the State of
                  Arizona, governing the disposition of the entire assets and
                  business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or comittees, shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Arizona statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided for by the Board
of Directors. Such officers shall be elected by ballot or unanimous acclamation
at the meeting of the Board of Directors after the annual election of Directors.
In order to hold any election there shall be a quorum present, and any officer
receiving a majority vote shall be declared elected and shall hold office for
one year and until his or her respective successor shall have been duly elected
and qualified; provided, however, that all officers, agents and employees of the
corporation shall be subject to removal from office pre-emptorily by vote of the
Board of Directors at any meeting.

                                       5
<PAGE>

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation. The President shall preside at all meetings of the shareholders and
of the Board of Directors and by virtue of his office he shall be a member and
Chairman of the executive committee if one is appointed. The President shall
each year present an annual report of the preceding year's business to the Board
of Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 4. Powers and Duties of Treasurer:

The Treasurer, if one is appointed, shall have the care and custody of all funds
and securities of the corporation, and deposit the same in the name of the
corporation in such bank or banks or other depository as the Directors may
select. He shall pay out and dispose of funds of the corporation under the
direction of the Board of Directors, but checks may be signed as directed by the
Board by resolution. It shall be the duty of the Treasurer at all reasonable
time to exhibit his books and accounts to any Director or stockholder of the
corporation upon application at the office of the corporation during business
hours, and generally perform the duties of and act as the financial agent for
the corporation for the receipts and disbursements of its funds. He shall give
such bond for the faithful performance of his duties as the Board of Directors
may determine. The office of the Treasurer of said corporation may be hold by
the same person holding the President, Vice-President, or Secretary's office,
provided the Board of Directors indicates the combination of these offices.

                                       6
<PAGE>

                                   ARTICLE VII

                  STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President and Secretary. All certificates shall be consecutively
numbered in progression beginning with number one. Each certificate shall show
upon its face that the corporation is organized under the laws of Arizona, the
number and par value, if any, of each share represented by it, the name of the
person owning the shares represented thereby, with the number of each share and
the date of issue, and that the stock thereby represented is transferable only
upon the books of the corporation and upon the signing of such certificates. A
stock transfer record shall be kept, in which shall be entered the number of
each certificate issued and the name of the person owning the shares thereby
represented, with the number of such shares and the date of issue. The transfer
of any share or shares of stock in the corporation may be made by surrender of
the certificate issued therefor, and the written assignment thereof by the owner
or his duly authorized Attorney in Fact. Upon such surrender and assignment, a
new certificate shall be issued to the Assignee as he may be entitled, but
without such surrender and assignment no transfer of stock shall be recognized
by the corporation. The Board of Directors shall have the power concerning the
issue, transfer and registration of certificate for agents and registrars of
transfer, and may require all stock certificates to bear signatures of either or
both. The stock transfer books shall be closed ten days before each meeting of
the shareholders and during such period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of each year.

                                       7
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting or at a special meeting
called for that purpose. Also, said By-Laws may be altered or amended by a
majority vote of the Board of Directors of said corporation at any special
meeting called for that object and purpose, and provided all the Directors are
given legal notice of the object and purpose of said meeting.

The foregoing By-Laws are hereby accepted and adopted as the By-Laws of said
corporation, and we, the undersigned, do hereby certify that the above foregoing
By-Laws are duly adopted by the Board of Directors and that the same do now
constitute the By-Laws of this corporation.

                                                 /s/ Charles J. Bayer
                                                 ------------------------------
                                                 President: Charles J. Bayer

ATTEST:

/s/ Rex C. Nowlan
- ------------------------------
Secretary: Rex C. Nowlan

(CORPORATE SEAL)

                                       8

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.29
<SEQUENCE>28
<FILENAME>p68936exv3w29.txt
<DESCRIPTION>EXHIBIT 3.29
<TEXT>
<PAGE>
                              ARTICLES OF AMENDMENT

                                       TO

                            ARTICLES OF INCORPORATION

                                       OF

                            NATIONWIDE COMMERCIAL CO.

         Pursuant to the provisions of Section 10-061, Arizona Revised Statutes,
the undersigned corporation adopts the following Articles of Amendment to its
Articles of Incorporation:

FIRST:            The name of the corporation is: NATIONWIDE COMMERCIAL CO.

SECOND:           The document attached hereto as Exhibit "A" sets forth the
                  amendments to the Articles of Incorporation which were adopted
                  by the shareholders of the corporation at their meeting on May
                  18, 1995, in the manner prescribed by law.

THIRD:            The number of shares of stock outstanding at the time of such
                  adoption was 100 shares; and the number of shares entitled to
                  vote on the amendment was 100 shares.

FOURTH:           The designation and number of outstanding shares of each class
                  of series entitled to vote thereon, as a class or series, was
                  as follows:

                           CLASS OR SERIES          NUMBER OF SHARES
                                COMMON                     100

FIFTH:            The number of shares of each class or series entitled to vote
                  thereon as a class or series voted for or against such
                  amendment, respectively, was:

                  CLASS OR SERIES         NUMBER FOR         NUMBER AGAINST
                       COMMON                 100                  -0-

DATED: MAY 23, 1995.
                                               AMERCO REAL ESTATE COMPANY

                                               By: /s/ Charles J. Bayer
                                                   -----------------------------
                                                   Charles J. Bayer, President

Attest:

/s/ J. Scott Askew
- -----------------------------------------
J. Scott Askew, Assistant Secretary

<PAGE>

                                    EXHIBIT A

                   AMENDMENT TO THE ARTICLES OF INCORPORATION

                                       OF

                           NATIONWIDE COMMERCIAL, CO.

1.       Article V is amended to read as follows:

                  The existence of the corporation shall be: Perpetual

<PAGE>
                                                                    EXHIBIT 3.29


               ARTICLES OF AMENDMENT OF ARTICLES OF INCORPORATION

                                       OF

                            NATIONWIDE COMMERCIAL CO.

                  The undersigned, being the President and Assistant Secretary
of Nationwide Commercial Co., an Arizona corporation, do hereby certify as
follows:

                  1. The name of the corporation is Nationwide Commercial Co.,
         an Arizona corporation.

                  2. The amendments to the Articles of Incorporation are set
         forth on Exhibit A, attached hereto and incorporated herein by this
         reference.

                  3. That as of January 23, 1995, the sole shareholder of the
         corporation by unanimous written consent, adopted the amendments to the
         Articles of Incorporation as hereinabove set forth.

                  4. The number of common shares outstanding are 1,000,000, and
         the number of common shares entitled to vote are 1,000,000.

                  5. The number of common shares voting in favor of the
         amendment to the Articles of Incorporation is 1,000,000.

                  6. The amendment does not provide for an exchange,
         reclassification or cancellation of shares.

                  7. The amendment does not effect any change in the amount of
         stated capital.

Dated as of January 23, 1995.

Nationwide Commercial Co., an Arizona corporation

By: /s/ Charles J. Bayer                       By: /s/ John A. Lorentz
   ------------------------                       ------------------------------
   Charles J. Bayer,                              John A. Lorentz,
   President                                      Assistant Secretary

                                        1

<PAGE>

                                    EXHIBIT A

         The Articles of Incorporation of NATIONWIDE COMMERCIAL CO. are amended
to add the following provisions as Articles XII and XIII as set forth below:

                                   ARTICLE XII

         The corporation shall indemnify, to the fullest extent authorized or
permitted by law, as the same exists or may hereafter be amended (but, in the
case of any such amendment, only to the extent that such amendment permits the
corporation to provide broader indemnification rights than such law permitted
the corporation to provide prior to such amendment), any person made, or
threatened to be made, a defendant or witness to any threatened, pending or
completed action,  suit, or proceeding (whether civil, criminal, administrative,
investigative or otherwise) by reason of the fact that he or she, or his or her
testator or intestate, is or was a director or officer of the corporation or by
reason of the fact that such director or officer, at the request of the
corporation, is or was serving any other corporation, partnership, joint
venture, trust, employee benefit plan, or other enterprise. Nothing contained
herein shall diminish any rights to indemnification to which employees or agents
other than directors or officers may be entitled by law, and the corporation may
indemnify such employees and agents to the fullest extent and in the manner
permitted by law. The rights to indemnification set forth in this Article XII
shall not be exclusive of any other rights to which any person may be entitled
under any statute, provision of the Articles of Incorporation, bylaw, agreement,
contract, vote of shareholders or directors, otherwise.

In furtherance and not in limitation of the powers conferred by statute:

         1. The corporation may purchase and maintain insurance on behalf of any
person who is or was a director, officer, employee or agent of the corporation,
or is serving in any capacity, at the request of the corporation, any other
corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise, against any liability or expense incurred by him or her in any such
capacity, or arising out of his or her status as such, whether or not the
corporation would have the power to indemnify him or her against such liability
or expense under the provisions of law; and

         2. The corporation may create a trust fund, grant a security interest
or lien on any assets of the corporation and/or use other means (including,
without limitation, letters of credit, guaranties, surety bonds and/or other
similar arrangements), and enter into contracts providing indemnification to the
full extent authorized or permitted by law and including as part thereof
provisions with respect to any or all of the foregoing to ensure the payment of
such amounts as may become necessary to effect indemnification as provided
therein, or elsewhere.

                                        1

<PAGE>
                                  ARTICLE XIII

         No director or officer shall be personally liable to the corporation or
its stockholders for damages for breach of fiduciary duty as a director
or officer, except the liability of a director or officer shall not be limited
or eliminated for:

         (a) Any breach of the director's duty of loyalty to the corporation or
its shareholders.

         (b) Acts or omissions which are not in good faith or which involve
intentional misconduct or a knowing violation of law.

         (c) Authorizing the unlawful payment of a dividend or other
distribution on the corporation's capital stock or the unlawful purchase of its
capital stock.

         (d) Any transaction from which the director derived an improper
personal benefit.

         (e) A violation of A.R.S. section 10-041.

                                        2

<PAGE>
                                STATE OF ARIZONA

                             CORPORATION COMMISSION


(SEAL)                                                         DKT 8248 PAGE 800


To all to Whom these Presents shall Come, Greetings:

     I, CHARLES D. HADLEY SECRETARY OF THE ARIZONA CORPORATION COMMISSION, DO
HEREBY CERTIFY THAT the annexed is a true and complete copy of the ARTICLES OF
INCORPORATION of

                             ARIZONA COMMERCIAL CO.

which were filed in the office of the Arizona Corporation Commission on the 3rd
day of August, 1970, as provided by law.




                                   IN WITNESS WHEREOF, I HAVE HEREUNTO SET MY
                                   HAND AND AFFIXED THE OFFICIAL SEAL OF THE
                                   ARIZONA CORPORATION COMMISSION. AT THE
                                   CAPITOL, IN THE CITY OF PHOENIX, THIS 3RD DAY
                                   OF  AUGUST A.D. 1970




                                                  BY /s/ CHARLES D. HADLEY
                                                     ---------------------------
                                                                      SECRETARY,



                                                             ASSISTANT SECRETARY
<PAGE>

                            ARTICLES OF INCORPORATION

                                       OF

                             ARIZONA COMMERCIAL CO.

         KNOW ALL MEN BY THESE PRESENTS: That we, the undersigned, have this day
adopted, made and subscribed in triplicate to the following Articles of
Incorporation, for the purpose of forming a corporation under the laws of the
State of Arizona.

                                    ARTICLE I

         The name of this corporation shall be ARIZONA COMMERCIAL CO.

                                   ARTICLE II

         The principal place of business of the corporation shall be at 2503
North Central Avenue, Phoenix, in the County of Maricopa, State of Arizona.

                                   ARTICLE III

         The nature of the business and the objects and purposes to be
transacted, promoted, or carried on by the corporation are to engage in any
lawful act or activity for which corporations may be organized under the General
Corporation Law of Arizona including but not limited to:

         Issuing, buying, or otherwise acquiring commercial paper or other
security for debts; making loans with such paper as security; or otherwise
borrowing and lending money, collecting or foreclosing, including the bringing
of any necessary legal actions, upon such loans or security; and generally
carrying on a finance business.

                                   ARTICLE IV

         The authorized amount of capital stock of this corporation shall be
Ten Million ($10,000,000.00) Dollars, divided into one million (1,000,000)
shares of the par value of Ten ($10.00) Dollars each. Said capital stock



Page One of Three Pages
<PAGE>
shall be paid in at such time and upon such conditions as the Board of Directors
may by resolution direct, either in cash, or by services rendered to the
corporation, or by real or personal property transferred to it. Shares of stock
when issued in exchange for services or property pursuant to a resolution of the
Board of Directors shall thereupon become and be fully paid the same as though
paid for in cash at par, and shall be non-assessable forever, and the
determination of the Board of Directors as to the value of any property or
services received by the corporation in exchange for stock shall be conclusive.

                                    ARTICLE V

         The time of the commencement of this corporation shall be the date of
the issuance to it of a certificate of incorporation by the Corporation
Commission of the State of Arizona, and the time of its duration shall be
twenty-five (25) years from and after said date, with the privilege of renewal
in the manner provided by law.

                                    ARTICLE VI

         This corporation shall have three directors initially. The number of
directors may be increased or diminished from time to time in accordance with
the by-laws adopted by the stockholders, but shall never be less than three.

                                   ARTICLE VII

         The affairs of this corporation shall be conducted by the Board of
Directors and by such officers as the said board of directors may from time to
time elect or appoint. Said directors shall be elected by the stockholders at
the annual meeting of the corporation to be held on the third Saturday of May
and shall hold office until their successors are elected.

                                   ARTICLE VIII

         The corporation shall not incur or subject itself to a total
indebtedness or liability, direct or contingent, in an amount exceeding
two-thirds (2/3) of its authorized capital stock unless authorized by
three-fourths (3/4) of the vote cast with respect thereto at a lawfully held
shareholders meeting, and approved by the Corporation Commission of the State of
Arizona.


Page Two of Three Pages

<PAGE>
                                   ARTICLE IX

         Except as to the amount of any unpaid stock subscription owing to this
corporation, the private property of the stockholders of this corporation shall
be exempt from liability for its debts and obligations.

                                    ARTICLE X

         The statutory agent for the corporation shall be C. T. Corporation, 14
North 18th Avenue, Phoenix, Arizona. C. T. Corporation is a corporation
empowered by its articles to act as a statutory agent.

                                    ARTICLE XI

         The incorporators of this corporation are:

<TABLE>
<CAPTION>
Name                    Address
- ----                    -------
<S>                     <C>
David L. Helsten        2727 North Central Avenue, Phoenix, Arizona
Arthur G. Seifert       2727 North Central Avenue, Phoenix, Arizona
</TABLE>

         In testimony Whereof, we have signed and sealed these Articles of
Incorporation this 31st day of July, 1970

                                                /s/ David L. Helsten
                                                --------------------------------
                                                David L. Helsten

                                                /s/ Arthur G. Seifert
                                                --------------------------------
                                                Arthur G. Seifert

STATE OF ARIZONA        )
                        ) ss.
COUNTY OF MARICOPA      )

         On this 31st day of July, 1970, before me, a Notary Public, personally
appeared David L. Helsten and Arthur G. Seifert, known by me to be the persons
whose signatures are subscribed to the within instrument and who acknowledged
that they executed the same as their free act for the purposes therein
contained.

         In Witness Whereof, I have hereunto set my hand and official seal.

         (SEAL)

                                                /s/ [ILLEGIBLE]
                                                --------------------------------
                                                Notary Public State of Arizona

Page Three of Three Pages

<PAGE>
                               ARTICLES OF MERGER

         Pursuant to the Illinois Business Corporations Act of the State of
Illinois, and to the General Corporations Law of the State of Arizona, the
undersigned corporations adopt the following Articles of Merger for the purpose
of merging them into one of such corporations:

         FIRST. The Names of the undersigned corporations and the states under
the laws of which they are respectively organized, and their status after
completion of the merger are as follows:

         Nationwide Commercial Co.     Illinois      Absorbed

         Arizona Commercial Co.        Arizona       Survivor

         SECOND. The Agreement of Merger which is attached hereto and by
reference incorporated herein, was approved by the shareholders and directors of
each of the undersigned corporations in the manner provided under the laws of
the State of Illinois and Arizona.

         THIRD. The number of shares outstanding, and the number of shares
entitled to vote upon such Agreement of Merger, and the number of shares voted
for and against such Agreement of Merger as to Nationwide Commercial Co., an
Illinois corporation, was as follows:

<TABLE>
<CAPTION>
Number of Shares      Number of Shares       Number Voted    Number Voted
  Outstanding         Entitled to Vote            For          Against
- ----------------     ------------------      ------------      -------
<S>                  <C>                     <C>             <C>
      100                  100                   100             -0-
</TABLE>

         FOURTH. None of the shares of the authorized capital stock of
Arizona Commercial Co., an Arizona corporation, have been issued or are
outstanding, and approval of such Agreement of Merger has been given by
unanimous content of the Board of Directors and of the incorporators of such
corporation.

         FIFTH. The Articles of Incorporation of Survivor are hereby amended to
change its name to Nationwide Commercial Co.

         SIXTH. Arizona Commercial Co., an Arizona corporation, the surviving
corporation shall be governed under the laws of the State of Arizona. Such
surviving corporation hereby agrees:

         A. That it may be served with process in the State of Illinois in any
proceeding for the enforcement of any obligations of the undersigned domestic
Illinois corporation and in any proceeding for the enforcement of the right of
any dissenting shareholder of such domestic corporation against the surviving
corporation.

1 of 2 Pages

<PAGE>
         B.       Surviving corporation hereby irrevocably appoints the
Secretary of State of the State of Illinois as its agent to accept service of
process in any such proceeding.

         C.       Surviving corporation will promptly pay to any dissenting
shareholders of such domestic corporation the amount, if any, to which they
shall be entitled under the provisions of the Illinois Business Corporation Law
with respect to the rights of dissenting shareholders.

                                                Dated: December 1, 1970

                                                ABSORBED:

                                                Nationwide Commercial Co.,
                                                an Illinois corporation

                                                By: /s/ MICHEL L. DOUGHERTY
                                                    ----------------------------
                                                    President

         (Seal)

                                                    /s/ ARTHUR G. SEIFERT
                                                    ----------------------------
                                                    Secretary

                                                SURVIVOR:

                                                Arizona Commercial Co.,
                                                an Arizona corporation

                                                By: /s/ DAVID L. HELSTEN
                                                    ----------------------------
                                                    President

         (Seal)

                                                    /s/ JOHN A. LORENTZ
                                                    ----------------------------
                                                    Secretary

STATE OF ARIZONA        )
                        ) ss.
COUNTY OF MARICOPA      )

         On this 1st day of December, 1970 before me appeared Michael L.
Dougherty and Arthur G. Seifert, President and Secretary respectively of
Nationwide Commercial Co., an Illinois corporation and David L. Helsten and John
A. Lorentz, President and Secretary respectively of Arizona Commercial Co., an
Arizona corporation, who being duly sworn, did say that they were duly elected
as said officers of said corporations and that the said instrument was signed in
behalf of said corporations by authority of their respective Boards of Directors
and acknowledged said instrument to be the free act and deed of said
corporations.

                                                /s/ HELEN H. DELAMETER
                                                --------------------------------
       (Notary Seal)                            Notary Public - State of Arizona

                                                My commission expires   8-13-72

2 of 2 Pages  Articles of Merger

<PAGE>
                               AGREEMENT OF MERGER

         THIS AGREEMENT AND PLAN OF MERGER dated December 1, 1970 made by and
between Arizona Commercial Co., an Arizona Corporation, and a majority of the
directors thereof, herein referred to as SURVIVOR, and Nationwide Commercial
Co., an Illinois Corporation, and a majority of the directors thereof, parties
of the second part, said two corporations being hereinafter sometimes referred
to as SURVIVOR AND ABSORBED, respectively, or, together as the Constituent
Corporations, WITNESSETH THAT:

         WHEREAS, SURVIVOR is a corporation organized and existing under the
laws of the State of Arizona with its registered office in the State of Arizona
being located at 14 North 18th Avenue, Phoenix, Arizona, and the name of its
Registered Agent at such office is C. T. Corporation; and

         WHEREAS, SURVIVOR has a capitalization consisting of 1,000,000
authorized shares of Common Stock, of the par value of $10.00 Dollars each, none
of which have been as yet issued; and

         WHEREAS, ABSORBED is a corporation organized and existing under the
laws of the State of Illinois with its registered office in the State of
Illinois being located at 208 S. LaSalle Street, Chicago, Illinois, and the name
of its Registered Agent at such office is C. T. Corporation System; and

         WHEREAS, ABSORBED has an authorized capitalization of 100 shares of
capital stock having a par value of $10.00 per share, all of which have been
issued, with 100 shares being outstanding; and

         WHEREAS, the respective Boards of Directors of the Constituent
Companies have determined that it is advisable that ABSORBED be merged into
SURVIVOR, on the terms and conditions hereinafter set forth, in accordance with
the applicable provisions of the laws of the State of Arizona and of the State
of Illinois, which laws permit such merger;

         NOW THEREFORE, in consideration of the promises and of the mutual
agreements, covenants and provisions hereinafter contained, the parties hereto
agree that ABSORBED be merged into SURVIVOR, and that the term and conditions of
such merger, the mode of carrying the same into effect, and the manner and basis
of converting the shares of ABSORBED into shares of SURVIVOR shall be as
follows:

Page One of Five Pages

<PAGE>

         ARTICLE I. ABSORBED and SURVIVOR shall be merged into a single
corporation, in accordance with the applicable provisions of the laws of the
State of Arizona and of the State of Illinois, by ABSORBED merging into
SURVIVOR, which shall be the surviving corporation. The separate existence of
ABSORBED shall cease and the existence of SURVIVOR shall continue unaffected and
unimpaired by the merger with all the rights, privileges, immunities and powers,
and subject to all the duties and liabilities of a corporation organized under
the General Corporation Law of the State of Arizona.

         ARTICLE II. 1. The Articles of Incorporation of SURVIVOR SHALL continue
to be its Articles of Incorporation following the effective date of the merger,
until the same shall be altered or amended.

         2. The By-Laws of SURVIVOR shall be and remain the By-Laws of SURVIVOR
until altered, amended or repealed.

         3. The Board of Directors of SURVIVOR as of the effective date of the
merger shall be as follows:

                          Michael L. Dougherty
                          Samuel J. Briggs
                          Arthur G. Seifert

         The officers of SURVIVOR as of the effective date of the merger shall
be:

                        President - Michael L. Dougherty
                  Vice President - Treasurer - Samuel J. Briggs
                        Secretary - Arthur G. Seifert

         The above-named officers and directors of SURVIVOR shall continue in
office until the next regular annual meeting of shareholders and directors of
SURVIVOR and until their successors shall have been elected.

         ARTICLE III. On the effective date of the merger:

         1. SURVIVOR shall possess all the rights, privileges, immunities,
powers and franchises as well of a public as of a private nature, and shall be
subject to all of the restrictions, disabilities and duties of each of the
Constituent Corporations; and all property, real, personal and mixed, including
all patents, applications for patents, trademarks, trademark registrations and
applications for registration of trademarks, together with the good will of the
business in connection with which said patents and marks are used, and all debts
due on whatever account, including subscriptions to shares of capital stock, and
all other choses in action all and every other interest of or belonging to or
due to each of the Constituent corporations shall be deemed to be transferred to
and vested in

Page Two of Five Pages

<PAGE>
SURVIVOR without further act or deed, and the title to any real estate, or any
interest therein, vested in either of the Constituent Corporations shall not
revert or be in any way impaired by reason of the merger.

         2. SURVIVOR shall be responsible and liable for all the liabilities and
obligations of each of the Constituent Corporations; and any claim existing or
action or proceedings pending by or against either of the Constituent
Corporations may be prosecuted to judgment as if the merger had not taken place,
or SURVIVOR may be substituted in its place and neither the rights of creditors
nor any liens upon the property of either of the Constituent Corporations shall
be impaired by the merger. SURVIVOR shall execute and deliver any and all
documents which may be required for it to assume or otherwise comply with
outstanding obligations of ABSORBED.

         3. SURVIVOR agrees to perform the obligations of ABSORBED to the
Continental Illinois National Bank and Trust Company of Chicago under Revolving
Credit Agreement and a Security Agreement, both dated as of September 29, 1967,
as amended, or otherwise incurred.

         ARTICLE IV. The manner and basis of converting the shares of stock of
each of the Constituent Corporations into shares of stock of SURVIVOR are as
follows:

         1. All outstanding shares of stock of ABSORBED shall be surrendered to
SURVIVOR, in return for which SURVIVOR shall issue its stock to the shareholders
of ABSORBED on a share-for-share basis, in order that the effect of such
exchange shall be that the shareholders of ABSORBED shall become the
shareholders of SURVIVOR to the same extent of percentage of ownership as they
previously were of ABSORBED.

         2. On the effective date of the merger, and when the aforementioned
exchange has been effected, the outstanding stock of SURVIVOR shall be deemed
for all corporate purposes to evidence the ownership of the Constituent
Corporations.

         ARTICLE V. ABSORBED shall pay all expenses of accomplishing the merger.

         ARTICLE VI. If at any time SURVIVOR shall consider or be advised that
any further assignment or assurance in law are necessary or desirable to vest
or to perfect or confirm of record in SURVIVOR the title to any property or
rights of ABSORBED, OR TO otherwise carry out the provisions hereof, the proper
officers and

Page Three of Five Pages

<PAGE>
directors of ABSORBED as of the effective date of the merger shall execute and
deliver any and all proper deeds, assignments and assurances in law, and do all
things necessary or proper to vest, perfect or confirm title to such property or
rights in SURVIVOR, and otherwise to carry out the provisions hereof.

         ARTICLE VII. Each of the Constituent Corporations shall take or cause
to be taken, all action or do or cause to be done, all things necessary, proper
or either of such States, to consummate and make effective the merger, subject,
however, to the appropriate vote or consent of the stockholders of each of the
Constituent Corporations in accordance with the requirements of the applicable
provisions of the laws of the State of Arizona and of the State of Illinois.

         ARTICLE VIII. The effective date of the merger shall be at the close of
business on December 31, 1970. The officers and directors of ABSORBED are
authorized and directed to perform all actions required for accomplishing and
filling the merger under the laws of the State of Arizona and the State of
Illinois.

         ARTICLE IX. The Article of Incorporation of SURVIVOR shall be amended
to change its name to Nationwide Commercial Co.

         IN WITNESS WHEREOF, the corporate parties hereto, pursuant to authority
given by their respective Board of Directors, have caused this Agreement and
Plan of Merger to be entered into and signed by their respective directors, or a
majority of them, and in their respective corporate names by their respective
President or Vice-Presidents, and their corporate seals to be hereunto affixed,
and to be attested by their respective Secretaries or Assistant Secretaries, all
as of the date and year first above written.

         SURVIVOR: Arizona Commercial Co., an Arizona Corporation

ATTEST: Directors:                              /s/ David L. Helsten
                                                --------------------------------
                                                    President

/s/ David L. Helsten                            /s/ John A. Lorentz
- --------------------------------                --------------------------------
                                                    Secretary
/s/ Arthur G. Seifert
- --------------------------------                      (seal)

(Corporate Seal)

Page Four of Five Pages

<PAGE>

STATE OF ARIZONA   )
                   ) ss.
COUNTY OF MARICOPA )

         I, Helen H. Delamater, do hereby certify that on this day the foregoing
instrument of writing was produced to me in my county by the parties and
acknowledged and delivered before me by David L. Helsten, as President of
Arizona Commercial Co., an Arizona corporation, a corporation, party thereto, to
be the act and deed of said corporation by him as its President and
chief officer, thereunto duly authorized, and seal of said corporation as
affixed to said instrument was duly attested and proven before me by John A.
Lorentz, its secretary.

         Given under my hand and seal of office this 1st day of December, 1970.

                                                /s/ Helen H. Delamater
                                                --------------------------------
                                                Notary Public - State of Arizona

                                                    8-13-72
                                                --------------------------------
                                                My Commission Expires

         ABSORBED: Nationwide Commercial Co., an Illinois Corporation

ATTEST: DIRECTORS:                              /s/ Michael L. Dougherty
                                                --------------------------------
/s/ Michael L. Dougherty                            President
- --------------------------------


/s/ Samuel J. Griggs, Jr.                       /s/ Arthur G. Seifert
- --------------------------------                --------------------------------
                                                    Secretary

                                                            (Seal)

STATE OF ARIZONA   )
                   ) ss.
COUNTY OF MARICOPA )

         On this 1st day of December, 1970, before me appeared Michael L.
Dougherty, to me personally known, who, being by me duly sworn, did say that he
is the president of Nationwide Commercial Co., an Illinois Corporation, and
that the seal affixed to said instrument is the corporate seal of said
corporation and that said instrument was signed and sealed by said president and
secretary respectively on behalf of said corporation by authority of its Board
of Directors and said Arthur G. Seifert acknowledged said instrument to be the
free act and deed of said corporation.

                                                /s/ Helen H. Delamater
                                                --------------------------------

                                                8-13-72
                                                --------------------------------
                                                My Commission Expires


(Seal)

Page Five of Five Pages

<PAGE>

                               ARTICLES OF MERGER

                                       OF

                           A TO Z INTERNATIONAL, INC.

                                      INTO

                            NATIONWIDE COMMERCIAL CO.

           UNDER SECTION 10-074 OF ARIZONA REVISED STATUTES, TITLE 10

         Pursuant to the Arizona Revised Statutes, Title 10, Section 10-074, the
undersigned corporations hereby adopt the following Articles of Merger for
the purpose of merging into one surviving corporation.

                                       I.

         1.       The name of the Surviving Corporation is Nationwide Commercial
                  Co., an Arizona corporation.

         2.       The name of the Absorbed Corporation is A to Z International,
                  Inc., an Arizona corporation.

                                       II.

         The Plan of Merger which is attached hereto and by reference
incorporated herein was approved by the directors and the sole shareholder of
each of the Constituent Corporations in accordance with the laws of the State of
Arizona.

                                      III.

         The number of shares outstanding, the number of shares entitled to vote
upon the Plan of Merger and the number of shares voted for and against said Plan
as to each corporation was as follows:

Nationwide Commercial Co.:

<TABLE>
<CAPTION>
Number of Shares          Number of Shares      Number           Number
  Outstanding             Entitled to Vote     Vote For       Voted Against
  -----------             ----------------     --------       -------------
<S>                       <C>                  <C>            <C>
     100                        100              100               -0-
</TABLE>

A to Z International, Inc.:

<TABLE>
<CAPTION>
Number of Shares          Number of Shares      Number            Number
  Outstanding             Entitled to Vote     Vote For       Voted Against
  -----------             ----------------     --------       -------------
<S>                       <C>                  <C>            <C>
     100                        100              100               -0-
</TABLE>

                                       -1-

<PAGE>

Executed this 28th day of July, 1976.

                                            NATIONWIDE COMMERCIAL CO.

                                            By: /s/ Michael L. Dougherty
                                                --------------------------------
                                                Michael L. Dougherty - President
(CORPORATE SEAL)

                                            By: /s/ Dean A. Cooley
                                                --------------------------------
                                                Dean A. Cooley - Secretary

                                            A TO Z INTERNATIONAL, INC.

                                            By: /s/ Thomas J. English
                                                --------------------------------
                                                Thomas J. English - President
(CORPORATE SEAL)

                                            By: /s/ Dean A. Cooley
                                                --------------------------------
                                                Dean A. Cooley - Secretary

STATE OF ARIZONA    )
                    ) ss.
COUNTY OF MARICOPA  )


         The foregoing instrument was acknowledged before me this 28th day of
July, 1976, by Michael L. Dougherty, President, and Dean A. Cooley, Secretary,
of Nationwide Commercial Co., an Arizona corporation, on behalf of the
corporation.

                                            /s/ Helen H. Delamater
                                            --------------------------------
                                                     Notary Public

                                            My Commission expires: Aug. 13, 1976
(NOTARIAL SEAL)

STATE OF ARIZONA    )
                    ) ss.
COUNTY OF MARICOPA  )

         The foregoing Instrument was acknowledged before me this [ILLEGIBLE]
day of July, 1976, by Thomas J. English, President, and Dean A. Cooley,
Secretary, of A to Z International, Inc., an Arizona corporation, on behalf of
the corporation.

                                            By: /s/ Helen H. Delamater
                                                --------------------------------
                                                          Notary Public

                                            My Commission expires: Aug. 13, 1976

(NOTARIAL SEAL)

<PAGE>

                                 PLAN OF MERGER

         This Plan of Merger is entered into by A to Z International, Inc.,
Absorbed Corporation, and Nationwide Commercial Co., Surviving Corporation, both
Arizona corporations and together referred to as Constituent Corporations,
hereby WITNESSETH THAT:

         The Boards of Directors of the Constituent Corporations have determined
it to be advisable that Absorbed Corporation be merged into Surviving
Corporation in accordance with Arizona Revised Statutes, Title 10, Section
10-071 under which the following plan is adopted:

                                       I.

         Constituent Corporations shall be merged, by ABSORBED Corporation
merging into Surviving Corporation. The separate existence of ABSORBED
Corporation shall cease and the existence of Surviving Corporation shall
continue unaffected and unimpaired by the merger with all the rights,
privileges, immunities and powers, and subject to all the duties and liabilities
of a corporation organized under Arizona Revised Statutes, Title 10.

                                       II.

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         1.       All issued and outstanding shares of stock of Absorbed
Corporation shall be cancelled.

         2.       On the effective date of the merger and when the
aforementioned cancellation has been effected, the outstanding stock of the
Surviving Corporation shall be deemed for all corporate purposes to evidence the
ownership of the Constituent Corporations.

                                      III.

         The Articles of Incorporation of Nationwide Commercial Co., an Arizona
corporation, shall be the Articles of Incorporation of the Surviving
Corporation.

<PAGE>
                                      IV.

The Constituent Corporations shall take or cause to be taken [ILLEGIBLE] things
necessary, proper or advisable under the laws of Arizona to consummate and
make effective the merger subject, consent of their sole shareholder, and the
President of each Constituent Corporation are authorized and directed
[ILLEGIBLE] required for accomplishing and filing this Plan

Whereof the corporate parties hereby execute this Plan [ILLEGIBLE] day of June,
1976.

       SURVIVOR:                           NATIONWIDE COMMERCIAL CO.
                                           an Arizona corporation

                                            By: /s/ Michael L. Dougherty
                                                --------------------------------
                                                Michael L. Dougherty, President

   (SEAL)
                                            By: /s/ Dean A. Cooley
                                                --------------------------------
                                                Dean A. Cooley, Secretary

        ABSORBED:                           A TO Z INTERNATIONAL, INC.
                                            an Arizona corporation

                                            By: /s/ Thomas J. English
                                                --------------------------------
                                                Thomas J. English, President
   (SEAL)
                                            By: /s/ Dean A. Cooley
                                                --------------------------------
                                                 Dean A. Cooley, Secretary

                                       -1-
<PAGE>

                       CERTIFICATE OF CORPORATE RESOLUTION

         I, John A. Lorentz, do hereby certify that I am the duly elected and
acting Secretary of Amerco, Inc., an Oregon corporation, and that the following
is a true and accurate copy of the resolutions adopted by the Board of Directors
at a meeting duly called and held on the 7th day of June, 1976, as the same
appears on the books and records of this corporation:

                  RESOLVED: That Amerco, Inc., an Oregon corporation and the
                  sole stockholder of A to Z International, Inc. and Nationwide
                  Commercial Co., both Arizona corporations, hereby consents to
                  and approves the merger of A to Z International, Inc. into
                  Nationwide Commercial Co., the surviving corporation, and
                  further

                  RESOLVED: That Amerco, Inc. hereby and authorizes and directs
                  the respective Boards of Directors of each corporation to take
                  such action as is necessary to implement such merger
                  proceedings, and

                  BE IT FURTHER RESOLVED: That the Secretary of this corporation
                  be and he hereby is authorized and directed to execute on
                  behalf of this corporation such Certificate of Corporate
                  Resolution as may be necessary to furnish to the State of
                  Arizona relative to stockholder approval of this merger.

         In Witness Whereof, I have set my hand and affixed the seal of this
corporation this 26th day of July, 1976.

                                                    /s/ John A. Lorentz
                                                    --------------------------
                                                           Secretary

(CORPORATE  SEAL)
<PAGE>

                                STATE OF ARIZONA
                   [STATE OF ARIZONA] Corporation Commission

[STAMP]

To all to Whom these Presents shall Come, Greeting:

BE IT KNOWN THAT

                           A TO Z INTERNATIONAL, INC.

HAVING SUBMITTED TO THE ARIZONA CORPORATION COMMISSION EVIDENCE OF COMPLIANCE
WITH THE LAWS OF THE STATE OF ARIZONA GOVERNING THE INCORPORATION OF COMPANIES,
IS, BY VIRTUE OF THE POWER VESTED IN THE COMMISSION UNDER THE CONSTITUTION AND
THE LAWS OF THE STATE OF ARIZONA HEREBY GRANTED THIS

                          CERTIFICATE OF INCORPORATION

AUTHORIZING SAID COMPANY TO EXERCISE THE FUNCTIONS OF A CORPORATION, UNDER THE
LAWS NOW IN EFFECT IN THE STATE OF ARIZONA, AND SUBJECT TO SUCH LAWS AS MAY
HEREAFTER BE ENACTED, FOR A PERIOD OF TWENTY-FIVE YEARS FROM THE DATE
HEREOF, UNLESS SOONER REVOKED BY AUTHORITY OF LAW.

                         BY ORDER OF THE ARIZONA CORPORATION COMMISSION

                         In Witness Whereof,
                                                  DICK HERBERT
                         THE CHAIRMAN, HAVE HEREUNTO SET MY HAND AND CAUSED THE
                         OFFICIAL SEAL OF THE ARIZONA CORPORATION COMMISSION TO
                         BE AFFIXED AT THE [ILLEGIBLE] IN THE CITY OF PHOENIX
                         THIS DAY OF

                                   [ILLEGIBLE]
<PAGE>

[ILLEGIBLE]
<PAGE>

[ILLEGIBLE]
<PAGE>

[ILLEGIBLE]
<PAGE>

[ILLEGIBLE]

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.30
<SEQUENCE>29
<FILENAME>p68936exv3w30.txt
<DESCRIPTION>EXHIBIT 3.30
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.30

                                   BY-LAWS OF

                             ARIZONA COMMERCIAL CO.

                             AN ARIZONA CORPORATION

                                    ARTICLE I

                                                         DATE: November 30, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Arizona shall be located
in the city of Phoenix. The corporation may have such other offices either
within or without the state of Arizona as the Board of Directors may designate
or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Saturday in May of each year, at the office of the corporation in the
state of Arizona or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the state of Arizona.

<PAGE>

Notice of the special meetings will be had as provided under Section 2 of this
Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Arizona.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Arizona.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

<PAGE>

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trade-marks in contracts, and interests
                  thereunder, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer

<PAGE>

                  or otherwise dispose of any of the property of this
                  corporation, subject, however, to the laws of the State of
                  Arizona, governing the disposition of the entire assets and
                  business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Arizona statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with

<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Arizona, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

SECTION 3. Restrictions on Transfer:

No shareholder shall transfer, alienate, or in any way dispose of any share of
the corporation unless such share shall first have been offered for sale to the
corporation. The corporation reserves and shall have the exclusive right in
adoption to purchase such shares at a price equal to the book value thereof
within sixty days after such offer. After the expiration of such time, the
shareholder, if the corporation shall not have exercised his option to purchase
such share, shall be free to transfer, alienate or otherwise dispose of such
share without any restrictions whatsoever. Provided, however, that this
restriction shall not apply to inter vivos gifts or transfer without
consideration by operation of law of shares of stock by shareholders to members
of the immediate family of such shareholders.

<PAGE>

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each calendar year and shall close on the 31st day
of March of the year.

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of ARIZONA COMMERCIAL CO., are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                               /s/ David L.  Helsten
                                               ---------------------------------
                                               President - David L. Helsten

ATTEST:

/s/ John A. Lorentz
- ---------------------------------
Secretary - John A. Lorentz

<PAGE>

                   ORGANIZATIONAL MEETING OF INCORPORATORS OF

                             ARIZONA COMMERCIAL CO.

                             AN ARIZONA CORPORATION

                                                                  August 4, 1970


         As the incorporator(s) of ARIZONA COMMERCIAL CO. an Arizona
corporation, we hereby take the following action to complete organizational
matters:

                           David L. Helsten

                           John A. Lorentz

                           Arthur G. Seifert

are hereby elected as Directors of the corporation to serve until the first
annual meeting of Stockholders and their successors are elected and qualified.

         By-laws, election of Officers and other organizational matters shall be
completed at the first Meeting of Directors.

                                               /s/ David L. Helsten
                                               ---------------------------------
                                               David L. Helsten

                                               /s/ Arthur G. Seifert
                                               ---------------------------------
                                               Arthur G. Seifert
<PAGE>

                             WAIVER OF NOTICE

         We, the undersigned, do hereby jointly and severally waive any and all
notice of the first meeting of the Incorporators of ARIZONA COMMERCIAL CO., an
Arizona corporation, to be held on August 4, 1970.

         Dated: August 4, 1970

                                                     /s/ David L. Helsten
                                                     ---------------------------
                                                     David L. Helsten

                                                     /s/ Arthur G. Seifert
                                                     ---------------------------
                                                     Arthur G. Seifert

<PAGE>

                         NATIONWIDE COMMERCIAL COMPANY,
                             AN ARIZONA CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of Nationwide Commercial
Company, an Arizona corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                           SHAREHOLDER:

                                           Amerco Real Estate Company, a Nevada
                                           Corporation

                                           By: /s/ Gary V. Klinefelter
                                               -------------------------
                                           Name: Gary V. Klinefelter
                                           Its:  Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.31
<SEQUENCE>30
<FILENAME>p68936exv3w31.txt
<DESCRIPTION>EXHIBIT 3.31
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.31

                            ARTICLES OF INCORPORATION

                                       OF

                                NINE PAC COMPANY

                              A NEVADA CORPORATION

         KNOW ALL MEN BY THESE PRESENTS: That I, the undersigned, for the
purpose of forming a corporation under the laws of the State of Nevada, do
certify:

                                   ARTICLE I

         The name of the corporation is: NINE PAC Company.

                                   ARTICLE II

         The principal place of business of the corporation shall be:

                  1325 Airmotive Way, Suite 100, Reno 89502.

         The corporation's resident agent shall be:

                  The Corporation Trust Company of Nevada
                  One East First Street, Reno, Nevada 89502

                                  ARTICLE III

         The nature of the business and the objects and purposes to be
transacted, promoted, or carried on by the corporation are to engage in any
lawful act or activity for which corporation may be organized under the General
Corporation Law of Nevada.

                                   ARTICLE IV

         The corporation shall have authority to issue the following:

                  The number of shares of common stock which this
                  corporation is authorized to issue is One Hundred
                  thousand (100,000) shares with a par value of One
                  Cent ($.01) per share.

<PAGE>

                                   ARTICLE V

         The number of the Board of Directors shall be:

                  The Board of Directors will consist of one
                  (1) to nine (9). The person who is to serve
                  as Director until the first annual meeting of
                  shareholders or until his successor is elected
                  and qualified is:

         Charles J. Bayer, 3240 E. Pershing, Phoenix, Az. 85032

                                   ARTICLE VI

         The name and address of the incorporator is:

         J. Scott Askew, 2721 N. Central Avenue, Phoenix, Az. 85004

                                  ARTICLE VII

         The period of existence of the corporation shall be:

                                   Perpetual

IN WITNESS WHEREOF, I the aforementioned incorporator have signed the Articles
of Incorporation this 13th day of January, 1995

                                                    /s/  J. Scott Askew
                                                    ---------------------------
                                                    J. Scott Askew, Incorporator

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         THIS IS TO CERTIFY that on the 13th day of January, 1995 before me, a
Notary Public, personally appeared J. Scott Askew, who I am satisfied is the
person named in and who executed the foregoing Articles of Incorporation and I
first having made known to him the contents thereof, did acknowledge that he had
signed the same as his voluntary act and deed for the uses and purposes therein
expressed.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal this 13th day of January, 1995.

         (NOTARIAL SEAL)                             /s/ Blanche I. Passolt
                                                     ---------------------------
                                                     Blanche I. Passolt
                                                     NOTARY PUBLIC




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.32
<SEQUENCE>31
<FILENAME>p68936exv3w32.txt
<DESCRIPTION>EXHIBIT 3.32
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.32

                                   BY-LAWS OF

                                NINE PAC COMPANY

                              A NEVADA CORPORATION

                                   ARTICLE I

                                                          DATE: January 23, 1995

SECTION 1. Offices:

The principal office of the corporation in the State of Nevada shall be located
at such place as the Board of Directors may from time to time select. The
corporation may have such other offices either within or without the State of
Nevada as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
second Saturday in June of each year, at the office of the corporation in the
State of Nevada or otherwise as provided in the notice of said meeting. The
purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of a special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Nevada. Notice of the special meeting will be had
as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

                                      -1-
<PAGE>

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  teller(s) for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Directors:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the terms of office of all or any of the Directors, by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors, though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Nevada.

<PAGE>

SECTION 4. Special Meetings:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of Nevada.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

         1st.     Roll Call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

SECTION 7. Meetings by Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trademarks in contracts, and interests
                  thereunder, and other rights and properties which in their
                  judgement may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

                                      -3-
<PAGE>

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  State of Nevada, governing the disposition of the entire
                  assets and business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided for by the Board
of Directors. Such officers shall be elected by ballot or unanimous acclamation
at the meeting of the Board of Directors after the annual election of Directors.
In order to hold any election there shall be a quorum present, and any officer
receiving a majority vote shall be declared elected and shall hold office for
one year and until his or her respective successor shall have been duly elected
and qualified; provided, however, that all officers, agents and employees of the
corporation shall be subject to removal from office pre-emptorily by vote of the
Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

                                      -4-
<PAGE>

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Nevada, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and that the stock thereby
represented is transferable only upon the books of the corporation and upon the
signing of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the name of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation may be made by surrender of the certificate issued
therefor, and the written assignment thereof by the owner or his duly authorized
Attorney in Fact. Upon such surrender and assignment, a new certificate shall be
issued to the Assignee as he may be entitled, but without such surrender and
assignment no transfer of stock shall be recognized by the corporation. The
Board of Directors shall have the power concerning the issue, transfer and
registration of certificates to bear signatures of either or both. The stock
transfer books shall be closed ten days before each meeting of the shareholders
and during such period no stock shall be transfered.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of the year.

                                      -5-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of the Board of Directors of this
corporation at a regular annual meeting. Also, said By-Laws may be altered or
amended by a majority vote of the shareholders of said corporation at any
special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing Re-stated By-Laws of Nine PAC Company are hereby accepted and
adopted as the By-Laws of said corporation, and we, the undersigned, do hereby
certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                               /s/ Charles J. Bayer
                                               ---------------------------------
                                               Charles J. Bayer,  President

ATTEST:

/s/ J. Scott Askew
- -----------------------------
J. Scott Askew, Secretary

(CORPORATE SEAL)

                                      -6-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.33
<SEQUENCE>32
<FILENAME>p68936exv3w33.txt
<DESCRIPTION>EXHIBIT 3.33
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.33

                           ARTICLES OF INCORPORATION

                                       OF

                                 ONE PAC COMPANY

         KNOW ALL MEN BY THESE PRESENTS: That I, the undersigned, for the
purpose of forming a corporation under the laws of the State of Nevada, do
certify:

                                    ARTICLE I

         The name of the corporation is: One PAC Company.

                                   ARTICLE II

         The principal place of business of the corporation shall be:

                   1325 Airmotive Way, Suite 100, Reno 89502.

         The corporation's resident agent shall be:

                   The Corporation Trust Company of Nevada
                   One East First Street, Reno, Nevada 89501

                                   ARTICLE III

         The nature of the business and the objects and purposes to be
transacted, promoted, or carried on by the corporation are to engage in any
lawful act or activity for which corporations may be organized under the General
Corporation Law of Nevada.

                                   ARTICLE IV

         The corporation shall have authority to issue the following:

                  The number of shares of common stock which this corporation is
                  authorized to issue is One Hundred thousand (100,000) shares
                  with a par value of One Cent ($.01) per share.

<PAGE>

                                    ARTICLE V

         The number of the Board of Directors shall be:

                  The Board of Directors will consist of one (1) to nine (9).
                  The person who is to serve as Director until the first annual
                  meeting of shareholders or until his successor is elected and
                  qualified is:

         Charles J. Bayer, 3240 E. Pershing, Phoenix, Az. 85032

                                   ARTICLE VI

         The name and address of the incorporator is:

         J. Scott Askew, 2721 N. Central Avenue, Phoenix, Az. 85004

                                  ARTICLE VII

         The period of existence of the corporation shall be:

                                    Perpetual

IN WITNESS WHEREOF, I the aforementioned incorporator have signed the Articles
of Incorporation this 2nd day of December, 1994.

                                                /s/ J. Scott Askew
                                                -------------------------------
                                                  J. Scott Askew, Incorporator

<PAGE>

STATE OF ARIZONA
COUNTY OF MARICOPA

         THIS IS TO CERTIFY that on the 2nd day of December, 1994, before me, a
Notary Public, personally appeared J. Scott Askew, who I am satisfied is the
person named in and who executed the foregoing Articles of Incorporation and I
first having made known to him the contents thereof, did acknowledge that he had
signed the same as his voluntary act and deed for the uses and purposes therein
expressed.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal this 2nd day of December, 1994.

         (NOTARIAL SEAL)
                                         /s/ Blanche I. Passolt
                                         -----------------------------------
                                         Blanche I. Passolt
                                         NOTARY PUBLIC


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.34
<SEQUENCE>33
<FILENAME>p68936exv3w34.txt
<DESCRIPTION>EXHIBIT 3.34
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.34

                                   BY-LAWS OF

                                ONE PAC COMPANY

                              A NEVADA CORPORATION

                                   ARTICLE I

                                                          DATE: December 6, 1994

SECTION 1. Offices:

The principal office of the corporation in the State of Nevada shall be located
at such place as the Board of Directors may from time to time select. The
corporation may have such other offices either within or without the State of
Nevada as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
second Saturday in June of each year, at the office of the corporation in the
State of Nevada or otherwise as provided in the notice of said meeting. The
purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of a special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

                                      -1-
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SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Nevada. Notice of the special meeting will be had
as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be trans-acted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  teller(s) for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                      -2-
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                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Directors:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the terms of office of all or any of the Directors, by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors, though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Nevada.

SECTION 4. Special Meetings:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of Nevada.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

                                      -3-
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SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

         1st.     Roll Call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

SECTION 7. Meetings by Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

                                      -4-
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         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trademarks in contracts, and interests
                  thereunder, and other rights and properties which in their
                  judgement may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  State of Nevada, governing the disposition of the entire
                  assets and business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided for by the Board

                                      -5-
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of Directors. Such officers shall be elected by ballot or unanimous acclamation
at the meeting of the Board of Directors after the annual election of Directors.
In order to hold any election there shall be a quorum present, and any officer
receiving a majority vote shall be declared elected and shall hold office for
one year and until his or her respective successor shall have been duly elected
and qualified; provided, however, that all officers, agents and employees of the
corporation shall be subject to removal from office pre-emptorily by vote of the
Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                      -6-
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                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Nevada, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and that the stock thereby
represented is transferable only upon the books of the corporation and upon the
signing of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the name of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation may be made by surrender of the certificate issued
therefor, and the written assignment thereof by the owner or his duly authorized
Attorney in Fact. Upon such surrender and assignment, a new certificate shall be
issued to the Assignee as he may be entitled, but without such surrender and
assignment no transfer of stock shall be recognized by the corporation. The
Board of Directors shall have the power concerning the issue, transfer and
registration of certificates to bear signatures of either or both. The stock
transfer books shall be closed ten days before each meeting of the shareholders
and during such period no stock shall be transfered.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of the year.

                                      -7-
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                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of the Board of Directors of this
corporation at a regular annual meeting. Also, said By-Laws may be altered or
amended by a majority vote of the shareholders of said corporation at any
special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing Re-stated By-Laws of One PAC Company are hereby accepted and
adopted as the By-Laws of said corporation, and we, the undersigned, do hereby
certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                                 /s/ Charles J. Bayer
                                                 ------------------------------
                                                 Charles J. Bayer, President

ATTEST:

/s/ John A. Lorentz
- ---------------------------
John A. Lorentz, Secretary

(CORPORATE SEAL)

                                      -8-

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.35
<SEQUENCE>34
<FILENAME>p68936exv3w35.txt
<DESCRIPTION>EXHIBIT 3.35
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                                                                    EXHIBIT 3.35

                                    DELAWARE         PAGE 1


                                The first State

         I, HARRIET SMITH WINDSOR, SECRETARY OF STATE OF THE STATE OF DELAWARE,
DO HEREBY CERTIFY THE ATTACHED ARE TRUE AND CORRECT COPIES OF ALL DOCUMENTS ON
FILE OF "PF&F HOLDINGS CORPORATION" AS RECEIVED AND FILED IN THIS OFFICE.

         THE FOLLOWING DOCUMENTS HAVE BEEN CERTIFIED:

         CERTIFICATE OF INCORPORATION, FILED THE NINETEENTH DAY OF DECEMBER,
A.D. 2002, AT 6:30 O'CLOCK P.M.

         AND I DO HEREBY FURTHER CERTIFY THAT THE AFORESAID CERTIFICATES ARE THE
ONLY CERTIFICATES ON RECORD OF THE AFORESAID CORPORATION.

                                   /s/ Harriet Smith Windsor
                                   --------------------------------------------
                                   Harriet Smith Windsor, Secretary of State

3605221 8100H                      AUTHENTICATION: 2564843

030509153                          DATE: 08-05-03

<PAGE>

                                STATE OF DELAWARE
                          CERTIFICATE OF INCORPORATION
                               A STOCK CORPORATION

         - FIRST: The name of this Corporation is PF&F HOLDINGS CORPORATION

         - SECOND: The address of its registered office in the State of Delaware
         is Corporation Trust Center, 1209 Orange Street, in the City of
         Wilmington, County of New Castle, Delaware. The name of its registered
         agent at such address is The Corporation Trust Company.

         - THIRD: The purpose of the corporation is to engage in any lawful act
         or activity for which corporations may be organized under the General
         Corporation Law of Delaware.

         - FOURTH: The authorized capital stock of the Corporation shall be
         1,000 shares as follow: (a) 1,000 shares of $.001 par value common
         stock, to be known as "COMMON STOCK". At all times, each holder of
         Common Stock of the Corporation shall be entitled to one vote for each
         share of Common Stock held by such stockholder standing in the name of
         such stockholder on the books of the Corporation.

         - FIFTH: The name and mailing address of the incorporator are as
         follows:

         NAME: Brooke Holland

         MAILING ADDRESS: 3225 N. Central Avenue, Suite 1601, Phoenix, AZ 85012

         - I, THE UNDERSIGNED, for the purpose of forming a corporation under
         the laws of the State of Delaware, do make, file and record this
         Certificate, and do certify that the facts herein stated are true, and
         I have accordingly hereunto set my hand this 19th day of December 2002.

         SOLE INCORPORATOR:

         /s/ Brooke Holland
         ---------------------------
         Brooke Holland

                                STATE OF DELAWARE

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.36
<SEQUENCE>35
<FILENAME>p68936exv3w36.txt
<DESCRIPTION>EXHIBIT 3.36
<TEXT>
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                                                                    EXHIBIT 3.36

                                     BY-LAWS

                                       OF

                            PF&F HOLDINGS CORPORATION

                                    ARTICLE I
                            MEETINGS OF STOCKHOLDERS

         Section 1. Annual Meetings. The annual meetings of the stockholders
shall be held at such place as may be fixed from time to time by the Board of
Directors, or in the absence of direction by the Board of Directors, by the
Chairman, President or Secretary of the Corporation, either within or outside
the State of Delaware, as shall be stated in the notice of the meeting or in a
duly executed waiver of notice thereof.

         Section 2. Special Meetings. Special meetings of the stockholders, for
any purpose or purposes whatsoever, may be called at any time by the Chairman of
the Board of Directors, by the president, or by one or more stockholders
holding, in the aggregate, not less than forty percent (40%) of the voting power
of the corporation.

         Section 3. Calls and Notices. Notices of all meetings of the
stockholders shall conform to the provisions of Article IV of these By-Laws.

         Section 4. Chairman. The Chairman of the Board, and in his absence, the
president, shall preside at all meetings.

         Section 5. Voting and Proxies. Every person entitled to vote at any
election for directors shall have the right to accumulate his votes and to give
one candidate a number of votes equal to the number of directors to be elected,
multiplied by the number of votes to which his shares are entitled, or to
distribute his votes on the same principal among as many candidates as he shall
think fit. The candidates receiving the highest number of votes, up to the
number of directors to be elected, shall be elected. On matters other than the
election of directors, each share of stock shall be entitled to one vote, which
may be cast by ballot or voice vote, as the case may be.

         Every person entitled to vote shall have the right to do so either in
person or by one or more agents authorized by a written proxy executed by such
person or his duly authorized agent and filed with the secretary of the
corporation. Any proxy duly executed is not revoked and continues in full force
and effect until an instrument revoking it, or a newly executed proxy bearing a
later date, is filed with the secretary of the corporation; provided,

<PAGE>

however, that no proxy shall be valid after the expiration of three (3) years
from the date of its execution, unless the person executing it specifies therein
a longer period of time for which such proxy is to continue in force.

         Section 6. Stockholders of Record. Only such persons shall be entitled
to vote in person or by proxy as appear as stockholders upon the transfer books
of the corporation thirty (30) days preceding the date of the meeting; provided,
however, that stockholders by a resolution, adopted by a majority vote of the
issued and outstanding stock represented at the meeting, may grant the privilege
of voting to persons appearing as stockholders upon the transfer books of the
corporation at a transfer date less than thirty (30) days preceding the meeting.

         Section 7. Quorum. The presence, in person or by proxy, of persons
entitled to vote a majority of the voting shares at any meeting shall constitute
a quorum for the transaction of business. The stockholders present at a meeting
at which a quorum is present may continue to do business until adjournment,
notwithstanding the withdrawal of enough stockholders to leave less than a
quorum.

         Any stockholders' meeting, annual or special, whether or not a quorum
is present, may be adjourned from time to time by the vote of a majority of the
voting shares, the holder of which are either present in person or represented
by proxy; but in the absence of a quorum, no other business may be transacted at
such meeting. At any adjourned meeting at which a quorum shall be present, any
business may be transacted which might have been transacted at the original
meeting.

         Section 8. Informalities. All informalities or irregularities, or both,
in calls, notices of meetings, the manner of voting, form of proxies,
credentials, and method of ascertaining those present, shall be deemed waived if
no objection is made at the meeting.

                                   ARTICLE II
                               BOARD OF DIRECTORS

         Section 1. Powers. Subject to limitations of the Articles of
Incorporation and of Delaware Corporation Law as to action to be authorized or
approved by the stockholders, all corporate powers shall be exercised by or
under the authority of, and the business and affairs of the corporation shall be
controlled by the Board of Directors.

         Section 2. Number of Directors. The authorized number of directors of
the corporation shall be not less than one (1) nor more than three (3)
directors.

         Section 3. Vacancies. Vacancies on the Board of Directors may be filled
by a majority of the remaining directors, though less than a quorum, or by a
sole remaining

                                       2
<PAGE>

director, and each director so elected shall hold office until his successor is
elected at an annual or a special meeting of the stockholders.

         A vacancy or vacancies on the Board of Directors shall be deemed to
exist in the case of the death, resignation, or removal of any director, or if
the authorized number of directors is increased, or if the stockholders fail, at
any annual or special meeting of the stockholders at which a director, or
directors, is elected, to elect the full authorized number of directors to be
voted for at that meeting.

         The stockholders may elect a director, or directors, at any time to
fill any vacancy, or vacancies, not filled by the directors. If the Board of
Directors accepts the resignation of a director intended to take effect at a
future time, the board or the stockholders shall have the power to elect a
successor to take office when the resignation becomes effective.

         Section 4. Organization Meetings. Immediately following each annual
meeting of the stockholders, the Board of Directors shall hold a regular meeting
for the purpose of organization, election of officers, and the transaction of
other business. Notice of such meeting shall not be required.

         Section 5. Other Regular Meetings. Other regular meetings of the Board
of Directors shall be held without call or notice at such other times, at
regular intervals, as the Board of Directors may from time to time by resolution
specify.

         Section 6. Special Meetings. Special meetings of the Board of Directors
for any purpose or purposes, shall be called at any time by the Chairman of the
Board or, if he is absent or unable to refuse to act, by the president or by any
two directors. Notices of special meetings shall conform to the provisions of
Article IV of these By-Laws.

         Section 7. Quorum. A majority of the authorized number of directors
shall be necessary to constitute a quorum for the transaction of business,
except to adjourn. Every act or decision done or made by a majority of the
directors present at a meeting at which a quorum is present shall be regarded as
the act of the Board of Directors, unless a greater number be required by law.

         Sections 8. Adjournment. A quorum of the directors may adjourn any
directors meeting to meet again at a stated date and hour; provided, however,
that in the absence of a quorum, a majority of the directors present at any
directors meeting, either regular or special, may adjourn from time to time
until the time fixed for the next regular meeting of the board.

         Notice of the time or place of holding an adjourned meeting need not be
given to absent directors if the time and place be fixed at the meeting
adjourned.

                                       3
<PAGE>

         Section 9. Fees and Compensation. Directors and members of committees
may receive such compensation, if any, for their services, and such
reimbursement for expenses, as may be fixed or determined by resolution of the
board.

                                  ARTICLE III
                                    OFFICERS

         Section 1. Officers. The officers of the corporation shall be a
Chairman of the Board, a president, secretary and a treasurer. The corporation
may also have, at the discretion of the Board of Directors, one or more
vice-presidents, one or more assistant secretaries, one or more assistant
treasurers, and such other officers as may be appointed in accordance with the
provisions of Section 3 of this Article. One person may hold any number of
offices.

         Section 2. Election. The officers of the corporation, except such
officers as may be appointed in accordance with the provisions of Section 3 or 5
of this Article, shall be chosen annually by the Board of Directors, and each
shall hold his office until he shall resign, be removed, otherwise become
disqualified to serve, or his successor shall be elected and qualify.

         Section 3. Subordinate Officers. The Board of Directors may appoint
such other officers as the business of the corporation may require, each of whom
shall hold office for such period, have such authority, and perform such duties
as are provided in the By-Laws or as the Board of Directors may from time to
time determine.

         Section 4. Removal and Resignation. Any officer may be removed, either
with or without cause, by the Board of Directors, at any regular or special
meeting thereof, or, except in the case of an officer chosen by the Board of
Directors, by any officer upon whom such power or removal may be conferred by
the Board of Directors.

         Any officer may resign at any time by giving written notice to the
Board of Directors, or to the president, or to the secretary of the corporation.
Any such resignation shall take effect at the date of the receipt of such notice
or at any later time specified therein; and, unless otherwise specified therein,
the acceptance of such resignation shall not be necessary to make it effective.

         Section 5. Vacancies. A vacancy in any office because of death,
resignation, removal disqualification, or any other cause, shall be filled in
the manner prescribed in the By-Laws for regular appointments to such office.

         Section 6. Chairman of the Board. The Chairman of the Board shall be
the Chief Executive Officer of the corporation and shall, subject to the control
of the Board of Directors, have general supervision, direction, and control of
the business and officers of the corporation.

                                       4
<PAGE>

         Section 7. President. The president shall be the Chief Operating
Officer of the corporation and shall have all general powers and duties of
management usually vested in the office of president of a corporation, and shall
have such other powers and duties as may be prescribed by the Board of Directors
or the By-Laws.

         Section 8. Vice-President. In the absence or disability of the
president, the vice-presidents, in order of their rank as fixed by the Board of
Directors, or if not ranked, the vice-president designated by the Board of
Directors, shall perform all of the duties of the president, and when so acting
shall have all the powers of, and be subject to all the restrictions upon, the
president. The vice-president shall have such other powers and perform such
other duties as may from time to time be prescribed for them respectively by the
Board of Directors or by the By-Laws.

         Section 9. Secretary. The secretary shall keep or cause to be kept, at
the principal office or at such other place as the Board of Directors may order,
a book of minutes of all meetings of the directors and stockholders, with the
time and place of holding, whether regular or special, and if special, how
authorized, the notice thereof given, the names of shares present at the
director's meetings, the number of shares present or represented at the
stockholders meetings and the proceedings thereof.

         The secretary shall keep, or cause to be kept, at the principal office
or at the office of the corporation's transfer agent, a share register, or a
duplicate share register, showing the names of the stockholders and their
addresses, the number and classes of shares held by each, the number and date of
certificates issued for the shares, and the number and date of cancellation of
every certificate surrendered for cancellation.

         The secretary shall give, or cause to be given, notice of all meetings
of the stockholders and of the Board of Directors required by the By-Laws or by
any law to be given, and shall keep the seal of the corporation in safe custody,
and shall have such other powers and perform such other duties as may be
prescribed by the Board of Directors or the By-Laws.

         Section 10. Treasurer. The treasurer shall keep and maintain, or cause
to be kept and maintained, adequate and correct accounts of the properties and
the business transactions of the corporation, including accounts of its assets,
liabilities, receipts, disbursements, gains, losses, capital, surplus, and
shares. Any surplus, including earned surplus, paid in surplus and surplus
arising from a reduction of capital, shall be classified according to the source
and shown in a separate account. The books of account shall at all reasonable
times be open to inspection by any director.

         The treasurer shall deposit all monies and other valuables in the name
and to the credit of the corporation, with such depositories as may be
designated by the Board of Directors. He shall disburse the funds of the
corporation as may be ordered by the Board of Directors, shall render the
president and directors, whenever they request it, an account of all

                                       5
<PAGE>

his transactions as treasurer, and of the financial condition of the
corporation, and shall have such other powers and perform such other duties as
may be prescribed by the Board of Directors or the By-Laws.

                                   ARTICLE IV
                               NOTICES OF MEETINGS

         Section 1. General. Whenever all of the stockholders shall meet in
person or by proxy, such meetings shall be valid for all purposes, and at such
meetings any corporate action may be taken that could be taken at a meeting duly
called and noticed. Whenever all of the directors meet, such meetings shall be
valid for all purposes, and at such meetings any corporate action may be taken
that could be taken at a meeting duly called and noticed.

         Section 2. Notice of Meetings. Written notice of each annual meeting of
the stockholders shall be given to each stockholder entitled to vote, either
personally or by mail or other written means of communication, charges prepaid,
addressed to the stockholder at his address appearing on the books of the
corporation or given by him to the corporation for the purpose of notice. If a
stockholder gives no address, notice shall be deemed to have been given if sent
by mail or other means of written communication addressed to the place where the
principal office of the corporation is situated, or if published at least once
in some newspaper of general circulation in the county in which such office is
located. All such notices shall be sent to each stockholder entitled thereto,
not less than ten (10) days before each annual meeting. Such notices shall
specify the place, the day, and the hour of such meeting, and shall state such
other matters, if any, as may be expressly required by statute.

         Except in special cases where other express provision is made by
statute, notice of special meetings of stockholders shall be given in the same
manner as for annual meetings of the stockholders. Notice of any special
meetings shall specify, in addition to the place, date and hour of such meeting,
the general nature of the business to be transacted.

         The transactions of any meetings of stockholders, either annual or
special, however called and noticed, shall be as valid as though conducted at a
meeting duly held after regular call and notice, if a quorum be present either
in person or by proxy, and if, either before or after the meeting, each of the
persons entitled to vote, not present in person or by proxy, signs a written
waiver of notice, or a consent to the holding of such meeting, or an approval of
the minutes thereof. All such waivers, consents, or approvals, shall be filed
with the corporate records or made a part of the minutes of the meeting.

         Written notice of the time and place of special meetings of the Board
of Directors shall be delivered personally to each director, or sent to each
director by mail or by other form of written communication, charges prepaid,
addressed to him at his address as it is shown upon the records, or if it is not
so shown on such records or is not readily ascertainable, at the place where the
meetings of the directors are regularly held. In the case such notice is mailed
or telegraphed, it shall be deposited in the United States mail or delivered to
the telegraph

                                       6
<PAGE>

company in the place in which the principal office of the corporation is
located, at least forty-eight (48) hours prior to the time of holding the
meeting. In case such notice is delivered as provided above, it shall be so
delivered at least twenty-four (24) hours prior to the time of holding of the
meeting. Such mailing telegraphing, or delivery, as above provided, shall be
due, legal and personal notice to such director.

         The transactions of any meeting of the Board of Directors, however
called and noticed, or whenever held, shall be as valid as though conducted at a
meeting duly held after regular call and notice, if a quorum be present, and if
either before or after the meeting, each of the directors not present signs a
written waiver of notice, or a consent to holding such meeting, or an approval
of the minutes thereof. All such waiver, consents, or approvals shall be filed
with the corporate records or made a part of the minutes of the meeting.

                                    ARTICLE V
                               STOCK CERTIFICATES

         Section 1. Form of Certificates. Each certificate for a share or shares
of the capital stock of the corporation shall express on its face the par value
of a share as established in the Article of Incorporation, and shall expressly
state that the share, or shares, is fully paid up and nonassessable.

         Section 2. Issuance. All certificates of stock shall be signed by the
Chairman of the Board or president and the secretary or assistant secretary, or
be authenticated by facsimiles of the signatures of the Chairman of the Board or
the president and the written signature of the secretary or assistant secretary.
Each certificate shall have the seal of the corporation impressed thereon. The
name of the owner of each certificate and the number of shares represented by
the certificate shall be entered on its stub, and each certificate issued by the
corporation shall be receipted for by the person receiving it or by his duly
authorized agent, either on the stub of the certificate or on a separate receipt
which shall be kept by the secretary.

         Section 3. Investment Legend. Each certificate of stock issued shall
bear the following legend:

         "The shares represented by this certificate have not been registered
         under the Securities Act of 1933. The shares have been acquired for
         investment and may not be pledged or hypothecated and may not be sold
         or transferred in the absence of an effective registration statement
         for the shares under the Securities Act of 1933 or an opinion of
         counsel of the issuer that registration is not required under said
         Act."

         Section 4. Transfer. Certificates of stock shall be transferred by
assignment made by the owner, his attorney in fact or legal representative, and
by delivery of the certificate to the secretary of the corporation for transfer.
Each certificate surrendered for

                                       7
<PAGE>

transfer shall be marked "Cancelled" by the secretary and an incision on the
certificate shall be made through the names of the subscribing officers, and the
cancelled certificate shall be affixed to its stub.

         Sections 5. Lost Certificates. Should the owner of any certificate of
stock make application to the corporation for the issuance of a duplicate
certificate by reason of the loss or destruction of his certificate, he shall
accompany his application with an affidavit setting forth the time, place and
circumstances of such loss or destruction. Should the Board of Directors be
satisfied, from the matters set forth in the affidavit, that the certificate has
been lost or destroyed, the Board of Directors may thereupon call upon the owner
of the certificate to file with the secretary of the corporation a bond in such
amount, and with such surety or sureties, as the board may determine,
indemnifying the corporation against any loss it may suffer by reason of the
issuance of a duplicate certificate or the refusal to recognize the certificate
that was lost or destroyed. In the event of the approval of such bond by the
Board of Directors, the board may thereupon authorize the issuance of a
duplicate certificate. The duplicate certificate will be marked "Duplicate" and
the stub of the certificate lost or destroyed shall indicate the issuance of
this duplicate.

                                   ARTICLE VI
                                  MISCELLANEOUS

         Section 1. Record Date and Closing of Stock Books. The Board of
Directors may affix a time, in the future, not exceeding thirty (30) days prior
to the date of any meeting of stockholders, or the date fixed for the payment of
any dividends or distributions, or for the allotment of rights, or when a change
or conversion or exchange of shares shall go into effect, as the record date for
the determination date for the stockholders entitled to notice of and to vote at
any such meeting, or entitled to receive any such dividend or distribution, or
any such allotment of rights, or to exercise their rights in respect to any such
change, conversion, or exchange of shares. In such case, only stockholders of
record on the date so fixed shall be entitled to receive notice of and to vote
at such meeting or to receive such dividend, distribution, or allotment of
rights, or to exercise his rights, as the case may be, notwithstanding the
transfer of shares on the books of the corporation after the record date as
fixed. The Board of Directors may close the books of the corporation against
transfers of shares during the whole, or any part, of any such period.

         Section 2. Checks, Drafts, Etc. All checks, drafts, or other orders for
the payment of money, notes, or other evidences of indebtedness, issued in the
name of or payable to the corporation, shall be signed or endorsed by such
person or persons and in such manner as, from time to time, shall be determined
by resolution of the Board of Directors.

         Section 3. Contracts, Etc., How Executed. The Board of Directors,
except as otherwise provided in the By-Laws, may authorize any officer or
officers, or agent or agents, to enter into any contract or execute any
instrument in the name of and on behalf of the corporation, and such authority
may be general or confined to specific instances; and, unless

                                       8
<PAGE>

so authorized by the Board of Directors, no officer, agent, or employee shall
have any power or authority to bind the corporation by any contract or
engagement or to pledge its credit or to render it liable for any purpose or to
any amount.

         Section 4. Representation of Shares of the Corporation. The Chairman of
the Board or the president, or the vice-president, or the secretary or
assistance secretary of this corporation, are authorized to vote, represent, and
exercise on behalf of this corporation all rights incident to any and all shares
of any other corporation or corporations standing in the name of this
corporation. The authority granted to said officers to vote or represent, on
behalf of this corporation, any and all shares held by this corporation in any
other corporation or corporations, may be exercised either by such officers in
person or by any other person authorized so to do by proxy or by power of
attorney duly executed by said officers.

         Section 5. Inspection of Corporate Records. The share register or
duplicate share register, the books of account, and the minutes of proceedings
of the stockholders and directors and of the executive and other committees of
the directors, shall be open to inspection upon the written demand of any
stockholder or holder of a voting trust certificate, at any reasonable time, and
for a purpose reasonably related to his interest as a stockholder, or as a
holder of a voting trust certificate. Such inspection may be made in person or
by an agent or attorney and shall include the right to make extracts. Demand for
inspection, other than at a stockholders meeting, shall be made in writing, upon
the president, secretary, assistant secretary, or general manager of the
corporation.

         The corporation shall keep at its principal office for the transaction
of business the original or a copy of the By-Laws, as amended or otherwise
altered to date, which shall be open to inspection by the stockholders at all
reasonable times during office hours.

         Section 6. Indemnification. The corporation shall indemnify its
officers, directors, employees and agents to the extent permitted by the General
Corporation Law of Delaware.

         Section 7. Limitation on Actions. None of the following actions shall
be made without the majority approval of a quorum of the Board of Directors:

                  a.       Sale of any substantial portion of the corporation's
         assets.

                  b.       Borrowing of additional capital, except for the loan
         committed as of the date of these By-Laws by the First National Bank of
         Arizona.

                  c.       The paying of employees' bonuses.

                  d.       Amendment of the Certificate of Incorporation or the
         By-Laws.

                  e.       Hiring or replacing of key personnel of the
         corporation.

                                       9
<PAGE>

                                   ARTICLE VII
                                 INFORMALITIES

         Section 1. Stockholders. Any action which may be taken at a meeting of
the stockholders, may be taken without a meeting if, before or after the action,
a written consent thereto is signed by stockholders holding at least a majority
of the voting power, except that if a different proportion of voting power is
required for such an action at a meeting, then that proportion of written
consents is required.

         Section 2. Directors. Any action required or permitted to be taken by
the Board of Directors may be taken without a meeting, and with the same force
and effect as a unanimous vote of the directors, if all members of the board
individually or collectively consent, in writing, to such action.

         Section 3. Miscellaneous. The authorization, approval, or consent
provided in this Article may be expressed prior or subsequent to the particular
action authorized, approved, or consented to. It is the sense of the provisions
of this Article to permit informality in the conduct of the corporation's
affairs and informality in the approval of its actions so long as the
stockholders, where appropriate, or the Board of Directors, where appropriate,
individually or collectively either before, at the time of, or at any time
subsequent to, any particular action requiring their authorization, approval, or
consent, can be shown to have so authorized, approved, or consented.

                                  ARTICLE VIII
                                   AMENDMENTS

         These By-Laws may be amended or repealed, or new By-Laws may be adopted
at any meeting of the Board of Directors by a resolution adopted by the majority
of the directors. Notice need not be given of any action in respect to these
By-Laws previous to such meeting if the proposed amendment, repeal, or adoption
of new By-Laws is in furtherance of the purposes and objectives of this
corporation and is not arbitrary or capricious.

                                       10
<PAGE>

                            CERTIFICATE OF SECRETARY

         1.       That I am the duly elected and acting Secretary of PF&F
HOLDINGS CORPORATION, a Delaware corporation; and

         2.       That the foregoing By-Laws constitute the By-Laws of said
Corporation as adopted by the Written Consent in Lieu of Organizational Meeting
duly executed by the sole member of the Board of Directors dated as of December
19, 2002.

         IN WITNESS WHEREOF, I have hereunto subscribed my name this 19th of
December 2002.

                                               /s/ Jennifer M. Settles
                                               ---------------------------------
                                               Jennifer M. Settles
                                               Secretary

                                       11

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.37
<SEQUENCE>36
<FILENAME>p68936exv3w37.txt
<DESCRIPTION>EXHIBIT 3.37
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.37


                            ARTICLES OF INCORPORATION

                                       OF

                                SEVEN PAC COMPANY

                              A NEVADA CORPORATION

         KNOW ALL MEN BY THESE PRESENTS: That I, the undersigned, for the
purpose of forming a corporation under the laws of the State of Nevada, do
certify:

                                    ARTICLE I

         The name of the corporation is: SEVEN PAC Company.

                                   ARTICLE II

         The principal place of business of the corporation shall be:

                  1325 Airmotive Way, Suite 100, Reno 89502.

         The corporation's resident agent shall be:

                    The Corporation Trust Company of Nevada
                    One East First Street, Reno, Nevada 89501

                                  ARTICLE III

         The nature of the business and the objects and purposes to be
transacted, promoted, or carried on by the corporation are to engage in any
lawful act or activity for which corporations may be organized under the General
Corporation Law of Nevada.

                                   ARTICLE IV

         The corporation shall have authority to issue the following:

                  The number of shares of common stock which this
                  corporation is authorized to issue is One Hundred
                  thousand (100,000) shares with a par value of One
                  Cent ($.01) per share.

<PAGE>

                                   ARTICLE V

         The number of the Board of Directors shall be:

                  The Board of Directors will consist of one
                  (1) to nine (9). The person who is to serve
                  as Director until the first annual meeting of
                  shareholders or until his successor is elected
                  and qualified is:

         Charles J. Bayer, 3240 E. Pershing, Phoenix, Az. 85032

                                   ARTICLE VI

         The name and address of the incorporator is:

         J. Scott Askew, 2721 N. Central Avenue, Phoenix, Az. 85004

                                  ARTICLE VII

         The period of existence of the corporation shall be:

                                    Perpetual

IN WITNESS WHEREOF, I the aforementioned incorporator have signed the Articles
or Incorporation this 13th day of January, 1995

                                                    /s/  J. Scott Askew
                                                    ---------------------------
                                                    J. Scott Askew, Incorporator





<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         THIS IS TO CERTIFY that on the 13th day of January, 1995 before me, a
Notary Public, personally appeared J. Scott Askew, who I am satisfied is the
person named in and who executed the foregoing Articles of Incorporation and I
first having made known to him the contents thereof, did acknowledge that he had
signed the same as his voluntary act and deed for the uses and purposes therein
expressed.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal this 13th day of January, 1995.

         (NOTARIAL SEAL)                             /s/ Blanche I. Passolt
                                                     ---------------------------
                                                     Blanche I. Passolt
                                                     NOTARY PUBLIC

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.38
<SEQUENCE>37
<FILENAME>p68936exv3w38.txt
<DESCRIPTION>EXHIBIT 3.38
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.38

                                   BY-LAWS OF

                                SEVEN PAC COMPANY

                              A NEVADA CORPORATION

                                   ARTICLE I

                                                          DATE: January 23, 1995

SECTION 1. Offices:

The principal office of the corporation in the State of Nevada shall be located
at such place as the Board of Directors may from time to time select. The
corporation may have such other offices either within or without the State of
Nevada as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
second Saturday in June of each year, at the office of the corporation in the
State of Nevada or otherwise as provided in the notice of said meeting. The
purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of a special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Nevada. Notice of the special meeting will be had
as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

                                      -1-
<PAGE>

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

    1st. All persons claiming to hold proxies shall present them to the
         teller(s) for verification.

    2nd. Proof of due notice of meeting when applicable.

    3rd. Reading and disposal of all unapproved minutes.

    4th. Reports of officers and committees.

    5th. Election of Directors.

    6th. Unfinished business.

    7th. New business.

    8th. Adjournment.

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Directors:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the terms of office of all or any of the Directors, by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors, though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Nevada.

                                      -2-
<PAGE>

SECTION 4. Special Meetings:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of Nevada.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

    1st. Roll Call; a quorum being present.

    2nd. Reading of minutes of preceding meeting and action thereon.

    3rd. Consideration of communications of the Board of Directors.

    4th. Reports of officials and committees.

    5th. Unfinished business.

    6th. Miscellaneous business.

    7th. New business.

    8th. Adjournment.

SECTION 7. Meetings by Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trademarks in contracts, and interests
                  thereunder, and other rights and properties which in their
                  judgement may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

                                      -3-
<PAGE>

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  State of Nevada, governing the disposition of the entire
                  assets and business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided for by the Board
of Directors. Such officers shall be elected by ballot or unanimous acclamation
at the meeting of the Board of Directors after the annual election of Directors.
In order to hold any election there shall be a quorum present, and any officer
receiving a majority vote shall be declared elected and shall hold office for
one year and until his or her respective successor shall have been duly elected
and qualified; provided, however, that all officers, agents and employees of the
corporation shall be subject to removal from office pre-emptorily by vote of the
Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

                                      -4-
<PAGE>

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Nevada, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and that the stock thereby
represented is transferable only upon the books of the corporation and upon the
signing of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the name of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation may be made by surrender of the certificate issued
therefor, and the written assignment thereof by the owner or his duly authorized
Attorney in Fact. Upon such surrender and assignment, a new certificate shall be
issued to the Assignee as he may be entitled, but without such surrender and
assignment no transfer of stock shall be recognized by the corporation. The
Board of Directors shall have the power concerning the issue, transfer and
registration of certificates to bear signatures of either or both. The stock
transfer books shall be closed ten days before each meeting of the shareholders
and during such period no stock shall be transfered.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of the year.

                                      -5-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of the Board of Directors of this
corporation at a regular annual meeting. Also, said By-Laws may be altered or
amended by a majority vote of the shareholders of said corporation at any
special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing Re-stated By-Laws of Seven PAC Company are hereby accepted and
adopted as the By-Laws of said corporation, and we, the undersigned, do hereby
certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                                     /s/ Charles J. Bayer
                                                     ---------------------------
                                                     Charles J. Bayer, President

ATTEST:

/s/ J. Scott Askew
- ---------------------------
J. Scott Askew, Secretary

(CORPORATE SEAL)

                                      -6-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.39
<SEQUENCE>38
<FILENAME>p68936exv3w39.txt
<DESCRIPTION>EXHIBIT 3.39
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.39

                            ARTICLES OF INCORPORATION

                                       OF

                              SEVENTEEN PAC COMPANY

         KNOW ALL MEN BY THESE PRESENTS: That I, the undersigned, for the
purpose of forming a corporation under the laws of the State of Nevada, do
certify:

                                    ARTICLE I

         The name of the corporation is: SEVENTEEN PAC COMPANY.

                                   ARTICLE II

         The principal place of business of the corporation shall be 1325
Airmotive Way, Suite 100, Reno, NV 89502.

                                   ARTICLE III

         The corporation's resident agent shall be: The Corporation Trust
Company of Nevada, 6100 Neil Road, Suite 500., Reno, NV 89511.

                                   ARTICLE IV

         The nature of the business and the objects and purposes to be
transacted, promoted, or carried on by the corporation are to engage in any
lawful act or activity for which corporations may be organized under the General
Corporation Law of Nevada.

<PAGE>

                                    ARTICLE V

         The corporation shall have authority to issue the following:

                  The number of shares of commons stock which this corporation
                  is authorized to issue is One Hundred Thousand (100,000)
                  shares with a par value of One Cent ($.01) per share.

                                   ARTICLE VI

         The Board of Directors shall consist of one (1) to nine (9)
individuals, as determined by resolution of the Board of Directors. The initial
Board of Directors shall consist of one person, who shall serve as Director
until the annual meeting of shareholders or until his successor is elected and
qualified. Such person shall be Carlos Vizcarra, 2721 N. Central Avenue,
Phoenix, AZ 85004.

                                   ARTICLE VII

                  The name and address of the incorporator is:

                           Nancy K. Ventre
                           2721 N. Central Avenue, 11th Floor
                           Phoenix, Arizona 85003

                                  ARTICLE VIII

                  The period of existence of the Corporation shall be perpetual.

                                   ARTICLE IX

         The corporation shall indemnify, to the fullest extent authorized or
permitted by law, as the same exists or may hereafter be amended, any person
made, or threatened to be made, a defendant or witness to any threatened,
pending or completed action, suit, or proceeding (whether civil, criminal,
administrative, investigative or otherwise) by reason of the fact that he or
she, or his or her testator or intestate, is or was a director or officer

                                        2

<PAGE>
of the corporation or by reason of the fact that such director or officer, at
the request of the  corporation, is or was serving any other corporation,
partnership, joint venture, trust, employee benefit plan, or other enterprise.
Nothing contained herein shall diminish any rights to indemnification to which
employees or agents other than directors or officers may be entitled by law, and
the corporation may indemnify such employees and agents to the fullest extent
and in the manner permitted by law. The rights to indemnification set forth in
this Article shall not be exclusive of any other rights to which any person may
be entitled under any statute, provision of the Articles of Incorporation, By
law, agreement, contract, vote of shareholders or directors, or as otherwise
provided.

         In furtherance and not in limitation of the powers conferred by
statute:

         1. The corporation may purchase and maintain insurance on behalf of any
person who is or was a director, officer, employee or agent of the corporation,
or is serving in any capacity, at the request of the corporation, any other
corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise, against any liability or expense incurred by him or her in any such
capacity, or arising out of his or her status as such, whether or not the
corporation would have the power to indemnify him or her against such liability
or expense under the provisions of law; and

         2. The corporation may create a trust fund, grant a security interest
or lien on any assets of the corporation and/or use other means (including,
without limitation, letters of credit, guaranties, surety bonds and/or other
similar arrangements), and enter into contracts providing indemnification to the
full extent authorized or permitted by law and including as part thereof
provisions with respect to any or all of the foregoing to

                                        3

<PAGE>

ensure the payment of such amounts as may become necessary to effect
indemnification is provided therein, or elsewhere.

         No director or officer shall be personally liable to the corporation or
its stockholders for damages for breach of fiduciary duty as director or
officer, except the liability of a director or officer shall not be limited or
eliminated for: (a) acts or omissions which involve intentional misconduct,
fraud or a knowing violation of law; or (b) the payment of distribution
in violation of Nevada Revised Statutes Section 78,300.

         IN WITNESS WHEREOF, I, the aforementioned incorporator, have signed
the Articles of Incorporation this 22 day of December, 2000.

                                               /s/ Nancy K. Ventre
                                               ---------------------------------
                                               Nancy K. Ventre, Incorporator

STATE OF ARIZONA           )
                           )
COUNTY OF MARICOPA         )

         I, NANCY JO BEILEY the undersigned authority, a Notary Public in and
for said County in said State, hereby certify that on the 22nd day of
December, 2000 before me personally appeared, Nancy K. Ventre who is the person
named in and who executed the foregoing Articles of Incorporation and who is
known to me, executed the same as Incorporator and with full authority, executed
the same voluntarily for and as the act of said corporation.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal this 22nd day of December, 2000.

                                               /s/ NANCY JO BEILEY
                                               ---------------------------------
                                               NOTARY PUBLIC
                                               My Commission Expires: 5-22-2003

                                        4


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.40
<SEQUENCE>39
<FILENAME>p68936exv3w40.txt
<DESCRIPTION>EXHIBIT 3.40
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.40

                                    BYLAWS OF

                              SEVENTEEN PAC COMPANY

                              A NEVADA CORPORATION

                                    ARTICLE I

                                    GENERAL

         1.01     References. Any reference herein made to law will be deemed
to refer to the law of the state of Nevada, including any applicable provisions
of Chapter 78 of Title 7, Nevada Revised Statutes (or its successor), as of any
given time in effect. Any reference herein made to the Articles will be deemed
to refer to the applicable provision or provisions of the Articles of
Incorporation of SEVENTEEN PAC COMPANY (the "Corporation"), and all amendments
thereto, as at any given time on file with the Nevada Secretary of State,
together with any and all certificates filed by the Corporation with the Nevada
Secretary of State (or any successor to its functions) pursuant to applicable
law.

         1.02     Seniority. The Articles will in all respects be considered
senior and superior to these Bylaws, with any inconsistency to be resolved in
favor of the Articles, and with these Bylaws to be deemed automatically amended
from time to time to eliminate any such inconsistency which may then exist.

         1.03     Offices. The principal office of the Corporation shall be
located at such place as the Board of Directors may from time to time select.
The Corporation may have such other offices either within or without the State
of Nevada as the Board of Directors may designate or as the business of the
corporation may require from time to time.

         1.04     Change Thereof. The Board of Directors may change the
Corporation's principal office or its statutory agent from time to time by
filing a statement with the Nevada Secretary of State pursuant to applicable
law.

         1.05     Stockholders of Record. The word "stockholder" as used herein
shall mean one who is a holder of record of shares in the corporation as defined
in Section 2.04.

                                       1
<PAGE>

                                   ARTICLE II

                                  STOCKHOLDERS

         2.01     Annual Meeting. The annual meeting of the stockholders of the
Corporation shall be held on the Second Friday in December of each year, at the
office of the Corporation in the State of Nevada or otherwise as provided in the
notice of said meeting. The purpose of said annual meeting shall be for election
of directors and for the purpose of transacting such other business as may be
brought before said meeting. The Board of Directors may change the time and
place of the annual meeting providing such change of time and place be preceded
by a notice of such change to all stockholders of record. If said day of the
annual meeting is a legal holiday, then said meeting shall be held on the next
ensuing day not a holiday.

         2.02     Special Meetings. Special meetings of the stockholders may be
called by the President, the Board of Directors, or the holders of not less than
one-tenth of all the shares entitled to vote at the meeting. All meetings of the
stockholders may be held within or without the State of Nevada. Notice of the
special meeting will be had as provided under Section 2.03 of this Article.

         2.03     Notices. Written or printed notice stating the place, day and
hour of the meeting and, in case of special meeting, the purposes for which the
meeting is called, shall be delivered not less than ten or more than fifty days
before the date of the meeting, either personally or by mail, by or at the
direction of the President, the Secretary or the officer or persons calling the
meeting, to each stockholder of record entitled to vote at such meeting. If
mailed, such notice shall be deemed to be delivered when deposited in the United
States mail addressed to the shareholder at his address as it appears on the
stock transfer book of the Corporation, with postage thereon prepaid. Provided,
however, that notice of any meeting of stockholders whether regular or special,
may be waived either before, at or after such meeting. Any stockholder may waive
call or notice of any annual, deferred annual, or special meeting (and any
adjournment thereof) at any time before, during which or after it is held.
Attendance of a stockholder at any such meeting in person or by proxy will
automatically evidence his waiver of call and notice of such meeting (and any
adjournment thereof) unless he or his proxy is attending the meeting for the
express purpose of objecting to the transaction of business because the meeting
has not been properly called or noticed.

         2.04     Stockholders of Record. For each meeting, or consent to
corporate action without a meeting, of stockholders (and at any adjournment of
such meeting), or in order to make a determination of stockholders for
determining those stockholders entitled to receive payment of any dividend, or
for any other lawful action, the Board of Directors may fix in advance a record
date which shall not be more than sixty (60) nor less than ten (10) days prior
to the date of such meeting or other action.

                                       2
<PAGE>

         If no record date is fixed by the Board of Directors for determining
stockholders entitled to notice of, and to vote at, a meeting of stockholders,
the record date shall be at four o'clock in the afternoon on the day before the
notice is given, or, if notice is waived, at the commencement of the meeting. If
no record date is fixed for determining stockholders entitled to express written
consent to corporate action without a meeting, the record date shall be the time
of the day on which the first written consent is served upon an officer or
director of the Corporation.

         A determination of stockholders of record entitled to notice of, and to
vote at, a meeting of stockholders shall apply to any adjournment of the
meeting; provided, however, that the Board of Directors may fix a new record
date for the adjourned meeting, and further provided that the adjournment or
adjournments of any such meeting do not exceed thirty (30) days in the
aggregate.

         2.05     Tellers. At all meetings of stockholders, the Chairman may
appoint three tellers who shall act as inspectors of elections and determine the
validity of the proxies and press upon the qualifications of all persons
offering to vote at each meeting and count the ballots. The election shall be by
secret ballot, or in case there is only one nomination for a certain office, the
election may be by acclamation. Each stockholder of record shall be entitled to
one vote for each share of stock held by him.

         2.06     Proxies. Any stockholder entitled to vote thereat may vote by
proxy at any meeting of the stockholders (and at any adjournment thereof) which
is specified in such proxy, provided that his or her proxy is executed in
writing by such stockholder or his or her duly authorized attorney-in-fact. No
proxy shall be valid after eleven (11) months from the date of its execution,
unless otherwise specifically provided therein. The burden of proving the
validity of any undated, irrevocable or otherwise contested proxy at a meeting
of the stockholders will rest with the person seeking to exercise the same. A
telegram or cablegram appearing to have been transmitted by a stockholder or by
his duly authorized attorney-in-fact may be accepted as a sufficiently written
and executed proxy.

         2.07     Voting. Except for the election of directors (which will be
governed by cumulative voting pursuant to applicable law) and except as may
otherwise be required by the Corporation's Articles, these Bylaws or by statute,
each issued and outstanding share of the Corporation (specifically excluding
shares held in the treasury of the corporation) represented at any meeting of
the stockholders in person or by a proxy given pursuant to Section 2.06 above,
will be entitled to one vote on each matter submitted to a vote of the
stockholders at such meeting. Unless otherwise required by the Corporation's
Articles or by applicable law, any question submitted to the stockholders will
be resolved by a majority of the votes cast thereon, provided that such votes
constitute a majority of the quorum of that particular meeting, whether or not
such quorum is then present. Voting will be by ballot on any question as to
which a ballot vote is demanded prior to the time the voting begins by any
person entitled to vote on such question; otherwise, a voice vote will suffice.
No ballot or change of vote will be accepted after the polls have been declared
closed following the ending of the announced time for voting.

                                       3
<PAGE>

         2.08     Quorum. At any meeting of the stockholders, the presence in
person or by proxy of the holders of a majority of the shares of the Corporation
issued, outstanding and entitled to vote at the meeting will constitute a quorum
of the stockholders for all purposes. In the absence of a quorum, any meeting
may be adjourned from time to time by its chairman, without notice other than by
announcement at the meeting, until a quorum is formed. At any such adjourned
meeting at which a quorum is present, any business may be transacted which might
have been transacted at the meeting as originally noticed. Once a quorum has
been formed at any meeting, the stockholders from time to time remaining in
attendance may continue to transact business until adjournment, notwithstanding
the prior departure of enough stockholders to leave less than a quorum. If an
adjournment is for more than thirty (30) days, or if after the adjournment a new
record date is fixed for the adjourned meeting, a notice of the adjourned
meeting shall be given to each stockholder of record entitled to vote at the
meeting.

         2.09     Order of Business.

         1st      All persons claiming to hold proxies shall present them to the
tellers for verification.

         2nd      Proof of due notice of meeting when applicable.

         3rd      Reading and disposal of all unapproved minutes.

         4th      Reports of officers and committees.

         5th      Election of Directors.

         6th      Unfinished business.

         7th      New business.

         8th      Adjournment.

         2.10     Action by Stockholders Without a Meeting. Any action required
or permitted to be taken at a meeting of the stockholders of the Corporation may
be taken without a meeting if a consent in writing, setting forth the action so
taken, is signed by stockholders holding at least eighty-five percent (85%) of
the outstanding common stock.

                                       4
<PAGE>

                                  ARTICLE III

                               BOARD OF DIRECTORS

         3.01     Number and Term of Directors. The Board of Directors will be
comprised of not less than one nor more than nine members who need not be
stockholders of the Corporation. The directors will regularly be elected at each
annual meeting of the stockholders, but directors may be elected at any other
meeting of the stockholders. The Board of Directors will have the power to
increase or decrease its size within the aforesaid limits and to fill any
vacancies by majority vote which may occur in its membership, whether resulting
from an increase in the size of that board or otherwise, and shall hold office
until the next annual meeting of the stockholders. Each director elected by the
stockholders or the Board of Directors shall hold office until his or her
successor is duly elected and qualified. However, the holders of the majority of
the outstanding shares of stock entitled to vote may at any time pre-emptorily
terminate the term of office of all or any of the Directors by a vote at a
meeting called for such purposes. Such removal shall be effective immediately
even if successors are not elected simultaneously and the vacancies of the Board
of Directors resulting therefrom shall be filled by the stockholders, or by the
Board of Directors as provided in this Section.

         3.02     Regular Meetings. After the adjournment of the annual meeting
of the stockholders of the Corporation, the newly elected directors shall meet
for the purpose of organization, the election of officers, and the transaction
of such other business as may come before said meeting. No notice shall be
required for such meeting. The meeting may be held within or without the State
of Nevada.

         3.04     Quorum. A quorum for the transaction of business at any
meeting or adjourned meeting of the Board of Directors will consist of a
majority of those then in office. Once a quorum has been formed, the directors
from time to time remaining in attendance at such meeting prior to its
adjournment will continue to be legally competent to transact business properly
brought before the meeting, notwithstanding the prior departure from the meeting
of enough directors to leave less than a quorum.

         3.05     Voting. Any matter submitted to a meeting of the Board of
Directors will be resolved by a majority of the votes cast thereon.

         3.06     Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

                  1st  Roll call; a quorum being present.

                                       5
<PAGE>

                  2nd  Reading of minutes of preceding meeting and action
                       thereon.

                  3rd  Consideration of communications of the Board of
                       Directors.

                  4th  Reports of officials and committees.

                  5th  Unfinished business.

                  6th  Miscellaneous business.

                  7th  New business.

                  8th  Adjournment.

         3.12     Meetings by Conference Telephone. If all the directors
consent, a director may participate in a meeting of the board or of a committee
of the board by means of such telephone or other communications facilities as
permit all persons participating in the meeting to hear each other, and a
director participating in such a meeting by such means is deemed to be present
at the meeting.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

         4.01     Generally: The Government in control of the Corporation shall
be vested in the Board of Directors.

         4.02     Special Powers: The Board of Directors shall have, in addition
to its other powers, but expressly subject to the limitations set forth in the
Articles, the express right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner real
                  property and any personal property including franchises,
                  stocks, bonds and debentures of other companies, business and
                  good will, patents, trademarks, contracts and interests
                  thereunder, and other property that in the judgment of the
                  Board of Directors may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

                                       6
<PAGE>

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  State of Nevada, governing the disposition of the entire
                  assets and business of the Corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

                                   COMMITTEES

         5.01     Committees: From time to time the Board of Directors, by
affirmative vote of a majority of the whole Board may appoint any committee or
committees for any purpose or purposes, and such committee or committees shall
have and may exercise such powers as shall be conferred or authorized by the
resolution of appointment. Provided, however, that such committee or committees
shall at no time have more power than that authorized by the statues regulating
the appointment of committees.

                                   ARTICLE VI

                                    OFFICERS

         6.01     Officers: And the officers of the Corporation shall consist of
a President and Secretary, and such other officers as shall from time to time be
provided for by the Board of Directors. Such officers shall be elected by ballot
or unanimous acclamation at the meeting of the Board of Directors after the
annual election of directors. In order to hold any election there shall be a
quorum present, and any officer receiving a majority vote shall be declared
elected and shall hold office for one year and until his or her respective
successor shall have been duly elected and qualified; provided, however, that
all officers, agents and employees of the Corporation shall be subject to
removal from office pre-emptorily by vote of the Board of Directors at any
meeting.

         6.02     Powers and Duties of President: The President shall at all
times be subject to the control of the Board of Directors. He shall have general
charge of the affairs of the Corporation.

                                       7
<PAGE>

He shall supervise over and direct all officers and employees of the Corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the Corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
Corporation. The President shall preside at all meetings of the shareholders and
of the Board of Directors and by virtue of his office he shall be a member and
Chairman of the executive committee if one is appointed. The President shall
each year present an annual report of the preceding year's business to the Board
of Directors at a meeting to be held immediately preceding the annual meeting of
the stockholders, which report shall be read at the annual meeting of the
stockholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

         Notwithstanding any provision to the contrary contained in the Bylaws
of the Corporation, the Board may at any time and from time to time direct the
manner in which any person or persons by whom any particular contract, document,
note or instrument in writing of the Corporation may or shall be signed by and
may authorize any officer or officers of the Corporation to sign such contracts,
documents, notes or instruments.

         6.03     Powers and Duties of the Secretary: The Secretary of the
Corporation shall keep the minutes of all meetings of the Board of Directors and
the minutes of all meetings of the shareholders, and also when requested by a
committee, the minutes of such committee, in books provided for the purpose. He
shall attend to the giving and serving of notice of the Corporation. It shall be
the duty of the Secretary to sign with the President, in the name of the
Corporation, all contracts, notes, mortgages, and other instruments and other
obligations authorized by the Board of Directors, and when so ordered by the
Board of Directors, he shall affix the Seal of Corporation thereto. The
Secretary shall have charge of all books, documents, and papers properly
belonging to his office, and of such other books and papers as the Board of
Directors may direct.

                                   ARTICLE VII

                           RESIGNATIONS AND VACANCIES

         7.01     Resignations. Any director, committee member, or officer may
resign from his or her office at any time by written notice delivered or
addressed to the Corporation at its principal office. Any such resignation will
be effective upon its receipt by the Corporation unless some later time is
therein fixed, and then from that time; the acceptance of a resignation will not
be required to make it effective.

         7.02     Vacancies. If the office of any director, committee member, or
officer becomes vacant by reason of his or her death, resignation,
disqualification, removal or otherwise, the Board of Directors may choose a
successor to hold office for the unexpired term.

                                       8
<PAGE>

                                  ARTICLE VIII

                                      SEAL

         8.01     Form Thereof. The Board of Directors may provide for a seal of
the Corporation which will have inscribed thereon the name of the Corporation,
the state and year of its incorporation, and the words "Corporate Seal."

                                   ARTICLE IX

                      STOCK AND CERTIFICATES AND TRANSFERS

         9.01.    Stock and Certificates and Transfers: All certificates for the
shares of the capital stock of the Corporation shall be signed by the President
or Vice-President, and Secretary. All certificates shall be consecutively
numbered in progression beginning with number one. Each certificate shall show
upon its face that the Corporation is organized under the laws of Nevada, the
number and par value, if any, of each share represented by it, the name of the
person owning the shares represented thereby, with the number of each share and
the date of issue, and the stock thereby represented is transferable only upon
the books of the Corporation and upon the signing of such certificates. A stock
transfer book, known as the stock register shall be kept, in which shall be
entered the number of each certificate issued and the name of the person owning
the shares thereby represented, with the number of such shares and the date of
issue. The transfer of any share or shares of stock in the Corporation may be
made by surrender of the certificate issued therefore, and the written
assignment thereof by the owner or his duly authorized Attorney in Fact. Upon
such surrender and assignment, a new certificate shall be issued to the assignee
as he may be entitled, but without such surrender and assignment no transfer of
stock shall be recognized by the Corporation. The Board of Directors shall have
the power concerning the issue, transfer and registration of certificate for
agents and registrars of transfer, and may require all stock certificates to
bear signatures of either or both. The stock transfer books shall be closed ten
days before each meeting of the shareholders and during such period no stock
shall be transferred.

                                    ARTICLE X

                                    DIVIDENDS

         10.01    Subject to such restrictions or requirements as may be imposed
by applicable law or the Corporation's Articles or as may otherwise be binding
upon the Corporation, the Board of Directors may from time to time declare and
the Corporation may pay dividends on shares of the corporation outstanding on
the dates of record fixed by the board, to be paid in cash, in property or in
shares of the Corporation on or as of such payment or distribution dates as the
Board may prescribe.

                                       9
<PAGE>

                                   ARTICLE XI

                                   FISCAL YEAR

         11.01    Fiscal Year. The fiscal year of the Corporation shall commence
with the opening of business on the first day of April of each year and shall
close on the 31st day of March each year.

                                   ARTICLE XII

                                   AMENDMENTS

         12.01    Amendment of Bylaws: The Bylaws may be amended by a majority
vote of all shareholders of the Corporation entitled to vote at a regular annual
meeting. Also, said Bylaws may be altered or amended by a majority vote of the
stockholders of said corporation at any special meeting called for that object
and purpose, and provided all the stockholders are given legal notice of the
object and purpose of said meeting.

                                       10
<PAGE>

Dated as of December 22, 2000.

                                         /s/ Jennifer M. Settles
                                         ---------------------------------------
                                         Jennifer M. Settles, Secretary

STATE OF ARIZONA         )
                         )
COUNTY OF MARICOPA       )

         I, Nancy K. Ventre. the undersigned authority, a Notary Public in and
for said County in said State, hereby certify that Jennifer M. Settles,
Secretary of SEVENTEEN PAC COMPANY, a Nevada corporation, and who is known to
me, executed same as Secretary and with full authority, executed the same
voluntarily for and as the act of said corporation.

         Given under my hand and official seal, this the 22 day of December,
2000.

                                                 /s/ [ILLEGIBLE]
                                                 -------------------------------
                                                 NOTARY PUBLIC

                                                 My Commission Expires:8/19/2003

                                       11

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.41
<SEQUENCE>40
<FILENAME>p68936exv3w41.txt
<DESCRIPTION>EXHIBIT 3.41
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.41

                            ARTICLES OF INCORPORATION

                                       OF

                                 SIX PAC COMPANY

         [ILLEGIBLE] ALL BY THESE PRESENTS. That I, the undersigned, for the
purpose of forming a corporation under the laws of the State of Nevada, do
certify:

                                    ARTICLE I

         The name of the corporation is: SIX PAC Company.

                                   ARTICLE II

         The principal place of business of the corporation shall be:

                   1325 Airmotive Way, Suite 100, Reno 89502.

         The corporation's resident agent shall be:

                     The Corporation Trust Company of Nevada
                 One [ILLEGIBLE] First Street, Reno, Nevada 89501

                                   ARTICLE III

         The nature of the business and the objects and purposes to be
transacted, promoted, or carried on by the corporation are to engase in any
lawful act or activity for which corporations may be organized under the General
Corporation Law of Nevada.

                                   ARTICLE IV

         The corporation shall have authority to issue the following:

                  The number of shares of common stock which this corporation is
                  authorized to issue is One Hundred thousand (100,000) shares
                  with a par value of One Cent ($.01) per share.
<PAGE>

                                    ARTICLE V

The number of the Board of Directors shall be:

         The Board of Directors will consist of one (1) to nine (9). The person
         who is to serve as Director until the first annual meeting of
         shareholders or until his successor is elected and qualified is:

    Charles J. Bayer, 3240 E. Pershing, Phoenix, Az. 85032

                                   ARTICLE VI

    The name and address of the incorporator is:

    J. Scott Askew, 2721 N. Central Avenue, Phoenix, Az. 85004

                                   ARTICLE VII

    The period of existence of the corporation shall be:

                                    Perpetual

IN WITNESS WHEREOF, I the aforementioned incorporator have signed the Articles
of Incorporation this 4th day of January, 1995

                                               /s/ J. Scott Askew
                                               ---------------------------------
                                               J. Scott Askew, Incorporator

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         THIS IS TO CERTIFY that on the 4th day of January, 1995 [ILLEGIBLE], a
Notary Public, personally appeared J. Scott Askew, who I am satisfied is the
person named in and who executed the foregoing Articles of Incorporation and I
first having made known to in the contents thereof, did acknowledge that he had
signed the same as his voluntary act and deed for the uses and purposes therein
expressed.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal this 4th day of January, 1995.

         (NOTARIAL SEAL)

                                               /s/ Blanche I. Passolt
                                               ---------------------------------
                                               Blanche I. Passolt
                                               NOTARY PUBLIC


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.42
<SEQUENCE>41
<FILENAME>p68936exv3w42.txt
<DESCRIPTION>EXHIBIT 3.42
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.42

                                   BY-LAWS OF

                                 SIX PAC COMPANY

                              A NEVADA CORPORATION

                                    ARTICLE I

                                                           DATE: January 5, 1995

SECTION 1. Offices:

The principal office of the corporation in the State of Nevada shall be located
at such place as the Board of Directors may from time to time select. The
corporation may have such other offices either within or without the State of
Nevada as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
second Saturday in June of each year, at the office of the corporation in the
State of Nevada or otherwise as provided in the notice of said meeting. The
purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of a special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Nevada. Notice of the special meeting will be had
as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

                                      -1-
<PAGE>

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

    1st. All persons claiming to hold proxies shall present them to the
         teller(s) for verification.

    2nd. Proof of due notice of meeting when applicable.

    3rd. Reading and disposal of all unapproved minutes.

    4th. Reports of officers and committees.

    5th. Election of Directors.

    6th. Unfinished business.

    7th. New business.

    8th. Adjournment.

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Directors:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the terms of office of all or any of the Directors, by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors, though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Nevada.

                                      -2-
<PAGE>

SECTION 4. Special Meetings:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of Nevada.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

    1st. Roll Call; a quorum being present.

    2nd. Reading of minutes of preceding meeting and action thereon.

    3rd. Consideration of communications of the Board of Directors.

    4th. Reports of officials and committees.

    5th. Unfinished business.

    6th. Miscellaneous business.

    7th. New business.

    8th. Adjournment.

SECTION 7. Meetings by Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trademarks in contracts, and interests
                  thereunder, and other rights and properties which in their
                  judgement may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

                                      -3-
<PAGE>

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  State of Nevada, governing the disposition of the entire
                  assets and business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                        ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided for by the Board
of Directors. Such officers shall be elected by ballot or unanimous acclamation
at the meeting of the Board of Directors after the annual election of Directors.
In order to hold any election there shall be a quorum present, and any officer
receiving a majority vote shall be declared elected and shall hold office for
one year and until his or her respective successor shall have been duly elected
and qualified; provided, however, that all officers, agents and employees of the
corporation shall be subject to removal from office pre-emptorily by vote of the
Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

                                      -4-
<PAGE>

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Nevada, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and that the stock thereby
represented is transferable only upon the books of the corporation and upon the
signing of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the name of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation may be made by surrender of the certificate issued
therefor, and the written assignment thereof by the owner or his duly authorized
Attorney in Fact. Upon such surrender and assignment, a new certificate shall be
issued to the Assignee as he may be entitled, but without such surrender and
assignment no transfer of stock shall be recognized by the corporation. The
Board of Directors shall have the power concerning the issue, transfer and
registration of certificates to bear signatures of either or both. The stock
transfer books shall be closed ten days before each meeting of the shareholders
and during such period no stock shall be transfered.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of the year.

                                      -5-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of the Board of Directors of this
corporation at a regular annual meeting. Also, said By-Laws may be altered or
amended by a majority vote of the shareholders of said corporation at any
special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing Re-stated By-Laws of Six PAC Company are hereby accepted and
adopted as the By-Laws of said corporation, and we, the undersigned, do hereby
certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                            /s/ Charles J. Bayer
                                            ------------------------------------
                                            Charles J. Bayer, President

ATTEST:

/s/ J. Scott Askew
- ------------------------------
J. Scott Askew, Secretary

(CORPORATE SEAL)

                                      -6-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.43
<SEQUENCE>42
<FILENAME>p68936exv3w43.txt
<DESCRIPTION>EXHIBIT 3.43
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.43

                            ARTICLES OF INCORPORATION

                                       OF

                              SIXTEEN PAC COMPANY

         KNOW ALL MEN BY THESE PRESENTS: That I, the undersigned, for the
purpose of forming a corporation under the laws of the State of Nevada, do
certify:

                                    ARTICLE I

         The name of the corporation is: SIXTEEN PAC COMPANY.

                                   ARTICLE II

         The principal place of business of the corporation shall be 1325
Airmotive Way, Suite 100, Reno, NV 89502.

                                   ARTICLE III

         The corporation's resident agent shall be: The Corporation Trust
Company of Nevada, 6100 Neil Road, Suite 500, Reno, Nevada 89511.

                                   ARTICLE IV

         The nature of the business and the objects and purposes to be
transacted, promoted, or carried on by the corporation are to engage in any
lawful act or activity for which corporations may be organized under the General
Corporation Law of Nevada.

<PAGE>

                                    ARTICLE V

         The corporation shall have authority to issue the following:

                The number of shares of commons stock which this corporation is
                authorized to issue is One Hundred Thousand (100,000) shares
                with a par value of One Cent ($.01) per share.

                                   ARTICLE VI

         The Board of Directors shall consist of one (1) to nine (9)
individuals, as determined by resolution of the Board of Directors. The initial
Board of Directors shall consist of one person, who shall serve as Director
until the annual meeting of shareholders or until his successor is elected and
qualified. Such person shall be Charles J. Bayer, 2721 N. Central Avenue,
Phoenix, AZ 85004.

                                   ARTICLE VII

         The name and address of the incorporator is:

                       Nancy K. Ventre
                       2721 N. Central Avenue, 11th Floor
                       Phoenix, Arizona 85003

                                  ARTICLE VIII

         The period of existence of the Corporation shall be perpetual.

                                   ARTICLE IX

         The corporation shall indemnify, to the fullest extent authorized or
permitted by law, as the same exists or may hereafter be amended, any person
made, or threatened to be made, a defendant or witness to any threatened,
pending or completed action, suit, or proceeding (whether civil, criminal,
administrative, investigative or otherwise) by reason of the fact that he or
she, or his or her testator or intestate, is or was a director or officer

                                       2
<PAGE>

of the corporation or by reason of the fact that such director or officer, at
the request of the corporation, is or was serving any other corporation,
partnership, joint venture, trust, employee benefit plan, or other enterprise.
Nothing contained herein shall diminish any rights to indemnification to which
employees or agents other than directors or officers may be entitled by law, and
the corporation may indemnify such employees and agents to the fullest extent
and in the manner permitted by law. The rights to indemnification set forth in
this Article shall not be exclusive of any other rights to which any person may
be entitled under any statute, provision of the Articles of Incorporation,
Bylaw, agreement, contract, vote of shareholders or directors, or as otherwise
provided.

         In furtherance and not in limitation of the powers conferred by
statute:

         1. The corporation may purchase and maintain insurance on behalf of any
person who is or was a director, officer, employee or agent of the corporation,
or is serving in any capacity, at the request of the corporation, any other
corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise, against any liability or expense incurred by him or her in any such
capacity, or arising out of his or her status as such, whether or not the
corporation would have the power to indemnify him or her against such liability
or expense under the provisions of law; and

         2. The corporation may create a trust fund, grant a security interest
or lien on any assets of the corporation and/or use other means (including,
without limitation, letters of credit, guaranties, surety bonds and/or other
similar arrangements), and enter into contracts providing indemnification to the
full extent authorized or permitted by law and including as part thereof
provisions with respect to any or all of the foregoing to

                                       3
<PAGE>

ensure the payment of such amounts as may become necessary to effect
indemnification as provided therein, or elsewhere.

         No director or officer shall be personally liable to the corporation or
its stockholders for damages for breach of fiduciary duty as a director or
officer, except the liability of a director or officer shall not be limited or
eliminated for: (a) acts or omissions which involve intentional misconduct,
fraud or a knowing violation of law; or (b) the payment of distribution in
violation of Nevada Revised Statutes Section 78.300.

         IN WITNESS WHEREOF, I, the aforementioned incorporator, have signed the
Articles of Incorporation this 1 day of August, 2000.

                                              /s/ Nancy K. Ventre
                                              ----------------------------------
                                               Nancy K. Ventre, Incorporator

STATE OF ARIZONA        )
                        )
COUNTY OF MARICOPA      )

         I, NANCY JO BEILEY the undersigned authority, a Notary Public in and
for said County in said State, hereby certify that on the 1st day of August,
2000 before me personally appeared, Nancy K. Ventre who is the person named in
and who executed the foregoing Articles of Incorporation and who is known to me,
executed the same as Incorporator and with full authority, executed the same
voluntarily for and as the act of said corporation.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal this 1st day of August, 2000.

                                               /s/ Nancy Jo Beiley
                                               -----------------------
                                               NOTARY PUBLIC
                                               My Commission Expires: 5-22-2003

                                       4

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.44
<SEQUENCE>43
<FILENAME>p68936exv3w44.txt
<DESCRIPTION>EXHIBIT 3.44
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.44

                                    BYLAWS OF

                               SIXTEEN PAC COMPANY

                              A NEVADA CORPORATION

                                   ARTICLE I

                                    GENERAL

         1.01     References. Any reference herein made to law will be deemed to
refer to the law of the state of Nevada, including any applicable provisions of
Chapter 78 of Title 7, Nevada Revised Statutes (or it successor), as of any
given time in effect. Any reference herein made to the Articles will be deemed
to refer to the applicable provision or provisions of the Articles of
Incorporation of SIXTEEN PAC COMPANY, (the "Corporation"), and all amendments
thereto, as at any given time on file with the Nevada Secretary of State,
together with any and all certificates filed by the Corporation with the Nevada
Secretary of State (or any successor to its functions) pursuant to applicable
law.

         1.02     Seniority. The Articles will in all respects be considered
senior and superior to these Bylaws, with any inconsistency to be resolved in
favor of the Articles, and with these Bylaws to be deemed automatically amended
from time to time to eliminate any such inconsistency which may then exist.

         1.03     Offices. The principal office of the Corporation shall be
located at such place as the Board of Directors may from time to time select.
The Corporation may have such other offices either within or without the State
of Nevada as the Board of Directors may designate or as the business of the
corporation may require from time to time.

         1.04     Change Thereof. The Board of Directors may change the
Corporation's principal office or its statutory agent from time to time by
filing a statement with the Nevada Secretary of State pursuant to applicable
law.

         1.05     Stockholders of Record. The word "stockholder" as used herein
shall mean one who is a holder of record of shares in the corporation as defined
in Section 2.04.

                                       1

<PAGE>

                                   ARTICLE II

                                  STOCKHOLDERS

         2.01     Annual Meeting. The annual meeting of the stockholders of the
Corporation shall be held on the Third Monday in August of each year, at the
office of the Corporation in the State of Arizona or otherwise as provided in
the notice of said meeting. The purpose of said annual meeting shall be for
election of directors and for the purpose of transacting such other business as
may be brought before said meeting. The Board of Directors may change the time
and place of the annual meeting providing such change of time and place be
preceded by a notice of such change to all stockholders of record. If said day
of the annual meeting is a legal holiday, then said meeting shall be held on the
next ensuing day not a holiday.

         2.02     Special Meetings. Special meetings of the stockholders may be
called by the President, the Board of Directors, or the holders of not less than
one-tenth of all the shares entitled to vote at the meeting. All meetings of the
stockholders may be held within or without the State of Nevada. Notice of the
special meeting will be had as provided under Section 2.03 of this Article.

         2.03     Notices. Written or printed notice stating the place, day and
hour of the meeting and, in case of a special meeting, the purposes for which
the meeting is called, shall be delivered not less than ten or more than fifty
days before the date of the meeting, either personally or by mail, by or at the
direction of the President, the Secretary or the officer or persons calling the
meeting, to each stockholder of record entitled to vote at such meeting. If
mailed, such notice shall be deemed to be delivered when deposited in the United
States mail addressed to the shareholder at his address as it appears on the
stock transfer book of the Corporation, with postage thereon prepaid. Provided,
however, that notice of any meeting of stockholders whether regular or special,
may be waived either before, at or after such meeting. Any stockholder may waive
call or notice of any annual, deferred annual, or special meeting (and any
adjournment thereof) at any time before, during which or after it is held.
Attendance of a stockholder at any such meeting in person or by proxy will
automatically evidence his waiver of call and notice of such meeting (and any
adjournment thereof) unless he or his proxy is attending the meeting for the
express purpose of objecting to the transaction of business because the meeting
has not been properly called or noticed.

         2.04     Stockholders of Record. For each meeting, or consent to
corporate action without a meeting, of stockholders (and at any adjournment of
such meeting), or in order to make a determination of stockholders for
determining those stockholders entitled to receive payment of any dividend, or
for any other lawful action, the Board of Directors may fix in advance a record
date which shall not be more than sixty (60) nor less than ten (10) days prior
to the date of such meeting or other action.

                                       2

<PAGE>

         If no record date is fixed by the Board of Directors for determining
stockholders entitled to notice of, and to vote at, a meeting of stockholders,
the record date shall be at four o'clock in the afternoon on the day before the
notice is given, or, if notice is waived, at the commencement of the meeting. If
no record date is fixed for determining stockholders entitled to express written
consent to corporate action without a meeting, the record date shall be the time
of the day on which the first written consent is served upon an officer or
director of the Corporation.

         A determination of stockholders of record entitled to notice of, and to
vote at, a meeting of stockholders shall apply to any adjournment of the
meeting; provided, however, that the Board of Directors may fix a new record
date for the adjourned meeting, and further provided that the adjournment or
adjournments of any such meeting do not exceed thirty (30) days in the
aggregate.

         2.05     Tellers. At all meetings of stockholders, the Chairman may
appoint three tellers who shall act as inspectors of elections and determine the
validity of the proxies and press upon the qualifications of all persons
offering to vote at each meeting and count the ballots. The election shall be by
secret ballot, or in case there is only one nomination for a certain office, the
election may be by acclamation. Each stockholder of record shall be entitled to
one vote for each share of stock held by him.

         2.06     Proxies. Any stockholder entitled to vote thereat may vote by
proxy at any meeting of the stockholders (and at any adjournment thereof) which
is specified in such proxy, provided that his or her proxy is executed in
writing by such stockholder or his or her duly authorized attorney-in-fact. No
proxy shall be valid after eleven (11) months from the date of its execution,
unless otherwise specifically provided therein. The burden of proving the
validity of any undated, irrevocable or otherwise contested proxy at a meeting
of the stockholders will rest with the person seeking to exercise the same. A
telegram or cablegram appearing to have been transmitted by a stockholder or by
his duly authorized attorney-in-fact may be accepted as a sufficiently written
and executed proxy.

         2.07     Voting. Except for the election of directors (which will be
governed by cumulative voting pursuant to applicable law) and except as may
otherwise be required by the Corporation's Articles, these Bylaws or by statute,
each issued and outstanding share of the Corporation (specifically excluding
shares held in the treasury of the corporation) represented at any meeting of
the stockholders in person or by a proxy given pursuant to Section 2.06 above,
will be entitled to one vote on each matter submitted to a vote of the
stockholders at such meeting. Unless otherwise required by the Corporation's
Articles or by applicable law, any question submitted to the stockholders will
be resolved by a majority of the votes cast thereon, provided that such votes
constitute a majority of the quorum of that particular meeting, whether or not
such quorum is then present. Voting will be by ballot on any question as to
which a ballot vote is demanded prior to the time the voting begins by any
person entitled to vote on such question; otherwise, a voice vote will suffice.
No ballot or change of vote will be accepted after the polls have been declared
closed following the ending of the announced time for voting.

                                       3

<PAGE>

         2.08     Quorum. At any meeting of the stockholders, the presence in
person or by proxy of the holders of a majority of the shares of the Corporation
issued, outstanding and entitled to vote at the meeting will constitute a quorum
of the stockholders for all purposes. In the absence of a quorum, any meeting
may be adjourned from time to time by its chairman, without notice other than by
announcement at the meeting, until a quorum is formed. At any such adjourned
meeting at which a quorum is present, any business may be transacted which might
have been transacted at the meeting as originally noticed. Once a quorum has
been formed at any meeting, the stockholders from time to time remaining in
attendance may continue to transact business until adjournment, notwithstanding
the prior departure of enough stockholders to leave less than a quorum. If an
adjournment is for more than thirty (30) days, or if after the adjournment a new
record date is fixed for the adjourned meeting, a notice of the adjourned
meeting shall be given to each stockholder of record entitled to vote at the
meeting.

         2.09     Order of Business.

         1st      All persons claiming to hold proxies shall present them to the
tellers for verification.

         2nd      Proof of due notice of meeting when applicable.

         3rd      Reading and disposal of all unapproved minutes.

         4th      Reports of officers and committees.

         5th      Election of Directors.

         6th      Unfinished business.

         7th      New business.

         8th      Adjournment.

         2.10     Action by Stockholders Without a Meeting. Any action required
or permitted to be taken at a meeting of the stockholders of the Corporation may
be taken without a meeting if a consent in writing, setting forth the action so
taken, is signed by stockholders holding at least eighty-five percent (85%) of
the outstanding common stock.

                                       4

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

         3.01     Number and Term of Directors. The Board of Directors will be
comprised of not less than one nor more than nine members who need not be
stockholders of the Corporation. The directors will regularly be elected at each
annual meeting of the stockholders, but directors may be elected at any other
meeting of the stockholders. The Board of Directors will have the power to
increase or decrease its size within the aforesaid limits and to fill any
vacancies by majority vote which may occur in its membership, whether resulting
from an increase in the size of that board or otherwise, and shall hold office
until the next annual meeting of the stockholders. Each director elected by the
stockholders or the Board of Directors shall hold office until his or her
successor is duly elected and qualified. However, the holders of the majority of
the outstanding shares of stock entitled to vote may at any time pre-emptorily
terminate the term of office of all or any of the Directors by a vote at a
meeting called for such purposes. Such removal shall be effective immediately
even if successors are not elected simultaneously and the vacancies of the Board
of Directors resulting therefrom shall be filled by the stockholders, or by the
Board of Directors as provided in this Section.

         3.02     Regular Meetings. After the adjournment of the annual meeting
of the stockholders of the Corporation, the newly elected directors shall meet
for the purpose of organization, the election of officers, and the transaction
of such other business as may come before said meeting. No notice shall be
required for such meeting. The meeting may be held within or without the State
of Nevada.

         3.04     Quorum. A quorum for the transaction of business at any
meeting or adjourned meeting of the Board of Directors will consist of a
majority of those then in office. Once a quorum has been formed, the directors
from time to time remaining in attendance at such meeting prior to its
adjournment will continue to be legally competent to transact business properly
brought before the meeting, notwithstanding the prior departure from the meeting
of enough directors to leave less than a quorum.

         3.05     Voting. Any matter submitted to a meeting of the Board of
Directors will be resolved by a majority of the votes cast thereon.

         3.06     Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

                  1st      Roll call; a quorum being present.

                                       5

<PAGE>

                  2nd    Reading of minutes of preceding meeting and action
                         thereon.

                  3rd    Consideration of communications of the Board of
                         Directors.

                  4th    Reports of officials and committees.

                  5th    Unfinished business.

                  6th    Miscellaneous business.

                  7th    New business.

                  8th    Adjournment.

         3.12     Meetings by Conference Telephone. If all the directors
consent, a director may participate in a meeting of the board or of a committee
of the board by means of such telephone or other communications facilities as
permit all persons participating in the meeting to hear each other, and a
director participating in such a meeting by such means is deemed to be present
at the meeting.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

         4.01     Generally: The Government in control of the Corporation shall
be vested in the Board of Directors.

         4.02     Special Powers: The Board of Directors shall have, in addition
to its other powers, but expressly subject to the limitations set forth in the
Articles, the express right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner real
                  property and any personal property including franchises,
                  stocks, bonds and debentures of other companies, business and
                  good will, patents, trademarks, contracts and interests
                  thereunder, and other property that in the judgment of the
                  Board of Directors may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

                                       6

<PAGE>

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  State of Nevada, governing the disposition of the entire
                  assets and business of the Corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

                                   COMMITTEES

         5.01     Committees: From time to time the Board of Directors, by
affirmative vote of a majority of the whole Board may appoint any committee or
committees for any purpose or purposes, and such committee or committees shall
have and may exercise such powers as shall be conferred or authorized by the
resolution of appointment. Provided, however, that such committee or committees
shall at no time have more power than that authorized by the statues regulating
the appointment of committees.

                                   ARTICLE VI

                                    OFFICERS

         6.01     Officers: And the officers of the Corporation shall consist of
a President and Secretary, and such other officers as shall from time to time be
provided for by the Board of Directors. Such officers shall be elected by ballot
or unanimous acclamation at the meeting of the Board of Directors after the
annual election of directors. In order to hold any election there shall be a
quorum present, and any officer receiving a majority vote shall be declared
elected and shall hold office for one year and until his or her respective
successor shall have been duly elected and qualified; provided, however, that
all officers, agents and employees of the Corporation shall be subject to
removal from office pre-emptorily by vote of the Board of Directors at any
meeting.

         6.02     Powers and Duties of President: The President shall at all
times be subject to the control of the Board of Directors. He shall have general
charge of the affairs of the Corporation.

                                       7

<PAGE>

He shall supervise over and direct all officers and employees of the Corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the Corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
Corporation. The President shall preside at all meetings of the shareholders and
of the Board of Directors and by virtue of his office he shall be a member and
Chairman of the executive committee if one is appointed. The President shall
each year present an annual report of the preceding year's business to the Board
of Directors at a meeting to be held immediately preceding the annual meeting of
the stockholders, which report shall be read at the annual meeting of the
stockholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

         Notwithstanding any provision to the contrary contained in the Bylaws
of the Corporation, the Board may at any time and from time to time direct the
manner in which any person or persons by whom any particular contract, document,
note or instrument in writing of the Corporation may or shall be signed by and
may authorize any officer or officers of the Corporation to sign such contracts,
documents, notes or instruments.

         6.03     Powers and Duties of the Secretary: The Secretary of the
Corporation shall keep the minutes of all meetings of the Board of Directors and
the minutes of all meetings of the shareholders, and also when requested by a
committee, the minutes of such committee, in books provided for the purpose. He
shall attend to the giving and serving of notice of the Corporation. It shall be
the duty of the Secretary to sign with the President, in the name of the
Corporation, all contracts, notes, mortgages, and other instruments and other
obligations authorized by the Board of Directors, and when so ordered by the
Board of Directors, he shall affix the Seal of Corporation thereto. The
Secretary shall have charge of all books, documents, and papers properly
belonging to his office, and of such other books and papers as the Board of
Directors may direct.

                                   ARTICLE VII

                           RESIGNATIONS AND VACANCIES

         7.01     Resignations. Any director, committee member, or officer may
resign from his or her office at any time by written notice delivered or
addressed to the Corporation at its principal office. Any such resignation will
be effective upon its receipt by the Corporation unless some later time is
therein fixed, and then from that time; the acceptance of a resignation will not
be required to make it effective.

         7.02     Vacancies. If the office of any director, committee member, or
officer becomes vacant by reason of his or her death, resignation,
disqualification, removal or otherwise, the Board of Directors may choose a
successor to hold office for the unexpired term.

                                       8

<PAGE>

                                  ARTICLE VIII

                                      SEAL

         8.01     Form Thereof. The Board of Directors may provide for a seal of
the Corporation which will have inscribed thereon the name of the Corporation,
the state and year of its incorporation, and the words "Corporate Seal."

                                   ARTICLE IX

                      STOCK AND CERTIFICATES AND TRANSFERS

         9.01.    Stock and Certificates and Transfers: All certificates for the
shares of the capital stock of the Corporation shall be signed by the President
or Vice-President, and Secretary. All certificates shall be consecutively
numbered in progression beginning with number one. Each certificate shall show
upon its face that the Corporation is organized under the laws of Nevada, the
number and par value, if any, of each share represented by it, the name of the
person owning the shares represented thereby, with the number of each share and
the date of issue, and the stock thereby represented is transferable only upon
the books of the Corporation and upon the signing of such certificates. A stock
transfer book, known as the stock register shall be kept, in which shall be
entered the number of each certificate issued and the name of the person owning
the shares thereby represented, with the number of such shares and the date of
issue. The transfer of any share or shares of stock in the Corporation may be
made by surrender of the certificate issued therefore, and the written
assignment thereof by the owner or his duly authorized Attorney in Fact. Upon
such surrender and assignment, a new certificate shall be issued to the assignee
as he may be entitled, but without such surrender and assignment no transfer of
stock shall be recognized by the Corporation. The Board of Directors shall have
the power concerning the issue, transfer and registration of certificate for
agents and registrars of transfer, and may require all stock certificates to
bear signatures of either or both. The stock transfer books shall be closed ten
days before each meeting of the shareholders and during such period no stock
shall be transferred.

                                    ARTICLE X

                                    DIVIDENDS

         10.01    Subject to such restrictions or requirements as may be imposed
by applicable law or the Corporation's Articles or as may otherwise be binding
upon the Corporation, the Board of Directors may from time to time declare and
the Corporation may pay dividends on shares of the corporation outstanding on
the dates of record fixed by the board, to be paid in cash, in property or in
shares of the Corporation on or as of such payment or distribution dates as the
Board may prescribe.

                                       9

<PAGE>

                                   ARTICLE XI

                                   FISCAL YEAR

         11.01    Fiscal Year. The fiscal year of the Corporation shall commence
with the opening of business on the first day of April of each year and shall
close on the 31st day of March each year.

                                   ARTICLE XII

                                   AMENDMENTS

         12.01    Amendment of Bylaws: The Bylaws may be amended by a majority
vote of all shareholders of the Corporation entitled to vote at a regular annual
meeting. Also, said Bylaws may be altered or amended by a majority vote of the
stockholders of said corporation at any special meeting called for that object
and purpose, and provided all the stockholders are given legal notice of the
object and purpose of said meeting.

Dated as of August 2, 2000.

                                                /s/ Jennifer M. Settles
                                                --------------------------------
                                                Jennifer M. Settles, Secretary

                                       10


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.45
<SEQUENCE>44
<FILENAME>p68936exv3w45.txt
<DESCRIPTION>EXHIBIT 3.45
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.45

                            ARTICLES OF INCORPORATION

                                       OF

                                 TEN PAC COMPANY

                              A NEVADA CORPORATION

         KNOW ALL MEN BY THESE PRESENTS: That I, the undersigned, for the
purpose of forming a corporation under the laws of the State of Nevada, do
certify:

                                    ARTICLE I

         The name of the corporation is: TEN PAC Company.

                                   ARTICLE II

         The principal place of business of the corporation shall be:

                   1325 Airmotive Way, Suite 100, Reno 89501.

         The corporation's resident agent shall be:

                   The Corporation Trust Company of Nevada
                   One East First Street, Reno, Nevada 89501

                                   ARTICLE III

         The nature of the business and the objects and purposes to be
transacted, promoted, or carried on by the corporation are to engage in any
lawful act or activity for which corporations may be organized under the General
Corporation Law of Nevada.

                                   ARTICLE IV

         The corporation shall have authority to issue the following:

                  The number of shares of common stock which this corporation is
                  authorized to issue is One Hundred thousand (100,000) shares
                  with a par value of One Cent ($.01) per share.

<PAGE>

                                    ARTICLE V

         The number of the Board of Directors shall be:

                  The Board of Directors will consist of one (1) to nine (9).
                  The person who is to serve as Director until the first annual
                  meeting of shareholders or until his successor is elected and
                  qualified is:

         Charles J. Bayer, 3240 E. Pershing, Phoenix, Az. 85032

                                   ARTICLE VI

         The name and address of the incorporator is:

         J. Scott Askew, 2721 N. Central Avenue, Phoenix, Az. 85004

                                  ARTICLE VII

         The period of existence of the corporation shall be:

                                    Perpetual

IN WITNESS WHEREOF, I the aforementioned incorporator have signed the Articles
of Incorporation this 13th day of January, 1995

                                                  /s/ J. Scott Askew
                                                  -----------------------------
                                                  J. Scott Askew, Incorporator

<PAGE>

STATE OF ARIZONA
COUNTY OF MARICOPA

         THIS IS TO CERTIFY that on the 13th day of January, 1995 before me, a
Notary Public, personally appeared J. Scott Askew, who I am satisfied is the
person named in and who executed the foregoing Articles of Incorporation and I
first having made known to him the contents thereof, did acknowledge that he had
signed the same as his voluntary act and deed for the uses and purposes therein
expressed.

        IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal this 13th day of January, 1995.

        (NOTARIAL SEAL)
                                         /s/ Blanche I. Passolt
                                         -----------------------------------
                                         Blanche I. Passolt
                                         NOTARY PUBLIC


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.46
<SEQUENCE>45
<FILENAME>p68936exv3w46.txt
<DESCRIPTION>EXHIBIT 3.46
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.46

                                   BY-LAWS OF

                                 TEN PAC COMPANY

                              A NEVADA CORPORATION

                                    ARTICLE I

                                                          DATE: January 23, 1995

SECTION 1. Offices:

The principal office of the corporation in the State of Nevada shall be located
at such place as the Board of Directors may from time to time select. The
corporation may have such other offices either within or without the State of
Nevada as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
second Saturday in June of each year, at the office of the corporation in the
State of Nevada or otherwise as provided in the notice of said meeting. The
purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of a special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Nevada. Notice of the special meeting will be had
as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

                                      -1-

<PAGE>

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

     1st. All persons claiming to hold proxies shall present them to the
          teller(s) for verification.

     2nd. Proof of due notice of meeting when applicable.

     3rd. Reading and disposal of all unapproved minutes.

     4th. Reports of officers and committees.

     5th. Election of Directors.

     6th. Unfinished business.

     7th. New business.

     8th. Adjournment.

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Directors:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the terms of office of all or any of the Directors, by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors, though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Nevada.

                                      -2-

<PAGE>

SECTION 4. Special Meetings:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of Nevada.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

     1st. Roll Call; a quorum being present.

     2nd. Reading of minutes of preceding meeting and action thereon.

     3rd. Consideration of communications of the Board of Directors.

     4th. Reports of officials and committees.

     5th. Unfinished business.

     6th. Miscellaneous business.

     7th. New business.

     8th. Adjournment.

SECTION 7. Meetings by Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

     1.   To purchase, lease, and acquire, in any lawful manner any and all real
          or personal property including franchises, stocks, bonds and
          debentures of other companies, business and good will, patents,
          trademarks in contracts, and interests thereunder, and other rights
          and properties which in their judgement may be beneficial for the
          purpose of this corporation, and to issue shares of stock of this
          corporation in payment of such property, and in payment for services
          rendered to this corporation, when they deem it advisable.

                                      -3-

<PAGE>

     2.   To fix and determine and to vary, from time to time, the amount or
          amounts to be set aside or retained as reserve funds or as working
          capital of this corporation.

     3.   To issue notes and other obligations or evidences of the debt of this
          corporation, and to secure the same, if deemed advisable, and endorse
          and guarantee notes, bonds, stocks, and other obligations of other
          corporations with or without compensation for so doing, and from time
          to time to sell, assign, transfer or otherwise dispose of any of the
          property of this corporation, subject, however, to the laws of the
          State of Nevada, governing the disposition of the entire assets and
          business of the corporation as a going concern.

     4.   To declare and pay dividends, both in the form of money and stock, but
          only from the surplus or from the net profit arising from the business
          of this corporation, after deducting therefrom the amounts, at the
          time when any dividend is declared which shall have been set aside by
          the Directors as a reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided for by the Board
of Directors. Such officers shall be elected by ballot or unanimous acclamation
at the meeting of the Board of Directors after the annual election of Directors.
In order to hold any election there shall be a quorum present, and any officer
receiving a majority vote shall be declared elected and shall hold office for
one year and until his or her respective successor shall have been duly elected
and qualified; provided, however, that all officers, agents and employees of the
corporation shall be subject to removal from office pre-emptorily by vote of the
Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

                                      -4-

<PAGE>

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3. Powers and Dirties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Nevada, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and that the stock thereby
represented is transferable only upon the books of the corporation and upon the
signing of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the name of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation may be made by surrender of the certificate issued
therefor, and the written assignment thereof by the owner or his duly authorized
Attorney In Fact. Upon such surrender and assignment, a new certificate shall be
issued to the Assignee as he may be entitled, but without such surrender and
assignment no transfer of stock shall be recognized by the corporation. The
Board of Directors shall have the power concerning the issue, transfer and
registration of certificates to bear signatures of either or both. The stock
transfer books shall be closed ten days before each meeting of the shareholders
and during such period no stock shall be transfered.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of the year.

                                      -5-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of the Board of Directors of this
corporation at a regular annual meeting. Also, said By-Laws may be altered or
amended by a majority vote of the shareholders of said corporation at any
special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing Re-stated By-Laws of Ten PAC Company are hereby accepted and
adopted as the By-Laws of said corporation, and we, the undersigned, do hereby
certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                                 /s/ Charles J. Bayer
                                                 -------------------------------
                                                 Charles J. Bayer, President

ATTEST:

/s/ J. Scott Askew
- ----------------------------------
J. Scott Askew, Secretary

(CORPORATE SEAL)

                                       -6-


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.47
<SEQUENCE>46
<FILENAME>p68936exv3w47.txt
<DESCRIPTION>EXHIBIT 3.47
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.47

                            ARTICLES OF INCORPORATION

                                       OF

                               THREE PAC COMPANY

         KNOW ALL MEN BY THESE PRESENTS: That I, the undersigned, for the
purpose of forming a corporation under the laws of the State of Nevada, do
certify:

                                   ARTICLE I

         The name of the corporation is: THREE PAC Company.

                                   ARTICLE II

         The principal place of business of the corporation shall be:

                   1325 Airmotive Way, Suite 100, Reno 89502.

         The corporation's resident agent shall be:

                        The Corporation Trust Company of Nevada
                        One East First Street, Reno, Nevada 89501

                                  ARTICLE III

         The nature of the business and the objects and purposes to be
transacted, promoted, or carried on by the corporation are to engage in any
lawful act or activity for which corporations may be organized under the General
Corporation Law of Nevada.

                                   ARTICLE IV

         The corporation shall have authority to issue the following:

                  The number of shares of common stock which this corporation is
                  authorized to issue is One Hundred thousand (100,000) shares
                  with a par value of One Cent ($.01) per share.

<PAGE>

                                   ARTICLE V

         The number of the Board of Directors shall be:

                  The Board of Directors will consist of one (1) to nine (9).
                  The person who is to serve as Director until the first annual
                  meeting of shareholders or until his successor is elected and
                  qualified is:

         Charles J. Bayer, 3240 E. Pershing, Phoenix, Az. 85032

                                   ARTICLE VI

         The name and address of the incorporator is:

         J. Scott Askew, 2721 N. Central Avenue, Phoenix, Az. 85004

                                   ARTICLE VII

         The period of existence of the corporation shall be:

                                    Perpetual

IN WITNESS WHEREOF, I the aforementioned incorporator have signed the Articles
of Incorporation this 2nd day of December, 1994.

                                                    /s/ J. Scott Askew
                                                    ----------------------------
                                                    J. Scott Askew, Incorporator

<PAGE>

STATE OF ARIZONA
COUNTY OF MARICOPA

         THIS IS TO CERTIFY that on the 2nd day of December, 1994, before me, a
Notary Public, personally appeared J. Scott Askew, who I am satisfied is the
person named in and who executed the foregoing Articles of Incorporation and I
first having made known to him the contents thereof, did acknowledge that he had
signed the same as his voluntary act and deed for the uses and purposes therein
expressed.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal this 2nd day of December, 1994.

(NOTARIAL SEAL)

                                                /s/ Blanche I. Passolt
                                                --------------------------------
                                                Blanche I. Passolt
                                                NOTARY PUBLIC


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.48
<SEQUENCE>47
<FILENAME>p68936exv3w48.txt
<DESCRIPTION>EXHIBIT 3.48
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.48

                                   BY-LAWS OF

                               THREE PAC COMPANY

                              A NEVADA CORPORATION

                                    ARTICLE I

                                                          DATE: December 6, 1994

SECTION 1. Offices:

The principal office of the corporation in the State of Nevada shall be located
at such place as the Board of Directors may from time to time select. The
corporation may have such other offices either within or without the State of
Nevada as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
second Saturday in June of each year, at the office of the corporation in the
State of Nevada or otherwise as provided in the notice of said meeting. The
purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of a special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

                                       -1-

<PAGE>

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Nevada. Notice of the special meeting will be had
as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be trans-acted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

     1st. All persons claiming to hold proxies shall present them to the
          teller(s) for verification.

     2nd. Proof of due notice of meeting when applicable.

     3rd. Reading and disposal of all unapproved minutes.

     4th. Reports of officers and committees.

     5th. Election of Directors.

     6th. Unfinished business.

     7th. New business.

     8th. Adjournment.

                                       -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Directors:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the terms of office of all or any of the Directors, by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors, though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Nevada.

SECTION 4. Special Meetings:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of Nevada.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

                                      -3-

<PAGE>

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

     1st. Roll Call; a quorum being present.

     2nd. Reading of minutes of preceding meeting and action thereon.

     3rd. Consideration of communications of the Board of Directors.

     4th. Reports of officials and committees.

     5th. Unfinished business.

     6th. Miscellaneous business.

     7th. New business.

     8th. Adjournment.

SECTION 7. Meetings by Telephone:

If all the directors consent, a director my participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

                                      -4-

<PAGE>


     1.   To purchase, lease, and acquire, in any lawful manner any and all real
          or personal property including franchises, stocks, bonds and
          debentures of other companies, business and good will, patents,
          trademarks in contracts, and interests thereunder, and other rights
          and properties which in their judgement may be beneficial for the
          purpose of this corporation, and to issue shares of stock of this
          corporation in payment of such property, and in payment for services
          rendered to this corporation, when they deem it advisable.

     2.   To fix and determine and to vary, from time to time, the amount or
          amounts to be set aside or retained as reserve funds or as working
          capital of this corporation.

     3.   To issue notes and other obligations or evidences of the debt of this
          corporation, and to secure the same, if deemed advisable, and endorse
          and guarantee notes, bonds, stocks, and other obligations of other
          corporations with or without compensation for so doing, and from time
          to time to sell, assign, transfer or otherwise dispose of any of the
          property of this corporation, subject, however, to the laws of the
          State of Nevada, governing the disposition of the entire assets and
          business of the corporation as a going concern.

     4.   To declare and pay dividends, both in the form of money and stock, but
          only from the surplus or from the net profit arising from the business
          of this corporation, after deducting therefrom the amounts, at the
          time when any dividend is declared which shall have been set aside by
          the Directors as a reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided for by the Board

                                      -5-

<PAGE>

of Directors. Such officers shall be elected by ballot or unanimous acclamation
at the meeting of the Board of Directors after the annual election of Directors.
In order to hold any election there shall be a quorum present, and any officer
receiving a majority vote shall be declared elected and shall hold office for
one year and until his or her respective successor shall have been duly elected
and qualified; provided, however, that all officers, agents and employees of the
corporation shall be subject to removal from office pre-emptorily by vote of the
Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                      -6-

<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Nevada, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and that the stock thereby
represented is transferable only upon the books of the corporation and upon the
signing of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the name of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation may be made by surrender of the certificate issued
therefor, and the written assignment thereof by the owner or his duly authorized
Attorney in Fact. Upon such surrender and assignment, a new certificate shall be
issued to the Assignee as he may be entitled, but without such surrender and
assignment no transfer of stock shall be recognized by the corporation. The
Board of Directors shall have the power concerning the issue, transfer and
registration of certificates to bear signatures of either or both. The stock
transfer books shall be closed ten days before each meeting of the shareholders
and during such period no stock shall be transfered.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of the year.

                                      -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of the Board of Directors of this
corporation at a regular annual meeting. Also, said By-Laws may be altered or
amended by a majority vote of the shareholders of said corporation at any
special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing Re-stated By-Laws of Three PAC Company are hereby accepted and
adopted as the, By-Laws of said corporation, and we, the undersigned, do hereby
certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                                /s/ Charles J. Bayer
                                                --------------------------------
                                                Charles J. Bayer, President

ATTEST:

/s/ John A. Lorentz
- ------------------------------
John A. Lorentz, Secretary

(CORPORATE SEAL)

                                      -8-


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.49
<SEQUENCE>48
<FILENAME>p68936exv3w49.txt
<DESCRIPTION>EXHIBIT 3.49
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.49

                           ARTICLES OF INCORPORATION

                                       OF

                               TWELVE PAC COMPANY

                              A NEVADA CORPORATION

         KNOW ALL [ILLEGIBLE] BY [ILLEGIBLE] PRESENTS: That I, the undersigned,
for the purpose of forming a corporation under the laws of the state of nevada,
do certify:

                                   ARTICLE I

         The name of the corporation is: TWELVE PAC COMPANY.

                                   ARTICLE II

         The principal place of business of the corporation shall be:

                   1325 Airnotive way, Suite 100, Reno 89502.

         The corporation's resident agent shall be:

                    The Corporation Trust Company of Nevada
                   One Rest First street, Reno, Nevada 89501

                                  ARTICLE III

         The nature of the business and the objects and purposes to be
[ILLEGIBLE], promoted, or carried on by the corporation are to engage in any
lawful act or activity for which corporations may be organized under the general
corporation Law of Nevada.

                                   ARTICLE IV

         The corporation shall have authority to issue the following:
                  The number of shares of common stock which this corporation is
                  authorised to issue in one hundred thousand (100,000) shares
                  with a per value of one cent (0.01) per share.

<PAGE>

                                   ARTICLE V

         The number of the Board of Directors shall be:

                  The Board of Directors will consist of one (1) to nine (9).
                  The person who is to serve as Director until the first annual
                  meeting of shareholder or until his successor is elected and
                  qualified is:

         Charles J. Bayer, 3240 E. Pershing, Phoenix, As. 85032

                                   ARTICLE VI

         The name and address of the incorporator is:

         J. Scott Askew, 2721 N. Central Avenue, Phoneix, as. 85004

                                  ARTICLE VII

         The period of existence of the corporation shall be:

                                   Perpetual

IN WITNESS WHEREOF, I the aforementioned incorporator have signed the Articles
of Incorporation this 3RD day of March, 1995.

                                 /s/ J. Scott Askew
                                 -----------------------------------------------
                                 J. Scott Askew Incorporator

<PAGE>

STATE OF ARIZONA

COUNTY OF [ILLEGIBLE]

         THIS IS TO CERTIFY that on the 3rd day of March, 1995 before as, a
Notary Public, personally appeared J. Scott Askew, who I am satisfied in the
person named in and who executed the foregoing Articles of Incorporation and I
first having made known to his the contents thereof, did acknowledge that he had
signed the same as his voluntary act and deed for the uses and purposes
therein expressed.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal this 3rd day of March, 1995.

         (NOTARIAL SEAL)                /s/ [ILLEGIBLE]
                                        ---------------------------
                                        [ILLEGIBLE]
                                        NOTARY PUBLIC

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.50
<SEQUENCE>49
<FILENAME>p68936exv3w50.txt
<DESCRIPTION>EXHIBIT 3.50
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.50

                                   BY-LAWS OF

                               TWELVE PAC COMPANY

                              A NEVADA CORPORATION

                                                       DATE: September 19, 2000

                                    ARTICLE I

SECTION 1. Offices:

The principal office of the corporation in the State of Arizona shall be located
at such place as the Board of Directors may from time to time select. The
corporation may have such other offices either within or without the State of
Arizona as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
second Saturday in June of each year, at the office of the corporation in the
State of Arizona or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for election of directors and for the
purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of a special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

                                       1

<PAGE>

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Arizona. Notice of the special meeting will be
had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

     1st. All persons claiming to hold proxies shall present them to the tellers
          for verification.

     2nd. Proof of due notice of meeting when applicable.

     3rd. Reading and disposal of all unapproved minutes.

     4th. Reports of officers and committees.

     5th. Election of Directors.

     6th. Unfinished business.

     7th. New business.

     8th. Adjournment.

                                       2
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Office:

A board of one (1) to Nine (9) Directors shall be chosen annually by the
stockholders at their annual meeting. The holders of the majority of the
outstanding shares of stock entitled to vote may at any time pre-emptorily
terminate the term of office of all or any of the Directors by a vote at a
meeting called for such purposes. Such removal shall be effective immediately
even if successors are not elected simultaneously and the vacancies of the Board
of Directors resulting therefrom shall be filled by the stockholders, or by the
Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Arizona.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the State of Arizona.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

                                       3
<PAGE>

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

                        1st.  Roll Call; a quorum being present.

                        2nd.  Reading of minutes of preceding meeting and action
                              thereon.

                        3rd.  Consideration of communications of the Board of
                              Directors.

                        4th.  Reports of officials and committees.

                        5th.  Unfinished business.

                        6th.  Miscellaneous business.

                        7th.  New business.

                        8th.  Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trademarks in contracts, and Interests
                  thereunder, and other rights and properties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

                                       4
<PAGE>

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of corporations with or without compensation
                  for so doing, and from time to time to sell, assign, transfer
                  or otherwise dispose of any of the property of this
                  corporation, subject, however, to the laws of the State of
                  Arizona, governing the disposition of the entire assets and
                  business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or comittees,shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Arizona statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided for by the Board
of Directors. Such officers shall be elected by ballot or unanimous acclamation
at the meeting of the Board of Directors after the annual election of Directors.
In order to hold any election there shall be a quorum present, and any officer
receiving a majority vote shall be declared elected and shall hold office for
one year and until his or her respective successor shall have been duly elected
and qualified; provided, however, that all officers, agents and employees of the
corporation shall be subject to removal from office pre-emptorily by vote of the
Board of Directors at any meeting.

                                       5
<PAGE>

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation. The President shall preside at all meetings of the shareholders and
of the Board of Directors and by virtue of his office he shall be a member and
Chairman of the executive committee if one is appointed. The President shall
each year present an annual report of the preceding year's business to the Board
of Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 4. Powers and Duties of Treasurer:

The Treasurer, if one is appointed, shall have the care and custody of all funds
and securities of the corporation, and deposit the same in the name of the
corporation in such bank or banks or other depository as the Directors may
select. He shall pay out and dispose of funds of the corporation under the
direction of the Board of Directors, but checks may be signed as directed by the
Board by resolution. It shall be the duty of the Treasurer at all reasonable
time to exhibit his books and accounts to any Director or stockholder of the
corporation upon application at the office of the corporation during business
hours, and generally perform the duties of and act as the financial agent for
the corporation for the receipts and disbursements of its funds. He shall give
such bond for the faithful performance of his duties as the Board of Directors
may determine. The office of the Treasurer of said corporation may be hold by
the same person holding the President, Vice-President, or Secretary's office,
provided the Board of Directors indicates the combination of these offices.

                                       6
<PAGE>

                                   ARTICLE VII

                  STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President and Secretary. All certificates shall be consecutively
numbered in progression beginning with number one. Each certificate shall show
upon its face that the corporation is organized under the laws of Arizona, the
number and par value, if any, of each share represented by it, the name of the
person owning the shares represented thereby, with the number of each share and
the date of issue, and that the stock thereby represented is transferable only
upon the books of the corporation and upon the signing of such certificates. A
stock transfer record shall be kept, in which shall be entered the number of
each certificate issued and the name of the person owning the shares thereby
represented, with the number of such shares and the date of issue. The transfer
of any share or shares of stock in the corporation may be made by surrender of
the certificate issued therefor, and the written assignment thereof by the owner
or his duly authorized Attorney in Fact. Upon such surrender and assignment, a
new certificate shall be issued to the Assignee as he may be entitled, but
without such surrender and assignment no transfer of stock shall be recognized
by the corporation. The Board of Directors shall have the power concerning the
issue, transfer and registration of certificate for agents and registrars of
transfer, and may require all stock certificates to bear signatures of either or
both. The stock transfer books shall be closed ten days before each meeting of
the shareholders and during such period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of each year.

                                       7
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting or at a special meeting
called for that purpose. Also, said By-Laws may be altered or amended by a
majority vote of the Board of Directors of said corporation at any special
meeting called for that object and purpose, and provided all the Directors are
given legal notice of the object and purpose of said meeting.

The foregoing By-Laws are hereby accepted and adopted as the By-Laws of said
corporation, and we, the undersigned, do hereby certify that the above foregoing
By-Laws are duly adopted by the Board of Directors and that the same do now
constitute the By-Laws of this corporation.

                                             /s/ Edward J. Shoen
                                             -------------------------------
                                             President: Edward J. Shoen

ATTEST:

/s/ Jennifer M. Settles
- ------------------------------------
Secretary: Jennifer M. Settles

(CORPORATE SEAL)

                                       8

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.51
<SEQUENCE>50
<FILENAME>p68936exv3w51.txt
<DESCRIPTION>EXHIBIT 3.51
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.51

                            ARTICLES OF INCORPORATION

                                       OF

                                 TWO PAC COMPANY

         KNOW ALL MEN BY THESE PRESENTS: That I, the undersigned, for the
purpose of forming a corporation under the laws of the State of Nevada, do
certify:

                                   ARTICLE I

         The name of the corporation is: TWO PAC Company.

                                   ARTICLE II

         The principal place of business of the corporation shall be:

                   1325 Airmotive Way, Suite 100, Reno 89502.

         The Corporation's resident agent shall be:

                     The Corporation Trust Company of Nevada
                   One East First Street, Reno, Nevada 89501

                                   ARTICLE III

         The nature of the business and the objects and purposes to be
transacted, promoted, or carried on by the corporation are to engage in any
lawful act or activity for which corporations may be organized under the General
Corporation Law of Nevada.

                                   ARTICLE IV

         The corporation shall have authority to issue the following:

                  The number of shares of common stock which this corporation is
                  authorized to issue is One Hundred thousand (100,000) shares
                  with a par value of One Cent ($.01) per share.

<PAGE>

                                    ARTICLE V

         The number of the Board of Directors shall be:

                  The Board of Directors will consist of one (1) to nine (9).
                  The person who is to serve as Director until the first annual
                  meeting of shareholders or until his successor is elected and
                  qualified is:

         Charles J. Bayer, 3240 E. Pershing, Phoenix, Az. 85032

                                   ARTICLE VI

         The name and address of the incorporator is:

         J. Scott Askew, 2721 N. Central Avenue, Phoenix, Az. 85004

                                   ARTICLE VII

        The period of existence of the corporation shall be:

                                    Perpetual

IN WITNESS WHEREOF, I the aforementioned incorporator have signed the Articles
of Incorporation this 2nd day of December, 1994.

                                                 /s/ J. Scott Askew
                                                 -----------------------------
                                                 J. Scott Askew, Incorporator
<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         THIS IS TO CERTIFY that on the 2nd day of December, 1994, before me, a
Notary Public, personally appeared J. Scott Askew, who I am satisfied is the
person named in and who executed the foregoing Articles of Incorporation and I
first having made known to him the contents thereof, did acknowledge that he had
signed the same as his voluntary act and deed for the uses and purposes therein
expressed.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal this 2nd day of December, 1994.

(NOTARIAL SEAL)

                                        /s/ Blanche I. Passolt
                                        ----------------------------
                                        Blanche I. Passolt
                                        NOTARY PUBLIC

<PAGE>

Page: 1 Document Name: untitled

NAME: TWO PAC COMPANY

FILE TYP/NR C    18996-1994 ST NEVADA         INC ON DEC 6, 1994 FOR PERPETUAL
  STATUS: CURRENT LIST AS OF : 12-06-02       NUMBER OF PAGES FILED: 3 PME
    TYPE: REGULAR
 PURPOSE: ALL LEGAL ACTIVITIES
                                              CAPITAL:       $1,000

PAR SHRS:        100,000   PAR VAL:     $.010   NR NO PAR SHRS:
  RA NBR:    5482

          LIST OF OFFICERS FOR 02 - 03 FILED ON 12-06-02   ANNUAL LO        MLJ
RA        CORPORATION TRUST COMPANY OF NEVADA STE 500      ACCEPTED      120694
  6100    NEIL ROAD                RENO                     NV 89511
PRES      CARLOS VIZCARRA                 P.O. BOX 21502                 122794
  2727    N. CENTRAL               PHOENIX                  AZ 85004
SECT      JENNIFER M STETTLES             P.O. BOX 21502                 122794
  2727    N. CENTRAL               PHOENIX                  AZ 85004
TRES      DONALD WM. MURNEY               P.O. BOX 21502                 122794
  2727    N. CENTRAL               PHOENIX                  AZ 85004

    MORE OFFICERS ON LIST

  CMD?
PA1=MENU  PF3=PAGE->   PF2=NEXT CORP     PF5=END INQ          PF7=LOOKUP


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.52
<SEQUENCE>51
<FILENAME>p68936exv3w52.txt
<DESCRIPTION>EXHIBIT 3.52
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.52

                                   BY-LAWS OF

                                TWO PAC COMPANY

                              A NEVADA CORPORATION

                                   ARTICLE I

                                                          DATE: December 6, 1994

SECTION 1. Offices:

The principal office of the corporation in the State of Nevada shall be located
at such place as the Board of Directors may from time to time select. The
corporation may have such other offices either within or without the State of
Nevada as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
second Saturday in June of each year, at the office of the corporation in the
State of Nevada or otherwise as provided in the notice of said meeting. The
purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of a special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

                                       -1-

<PAGE>

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Nevada. Notice of the special meeting will be had
as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be trans-acted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  teller(s) for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                      -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Directors:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the terms of office of all or any of the Directors, by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors, though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Nevada.

SECTION 4. Special Meetings:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of Nevada.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

                                       -3-

<PAGE>

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

         1st.     Roll Call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

SECTION 7. Meetings by Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

SECTION 1. Generally;

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

                                      -4-
<PAGE>

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trademarks in contracts, and interests
                  thereunder, and other rights and properties which in their
                  judgement may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  State of Nevada, governing the disposition of the entire
                  assets and business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers;

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided for by the Board

                                      -5-

<PAGE>

of Directors. Such officers shall be elected by ballot or unanimous acclamation
at the meeting of the Board of Directors after the annual election of Directors.
In order to hold any election there shall be a quorum present, and any officer
receiving a majority vote shall be declared elected and shall hold office for
one year and until his or her respective successor shall have been duly elected
and qualified; provided, however, that all officers, agents and employees of the
corporation shall be subject to removal from office pre-emptorily by vote of the
Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                       -6-

<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Nevada, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and that the stock thereby
represented is transferable only upon the books of the corporation and upon the
signing of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the name of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation may be made by surrender of the certificate issued
therefor, and the written assignment thereof by the owner or his duly authorized
Attorney in Fact. Upon such surrender and assignment, a new certificate shall be
issued to the Assignee as he may be entitled, but without such surrender and
assignment no transfer of stock shall be recognized by the corporation. The
Board of Directors shall have the power concerning the issue, transfer and
registration of certificates to bear signatures of either or both. The stock
transfer books shall be closed ten days before each meeting of the shareholders
and during such period no stock shall be transfered.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of the year.

                                      -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of the Board of Directors of this
corporation at a regular annual meeting. Also, said By-Laws may be altered or
amended by a majority vote of the shareholders of said corporation at any
special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing Re-stated By-Laws of Two PAC Company are hereby accepted and
adopted as the By-Laws of said corporation, and we, the undersigned, do hereby
certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                             /s/ Charles J. Bayer
                                             ----------------------------------
                                             Charles J. Bayer, President

ATTEST:

/s/ John A. Lorentz
- --------------------------------
John A. Lorentz, Secretary

(CORPORATE SEAL)

                                      -8-


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.53
<SEQUENCE>52
<FILENAME>p68936exv3w53.txt
<DESCRIPTION>EXHIBIT 3.53
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.53

                              ARTICLES OF AMENDMENT

                        TO THE ARTICLES OF INCORPORATION

                                       OF

                        AMERCO BUSINESS CONSULTANTS, INC.

                             AN ARIZONA CORPORATION

         Pursuant to the provisions of Section 10-059, Arizona General
Corporation Law, the undersigned corporation adopts the attached Articles of
Amendment to its Articles of Incorporation:

FIRST:   The name of the corporation is: Amerco Business Consultants, Inc.

SECOND:  The document attached hereto as Exhibit A sets forth the amendment to
         the Articles of Incorporation which was adopted by the shareholder on
         March 16, 1990, in the manner prescribed by the Arizona General
         Corporation Law.

THIRD:   The number of shares of the corporation outanding at the time of such
         adoption was 1,000; and the number of shares entitled to vote thereon
         was 1,000; and the number of shares voted for such amendment was
         1,000.

FORTH:   The designation and number of outstanding shares of each class or
         series entitled to vote thereon as a class or series were none.

FIFTH:   The number of shares of each class or series entitled to vote thereon
         as a class or series which voted for or against such amendment,
         respectively, were none.

<PAGE>

PAGE II

SIXTH:   No exchange, reclassification or cancellation of issued shares shall be
         effected as a result of this amendment.

SEVENTH: Such amendment shall not effect a change in the amount of stated
         capital, and the stated capital shall remain unchanged.

DATED: March 19, 1990.

                                              AMERCO BUSINESS CONSULTANTS, INC.,
                                              an Arizona Corporation

                                               By: /s/ Edward J. Shoen
                                                   --------------------------
                                                   Edward J. Shoen, President

                                               By: /s/ Robert Miner
                                                   -------------------------
                                                   Robert Miner, Secretary

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         The foregoing instrument was acknowledged before me this 19th day of
March, 1990, by Edward J. Shoen, President of Amerco Business Consultants, Inc.,
an Arizona corporation.

                                              /s/ [ILLEGIBLE]
                                              ---------------------------------
                                                        NOTARY PUBLIC

(NOTARIAL SEAL)                               My Commission Expires May 22, 1991

<PAGE>

                       CERTIFICATE OF CORPORATE RESOLUTION

         I, Edward J. Shoen, do hereby certify that I am the duly elected and
acting President of Amerco Business Consultants, Inc., and that the following is
a true and accurate copy of a resolution adopted by signed Consent by the sole
shareholder of said corporation, as the same appears upon the books and records
of this corporatio:

                    RESOLVED: That the officers of Amerco
                    Business Consultants, Inc., be and are
                    authorized to amend their Articles of
                    Incorporation, Article I, as follows:

                                    ARTICLE I

                    Name: The name of the corporation shall
                          be U-HAUL BUSINESS CONSULTANTS, INC.

         IN WITNESS WHEREOF, I have set may hand and affixed the seal of this
corporation this 16th day of March 1990.

                                                   /s/ Edward J. Shoen
                                                   -----------------------------
                                                   Edward J. Shoen, President

<PAGE>

                                STATE OF ARIZONA

                              ARTICLES OF AMENDMENT

                        TO THE ARTICLES OF INCORPORATION

                                       OF

                       ARCOA MANAGEMENT CONSULTANTS, INC.

         Pursuant to the provisions of Section 10-059, Arizona General
Corporation Law, the undersigned corporation adopts the attached Articles of
Amendment to its Articles of Incorporation:

FIRST:   The name of the corporation is ARCOA BUSINESS CONSULTANTS, INC.

SECOND:  The document attached hereto as Exhibit A sets forth the amendment to
         the Articles of Incorporation which was adopted by the shareholders on
         March 14, 1979, in the manner prescribed by the Arizona General
         Corporation Law.

THIRD:   The number of shares of the corporation outstanding at the time of such
         adoption was 1,000; and the number of shares entitled to vote thereon
         was 1,000; and the number of shares voted for such amendment was 1,000.

FOURTH:  The designation and number of outstanding shares of each class or
         series entitled to vote thereon as a class or series were none.

FIFTH:   The number of shares of each class or series entitled to vote thereon
         as a class or series which voted for or against such amendment,
         respectively, were none.

SIXTH:   No exchange, reclassification or cancellation of issued shares shall be
         effected as a result of this amendment.

SEVENTH: Such amendment shall not effect a change in the amount of stated
         capital, and the stated capital shall remain unchanged.

DATED:   March [ILLEGIBLE], 1979.

                                              ARCOA MANAGEMENT CONSULTANTS, INC.

                                              By: /s/ S. W. Shoen
                                                  ------------------------------
                                                  S. W. Shoen, President

                                              By: /s/ M. V. Shoen
                                                  ------------------------------
                                                  M. V. Shoen, Secretary

(NOTARIAL SEAL)

<PAGE>
STATE OF ARIZONA        )
                        )    ss.
COUNTY OF MARICOPA      )

         The foregoing instrument was acknowledged before me this 16th day of
March, 1979, by S.W. Shoen, President of Arcoa Management Consultants, Inc., an
Arizona corporation.

                                    /s/ [ILLEGIBLE]
                                    -----------------------------------
                                    Notary Public  -   State of Arizona

                                    My commission expires April 29, [ILLEGIBLE]

         (NOTARIAL SEAL)

<PAGE>

                       CERTIFICATE OF CORPORATE RESOLUTION

         I, Samuel W. Shoen, do hereby certify that I am the duly elected and
acting President of Arcoa Management Consultants, Inc., an Arizona corporation,
and that the following is a true and accurate copy of a resolution adopted by
signed Consent by the sole shareholder of said corporation, as the same appears
upon the books and records of this corporation:

                  "RESOLVED: That the officers of Arcoa Management Consultants,
                  Inc. be and they hereby are authorized to amend their Articles
                  of Incorporation, Article I, as follows:

                                    ARTICLE I

                  Name:    The name of the corporation shall be ARCOA BUSINESS
                           CONSULTANTS, INC."

         In Witness Whereof, I have set my hand and affixed the seal of this
corporation this 16th day of March, 1979.

                                                 /s/ [ILLEGIBLE]
                                                 -------------------------------
                                                            President

         (CORPORATE SEAL)

<PAGE>


                                STATE OF ARIZONA

                              ARTICLES OF AMENDMENT

                        TO THE ARTICLES OF INCORPORATION

                                       OF

                        ARCOA BUSINESS CONSULTANTS, INC.

         Pursuant to the provisions of Section 10-059, Arizona General
Corporation Law, the undersigned corporation adopts the attached Articles of
Amendment to its Articles of Incorporation:

FIRST:   The name of the corporation is AMERCO BUSINESS CONSULTANTS, INC.

SECOND:  The document attached hereto as Exhibit A sets forth the amendment to
         the Articles of Incorporation which was adopted by the shareholders on
         March 31, 1980, in the manner prescribed by the Arizona General
         Corporation Law.

THIRD:   The number of shares of the corporation outstanding at the time of such
         adoption was 1,000; and the number of shares entitled to vote thereon
         was 1,000; and the number of shares voted for such amendment was 1,000.

FOURTH:  The designation and number of outstanding shares of each class or
         series entitled to vote thereon as a class or series were none.

FIFTH:   The number of shares of each class or series entitled to vote thereon
         as a class or series which voted for or against such amendment,
         respectively, were none.

SIXTH:   No exchange, reclassification or cancellation of issued shares shall be
         effected as a result of this amendment.

SEVENTH: Such amendment shall not effect a change in the amount of stated
         capital, and the stated capital shall remain unchanged.

DATED:   March 31st, 1980.

                                        ARCOA BUSINESS CONSULTANTS, INC.

                                     By: /s/ W. E. Carty
                                         ---------------------------------------
                                         W. E. Carty, President

                                     By: /s/ J. Sam Brown
                                         ---------------------------------------
(CORPORATE SEAL)                         J. Sam Brown, Jr., Secretary

Page 1 of Two Pages

<PAGE>

STATE OF ARIZONA    )
                    )  ss.
COUNTY OF MARICOPA  )

         The foregoing instrument was acknowledged before me this 31st day of
March, 1980, by W. E. Carty, President of Arcoa Business Consultants, Inc., an
Arizona corporation.

                                          /s/ NANCY J. BEILEY
                                          ----------------------------------
                                          Notary Public - State of Arizona

                                          My Commission Expires  May 22, 1983

(NOTARIAL SEAL)

<PAGE>

                       CERTIFICATE OF CORPORATE RESOLUTION

         I, W. E. Carty, do hereby certify that I am the duly elected and acting
President of Arcoa Business Consultants, Inc., an Arizona corporation, and that
the following is a true and accurate copy of a resolution adopted by signed
Consent by the sole shareholder of said corporation, as the same appears upon
the books and records of this corporation:

                  "RESOLVED: That the officers of Arcoa Business Consultants,
                  Inc. be and they hereby are authorized to amend their Articles
                  of Incorporation, Article I, as follows:

                                    ARTICLE I

                  Name:    The name of the corporation shall be AMERCO BUSINESS
                           CONSULTANTS, INC."

         In Witness Whereof, I have set my hand and affixed the seal of this
corporation this 3lst day of March, 1980.

                                     By: /s/ W. E. Carty
                                         ---------------------------------------
                                                    President

         (CORPORATE SEAL)
<PAGE>

                            ARTICLES OF INCORPORATION

                                       OF

                       ARCOA MANAGEMENT CONSULTANTS, INC.

                                    ARTICLE I

         Name: The name of the corporation shall be ARCOA MANAGEMENT
CONSULTANTS, INC.

                                   ARTICLE II

         Purpose: The purpose for which this corporation is organized is the
transaction of any or all lawful business for which corporations may be
incorporated under the laws of the State of Arizona, as they may be amended from
time to time.

                                   ARTICLE III

         Initial Business: The corporation initially intends to hold and operate
real property in this state and other states and to operate a management
consulting service in the State of Arizona and elsewhere.

                                   ARTICLE IV

         Authorized Capital: The corporation shall have authority to issue two
thousand five hundred (2,500) shares of common stock of the par value of Ten
($10.00) Dollars per share.

                                    ARTICLE V

         Statutory Agent: The name and address of the initial statutory agent of
the corporation is:
                            C. T. Corporation System
                            14 North 18th Avenue
                            Phoenix Arizona 85007

                                   ARTICLE VI

         Board of Directors: The initial Board of Directors will consist of one
(1) director. The person who is to serve as Director until the first annual
meeting of shareholders or until his successor is elected and qualified is:

         L. S. Shoen, 3111 Bel Air Drive, #22-A, Las Vegas, Nevada 89109

         The names and addresses of the incorporators are:

         John A. Lorentz, 2049 E. LaJolla Drive, Tempe, Arizona 85282
         Helen H. Delamater, 600 S. Dobson Rd., #126, Mesa, Arizona 85202

         DATED THIS 12th day of February, 1979.

                                                   /s/ John A. Lorentz
                                                   -----------------------------
                                                   John A. Lorentz

                                                   /s/ Helen H. Delamater
                                                   -----------------------------
                                                   Helen H. Delamater

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.54
<SEQUENCE>53
<FILENAME>p68936exv3w54.txt
<DESCRIPTION>EXHIBIT 3.54
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.54

                                   BY-LAWS OF

                       ARCOA MANAGEMENT CONSULTANTS, INC.

                             AN ARIZONA CORPORATION

                                    ARTICLE I

                                                         DATE: February 20, 1979

SECTION 1. Offices:

The principal office of the corporation in the state of Arizona shall be located
at such place as the Board of Directors may from time to time select. The
corporation may have such other offices either within or without the state of
Arizona as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
second Friday of June of each year, at the office of the corporation in the
state of Arizona or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                      -1-

<PAGE>

may be held within or without the state of Arizona. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                       -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Office:

A board of one (1) to three (3) Directors shall be chosen annually by the
stockholders at their annual meeting. The holders of the majority of the
outstanding shares of stock entitled to vote may at any time pre-emptorily
terminate the term of office of all or any of the Directors by a vote at a
meeting called for such purposes. Such removal shall be effective immediately
even if successors are not elected simultaneously and the vacancies on the Board
of Directors resulting therefrom shall be filled by the stockholders, or by the
Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Arizona.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Arizona.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                        -3-

<PAGE>

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trade-marks in contracts, and interests
                  thereunder, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer

                                       -4-

<PAGE>


                  or otherwise dispose of any of the property of this
                  corporation, subject, however, to the laws of the State of
                  Arizona, governing the disposition of the entire assets and
                  business of the corporation as a going concern.

           4.     To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Arizona statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there shall be a quorum present, and any officer receiving a majority vote shall
be declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with

                                      -5-

<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-president:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall pay out and
dispose of funds of the corporation under the direction of the Board of
Directors, but checks may be signed as directed by the Board by resolution. It
shall be the duty of the Treasurer at all reasonable time to exhibit his books
and accounts to any Director or stockholder of the corporation upon application
at the office of the corporation during business hours, and generally perform
the duties of and act as the financial agent for the corporation for the
receipts and disbursements of its funds. He shall give such bond for the
faithful performance of his duties as the Board of Directors may determine. The
office of the Treasurer of said corporation may be held by the same person
holding the President, Vice-President or Secretary's office, provided the Board
of Directors indicates the combination of these offices.

                                       -6-

<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-president, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Arizona, the number and par value, if any, of each share represented by
it, the name of the person owning,the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee ae he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of the year.

                                       -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of Arcoa Management Consultants, Inc., are hereby accepted
and adopted ae the By-Laws of said corporation, and we, the undersigned, do
hereby certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                                        /s/ [ILLEGIBLE]
                                                      --------------------------
                                                                President

ATTEST:

 /s/ [ILLEGIBLE]
 --------------------------
     Secretary

     (CORPORATE SEAL)
<PAGE>

                       U-HAUL BUSINESS CONSULTANTS, INC.,
                             An Arizona corporation

                             SHAREHOLDER RESOLUTIONS


WHEREAS, the undersigned is the sole shareholder of U-Haul Business Consultants,
Inc., an Arizona corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15,2003

                                         SHAREHOLDER:

                                         U-Haul International, Inc, a Nevada
                                         Corporation

                                         By:/s/ Gary V. Klnefelter
                                           -----------------------------------
                                         Name: Gary V. Klnefelter
                                         Its: Secretary

<PAGE>

                                    BYLAWS OF

                           U-HAUL INTERNATIONAL, INC.

                              A NEVADA CORPORATION

                                    ARTICLE I

SECTION 1. Offices:

The principal office and registered office of the corporation shall be located
in the State of Nevada at such locations as the Board of Directors may from time
to time authorize by resolution. The corporation may have such other offices
either within or without the State of Nevada as the Board of Directors may
designate or as the business of the corporation may require from time to time.

SECTION 2. References:

Any reference herein made to law will be deemed to refer to the law of the State
of Nevada, including any applicable provisions of Chapter 78 of Title 7, Nevada
Revised Statutes (or its successor), as at any given time in effect. Any
reference herein made to the Articles will be deemed to refer to the applicable
provision or provisions of the Articles of Incorporation of the corporation, and
all amendments thereto, as at any given time on file with the office of the
clerk of Washoe County, Nevada.

SECTION 3. Shareholders of Record:

The word "shareholder" as used herein shall mean one who is a holder of record
of shares in the corporation.

                                   ARTICLE II

                                  SHAREHOLDERS

SECTION 1. Annual Meeting:

An annual meeting of the shareholders for the election of directors to succeed
those whose terms expire and for the

<PAGE>

transaction of such other business as may properly come before the meeting
shall be held on the last Saturday of September of each year at a time of day
and place as determined by the Board of Directors, or on such other date as may
be determined by the Board of Directors.

SECTION 2. Special Meetings:

         a.       Special meetings of the shareholders may be held whenever and
wherever called by the Chairman of the Board, a majority of the Board of
Directors, or upon the delivery of proper written request of the holders of not
less than fifty percent (50%) of all the shares outstanding and entitled to vote
at such meeting. The business which may be conducted at any such special meeting
will be confined to the purpose stated in the notice thereof, and to such
additional matters as the Chairman of such meeting may rule to be germane to
such purposes.

         b.       For purposes of this Section, proper written request for the
call of a special meeting shall be made by a written request specifying the
purposes for any special meeting requested and providing the information
required by Section 5 of this Article II hereof. Such written request must be
delivered either in person or by registered or certified mail, return receipt
requested, to the Chairman of the Board, or such other person as may be
specifically authorized by law to receive such request. Within thirty (30) days
after receipt of proper written request, a special meeting shall be called and
notice given in the manner required by these bylaws and the meeting shall be
held at a time and place selected by the Board of Directors, but not later than
ninety (90) days after receipt of such proper written request. The
shareholder(s) who request a special meeting of shareholders must pay the
corporation the corporation's reasonably estimated cost of preparing and mailing
a notice of a meeting of shareholders before such notice is prepared and mailed.

SECTION 3. Notice:

Notice of any meeting of the shareholders will be given by the corporation as
provided by law to each shareholder entitled to vote at such meeting. Any such
notice may be waived as provided by law.

SECTION 4, Right to Vote:

For each meeting of the shareholders, the Board of Directors will fix in advance
a record date as contemplated by law, and the shares of stock and the
shareholders "entitled to vote" (as that or any similar term is herein used) at
any meeting of the

                                       -2-

<PAGE>

shareholders will be determined as of the applicable record date. The Secretary
(or in his or her absence an Assistant Secretary) will see to the making and
production of any record of shareholders entitled to vote that is required by
law. Any such entitlement may be exercised through proxy, or in such other
manner as is specifically provided by law. No proxy shall be valid after eleven
(11) months from the date of its execution unless otherwise provided by the
proxy. In the event of contest, the burden of proving the validity of any
undated, irrevocable, or otherwise contested proxy will rest with the person
seeking to exercise the same. A telegram, cablegram, or facsimile appearing to
have been transmitted by a shareholder (or by his duly authorized
attorney-in-fact) may, in the discretion of the tellers, if any, be accepted as
a sufficiently written and executed proxy.

SECTION 5. Manner of Bringing Business Before the Meeting:

At any annual or special meeting of shareholders only such business (including
nomination as a director) shall be conducted as shall have been properly brought
before the meeting. In order to be properly brought before the meeting, such
business must have either been (A) specified in the written notice of the
meeting (or any supplement thereto) given to shareholders on the record date for
such meeting by or at the direction of the Board of Directors, (B) brought
before the meeting at the direction of the Board of Directors or the Chairman of
the meeting, selected as provided in Section 9 of this Article II, or (C)
specified in a written notice given by or on behalf of a shareholder on the
record date for such meeting entitled to vote thereat or a duly authorized proxy
for such shareholder, in accordance with all of the following requirements. A
notice referred to in clause (C) hereof must be delivered personally to, or
mailed to and received at, the principal executive office of the corporation,
addressed to the attention of the Secretary, not more than ten (10) days after
the date of the initial notice referred to in clause (A) hereof, in the case of
business to be brought before a special meeting of shareholders, and not less
than one hundred and twenty (120) days prior to the anniversary date of the
initial notice referred to in clause (A) hereof with respect to the previous
year's annual meeting, in the case of business to be brought before an annual
meeting of shareholders. Such notice referred to in clause (C) hereof shall set
forth (i) 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, (ii) the name and address of the person proposing to bring such
business before the meeting, (iii) 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, if such date has been made

                                      -3-

<PAGE>


publicly available, or as of a date not later than thirty (30) days prior to
the delivery of the initial notice referred to in clause (A) hereof, if the
record date has not been made publicly available, (iv) 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 pursuant to Section 14 of the
Securities Exchange Act of 1934, as amended, or any successor thereto, and the
written consent of each such nominee to serve if elected, (v) any material
interest of such shareholder in the specified business, (vi) whether or not such
shareholder 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 (vii) all
other information that would be required to be filed with the Securities and
Exchange Commission 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 14 of the Securities Exchange Act of 1934, as
amended, or any successor thereto. No business shall be brought before any
meeting of the shareholders of the corporation otherwise than as provided in
this Section.

Notwithstanding compliance with the foregoing provisions, the Board of Directors
shall not be obligated to include information as to any shareholder nominee for
director or any other shareholder proposal in any proxy statements or other
communication sent to shareholders.

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.

SECTION 6. Right to Attend:

Except only to the extent of persons designated by the Board of Directors or the
Chairman of the meeting to assist in the conduct of the meeting, and except as
otherwise permitted by the Board or such Chairman, the persons entitled to
attend any meeting of shareholders may be confined to (i) shareholders entitled
to vote thereat and (ii) the persons upon whom proxies valid for purposes of the
meeting have been conferred or their duly appointed substitutes (if the related
proxies confer a power of substitution); provided, however, that the board of
Directors or the Chairman of the meeting may establish rules

                                       -4-

<PAGE>


limiting the number of persons referred to in clause (ii) as being entitled to
attend on behalf of any shareholder so as to preclude such an excessively large
representation of such shareholder at the meeting as, in the judgment of the
Board or such Chairman, would be unfair to other shareholders represented at the
meeting or be unduly disruptive to the orderly conduct of business at such
meeting (whether such representation would result from fragmentation of the
aggregate number of shares held by such shareholder for the purpose of
conferring proxies, from the naming of an excessively large proxy delegation by
such shareholder, or from employment of any other device). A person otherwise
entitled to attend any such meeting will cease to be so entitled if, in the
judgment of the Chairman of the meeting, such person engages thereat in
disorderly conduct impeding the proper conduct of the meeting in the interests
of all shareholders as a group.

SECTION 7. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 8. Tellers:

The Board of Directors, in advance of any shareholders meeting may appoint one
or more tellers to act at such meeting (and any adjournment thereof), and may
appoint one or more alternate tellers to serve (in the order designated) in the
absence of any teller or tellers so appointed. If any person appointed as teller
or alternate teller fails to appear or to act, a substitute may be appointed by
the Chairman of the meeting. The tellers (acting through a majority of them on
any disputed matter) will determine the number of shares outstanding, the
authenticity, validity and effect of proxies, the credentials of the persons
purporting to be shareholders or persons named or referred to in proxies, and
the number of shares represented at the meeting in person and by proxy; they
will receive and count votes, ballots and consents and announce the results
thereof; they will hear and determine all challenges and questions pertaining to
proxies and voting; and, in general, they will perform such acts as may be
proper to conduct elections and voting with complete fairness to all
shareholders. No such teller need be a shareholder of the corporation. Each
shareholder shall be entitled to one vote

                                      -5-

<PAGE>


for each share of stock held by him or her, and in the event a shareholder holds
a fraction of a share or full shares plus a fraction, any such fractional share
shall be entitled to a proportionate fraction of one vote.

SECTION 9. Organization and Conduct of Business:

Each shareholders meeting will be called to order and thereafter chaired by the
Chairman of the Board if there then is one; or, if not, or if the Chairman of
the Board is absent or so requests, then by the President; or if both the
Chairman of the Board and the President are unavailable, then by such other
officer of the corporation or such shareholder as may be appointed by the Board
of Directors. The Secretary (or in his or her absence an Assistant Secretary) of
the corporation will act as secretary of each shareholders meeting; if neither
the Secretary nor an Assistant Secretary is in attendance, the Chairman of the
meeting may appoint any person (whether a shareholder or not) to act as
secretary thereat. After calling a meeting to order, the Chairman thereof may
require the registration of all shareholders intending to vote in person, and
the filing of all proxies, with the teller or tellers, if one or more have been
appointed (or, if not, with the secretary of the meeting). After the announced
time for such filing of proxies has ended, no further proxies or changes,
substitutions, or revocations of proxies will be accepted. The Chairman of a
meeting will, among other things, have absolute authority to determine the order
of business to be conducted at such 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). Any informational or other informal session of shareholders conducted
under the auspices of the corporation after the conclusion of or otherwise in
conjunction with any formal business meeting of the shareholders will be chaired
by the same person who chairs the formal meeting, and the foregoing authority on
his or her part will extend to the conduct of such informal session.

SECTION 10. Voting:

The number of shares voted on any matter submitted to the shareholders which is
required to constitute their action thereon or approval thereof will be
determined in accordance with applicable law, the Articles, and these bylaws, if
applicable. Voting will be by ballot on any matter as to which a ballot vote is
demanded, prior to the time the voting begins, by any person entitled to vote on
such matter; otherwise, a voice vote will suffice. No ballot or change of vote
will be accepted after the polls have been declared closed following the ending
of the announced time for voting.

                                       -6-

<PAGE>

SECTION 11. Shareholder Approval or Ratification:

The Board of Directors may submit any contract or act for approval or
ratification at any duly constituted meeting of the shareholders, the notice of
which either includes mention of the proposed submittal or is waived as provided
by law. If any contract or act so submitted is approved or ratified by a
majority of the votes cast thereon at such meeting, the same will be valid and
as binding upon the corporation as it would be if approved and ratified by each
and every shareholder of the corporation.

SECTION 12. Informalities and Irregularities:

All informalities or irregularities in any call or notice of a meeting, or in
the areas of credentials, proxies, quorums, voting, and similar matters, will be
deemed waived if no objection is made at the meeting.

SECTION 13. Action Without a Meeting:

No action which may be taken by a vote of the shareholders may be taken unless
taken at a meeting held pursuant to Section 1 or Section 2 of this Article II.

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Directors:

The Board of Directors shall consist of not less than 4 nor more than 8
directors, the exact number of directors to be determined from time to time
solely by a resolution adopted by an affirmative vote of a majority of the
entire Board of Directors. The directors shall be divided into four classes,
designated Class I, Class II, Class 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. At each
annual meeting of shareholders, successors to the class of directors whose term
expires at the annual meeting shall be elected or reelected for a four-year
term.

                                       -7-

<PAGE>

If the number of directors is changed, any increase or decrease shall be
apportioned among the classes of directors so as to maintain the number of
directors in each class as nearly equal as possible, but in no case will a
decrease in the number of directors shorten the term of any incumbent director.
When the number of directors is increased by the Board of Directors and any
newly created directorships are filled by the Board, there shall be no
classification of the additional directors until the next annual meeting of
shareholders.

A director shall hold office until the meeting for the year in which his or her
term expires and until his or her successor shall be elected and shall qualify,
subject, however, to prior death, resignation, retirement, disqualification or
removal from office.

SECTION 2. Vacancies:

Newly created directorships resulting from an increase in the number of the
directors and any vacancy on the Board of Directors shall be filled by an
affirmative vote of a majority of the Board of Directors then in office. If the
number of directors then in office is less than a quorum, such newly created
directorships and vacancies may be filled by a majority of the directors then in
office, although less than a quorum, or by the sole remaining director. A
director elected by the Board of Directors to fill a vacancy shall hold office
until the next meeting of shareholders called for the election of directors and
until his or her successor shall be elected and shall qualify.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the shareholders of the
corporation, the newly elected Directors shall meet for the purpose of
organization, the election of officers, and the transaction of such other
business as may come before said meeting. No notice shall be required for such
meeting. The meeting may be held within or without the State of Nevada. Regular
meetings, other than the annual ones, may be held at regular intervals at such
times and places as the Board of Directors may provide.

SECTION 4. Special Meetings:

Special meetings of the Board of Directors may be called at any time by the
President or fay any one member of the Board giving written notice thereof to
the President of said corporation, or said special meeting may be called without
notice by unanimous consent of all the members by the presence of all the
members

                                       -8-

<PAGE>

of said board at any such meeting. The special meetings of the Board of
Directors may be held within or without the State of Nevada.

SECTION 5. Notice:

No notice need be. given of regular meetings of the Board of Directors. Notice
of the time and place (but not necessarily the purpose or all of the purposes)
of any special meeting will be given to each director in person or by telephone,
or via mail or telegram addressed in the manner then appearing on the
corporation's records. Notice to any director of any special meeting will be
deemed given sufficiently in advance when (i) if given by mail, the same is
deposited in the United States mail at least four days before the meeting date,
with postage thereon prepaid, (ii) if given by telegram, the same is delivered
to the telegraph office for fast transmittal at least 48 hours prior to the
convening of the meeting, (iii) if given by facsimile transmission, the same is
received by the director or an adult member of his or her office staff or
household, at least 24 hours prior to the convening of the meeting, or (iv) if
personally delivered or given by telephone, the same is handed, or the substance
thereof is communicated over the telephone, to the director or to an adult
member of his or her office staff or household, at least 24 hours prior to the
convening of the meeting. Any such notice may be waived as provided fay law. No
call or notice of a meeting of directors will be necessary if each of them
waives the same in writing or by attendance. Any meeting, once properly called
and noticed (or as to which call and notice have been waived as aforesaid) and
at which a quorum is formed, may be adjourned to another time and place by a
majority of those in attendance.

SECTION 6. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by law or by these
bylaws, but if at any meeting of the Board less than a quorum is present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 7. Action by Telephone or Consent:

Any meeting of the Board or any committee thereof may be held by conference
telephone or similar communications equipment as permitted by law in which case
any required notice of such meeting may generally describe the arrangements
(rather than the place) for the holding thereof and all other provisions herein
contained or referred to will apply to such meeting as

                                      -9-

<PAGE>

though it were physically held at a single place. Action may also be taken by
the Board or any committee thereof without a meeting if the members thereof
consent in writing thereto as contemplated by law.

SECTION 8. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at its meetings. The usual order of business at such meetings shall be as
follows:

         1st      Roll Call; a quorum being present.

         2nd.     Reading of minutes of the preceding meeting and action
                  thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                               POWER OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
         all real or personal property including franchises, stocks, bonds and
         debentures of other companies, business and goodwill, patents,
         trademarks in contracts, and interests thereunder, and other rights and
         properties which in their judgment may be

                                      -10-

<PAGE>

         beneficial for the purpose of this corporation, and to issue shares of
         stock of this corporation in payment of such property, and in payment
         for services rendered to this corporation when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
         amount or amounts to be set aside or retained as reserve funds or as
         working capital of this corporation.

         3.       To issue notes and other obligations or evidence of the debt
         of this corporation, and to secure the same, if deemed advisable, and
         endorse and guarantee the notes, bonds, stocks, and other obligations
         of other corporations with or without compensation for so doing, and
         from time to time to sell, assign, transfer or otherwise dispose of any
         of the property of this corporation, subject, however, to the laws of
         the State of Nevada, governing the disposition of the entire assets and
         business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of
         money and stock, but only from the surplus or from the net profit
         arising from the business of this corporation, after deducting
         therefrom the amounts, at the time when any dividend is declared which
         shall have been set aside by the Directors as a reserve fund or as a
         working fund.

         5.       To adopt, modify and amend the bylaws of this corporation.

         6.       To periodically determine by Resolution of the Board the
                  amount of compensation to be paid to members of the Board of
                  Directors in accordance with Article 6, Section B, Subsection
                  viii of the Articles of Incorporation.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by law.

                                      -11-
<PAGE>

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

The officers of the corporation shall consist of a President, one or more
Vice-Presidents, Secretary, Assistant Secretaries, Treasurer, Assistant
Treasurer, a resident agent and such other officers as shall from time to time
be provided for by the Board of Directors. Such officers shall be elected by
ballot or unanimous acclamation at the meeting of the Board of Directors after
the annual election of Directors. In order to hold any election there must be
quorum present, and any officer receiving a majority vote shall be declared
elected and shall hold office for one year and until his or her respective
successor shall have been duly elected and qualified; provided, however, that
all officers, agents and employees of the corporation shall be subject to
removal from office pre-emptorily by vote of the Board of Directors at any
meeting.

SECTION 2. Powers and Duties of Chairman of the Board:

The Chairman of the Board of Directors will serve as a general executive
officer, but not necessarily as a full-time employee, of the corporation. He or
she shall preside at all meetings of the shareholders and of the Board of
Directors, shall have the powers and duties set forth in these bylaws, and shall
do and perform such other duties as from time to time may be assigned by the
Board of Directors.

SECTION 3. Powers and,Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary or
Assistant Secretary shall sign all certificates of the shares of the capital
stock of the corporation.

The President shall each year present an annual report of the preceding year's
business to the Board of Directors at a meeting to be held immediately preceding
the annual meeting of the shareholders, which report shall be read at the annual
meeting of the shareholders. The President shall do and perform such other
duties as from time to time may be assigned by the Board of Directors to him.

                                      -12-
<PAGE>

Notwithstanding any provision to the contrary contained in the bylaws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 4. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 5. Powers and Duties of the Secretary and Assistant Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct. In the absence or inability of the Secretary, the
Assistant Secretary shall perform the duties of the Secretary.

Execution of Instruments:

In addition to the provisions of any previous bylaws respecting the execution of
instruments of the corporation, the Board of Directors may from time to time
direct the manner in which any officer or officers or by whom any particular
deed, transfer, assignment, contract, obligation, certificate, promissory note,
guarantee and other instrument or instruments may be signed on behalf of the
corporation and any acts of the Board of Directors subsequent to the 1st day of
December, 1978 in accordance with the provision of this bylaw are hereby
adopted, ratified and confirmed as actions binding upon and enforceable against
the corporation.

                                      -13-
<PAGE>

SECTION 6. Powers and Duties of Treasurer and Assistant:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. The Treasurer shall
generally perform the duties of and act as the financial agent for the
corporation for the receipt and disbursement of its funds. He shall give such
bond for the faithful performance of his duties as the Board of Directors may
determine. The office of the Treasurer of said corporation may be held by the
same person holding the President, Vice-President or Secretary's office,
provided the Board of Directors indicates the combination of these offices. In
the absence or inability of the Treasurer, the Assistant Treasurer shall perform
the duties of the Treasurer.

SECTION 7. Indemnification:

The corporation shall indemnify, to the fullest extent authorized or permitted
by law, as the same exists or may hereafter be amended (but, in the case of any
such amendment, only to the extent that such amendment permits the corporation
to provide broader indemnification rights than such law permitted the
corporation to provide prior to such amendment), any person made, or threatened
to be made, a defendant or witness to any threatened, pending or completed
action, suit, or proceeding (whether civil, criminal, administrative,
investigative or otherwise) by reason of the fact that he or she, or his or her
testator or intestate, is or was a director or officer of the corporation or by
reason of the fact that such director or officer, at the request of the
corporation, is or was serving any other corporation, partnership, joint
venture, trust, employee benefit plan, or other enterprise. Nothing contained
herein shall diminish any rights to indemnification to which employees or agents
other than directors or officers may be entitled by law, and the corporation may
indemnify such employees and agents to the fullest extent and in the manner
permitted by law. The rights to indemnification set forth in this Article VI,
Section 7 shall not be exclusive of any other rights to which any person may be
entitled under any statute, provision of the Articles of Incorporation, bylaw,
agreement, contract, vote of shareholders or disinterested directors, or
otherwise.

                                      -14-
<PAGE>

In furtherance and not in limitation of the powers conferred by statute:

         1.       The corporation may purchase and maintain insurance on behalf
         of any person who is or was a director, officer, employee or agent of
         the corporation, or is serving in any capacity, at the request of the
         corporation, any other corporation, partnership, joint venture, trust,
         employee benefit plan or other enterprise, against any liability or
         expense incurred by him or her in any such capacity, or arising out of
         his or her status as such, whether or not the corporation would have
         the power to indemnify him or her against such liability or expense
         under the provisions of law; and

         2.       The corporation may create a trust fund, grant a security
         interest or lien on any assets of the corporation and/or use other
         means (including, without limitation, letters of credit, guaranties,
         surety bonds and/or other similar arrangements), and enter into
         contracts providing indemnification to the full extent authorized or
         permitted by law and including as part thereof provisions with respect
         to any or all of the foregoing to ensure the payment of such amounts as
         may become necessary to effect indemnification as provided therein, or
         elsewhere.

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock, and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary or Assistant Secretary.
All certificates shall be consecutively numbered in progression beginning with
number one. Each certificate shall show upon its face that the corporation is
organized under the laws of Nevada, the number and par value, if any, of each
share represented by it, the name of the person owning the shares represented
thereby, with the number of each share and and the date of issue, and that the
stock thereby represented is transferable only upon the books of the
corporation. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the name of
the person owning the shares thereby represented, with the number of such shares
and the date of issue. The transfer of any share or

                                      -15-
<PAGE>

shares of stock in the corporation may be made by surrender of the certificate
issued therefor, and the written assignment thereof by the owner or his duly
authorized Attorney in Fact. Upon such surrender and assignment, a new
certificate shall be issued to the Assignee as he may be entitled, but without
such surrender and assignment no transfer of stock shall be recognized by the
corporation. The Board of Directors shall have the power concerning the issue,
transfer and registration of certificates for agents and registrars of transfer,
and may require all stock certificates to bear signatures of either or both. The
stock transfer books shall be closed ten days before each meeting of the
shareholders and during such period no stock shall be transferred.

SECTION 2. Right of First Refusal on Its Outstanding Common Stock:

         a.       In case any holder of shares of Common Stock of the
         corporation shall wish to make any sale, transfer or other disposition
         of all or any part of the shares held by him, he shall first notify the
         Secretary of the corporation in writing designating the number of
         shares which he desires to dispose of, the name(s) of the person(s) to
         whom such shares are to be disposed of and the bona fide cash price at
         which such shares are to be so disposed of.

         b.       The corporation shall have a period of 30 calendar days
         following the date of its receipt of such notice to determine whether
         it wishes to purchase such shares at the price stated therein. Such
         determination shall be made by the corporation by its delivery to such
         holder of a written acceptance of such offer within such 30-day period.
         Such written acceptance shall specify the date (to be not later than
         the tenth calendar day following the date on which such 30-day period
         expired), time and place at which such holder shall deliver to the
         corporation the certificate(s) for the shares of Common Stock to be so
         sold against the delivery by the corporation of a certified or bank
         cashier's check in the amount of the purchase price therefor.

         c.       If the corporation shall not so accept such offer within such
         30-day period, then such holder shall be entitled, for a period of 90
         days commencing on the first day after the date on which such 30-day
         period expires, to dispose of all or any part of the shares of Common
         Stock designated in such notice to the corporation at the price set
         forth therein to the prospective named transferee(s) and such
         transferee(s)

                                      -16-
<PAGE>

         shall be entitled to have such shares transferred upon the books of the
         corporation upon its acquisition thereof at such price. If such holder
         shall not dispose of all or any part of such shares within such 90-day
         period (or, in the event of a sale of part thereof, the shares
         remaining untransferred), such shares shall continue to be subject in
         all respects to the provision of this Article VII, Sec. 2.

         d.       All certificates for shares of Common Stock shall, so long as
         the provisions of this Article VII, Sec. 2 shall be in effect, bear the
         following legend:

                  "The transfer of the shares represented by this certificate is
                  subject to a right of first refusal by the corporation as
                  provided in its bylaws, and no transfer of this certificate or
                  the shares represented hereby shall be valid or effective
                  unless and until such provision of the bylaws shall have been
                  met. A copy of the bylaws of the corporation is available for
                  inspection at the principal office of the corporation."

         e.       The provisions of this Article VII, Sec. 2 may be terminated
         or modified at any time by the affirmative vote of not less than a
         majority of the then number of directors of the corporation. Each
         holder of shares of Common Stock shall be notified of any such
         termination and shall have the right to exchange his outstanding
         certificate for such shares for a certificate without the aforesaid
         legend.

SECTION 3. Lost Certificates:

In the event of the loss, theft or destruction of any certificate representing
shares of stock of this corporation, the corporation may issue (or, in the case
of any such stock as to which a transfer agent and/or registrar have been
appointed, may direct such transfer agent and/or registrar to countersign,
register and issue) a replacement certificate in lieu of that alleged to be
lost, stolen or destroyed, and cause the same to be delivered to the owner of
the stock represented thereby, provided that the owner shall have submitted such
evidence showing the circumstances of the alleged loss, theft or destruction,
and his or her ownership of the certificate as the corporation considers
satisfactory, together with any other facts which the corporation considers
pertinent, and further

                                      -17-
<PAGE>

provided that an indemnity agreement and/or indemnity bond shall have been
provided in form and amount satisfactory to the corporation and to its transfer
agents and/or registrars, if applicable.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1. Fiscal Year:

         The fiscal year of the corporation shall be fixed by resolution of the
Board of Directors.

                                   ARTICLE IX

                               AMENDMENT OF BYLAWS

SECTION 1. Amendment of Bylaws by the Board of Directors:

The bylaws may be amended by a majority vote of the Board of Directors of this
corporation at any meeting of the Board of Directors.

SECTION 2. Shareholder Amendment of Bylaws:

The bylaws may be amended by an affirmative vote of two-thirds of all of the
outstanding shares of common stock entitled to vote, which vote must be by
ballot at a duly constituted meeting of the shareholders, the notice of which
meeting must include the proposed amendment.

                                      -18-
<PAGE>

                                   CERTIFICATE

         I, Gary V. Klinefelter, Secretary of UHI Merger Corporation, a Nevada
corporation, do hereby certify that the foregoing is a true and correct copy of
the corporation's bylaws, and that such bylaws are in full force and effect as
of the date hereof.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
the corporation this 30th day of July, 1990.

                                                /s/ Gary V. Klinefelter
                                                ---------------------------
                                                Gary V. Klinefelter,
                                                Secretary

                                      -19-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.55
<SEQUENCE>54
<FILENAME>p68936exv3w55.txt
<DESCRIPTION>EXHIBIT 3.55
<TEXT>
<PAGE>
                                                                    EXHIBIT 3.55

NANCY L. WORLEY                                                    P.O. BOX 5616
SECRETARY OF STATE                                     MONTGOMERY, AL 36103-5616

                                STATE OF ALABAMA

I, NANCY L. WORLEY, SECRETARY OF STATE OF THE STATE OF ALABAMA, HAVING CUSTODY
OF THE GREAT AND PRINCIPAL SEAL OF SAID STATE, DO HEREBY CERTIFY THAT

as appears on file and of record in this office, the pages hereto attached,
contain a true, accurate and literal copy of articles of incorporation of Reorg.
Co. of Alabama, Inc. as received and filed in the office of the Secretary of
State of Alabama on May 31, 1990, showing the date of incorporation as May 24,
1990, the date said instrument was filed in the office of the Judge of Probate
of Montgomery County.

                  IN TESTIMONY WHEREOF, I HAVE HEREUNTO SET MY HAND AND AFFIXED
                  THE GREAT SEAL OF THE STATE, AT THE CAPITOL, IN THE CITY OF
                  MONTGOMERY, ON THIS DAY.

                        08/06/03
                  --------------------
                  DATE

                  /S/ NANCY L.WORLEY
   (SEAL)        --------------------------------------------------------------
                  NANCY L.WORLEY                              SECRETARY OF STATE

<PAGE>
                                     [LOGO]

                        OFFICE OF THE SECRETARY OF STATE

                                State of Alabama

                                  PERRY A. HAND
                               SECRETARY OF STATE

                          NAME RESERVATION CERTIFICATE

                                       FOR

                           REORG CO. OF ALABAMA, INC.

I, Perry A. Hand, Secretary of State of the State of Alabama, having custody of
the Great and Principal Seal of said state, do hereby certify that pursuant to
the provisions of Section 10-2A-26, Code of Alabama 1975, based upon an
examination of the corporation records on file in this office, the corporate
name "Reorg Co. of Alabama, Inc." is reserved as available.

This domestic corporation name is proposed to be incorporated in Montgomery
County and is for the exclusive use of U-Haul International, 2721 N. Central
Ave, Phoenix, AR 85282 for a period of one hundred twenty days beginning May 14,
1990 and expiring September 12, 1990.

                                               IN TESTIMONY WHEREOF, I have
          (SEAL)                               hereunto set my hand and affixed
                                               the Great Seal of the State, at
                                               the Capitol, in the City of
                                               Montgomery, on May 14, 1990.

                                               /s/ Perry A.  Hand
                                               ---------------------------------
                                               Perry A.  Hand
                                               Secretary of State

<PAGE>

                         CERTIFICATION OF INCORPORATION

                                       OF

                           REORG. CO. OF ALABAMA, INC.

STATE OP ALABAMA X

MONTGOMERY COUNTY X

         I, the undersigned Walker Hobbie, Jr., Judge of Probate of Montgomery
County, Alabama, hereby certify that the Certificate of Incorporation of

                           REORG. CO. OF ALABAMA, INC.

has this day been filed for record in the Probate Court of Montgomery County,
Alabama; and that the Certificate of Incorporation has been recorded in
compliance of Title 10-2A-92 of the Code of Alabama, and that the incorporators
of said corporation, their successors and assigns, constitute a body corporate
under the name set forth in said Certificate, namely:

                           REORG. CO. OF ALABAMA, INC.

         IN WITNESS WHEREOF, I, the said Walker Hobbie, Jr., as Judge of Probate
of Montgomery County, Alabama, hereunto set my name and affix my Seal of said
Probate on this the 24th day of May, 1990.

                                                    /s/ WALKER HOBBIE JR.
                                                    --------------------------
                                                    WALKER HOBBIE, JR.
                                                    JUDGE OF PROBATE
                                                    MONTGOMERY COUNTY, ALABAMA.
<PAGE>
                            ARTICLES OF INCORPORATION

                                       OF

                           REORG. CO. OF ALABAMA, INC.

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a corporation
under the laws of the State of Alabama.

                                    ARTICLE I

         The name of the corporation is: REORG. CO. OF ALABAMA, INC.

                                   ARTICLE II

         The period of duration of the corporation is perpetual.

                                   ARTICLE III

         The purpose or purposes for which the corporation is organized which
may be stated to be, or to include, the transaction of any or all lawful
business for which corporations may be incorporated under this chapter.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue are two thousand five hundred (2,500) shares of common stock
with a par value of Ten ($10.00) Dollars each, or a total capitalization of
Twenty Five Thousand ($25,000.00) Dollars.

                                    ARTICLE V

         The corporation will not commence business until the consideration of
at least One Thousand ($1,000.00) Dollars has been received for the issuance of
shares.
<PAGE>

                                   ARTICLE VI

         The address of its principal office shall be 60 Commerce Street, City
of Montgomery, Alabama 36103 and the name of the initial registered agent at
said address is The Corporation Company.

                                   ARTICLE VII

         The initial Board of Directors shall consist of three (3) members, and
the initial Board who shall act until the first annual meeting of stockholders
and their successors have been elected and qualified are:

         Henry Eriksson   1024   Montgomery Hwy. Birmingham, AL 35216-2806

         John Smithson    1024   Montgomery Hwy. Birmingham, AL 35216-2806

         Paul McClesky    1024   Montgomery Hwy. Birmingham, AL 35216-2806

                                  ARTICLE VIII

         The name and address of the agent designated by the incorporators to
receive subscriptions to the capital stock is:

         John A. Lorentz  2721   N. Central Avenue, Phoenix, Arizona 85004

         IN WITNESS WHEREOF, I have hereunto set my hand this 30th day of April,
1990.

                                                   /s/ John A. Lorentz
                                                   -----------------------------
                                                   John A. Lorentz, Incorporator

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 30th day of April, 1990, before me, a Notary Public for the
State of Arizona, personally appeared John A. Lorentz, known to me to be the
persons named in and who executed the foregoing instrument, and who acknowledged
that they had executed the same and that the matters therein contained are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal this 30th day of April, 1990.

                                                      /s/ Blanche I. Passolt
                                                   -----------------------------
                                                          NOTARY PUBLIC

(NOTARIAL SEAL)

<PAGE>

The State of Alabama  )
                      ) Probate Court
  Montgomery County   )

I, Walker Hobbie, Jr., Judge of Probate in and for the said County, in said
State, hereby certify that the within and foregoing pages are a full, true and
complete copy of CORPORATION OF REORG. CO. OF ALABAMA, INC. as fully and
completely as the same appears of record in this office in Book No. 165 of
Corporation at page 56.

                                      Given under my hand and official seal this

                                                      30th day of May, A.D. 1990

                              /s/ Walker Hobbie, Jr.
                              --------------------------------------------------
                              Judge of Probate Court, Montgomery County, Alabama

<PAGE>

NANCY L. WORLEY                                                    P.O. BOX 5616
SECRETARY OF STATE                                     MONTGOMERY, AL 36103-5616

                                STATE OF ALABAMA

I, NANCY L. WORLEY, SECRETARY OF STATE OF THE STATE OF ALABAMA, HAVING CUSTODY
OF THE GREAT AND PRINCIPAL SEAL OF SAID STATE, DO HEREBY CERTIFY THAT

         as appears on file and of record in this office, the pages hereto
         attached, contain a true, accurate and literal copy of articles of
         amendment to the articles of incorporation of Reorg. Co. of Alabama,
         Inc. changing its name to U-Haul Co. of Alabama, Inc. as received and
         filed in the office of the Secretary of State of Alabama on December 5,
         1990, showing the date of incorporation as November 26, 1990, the date
         said instrument was filed in the office of the Judge of Probate of
         Montgomery County.

                              IN TESTIMONY WHEREOF, I HAVE HEREUNTO SET MY HAND
                              AND AFFIXED THE GREAT SEAL OF THE STATE, AT THE
                              CAPITOL, IN THE CITY OF MONTGOMERY, ON THIS DAY.

                              08/06/03
                              DATE

                              /s/ Nancy L. Worley
      (SEAL)                  --------------------------------------------------
                              NANCY L. WORLEY                 SECRETARY OF STATE

<PAGE>
                                     [LOGO]

                        OFFICE OF THE SECRETARY OF STATE
                                State of Alabama

                                  PERRY A. HAND
                               SECRETARY OF STATE

                          NAME RESERVATION CERTIFICATE

                                       FOR

                           U-Haul Co. of Alabama, Inc.

I, Perry A. Hand, Secretary of State of the State of Alabama, having custody of
the Great and Principal Seal of said state, do hereby certify that pursuant to
the provisions of Section 10-2A-26, Code of Alabama 1975, based upon an
examination of the corporation records on file in this office, the corporate
name "U-Haul Co. of Alabama, Inc." is reserved as available.

This foreign corporation name is proposed to be qualified in the State of
Alabama and is for the exclusive use of Blanche Passolt, P. O. Box 21502,
Phoneix, AZ 85036 for a period of one hundred twenty days beginning October 16,
1990 and expiring February 14, 1991.

                                    IN TESTIMONY WHEREOF, I have hereunto set my
        (SEAL)                      hand and affixed the Great Seal of the
                                    State, at the Capitol, in the City of
                                    Montgomery, on October 16, 1990.

                                    /s/ Perry A. Hand
                                    ------------------------------
                                    Perry A. Hand
                                    Secretary of State

<TABLE>
<S>             <C>                      <C>         <C>                     <C>
Corporations    State Office Building    Room 524    Montgomery, AL 36130    (205) 242-5324
</TABLE>

<PAGE>

                           CERTIFICATION OF AMENDMENT

                                       OF

                           REORG. CO. OF ALABAMA, INC.

STATE OF ALABAMA   X

MONTGOMERY COUNTY  X

         I, the undersigned Walker Hobbie, Jr., Judge of Probate of Montgomery
County, Alabama, hereby certify that the Amendment of

                           REORG. CO. OF ALABAMA, INC.

has been this day filed for record in the Probate Court of Montgomery County,
Alabama; and that the Certificate of Amendment is in compliance with the
provisions of Title 10-2A-114 of the Code of Alabama.

         IN WITNESS WHEREOF, I, the said Walker Hobbie, Jr., as Judge of Probate
of Montgomery County, Alabama, hereunto set my name and affix my seal of said
probate on this the 26 day of November, 1990.

                                                /s/ Walker Hobbie, Jr.
                                                --------------------------------
                                                JUDGE OF PROBATE
                                                MONTGOMERY COUNTY, ALABAMA

<PAGE>

                              ARTICLES OF AMENDMENT

                                       FOR

                           REORG. CO. OF ALABAMA, INC.

                             AN ALABAMA CORPORATION

(1)      The name of the corporation is: REORG., CO. OF ALABAMA, INC.

(2)      The amendment so adopted is: Article I, the name of the corporation
         shall be:

                           U-HAUL CO. OF ALABAMA, INC.

(3)      The date of adoption of the amendment by the shareholder is October 10,
         1990.

(4)      The number of shares outstanding is: 2,500, and the number of shares
         entitled to vote thereon is: 2,500.

(5)      The number of shares voted for was 2,500 and the number voted against
         was -0-.

DATED: November 7, 1990.

                                              Reorg. Co. of Alabama, an Alabama
                                              corporation

                                              BY: /s/ John A. Lorentz
                                                  ------------------------------
                                                  John A. Lorentz, President

Verified

BY: /s/ Gary V. Klinefelter
    ------------------------------
    Gary V. Klinefelter, Secretary

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 7th day of November, 1990, personally appeared before me, the
undersigned Notary Public, John A. Lorentz, President and Gary V. Klinefelter,
Secretary of Reorg. Co. of Alabama, Inc., an Alabama corporation, known to me to
be the persons named in and who executed the same and that the matters contained
herein are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal this 7th day of November, 1990.

                                                      /s/ Blanche I. Passolt
                                                   -----------------------------
                                                          NOTARY PUBLIC

         (NOTARIAL SEAL)

<PAGE>

The State of Alabama   }
                       } Probate Court
 Montgomery County     }

I, Walker Hobbie, Jr., Judge of Probate in and for the said County, in said
State, hereby certify that the within and foregoing pages are a full, true and
complete copy of AMENDMENT OF REORG. CO. OF ALABAMA, INC. as fully and
completely as the same appears of record in this office in Book No. 0167 of
Corporation at page 179.

                                      Given under my hand and official seal this

                                                    3 day of December, A.D. 1990

                              /s/ Walker Hobbie, Jr.
                              --------------------------------------------------
                              Judge of Probate Court, Montgomery County, Alabama

<PAGE>

                            [LOGO] STATE OF ALABAMA

I, BILLY JOE CAMP, SECRETARY OF STATE OF THE STATE OF ALABAMA, HAVING CUSTODY OF
THE GREAT AND PRINCIPAL SEAL OF SAID STATE, DO HEREBY CERTIFY THAT

duplicate originals of Articles of Merger merging U-Haul Co. of Southern
Alabama, Inc. into U-Haul Co. of Alabama, Inc., both Alabama corporations, duly
signed and verified pursuant to the provisions of Section 10-2A-143, Code of
Alabama, 1975, have been received in this office and are found to conform to
law. Accordingly the undersigned, as such Secretary of State, and by virtue of
the authority vested in him by law, hereby issues this Certificate of Merger
merging U-Haul Co. of Southern Alabama, Inc. into U-Haul Co. of Alabama, Inc.
and attaches hereto a duplicate original of the Articles of Merger.

                                    IN TESTIMONY WHEREOF, I HAVE HEREUNTO SET MY
                                    HAND AND AFFIXED THE GREAT SEAL OF THE
                                    STATE, AT THE CAPITOL, IN THE CITY OF
                                    MONTGOMERY, ON THIS DAY.

                                    January 28, 1991
                                    ____________________________________________
       (SEAL)                       DATE

                                    ____________________________________________
                                    BILLY JOE CAMP            SECRETARY OF STATE

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 10th day of January,
1991, entered into by U-Haul Co. of Alabama, Inc. an Alabama corporation, the
surviving corporation and U-Haul Co. of Southern Alabama, Inc., an Alabama
corporation the absorbed Corporation, and together referred to as the
Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Alabama which laws permit such mergers.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is John A.
Lorentz, 2721 N. Central Avenue, Phoenix, Arizona 85004.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         (1)      All issued and outstanding shares of stock of the Absorbed
                  Corporation shall be cancelled.

         (2)      On the effective date of the merger and when the
                  aforementioned cancellation has been effected, the outstanding
                  shares of stock of the Surviving Corporation shall be deemed
                  for all corporate purposes to evidence the ownership of the
                  Surviving Corporation.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                      NUMBER OF
                         NUMBER OF     SHARES     NUMBER   NUMBER
       COMPANY             SHARES    ENTITLED TO   VOTED   VOTED
        NAME            OUTSTANDING     VOTE        FOR   AGAINST
- ----------------------  -----------  -----------  ------  -------
<S>                     <C>          <C>          <C>     <C>
U-HAUL CO. OF SOUTHERN
ALABAMA, INC.              2,500        2,500      2,500    -0-

U-HAUL CO. OF ALABAMA,
INC.                       2,500        2,500      2,500    -0-
</TABLE>

                                       V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Alabama to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Alabama.

                                       VI

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                                       VII

         The effective date of the merger shall be January 1, 1991, "THIS
EFFECTIVE DATE IS FOR ACCOUNTING AND/OR INTERNAL PURPOSES ONLY".

The county of incorporation for each corporation, is Montgomery County

<PAGE>

                                            Surviving Corporation: U-HAUL CO. OF
                                                       ALABAMA, INC.
                                                       An Alabama Corporation

                                            By: /s/ John A. Lorentz
                                                --------------------------------
                                                John A. Lorentz, President

Verified

By: /s/ Gary V. Klinefelter
    ------------------------------
    Gary V. Klinefelter, Secretary

                                            Absorbed Corporation: U-HAUL CO. OF
                                                       SOUTHERN ALABAMA, INC.
                                                       An Alabama Corporation

                                            By: /s/ John A. Lorentz
                                                --------------------------------
                                                John A. Lorentz, President

Verified

By: /s/ Gary V. Klinefelter
    ------------------------------
    Gary V. Klinefelter, Secretary

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 10th day of January, 1991, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the President of
U-Haul Co. of Alabama, Inc., an Alabama Corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                                      /s/ Blanche I. Passolt
                                                   -----------------------------
                                                          NOTARY PUBLIC

         (NOTARY SEAL)

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 10th day of January, 1991, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the President of
U-Haul Co. of Southern Alabama, Inc., an Alabama Corporation, that he is the
person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                                      /s/ Blanche I. Passolt
                                                   -----------------------------
                                                          NOTARY PUBLIC

         (NOTARY SEAL)

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.56
<SEQUENCE>55
<FILENAME>p68936exv3w56.txt
<DESCRIPTION>EXHIBIT 3.56
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.56

                          AMENDED RE-STATED BY-LAWS OF

                          U-HAUL CO. OF ALABAMA, INC.

                             An Alabama Corporation

                                    ARTICLE I

                                                             DATE: June 25, 2001

SECTION l. Offices:

The principal office of the corporation in the state of Alabama shall be located
in the city of Birmingham. The corporation may have such other offices either
within or without the state of Alabama as the Board of Directors may designate
or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Thursday in May of each year, at the office of the corporation in the
state of Alabama or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

                                        1
<PAGE>

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the state of Alabama. Notice of the special meetings will be
held as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

                                        2
<PAGE>

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate tire term; of
office of all or any of the Directors by a vote at a meeting called for such
purposes, Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Alabama.

SECTION 4. Special Meetings:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Alabama.

                                        3
<PAGE>

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trade-marks in contracts, and interests
                  thereunder, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of

                                       4
<PAGE>

                  stock of this corporation in payment of such property, and in
                  payment for services rendered to this corporation, when they
                  deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  state of Alabama, governing the disposition of the entire
                  assets and business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                     ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Alabama statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there shall be a quorum, present and any officer receiving a majority vote shall
be declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

                                       5
<PAGE>

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct,

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out mid
dispose of the same under the direction of the board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business

                                       6
<PAGE>

hours, and generally perform the duties of aid act as the financial agent for
the corporation for the receipts and disbursements of its funds, lie shall give
such bond for the faithful performance of his duties as the Board of Directors
may determine. The office of the Treasurer of said corporation, may be held by
the same person holding the President, Vice-President or Secretary's office,
provided the Board of Directors indicates the combination of these offices.

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Alabama, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, aid the stock thereby represented is
transferable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued, and the number
of the person owning the shares thereby represented, with the number of such
stock in the corporation may be made by surrender of the certificate issued
therefore, and the written assignment thereof by the owner or his duly
authorized Attorney in Fact. Upon such surrender and assignment, a new
certificate shall be issued to the assignee as he may be entitled, but without
such surrender and assignment no transfer of stock shall be recognized by the
corporation. The board of Directors shall have the power concerning the issue,
transfer and registration of certificate for agents and registrars of transfer,
and may require all stock certificates to bear signatures of either or both. The
stock transfer books shall be closed ten days before each meeting of the
shareholders and during each such period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                       7
<PAGE>

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each calendar year and shall close on the 31st day
of March of the year.

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are give legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF ALABAMA, INC are hereby accepted and
adopted as the By-Laws of said corporation, and we, the undersigned, do hereby
certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                                    /s/ Everett V. Hall
                                                    ----------------------------
                                                    President- Everett V. Hall

ATTEST:

/s/ Gary V. Klinefelter
- ----------------------------
Secretary - Gary V. Klinefelter

                                       8
<PAGE>

                          U-HAUL CO. OF ALABAMA, INC.,
                             AN ALABAMA CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Alabama, Inc.,
an Alabama corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                            SHAREHOLDER:

                                            U-Haul International, Inc., a Nevada
                                            Corporation

                                            By: /s/ Gary V. Klinefelter
                                            ------------------------------
                                            Name: Gary V. Klinefelter
                                            Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.57
<SEQUENCE>56
<FILENAME>p68936exv3w57.txt
<DESCRIPTION>EXHIBIT 3.57
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.57

                                 STATE OF ALASKA

                DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT

                    DIVISION OF BANKING, SECURITIES AND CORPORATIONS

I certify that the attached 34 pages are true copies of records on file with the
Department of Community and Economic Development, Division of Banking,
Securities, and Corporations.

                                               Edgar Blatchford
                                               Commissioner

(SEAL)                                         Certified by: Mathew Alex

                                               Date: 08/13/2003

<PAGE>

                                STATE OF ALASKA

                             DEPARTMENT OF COMMERCE

                                     JUNEAU

                          CERTIFICATE OF INCORPORATION

         The undersigned, as Commissioner of Commerce of the State of Alaska,
hereby certifies that duplicate originals of the Articles of Incorporation of
U-HAUL CO. OF ALASKA

duly signed and verified pursuant to the provisions of the Alaska Business
Corporation Act, have been received in this office and are found to conform to
law.

         ACCORDINGLY the undersigned, as such Commissioner of Commerce, and by
virtue of the authority vested in him by law hereby issues this Certificate of
Incorporation of

                              U-HAUL CO. OF ALASKA

and attaches hereto a duplicate original of the Articles of Incorporation.

                                    IN TESTIMONY WHEREOF, I have hereunto set my
                                     hand and affixed my official seal, at
                                      Juneau, the Capital, this 25th, day of
                                       February A.D. 1969

                                                        GEORGE SHARROCK
                                                        COMMISSIONER OF COMMERCE

<PAGE>

         STATE OF ALASKA
_________DEPT. OF COMMERCE

                                     RECEIPT                         C No. 29405

                                                      DATE: March 6, 1969

AMOUNT:                                               DOLLARS:
        Forty  five  and no/100 ---------------        $ 45.00

FOR:    U-HAUL CO. OF ALASKA -----------------8461-D     AMOUNT:     RECEIPT COD
        Filing Articles of Incorporation for record      25.00
        2/25/69. Payment of 1969 corp. tax.              15.00
        OVERPAYMENT OF $5.00 will be refunded.            5.00          683

RECEIVED OF:
        Arcoa Inc.                                      STATE OF ALASKA
        2727 North Central
        P.O.  Box 21502
        Phoenix,  Arizona 85036                    /s/ GEORGE SHARROCK
                                                   -----------------------------
                                                   COMMISSIONER OF COMMERCE

                            Re: U-Haul Co. of Alaska

XX       The Articles of Incorporation of the above named corporation were filed
         for record as of this date: 2/25/69

XX       Receipt No. C-29405 is enclosed.

XX       Certificate of Incorporation is enclosed.

____     Articles of Incorporation are being held unrecorded for the following
         reasons:

____     Articles of Incorporation are returned herewith for the following
         reasons:

                                                   Yours very truly,

                                                   DEPARTMENT OF COMMERCE

                                                   /s/ GEORGE SHARROCK
                                                   Commissioner of Commerce

<PAGE>

                            ARTICLES OF INCORPORATION
                                       of

                              U-HAUL CO. OF ALASKA
                             An Alaskan Corporation

         KNOW ALL MEN BY THESE PRESENTS: that we, the undersigned, have this day
adopted, made and subscribed in duplicate to the following Articles of
Incorporation, for the purpose of forming a corporation under the Business
Corporation Act of the state of Alaska.

                                    ARTICLE I

         The name of the corporation shall be U-HAUL CO. OF ALASKA.

                                   ARTICLE II

         The registered office of the corporation shall be at 200 National Bank
of Alaska Building, Juneau, Alaska 99801. The registered agent at said address
shall be C. T. Corporation System.

                                  ARTICLE III

         The purpose or purposes for which the corporation is organized are: to
rent, lease, repair, and sell to the general public trailers, semi-trailers,
trucks, passenger automobiles and other equipment, tools, machinery, vehicles
and property of any and every kind and description, and to purchase or otherwise
acquire and operate any facilities useful for the conduct of the business
enterprise of this corporation. In general, to carry on any other similar
business in connection with the foregoing and to have and exercise all powers
conferred by the Business Corporation Act of the state of Alaska.

                                   ARTICLE IV

         The authorized amount of capital stock of this corporation, shall be
Ten Thousand ($10,000.00) Dollars, divided into One Thousand (1,000) shares of
the par value of Ten ($10.00) Dollars each. Said capital stock shall be paid in
at such time and upon such conditions as the Board of Directors may by
resolution direct, either in cash, or by services rendered to the corporation,
or by real or personal property transferred to it. Shares of stock when issued
in exchange for servies or property pursuant to a resolution of the

Page 1 of 3 pages

<PAGE>

Board of Directors shall thereupon become and be fully paid the same as though
paid for in cash at par value, and shall be non-assessable forever, and the
determination of the Board of Directors as to the value of any property or
services received by the corporation in exchange for stock shall be conclusive.

         All shareholders shall have pre-emptive rights to purchase, subscribe
for or otherwise acquire any unissued share of stock of this corporation of any
class now or hereafter authorized.

                                    ARTICLE V

         This corporation shall not commence business until consideration of the
value of at least One-Thousand ($1,000.00) Dollars has been received in exchange
for the issuance of shares.

                                   ARTICLE VI

         The time of the duration of this corporation shall be perpetual.

                                   ARTICLE VII

         This corporation shall have three (3) Directors initially. The number
of Directors may be increased or diminished from time to time in accordance with
the By-Laws adopted by the stockholders, but shall never be less than three (3).

                                  ARTICLE VIII

         The affairs of this corporation shall be conducted by the Board of
Directors and by such officers as the said Board of Directors may from time to
time elect or appoint. Said Directors shall be elected by the stockholders at
the annual meeting of the corporation to be held on the third Monday of January
of each year and shall hold office until their successors are elected.

         The following named persons shall serve as Directors of this
corporation until the first annual meeting:

                Director        Carl A. Karcher
                                4444 North 85th Street
                                Scottsdale, Arizona

                Director        John A. Lorentz
                                2124 South Terrace Road
                                Tempe, Arizona

                Director        James V. Scoggin
                                1248 East Broadmore Drive
                                Tempe, Arizona

Page 2 of 3 pages

<PAGE>

                                   ARTICLE IX

         Except as to the amount of any unpaid stock subscription owing to this
corporation, the private property of the stockholders of this corporation shall
be exempt from liability for its debts and obligations.

                                    ARTICLE X

         The Incorporators of this corporation and their addresses are:

                Carl A. Karcher         4444 North 85th Street
                                        Scottsdale, Arizona

                John A. Lorentz         2124 South Terrace Road
                                        Tempe, Arizona

                James V. Scoggin        1248 East Broadmore Drive
                                        Tempe, Arizona

         IN TESTIMONY WHEREOF, we have signed and sealed these Articles of
Incorporation this 21 day of February, 1969.

                                               /s/ Carl A. Karcher
                                               ---------------------------------
                                               Carl A. Karcher

                                               /s/ John A. Lorentz
                                               ---------------------------------
                                               John A. Lorentz

                                               /s/ James V. Scoggin
                                               ---------------------------------
                                               James V. Scoggin

STATE OF ARIZONA        )
                        )
COUNTY OF MARICOPA      )

         On this 21st day of February, 1969, before me a Notary Public,
personally appeared Carl A. Karcher, John A. Lorentz and James V. Scoggin, known
by me to be the persons whose signatures are subscribed to the within instrument
and who acknowledged that they executed the same as their free act and deed for
the purposes therein contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                        /s/ Helen H. Delamater
                                        ----------------------------------------
                                        Notary Public         State of Arizona

Page 3 of 3 pages

                                           My Commission Expires Aug. 13, 1972
<PAGE>


                                STATE OF ALASKA

                             DEPARTMENT OF COMMERCE

                                     JUNEAU

                          CERTIFICATE OF INCORPORATION

         The undersigned, as Commissioner of Commerce of the State of Alaska,
hereby certifies that duplicate originals of the Articles of Incorporation of
U-Haul Co. of Alaska

duly signed and verified pursuant to the provisions of the Alaska Business
Corporation Act, have been received in this office and are found to conform to
law.

         ACCORDINGLY the undersigned, as such Commissioner of Commerce, and by
virtue of the authority vested in him by law hereby issues this Certificate of
Incorporation of

                              U-HAUL CO. OF ALASKA

and attaches hereto a duplicate original of the Articles of Incorporation.

                      IN TESTIMONY WHEREOF, I have hereunto set my hand
                      and affixed my official seal, at Juneau, the Capital, this
                      25th, day of February A.D. 1969

                                               /s/ GEORGE SHARROCK
                                               GEORGE SHARROCK
                                               COMMISSIONER OF COMMERCE

<PAGE>

                            ARTICLES OF INCORPORATION
                                       of

                              U-HAUL CO. OF ALASKA
                             An Alaskan Corporation

         KNOW ALL MEN BY THESE PRESENTS: that we, the undersigned, have this day
adopted, made and subscribed in duplicate to the following Articles of
Incorporation, for the purpose of forming a corporation under the Business
Corporation Act of the state of Alaska.

                                    ARTICLE I

         The name of the corporation shall be U-HAUL CO. OF ALASKA.

                                   ARTICLE II

         The registered office of the corporation shall be at 200 National Bank
of Alaska Building, Juneau, Alaska 99801. The registered agent at said address
shall be C. T. Corporation System.

                                   ARTICLE III

         The purpose or purposes for which the corporation is organized are: to
rent, lease, repair, and sell to the general public trailers, semi-trailers,
trucks, passenger automobiles and other equipment, tools, machinery, vehicles
and property of any and every kind and description, and to purchase or otherwise
acquire and operate any facilities useful for the conduct of the business
enterprise of this corporation. In general, to carry on any other similar
business in connection with the foregoing and to have and exercise all powers
conferred by the Business Corporation Act of the state of Alaska.

                                   ARTICLE IV

         The authorized amount of capital stock of this corporation, shall be
Ten Thousand ($10,000.00) Dollars, divided into One Thousand (1,000) shares of
the par value of Ten ($10.00) Dollars each. Said capital stock shall be paid in
at such time and upon such conditions as the Board of Directors may by
resolution direct, either in cash, or by services rendered to the corporation,
or by real or personal property transferred to it. Shares of stock when issued
in exchange for service or property pursuant to a resolution of the

Page 1 of 3 pages

<PAGE>

Board of Directors shall thereupon become and be fully paid the same as though
paid for in cash at par value, and shall be non-assessable forever, and the
determination of the Board of Directors as to the value of any property or
services received by the corporation in exchange for stock shall be conclusive.

         All shareholders shall have pre-emptive rights to purchase, subscribe
for or otherwise acquire any unissued share of stock of this corporation of any
class now or hereafter authorized.

                                    ARTICLE V

         This corporation shall not commence business until consideration of the
value of at least One-Thousand ($1,000.00) Dollars has been received in exchange
for the issuance of shares.

                                   ARTICLE VI

         The time of the duration of this corporation shall be perpetual.

                                   ARTICLE VII

         This corporation shall have three (3) Directors initially. The number
of Directors may be increased or diminished from time to time in accordance with
the By-Laws adopted by the stockholders, but shall never be less than three (3).

                                  ARTICLE VIII

         The affairs of this corporation shall be conducted by the Board of
Directors and by such officers as the said Board of Directors may from time to
time elect or appoint. Said Directors shall be elected by the stockholders at
the annual meeting of the corporation to be held on the third Monday of January
of each year and shall hold office until their successors are elected.

         The following named persons shall serve as Directors of this
corporation until the first annual meeting:

                  Director   Carl A. Karcher
                             4444 North 85th Street
                             Scottsdale, Arizona

                  Director   John A. Lorentz
                             2124 South Terrace Road
                             Tempe, Arizona

                  Director   James V. Scoggin
                             1248 East Broadmore Drive
                             Tempe, Arizona

Page 2 of 3 pages

<PAGE>

                                   ARTICLE IX

         Except as to the amount of any unpaid stock subscription owing to this
corporation, the private property of the stockholders of this corporation shall
be exempt from liability for its debts and obligations.

                                    ARTICLE X

         The incorporators of this corporation and their addresses are:

                   Carl A. Karcher      4444 North 85th Street
                                        Scottsdale, Arizona

                   John A. Lorentz      2124 South Terrace Road
                                        Tempe, Arizona

                   James V. Scoggin     1248 East Broadmore Drive
                                        Tempe, Arizona

         IN TESTIMONY WHEREOF, we have signed and sealed these Articles of
Incorporation this 21 day of February, 1969.

                                                  /s/ Carl A. Karcher
                                                  ------------------------------
                                                  Carl A. Karcher

                                                  /s/ John A. Lorentz
                                                  ------------------------------
                                                  John A. Lorentz

                                                  /s/ James V. Scoggin
                                                  ------------------------------
                                                  James V. Scoggin

STATE OF ARIZONA        )
                        )
COUNTY OF MARICOPA      )

         On this 21st day of February, 1969, before me a Notary Public,
personally appeared Carl A. Karcher, John A. Lorentz and James V. Scoggin, known
by me to be the persons whose signatures are subscribed to the within instrument
and who acknowledged that they executed the same as their free act and deed for
the purposes therein contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                        /s/ Helen H. Delamater
                                        ----------------------------------------
                                        Notary Public       State of Arizona

                                             My Commission Expires Aug. 13, 1972

Page 3 of 3 pages
<PAGE>

                                 STATE OF ALASKA

                             DEPARTMENT OF COMMERCE

                                     JUNEAU

                              CERTIFICATE OF MERGER

         The undersigned, as Commissioner of Commerce of the State of Alaska,
hereby certifies that duplicate originals of Articles of Merger of AUTOMATED
MULTITEST MEDICAL LABORATORIES, INC., a domestic corporation into U-HAUL CO. OF
ALASKA, a domestic corporation, duly signed and verified pursuant to the
provisions of the Alaska Business Corporation Act, have been received in this
office and are found to conform to law.

         ACCORDINGLY the undersigned, as such Commissioner of Commerce, and by
virtue of the authority vested in him by law, hereby issues this Certificate of
Merger of

                 AUTOMATED MULTITEST MEDICAL LABORATORIES, INC.

                                      into

                              U-HAUL CO. OF ALASKA

and attaches hereto a duplicate originals of the Articles of Merger.

                                    IN TESTIMONY WHEREOF, I have hereunto set my
                                      hand and affixed my official seal, at
                                      Juneau, the Capital, this
                                      3rd day of January A.D. 1972

                                               KENNETH W. KADOW
                                             COMMISSIONER OF COMMERCE

<PAGE>

                               ARTICLES OF MERGER

         Pursuant to the Business Corporation Act of the state of Alaska, the
undersigned corporations hereby adopt the following Articles of Merger for the
purpose of merging them into one of such corporations.

FIRST.   The names of the undersigned corporations and the states under the laws
of which they are respectively organized, and their status after completion of
the merger are as follows:

      U-Haul Co. of Alaska                                 Alaska Survivor
      Automated Multitest Medical Laboratories, Inc.       Alaska Absorbed

SECOND.  The Plan and Agreement of Merger which is attached hereto and by
reference incorporated herein, was approved by the directors and shareholders of
each of the undersigned corporations in the manner provided under the laws of
the State of Alaska.

THIRD.   The number of shares outstanding, and the number of shares entitled to
vote upon such Plan and Agreement of Merger, and the number of shares voted for
and against such Plan and Agreement of Merger as to U-HAUL CO. OF ALASKA, an
Alaska corporation, was as follows:

<TABLE>
<CAPTION>
Number of Shares   Number of Shares       Number         Number
  Outstanding      Entitled to Vote     Voted For    Voted Against
- ----------------   -----------------    ---------    --------------
<S>                <C>                  <C>          <C>
     100                 100               100            -0-
</TABLE>

FOURTH.  None of the shares of the authorized capital stock of Automated
Multitest Medical Laboratories, Inc., an Alaska corporation have been issued or
are outstanding, and approval of such Agreement of Merger has been given by
unanimous consent of the Board of Directors of such corporation.

FIFTH.   The respective secretaries or assistant secretaries of the respective
undersigned corporations in signing these Articles and the assistant secretary
of U-HAUL CO. OF ALASKA affixing the corporate seal of the U-HAUL CO. OF ALASKA,
hereby certify as to the above-stated votes. The absorbed corporation has no
corporate seal.

<PAGE>

                    Executed this 10th day of December, 1971.

                      SURVIVOR: U-HAUL CO. OF ALASKA, an Alaska Corporation

(Corporate
    Seal)
                                             BY: /s/ John A. Lorentz
                                                 -------------------------------
                                                 John A. Lorentz - President
Attest: /s/ David Helsten
       --------------------------
        David Helsten - Secretary

                      ABSORBED: AUTOMATED MULTITEST MEDICAL LABORATORIES, INC.,
                                an Alaska Corporation
(No Corporate
        Seal)
                                             BY: /s/ John A. Lorentz
                                                 -------------------------------
                                                  John A. Lorentz - President
Attest: /s/ David Helsten
       ---------------------
       David Helsten - Secretary
<PAGE>
State of Arizona     )
                     ) ss.
County of Maricopa   )

         On this the 10th day of November, 1971, before me, the undersigned
Notary Public, appeared David Helsten and John A. Lorentz, who, being duly sworn
did say that they are the Secretary and President, respectively of AUTOMATED
MULTITEST MEDICAL LABORATORIES, INC., an Alaska corporation, and that they are
the persons whose names are subscribed to the foregoing instrument on behalf of
said corporation, in the above-stated capacities, and that there is no corporate
seal for the said corporation and that said instrument was signed on behalf of
said corporation by authority of its Board of Directors, and as the free act and
deed of said corporation, and for the purposes therein stated; and further that
the facts therein stated are true to the best of their knowledge, information
and belief.

         IN WITNESS WHEREOF, I set my hand and official seal.

                                            /s/ [ILLEGIBLE]
                                            ------------------------------------
                                                       Notary Public

My commission
expires: [ILLEGIBLE]

<PAGE>

State of Arizona     )
                     ) ss.
County of Maricopa   )

         On this the 10th day of December, 1971, before me, the undersigned
Notary Public, appeared David Helsten and John A. Lorentz, who, being duly sworn
did say that they are the Secretary and President, respectively of U-HAUL CO. OF
ALASKA, an Alaska corporation, and that they are the persons whose names are
subscribed to the foregoing instrument on behalf of said corporation, in the
above-stated capacities, and that the seal is the corporate seal of the said
corporation and that said instrument was signed and sealed on behalf of said
corporation by authority of its Board of Directors and Shareholders, and as the
free act and deed of said corporation, and for the purposes thereinstated; and
further that the facts therein stated are true to the best of their knowledge,
information and belief.

         IN WITNESS WHEREOF, I set my hand and official seal.

                                         /s/ Helen H. Delamater
                                         ---------------------------------------
                                                     Notary Public

My commission
expires: [ILLEGIBLE]

<PAGE>

                       CERTIFICATE OF CORPORATE RESOLUTION

         I, David Helsten, do hereby certify that I am the duly elected and
acting Secretary of U-HAUL CO. OF ALASKA, an Alaska corporation, and that the
following is a true and accurate copy of a resolution adopted by the Board of
Directors of this corporation at a meeting duly called and held on the 10th day
of December, 1971, as the same appears on the books and records of this
corporation:

              RESOLVED, That this Board of Directors by unanimous consent hereby
              recommends, approves and adopts the proposed Plan and Agreement of
              Merger between this corporation and AUTOMATED MULTITEST MEDICAL
              LABORATORIES, INC., and the Officers of this corporation are
              hereby authorized and directed to enter into said Plan and
              Agreement by executing said Plan and Agreement under the corporate
              seal of this corporation, and be it

              RESOLVED FURTHER, That said Plan and Agreement be submitted to the
              shareholders of this corporation at a special meeting to be held
              on the 10th day of December, 1971, for the purpose of considering
              and voting upon the approval and adoption of said Plan and
              Agreement;

              RESOLVED FURTHER, That in the event said Plan and Agreement shall
              be approved and adopted at said special meeting of shareholders,
              then the officers of this corporation are hereby authorized to
              execute and deliver, under corporate seal of this corporation and
              on behalf of this corporation, any and all documents which they
              deem necessary or advisable including "ARTICLES OF MERGER", to
              consummate said merger under the laws of the state of Alaska and
              that the Secretary of this corporation is authorized to certify as
              to the vote of the shareholders on said Agreement or in said
              "ARTICLES OF MERGER."

         In Witness Whereof, I have set my hand and the official seal of this
corporation this 10th day of December, 1971.

         (Seal)

                                         /s/ David Helsten
                                         ---------------------------------------
                                         David Helsten - Secretary

<PAGE>

                     CERTIFICATE OF CORPORATION RESOLUTION

         I, David Helsten, do hereby certify that I am the duly elected and
acting Secretary of AUTOMATED MULTITEST MEDICAL LABORATORIES, INC., an Alaska
corporation, and that the following is a true and accurate copy of a resolution
adopted by the Board of Directors of this corporation at a meeting duly called
and held on the 10th day of December, 1971, as the same appears on the books and
records of this corporation:

              RESOLVED, That this Board of Directors by unanimous consent hereby
              recommends, approves and adopts the proposed Plan and Agreement of
              Merger between this corporation and U-HAUL CO. OF ALASKA, and the
              Officers of this corporation are hereby authorized and directed to
              enter into said Plan and Agreement by executing said Plan and
              Agreement, and be it

              RESOLVED FURTHER, That in the event said Plan and Agreement shall
              be approved and adopted at said special meeting of shareholders of
              U-HAUL CO. OF ALASKA, then the Officers of this corporation are
              hereby authorized to execute and deliver, and on behalf of this
              corporation, any and all documents which they deem necessary or
              advisable including "ARTICLES OF MERGER," to consummate said
              merger under the laws of the state of Alaska.

         In Witness Whereof, I have set my hand this 10th day of December, 1971.

(No Corporate
        Seal)

                                          /s/ David Helsten
                                          --------------------------------------
                                          David Helsten - Secretary

<PAGE>

                               PLAN AND AGREEMENT

                                   OF MERGER

         THIS PLAN AND AGREEMENT OF MERGER dated this 10th day of December, 1971
made by and between U-HAUL CO. OF ALASKA, an Alaska corporation, hereinafter
sometimes referred to as SURVIVOR or Surviving Corporation, and AUTOMATED
MULTITEST MEDICAL LABORATORIES, INC., an Alaska corporation, hereinafter
sometimes referred to as ABSORBED or ABSORBED CORPORATION, and together with
SURVIVOR as "Constituent Corporations."

WITNESSETH THAT:

WHEREAS:

         1. SURVIVOR is a corporation organized and existing under the laws of
the State of Alaska with its registered office in that state being located at
200 National Bank of Alaska Building, Juneau, Alaska 99801, c/o C.T. Corporation
System;

         2. SURVIVOR has an authorized capitalization of 1,000 shares of common
stock having a per value of $10.00 per share, 100 of which are issued,
outstanding, and owned by AMERCO, a Nevada corporation;

         3. ABSORBED CORPORATION is a corporation organized and existing under
the laws of the State of Alaska with its registered office in that state being
located at 200 National Bank of Alaska Building, Juneau, Alaska 99801, c/o C.T.
Corporation System;

         4. ABSORBED has an authorized capitalization of 10,000 shares of stock
having a par value of $10.00 per share none of which has been issued or is
outstanding;

         5. The respective Boards of Directors of the Constituent Corporations
have determined that it is advisable that the ABSORBED CORPORATION be merged
into SURVIVOR, under the terms and conditions hereinafter set forth, in
accordance with the applicable provisions of the laws of the State of Alaska,
which laws permit such merger;

         NOW THEREFORE, in consideration of the premises and of the mutual
agreements, covenants and provisions hereinafter contained, the parties hereto
do hereby agree as follows:

<PAGE>

                                       I

         ABSORBED and SURVIVOR shall be merged into a single corporation in
accordance with the applicable provisions of the laws of the State of Alaska, by
ABSORBED merging into SURVIVOR which shall be the surviving corporation. The
separated existence of the ABSORBED CORPORATION shall cease and the existence of
SURVIVOR shall continue unaffected and unimpaired by the merger with all the
rights, privileges, immunities and powers, and subject to all the duties and
liabilities of a corporation organized under the Business Corporation Act of the
State of Alaska.

                                        II

         1. The Articles of Incorporation of SURVIVOR shall continue to be its
Articles of Incorporation until altered or amended, following the effective date
of the merger.

         2. The By-Laws of SURVIVOR shall be and remain the By-Laws of SURVIVOR
until altered, amended or repealed.

         3. The directors and officers of SURVIVOR as of the effective date of
the merger shall be the officers and directors of SURVIVOR, as follows:

                  DIRECTORS: David Helsten
                             John A. Lorentz
                             James V. Scoggin

                  OFFICERS:  John A. Lorentz - President
                             John A. Lorentz - Vice-President
                             David Helsten - Secretary
                             David Helsten - Treasurer

                                       III

         On the effective date of the merger:

         1. SURVIVOR shall possess all the rights, privileges, immunities,
powers and franchises as well of a public as of a private nature, and shall be
subject to all of the restrictions, disabilities, and duties of each of the
Constituent Corporations; and all property, real, personal and mixed, including
all patents, applications for patents, trademarks, trademark registrations and
applications for registration of trademarks, together with the good will of the
business in connection with which said patents and marks are used, and all debt
due on whatever account, including

<PAGE>
subscriptions to shares of stock, and all other [ILLEGIBLE] in action and all
and every other interest of or belonging to or due to each of the Constituent
Corporations shall be deemed to be transferred to and vested in SURVIVOR without
further act or deed, and title to any real estate, or any interest therein,
vested in any of the Constituent Corporations shall not revert or be in any way
impaired by reason of the merger.

         2. SURVIVOR shall be responsible and liable for all the liabilities and
obligations of each of the Constituent Corporations; and any claim existing or
action or proceeding pending by or against either of the Constituent
Corporations may be prosecuted to judgment as if the merger had not taken place,
or SURVIVOR may be substituted in its place and neither the rights of creditors
nor any liens upon the property of either of the Constituent Corporations shall
be impaired by the merger. SURVIVOR shall execute and deliver any and all
documents which may be required for it to assume or otherwise comply with
outstanding obligations of the ABSORBED CORPORATIONS.

                                       IV

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         On the effective date of the merger the outstanding stock of SURVIVOR
shall he deemed for all corporate purposes to evidence the ownership of the
Constituent Corporations.

                                        V

         SURVIVOR shall pay all [ILLEGIBLE] of accomplishing the merger.

                                       VI

         If at any time SURVIVOR shall consider or be advised that any further
assignment or assurances in law are necessary or desirable to vest or to perfect
or confirm of record in SURVIVOR the title to any property or rights of the
ABSORBED CORPORATIONS, or to otherwise carry out the provisions hereof, the
proper officers and directors of the ABSORBED CORPORATIONS as of the effective
date of the merger shall execute and deliver any and all proper deeds,
assignments, and assurances in law,

<PAGE>

and do all things necessary or proper to vest, perfect or confirm title to such
property or rights in SURVIVOR, and otherwise to carry out the provisions
hereof.

                                       VII

         Each of the Constituent Corporations shall take or cause to be taken,
all action or do or cause to be done, all things necessary, proper or advisable
under the laws of the State of Alaska to consummate and make effective the
merger, subject, however, to the appropriate vote or consent of the stockholders
of each of the Constituent Corporations in accordance with the requirements of
the applicable provisions of the laws of the State of Alaska.

                                      VIII

         The effective date of the merger for accounting purposes, shall be at
the close of business on December 31, 1971. The officers and directors of
SURVIVOR are authorized and directed to perform all actions required for
accomplishing and filing the merger under the laws of the State of Alaska.

         IN WITNESS WHEREOF, the corporate parties hereto, pursuant to authority
given by their respective Boards of Directors, have caused this Plan and
Agreement of Merger to be entered into, by their respective Presidents or
Vice-Presidents and Secretaries or Assistant Secretaries, all as of the date and
year first above written.

                      SURVIVOR: U-HAUL CO. OF ALASKA, An Alaska Corporation

                              By: /s/ John A. Lorentz
                                  -----------------------------------------
                                  John A. Lorentz - President

(Corporate
     seal)

                                  /s/ David Helsten
                                  -----------------------------------------
                                  David Helsten - Secretary

<PAGE>

                      ABSORBED:  AUTOMATED MULTITEST MEDICAL LABORATORIES, INC.,
                                 An Alaska Corporation

                                  By: /s/ John A. Lorentz
                                      -------------------------------------
                                      John A. Lorentz - President

(No Corporate
         Seal)

                                      /s/ David Helsten
                                      -------------------------------------
                                      David Helsten - Secretary

<PAGE>

State of Arizona     )
                     ) ss.
County of Maricopa   )

         On this the 10th day of December, 1971, before me, the undersigned
Notary Public, appeared John A. Lorentz and David Helsten, who, being duly sworn
did say that they are the President and Secretary respectively of AUTOMATED
MULTITEST MEDICAL LABORATORIES, INC., an Alaska corporation, and that they are
the persons whose names are subscribed to the foregoing instrument on behalf of
said corporation, in the above-stated capacities, and that there is no corporate
seal for the said corporation and that said instrument was signed on behalf of
said corporation by authority of its Board of Directors, and as the free act and
deed of said corporation, and for the purposes therein stated; and further that
the facts therein stated are true to the best of their knowledge, information
and belief.

         IN WITNESS WHEREOF, I set my hand and official seal.

                                      /s/ Helen H. Delamater
                                      -------------------------------------
                                                Notary Public

My commission
expires: [ILLEGIBLE]

<PAGE>

State of Arizona    )
                    ) ss.
County of Maricopa  )

         On this the 10th day of December, 1971, before me, the undersigned
Notary Public, appeared David Helsten and John A. Lorentz, who, being duly sworn
did say that they are the Secretary and President, respectively of U-HAUL CO. OF
ALASKA, an Alaska corporation, and that they are the persons whose names are
subscribed to the foregoing instrument on behalf of said corporation, in the
above-stated capacities, and that the seal is the corporate seal of the said
corporation and that said instrument was signed and sealed on behalf of said
corporation by authority of its Board of Directors and Shareholders, and as the
free act and deed of said corporation, and for the purposes thereinstated; and
further that the facts therein stated are true to the best of their knowledge,
information and belief.

         IN WITNESS WHEREOF, I set my hand and official seal.

                                      /s/ Helen H. Delamater
                                      -------------------------------------
                                                Notary Public

My commission
expires: [ILLEGIBLE]

<PAGE>

                                 STATE OF ALASKA

                             DEPARTMENT OF COMMERCE

                                     JUNEAU

                          CERTIFICATE OF INCORPORATION

         The undersigned, as Commissioner of Commerce of the State of Alaska,
hereby certifies that duplicate originals of the Articles of Incorporation of
AUTOMATED MULTITEST MEDICAL LABORATORIES, INC., duly signed and verified
pursuant to the provisions of the Alaska Business Corporation Act, have been
received in this office and are found to conform to law.

         ACCORDINGLY the undersigned, as such Commissioner of Commerce, and by
virtue of the authority vested in him by law hereby issues this Certificate of
Incorporation of

                 AUTOMATED MULTITEST MEDICAL LABORATORIES, INC.

and attaches hereto a duplicate original of the Articles of Incorporation.

                               IN TESTIMONY WHEREOF, I have hereunto set my hand
                                  and affixed my official seal, at Juneau the
                                   Capital, this 23rd day of June A.D. 1969

                                                             GEORGE SHARROCK
                                                        COMMISSIONER OF COMMERCE

<PAGE>

                            ARTICLES OF INCORPORATION

                                       of

                 AUTOMATED MULTITEST MEDICAL LABORATORIES, INC.

                              An Alaska Corporation

         KNOW ALL MEN BY THESE PRESENTS: that we, the undersigned, have this day
adopted, made and subscribed in duplicate to the following Articles of
Incorporation, for the purpose of forming a corporation under the Business
Corporation Act of the state of Alaska.

                                    ARTICLE I

         The name of the corporation shall be AUTOMATED MULTITEST MEDICAL
LABORATORIES, INC.

                                   ARTICLE II

         The period of duration of this corporation shall be perpetual.

                                   ARTICLE III

         THE PRINCIPAL PURPOSE OF THIS CORPORATION SHALL BE THE PERFORMANCE OF
MULTIPHASIC SCREENING TESTS. MULTIPHASIC SCREENING IS THE SEQUENTIAL PERFORMANCE
OF A SERIES OF PREDETERMINED MEDICAL TESTS WHICH ARE GENERALLY STANDARD MEDICAL
PROCEDURES OF RECOGNIZED VALUE. THEY ARE PERFORMED ON HUMAN SUBJECTS BY MEDICAL
PERSONNEL LESS HIGHLY TRAINED THAN A GRADUATE PHYSICIAN, USING AUTOMATED
EQUIPMENT WHEREVER TECHNICALLY AND ECONOMICALLY FEASIBLE. A DETAILED
QUESTIONNAIRE-TYPE MEDICAL HISTORY IS ALSO PERFORMED. THE TEST RESULTS FOR EACH
PATIENT ARE THEN COLLECTED AND DISPLAYED IN A FORM WHICH IS SUITABLE FOR
INTERPRETATION BY A PHYSICIAN. A COMPUTER MAY BE USED FOR COLLECTION, DISPLAY
AND ANALYTICAL PURPOSES. THE MEDICAL INFORMATION THUS OBTAINED IS USED BY A
PHYSICIAN FOR DIAGNOSTIC AND/OR PREVENTIVE MEDICAL PURPOSES.

         Further purposes shall include, but not be limited to:

         To carry out medical analysis, research, perform blood analysis, obtain
chemical analysis, perform tests, perform laboratory work, operate a
bio-chemical laboratory and to furnish such results or services to hospitals,
medical institutions, clinics, physicians, surgeons and the entire medical
profession or such other group, business or individual as may desire such
results or services.

Page one of five pages

<PAGE>

         To establish, equip, own, operate and maintain pathological and X-ray
laboratories, bio-chemical laboratories or other laboratories of medical or
scientific nature.

         To manufacture, compound, mix, prepare, buy or otherwise acquire, and
to sell, distribute at wholesale and retail, exploit, promote, and advertise, as
principal or agent, any and all drugs, chemicals, chemical compounds, solutions,
medicinal preparations, drug sundries, drug and like products, pharmaceutical
supplies, medical goods and appliances generally.

         To carry on the business of chemists, druggists, chemical dealers,
importers, exporters, manufacturers and traders in chemical, pharmaceutical,
medicinal and other preparations and chemicals.

         To maintain, conduct, manage and carry on any kind of commercial or
manufacturing business or businesses; and to engage in research, experimental,
laboratory, development, exploitation and exploration work in connection with
any or all of the foregoing businesses.

         To build, erect, construct, purchase, hold or otherwise acquire, own,
provide, maintain, establish, lease and operate, buy, sell, exchange or
otherwise dispose of manufacturing facilities, laboratories, warehouses,
agencies, factories, buildings, structures, offices, and plants with suitable,
necessary, useful, or advisable in connection with the attainment of any or all
of the objects herein set forth.

         To manufacture, buy, sell, rent, deal in and to engage in, conduct and
carry on the business of manufacturing, buying, selling, renting, and dealing in
goods, wares and merchandise of every class and description necessary or useful
for the operations of this Corporation.

         To improve, manage, develop, sell, assign, transfer, lease, mortgage,
pledge, or otherwise dispose of or turn to account or deal with all or any part
of the property of the Corporation and from time to time to vary any investment
or employment of capital of the Corporation.

         To borrow money and to make and issue notes, bonds, debentures,
obligations and evidences of indebtedness of all kinds whether secured by
mortgage, pledge or otherwise without limit as to amount, and to secure the same
by mortgage, pledge or otherwise; and generally to make and perform agreements
and contracts of every kind and description.

Page two of five pages

<PAGE>

         To the same extent as natural persons might or could do, to purchase or
otherwise acquire, and to hold, own, maintain, work, develop, sell, lease,
exchange, hire, convey, mortgage or otherwise dispose of and deal in, lands and
leaseholds, and any interest, estate and rights in real property, and any
personal or mixed property, and any franchises, rights, licenses or privileges
necessary, convenient or appropriate for any of the purposes herein expressed.

         To apply for, obtain, register, purchase, lease or otherwise to acquire
and to hold, own, use, develop, operate, and introduce, and to sell, assign,
grant licenses or territorial rights in respect to, or otherwise to turn to
account or dispose of, any copyrights, trade marks, trade names, brands, labels,
patent rights, letters patent of the United States or of any other country or
government, inventions, improvements and processes, whether used in connection
with or secured under letters patent or otherwise.

         To do all and everything necessary, suitable and proper for the
accomplishment of any of the purposes or the attainment of any of the objects or
the furtherance of any of the powers hereinbefore set forth, either alone or in
association with other corporations, firms or individuals, and to do every other
act or acts, thing or things incidental or appurtenant to or growing out of or
connected with the aforesaid business or powers or any part or parts thereof,
provided the game be not inconsistent with the laws under which this Corporation
is organized.

         To acquire by purchase, subscription or otherwise, and to hold for
investment or otherwise and to use, sell, assign, transfer, mortgage, pledge or
otherwise deal with or dispose of stocks, bonds, or any other obligations or
securities of any corporation or corporations; to merge or consolidate with any
corporation in such manner as may be permitted by law; to aid in any manner any
corporation whose stocks, bonds or other obligations are held or in any manner
guaranteed by this Corporation, or in which this Corporation is in any way
interested; and to do any other acts or things for the preservation, protection,
improvement or enhancement of the value of any such stock, bonds or other
obligations; and while owner of any such stock, bonds or other obligations to
exercise all the rights, powers and privileges

Page three of five pages

<PAGE>

of ownership thereof, and to exercise any and all voting powers thereon; to
guarantee the payment of dividends upon any stock, or the principal or interest
or both, of any bonds or other obligations, and the performance of any
contracts.

         The business or purpose of the Corporation is from time to time to do
any one or more of the acts and things hereinabove set forth, and it shall have
power to conduct and carry on its said business, or any part thereof, and to
have one or more offices, and to exercise any or all of its corporate powers and
rights, in the state of Alaska, and in the various other states, territories,
colonies and dependencies of the United States, in the District of Columbia, and
in all or any foreign countries.

         The enumeration herein of the objects and purposes of this Corporation
shall be construed as powers as well as objects and purposes and shall not be
deemed to exclude by inference any powers, objects or purposes which this
Corporation is empowered to exercise, whether expressly by force of the laws of
the state of Alaska now or hereafter in effect or impliedly by the reasonable
construction of the said laws.

         To engage in any legal activity except banking, insurance, public
utilities or building and loan activities.

                                   ARTICLE IV

         The authorized amount of capital stock of this corporation shall be One
Hundred Thousand ($100,000.00) Dollars, divided into ten thousand (10,000)
shares of the par value of Ten ($10.00) Dollars each.

         All shareholders shall have pre-emptive rights to purchase, subscribe
for or otherwise acquire any unissued share of stock of this corporation of any
class now or hereafter authorized.

                                    ARTICLE V

         This corporation shall not commence business until consideration of the
value of at least One Thousand ($1,000.00) Dollars has been received in exchange
for the issuance of shares.

                                   ARTICLE VI

         The registered office of the corporation shall be at 200 National Bank
of Alaska Building, Juneau, Alaska 99801. The registered agent at said address
shall be the C. T. Corporation System.

Page four of five pages

<PAGE>

                                   ARTICLE VII

         This corporation shall have three (3) directors initially. The number
of directors may be increased or diminished from time to time in accordance with
the by-laws adopted by the stockholders, but shall never be less than three (3).

                                  ARTICLE VIII

         The affairs of this corporation shall be conducted by the Board of
Directors and by such officers as the said Board of Directors may from time to
time elect or appoint. Said Directors shall be elected by the stockholders at
the annual meeting of the corporation and shall hold office until their
successors are elected.

         The following named persons shall serve as Directors of this
corporation until the first annual meeting:

Director - James V. Scoggin - 2727 North Central Avenue - Phoenix, Arizona 85004
Director -John A. Lorentz -   2727 North Central Avenue - Phoenix, Arizona 85004
Director -David L. Helsten -  2727 North Central Avenue - Phoenix, Arizona 85004

                                   ARTICLE IX

         The incorporators of this corporation and their addresses are:

         James V. Scoggin         2727 North Central Avenue
                                  Phoenix, Arizona  85004

         John A. Lorentz          2727 North Central Avenue
                                  Phoenix, Arizona  85004

         David L. Helsten         2727 North Central Avenue
                                  Phoenix, Arizona  85004

         IN TESTIMONY WHEREOF, we have signed these Articles of Incorporation
this [ILLEGIBLE] day of April, 1969.

                                  /s/ James V. Scoggin
                                  ----------------------------------------------
                                  James V. Scoggin

                                  /s/ John A. Lorentz
                                  ----------------------------------------------
                                  John A. Lorentz

                                  /s/ David L. Helsten
                                  ----------------------------------------------
                                  David L. Helsten

STATE OF ARIZONA     )
                     ) SS:
COUNTY OF MARICOPA   )

         On this, [ILLEGIBLE] day of April, 1969, before me, a Notary Public,
personally appeared James V. Scoggin, John A. Lorentz and David L. Helsten,
known by me to be the persons whose signatures are subscribed to the within
instrument and who acknowledged that they executed the same as their free act
and deed for the purposes contained therein.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                    /s/ [ILLEGIBLE]
                                    --------------------------------------------
                                    Notary Public for the state of Arizona

Page five of five pages                   My Commission Expires Aug. 13, 1972

<PAGE>

                                 STATE OF ALASKA

                 DEPARTMENT OF COMMERCE AND ECONOMIC DEVELOPMENT

                                   CERTIFICATE

         The undersigned, as Commissioner of Commerce and Economic Development
of the State of Alaska, hereby certifies that duplicate originals of Articles of
Merger, duly signed and verified pursuant to the provisions of the Alaska
Business Corporation Act, have been received in this office and are found to
conform to law.

         ACCORDINGLY the undersigned, as such Commissioner of Commerce and
Economic Development, and by virtue of the authority vested in him by law,
hereby issues this Certificate of Merger of

                          MOVERS WORLD OF ALASKA, INC.

                                      INTO

                              U-HAUL CO. OF ALASKA

and attaches hereto a duplicate original of the Articles of Merger.

                                         IN TESTIMONY WHEREOF, I execute this
                                         Certificate and affix the Great Seal
[SEAL]                                   of the State of Alaska this 10th day of
                                         August, A.D. 1988

                                         /s/ J. ANTHONY SMITH
                                         J. ANTHONY SMITH
                                          COMMISSIONER OF COMMERCE AND
                                             ECONOMIC DEVELOPMENT

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 22st day of June,
1988, entered into by U-HAUL CO. OF ALASKA, the Surviving Corporation, and
MOVERS WORLD OF ALASKA, INC., the Absorbed Corporation, both corporations of the
State of Alaska, and together referred to as the Constituent Corporations hereby
witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Alaska, which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporations's principal office. The location that office is 4751 Old
Seward Hwy., Anchorage, Alaska 99503.

                                       1

<PAGE>

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         (1) All issued and outstanding shares of stock of the Constituent
Corporation shall be cancelled.

         (2) On the effective date of the merger and when the aforementioned
cancellation has been effected, the outstanding shares of stock of the Surviving
Corporation shall be deemed for all corporate purposes to evidence the ownership
of the Constituent Corporations.

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OP MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                        NUMBER OF        NUMBER OF         NUMBER     NUMBER
                         SHARES           SHARES            VOTED      VOTED
COMPANY NAME           OUTSTANDING   ENTITLED TO VOTE        FOR      AGAINST
- ------------           -----------   ----------------        ---      -------
<S>                    <C>           <C>                   <C>        <C>
U-HAUL CO. OF
ALASKA                    1,000          1,000             1,000         0

MOVERS WORLD OF
ALASKA, INC.                500            500               500         0
</TABLE>

                                       2

<PAGE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Alaska, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Alaska.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C. T. Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P. O. Box 21502, Phoenix, Arizona 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                                       3

<PAGE>

         IN WITNESS WHEREOF the corporate parties hereto execute this
PLAN/AGREEMENT/ARTICLES OF MERGER this 22st day of June, 1988.

                  Surviving Corporation: U-HAUL CO. OF ALASKA, Inc. an

                                         Alaska corporation

                                         By: /s/ John Norris
                                             -----------------------------------
                                             John Norris, President

      verified                           Subscribed and Sworn to or affirmed
                                         before me at [ILLEGIBLE]
      BY: /s/ Donna L. Taylor            on 8-5-88.
          -----------------------
          Donna L. Taylor, Secretary                    /s/ [ILLEGIBLE]
                                                        ------------------------
                                                           NOTARY PUBLIC

            Absorbed Corporation:        MOVERS WORLD OF ALASKA, INC.
                                         an Alaska corporation
                                         My Commission Expires 6-9-[ILLEGIBLE]

                                         BY: /s/ John M. Dodda
                                             -----------------------------------
                                             John M. Dodda, President

      Verified

      BY: /s/ John A. Lorentz
          -----------------------
          John A. Lorentz,
          Secretary

<PAGE>

                                 STATE OF ALASKA

                 DEPARTMENT OF COMMERCE AND ECONOMIC DEVELOPMENT

                                   CERTIFICATE

                              BUSINESS CORPORATION

         The undersigned, as Commissioner of Commerce and Economic Development
of the State of Alaska, hereby certifies that duplicate originals of the
Articles of Incorporation of

                          MOVERS WORLD OF ALASKA, INC.

have been received in this office and are found to conform to law.

         ACCORDINGLY, the undersigned, as such Commissioner of Commerce and
Economic Development, and by virtue of the authority vested in him by law,
hereby issues the Certificate of Incorporation and attaches hereto a duplicate
original of the Articles of Incorporation.

         IN TESTIMONY WHEREOF. I execute this certificate and affix the Great
Seal of the State of Alaska this 22nd day of June A. D. 1984.

                                                  /s/ Richard A. Lyon
[SEAL]                                               Richard A. Lyon
                                               COMMISSIONER OF COMMERCE AND
                                                   ECONOMIC DEVELOPMENT

<PAGE>

                            ARTICLES OF INCORPORATION

                                       OF

                          MOVERS WORLD OF ALASKA, INC.

         I, the undersigned natural person of the age of Nineteen years or more,
acting as incorporators of a corporation under the Alaska Business Corporation
Act, adopt the following Articles of Incorporation for such Corporation:

                                    ARTICLE I

         The name of the corporation shall be: MOVERS WORLD OF ALASKA, INC.

                                   ARTICLE II

         The corporation shall have perpetual existence.

                                   ARTICLE III

         The purposes for which this corporation is organized are to engage in
         the transportation of Household goods and office supplies as a common
         carrier by motor vehicle in both intrastate and interstate commerce.

         To operate as a public warehouse for the storage of household goods and
         office supplies. Ane to engage in any lawful act or activity for which
         a corporation may be organized under the General Corporation Law of
         Alaska.

                                   ARTICLE IV

         The aggregate number of shares which this corporation shall have
         authority to issue shal be; 500 shares of common stock with a par value
         of $10.00 per share.

                                    ARTICLE V

         This corporation shall not commence business until consideration of at
         least one thousand dollars ($1,000.00) has been received for the
         issuance of shares.

                                   ARTICLE VI

         Provisions limiting or denying to shareholders the preemptive right to
         acquire additional or treasury shares of this corporation are: None

                                   ARTICLE VII

         Provisions for the regulation of the internal affairs of the
         corporation are: None

<PAGE>

                                  ARTICLE VIII

The address of this corporation's initial registered office shall be: 21Q Ferry
Way, 2nd Floor, Juneau, Alaska 99801 and the name of this corporation's initial
registered agent at such address shall be C.T. Corporation System.

                                   ARTICLE IX

One director shall constitute the initial board of directors of this
corporation. The name and address of this person, of whom shall serve as a
director until the first annual meeting of shareholders or until his successor
is elected and qualified, is as follows:

          John Norris                                4751 Old Seward Hwy.
                                                     Anchorage, AK 99503-7417

                                    ARTICLE X

The name & address of each of the incorporators of the corporation are:

           John A. Lorentz                            2727 N. Central Avenue
                                                      Phoenix, Arizona 85004
           Nancy Beiley                               2727 N. Central Avenue
                                                      Phoenix, Arizona 85004
           Blanche I. Passolt                         2727 N. Central Avenue
                                                      Phoenix, Arizona 85004

                                   ARTICLE XI

The name and address of each alien affiliate is: There are no alien affiliates.

         IN WITNESS WHEREOF, we have executed these Articles of Incorporation in
duplicate this 18th day of June, 1984.

                                       /s/ John A. Lorentz
                                       -----------------------------------------
                                       John A. Lorentz, Incorporator

                                       /s/ Nancy Beiley
                                       -----------------------------------------
                                       Nancy Beiley, Incorporator

                                       /s/ Blanche I. Passolt
                                       -----------------------------------------
                                       Blanche I. Passolt, Incorporator

STATE OF ARIZONA   )
                   ) ss.
COUNTY OF MARICOPA )

         On this 18th day of June, 1984, before me a Notary Public, personally
appeared John A. Lorentz, Nancy Beiley, Blanche I. Passolt, known by me to be
the persons whose signatures are subscribed to the within instrument who
acknowledged that they executed the same as their free act & deed for the
purpose therein contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                       /s/ [ILLEGIBLE]
                                       -----------------------------------------
                                               NOTARY PUBLIC

            (NOTARIAL SEAL)                  My Commission Expires April 5, 1988

<PAGE>

                            ARTICLES OF INCORPORATION

                                       OF

                          MOVERS WORLD OF ALASKA, INC.

         I, the undersigned natural person of the age of Nineteen years or more,
acting as incorporators of a corporation under the Alaska Business Corporation
Act, adopt the following Articles of Incorporation for such Corporation:

                                    ARTICLE I

         The name of the corporation shall be: MOVERS WORLD OF ALASKA, INC.

                                   ARTICLE II

         The corporation shall have perpetual existence.

                                   ARTICLE III

         The purposes for which this corporation is organized are to engage in
         the transportation of Household goods and office supplies as a common
         carrier by motor vehicle in both intrastate and interstate commerce.

         To operate as a public warehouse for the storage of household goods and
         office supplies. Ane to engage in any lawful act or activity for which
         a corporation may be organized under the General Corporation Law of
         Alaska.

                                   ARTICLE IV

         The aggregate number of shares which this corporation shall have
         authority to issue shall be; 500 shares of common stock with a par
         value of $10.00 per share.

                                    ARTICLE V

         This corporation shall not commence business until consideration of at
         least one thousand dollars ($1,000.00) has been received for the
         issuance of shares.

                                   ARTICLE VI

         Provisions limiting or denying to shareholders the preemptive right to
         acquire additional or treasury shares of this corporation are: None

                                   ARTICLE VII

         Provisions for the regulation of the internal affairs of the
         corporation are: None

<PAGE>

                                  ARTICLE VIII

The address of this corporation's initial registered office shall be: 210 Ferry
Way, 2nd Floor, Juneau, Alaska 99801 and the name of this corporation's initial
registered agent at such address shall be C. T. Corporation System.

                                   ARTICLE IX

One director shall constitute the initial board of directors of this
corporation. The name and address of this person, of whom shall serve as a
director until the first annual meeting of shareholders or until his successor
is elected and qualified, is as follows:

          John Norris                                4751 Old Seward Hwy.
                                                     Anchorage, AK 99503-7417

                                   ARTICLE X

The name & address of each of the incorporators of the corporation are:

          John A. Lorentz                            2727 N. Central Avenue
                                                     Phoenix, Arizona 85004
          Nancy Beiley                               2727 N. Central Avenue
                                                     Phoenix, Arizona 85004
          Blanche I. Passolt                         2727 N. Central Avenue
                                                     Phoenix, Arizona 85004

                                   ARTICLE XI

The name and address of each alien affilate is: There are no alien affilates.

         IN WITNESS WHEREOF, we have executed these Articles of Incorporation in
duplicate this 18th day of June, 1984.

                                         /s/ John A. Lorentz
                                         ---------------------------------------
                                         John A. Lorentz, Incorporator

                                         /s/ Nancy Beiley
                                         ---------------------------------------
                                         Nancy Beiley, Incorporator

                                         /s/ Blanche I. Passolt
                                         ---------------------------------------
                                         Blanche I. Passolt, Incorporator

STATE OF ARIZONA   )
                   ) ss.
COUNTY OF MARICOPA )

         On this 18th day of June, 1984, before me a Notary Public, personally
appeared John A. Lorentz, Nancy Beiley, Blanche I. Passolt, known by me to be
the persons whose signatures are subscribed to the within instrument & who
acknowledged that they executed the same as their free act & deed for the
purpose therein contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                        /s/ [ILLEGIBLE]
                                        ---------------------------------------
                                             NOTARY PUBLIC

            (NOTARIAL SEAL)                  My Commission Expires April 5, 1988

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.58
<SEQUENCE>57
<FILENAME>p68936exv3w58.txt
<DESCRIPTION>EXHIBIT 3.58
<TEXT>
<PAGE>
                                                                    EXHIBIT 3.58

                                   BY-LAWS OF

                              U-HAUL CO. of ALASKA

                              AN ALASKA CORPORATION

                                    ARTICLE I

                                                            DATE: March 12, 1969

SECTION 1. Offices:

The principal office of the corporation in the state of Alaska shall be located
in the city of Juneau, Alaska. The corporation may have such other offices
either within or without the state of Alaska as the Board of Directors may
designate or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
second Monday in March of each year, at the office of the corporation in the
state of Alaska or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                      -1-

<PAGE>

may be held within or without the state of Alaska. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding share of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st. All persons claiming to hold proxies shall present them to the
              tellers for verification.

         2nd. Proof of due notice of meeting when applicable.

         3rd. Reading and disposal of all unapproved minutes.

         4th. Reports of officers and committees.

         5th. Election of Directors.

         6th. Unfinished business.

         7th. New business.

         8th. Adjournment.

                                      -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Alaska.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Alaska.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                      -3-

<PAGE>

         1st. Roll Call; a quorum being present.

         2nd. Reading of minutes of preceding minutes and action thereon.

         3rd. Consideration of communications of the Board of Directors.

         4th. Reports of officials and committees.

         5th. Unfinished business.

         6th. Miscellaneous business.

         7th. New business.

         8th. Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.   To purchase, lease, and acquire, in any lawful manner any and all
              real or personal property including franchises, stocks, bonds and
              debentures of other companies, business and good will, patents,
              trade-marks in contracts, and interests thereunder, and other
              rights and proprieties which in their judgment may be beneficial
              for the purpose of this corporation, and to issue shares of stock
              of this corporation in payment of such property, and in payment
              for services rendered to this corporation, when they deem it
              advisable.

         2.   To fix and determine and to vary, from time to time, the amount or
              amounts to be set aside or retained as reserve funds or as working
              capital of this corporation.

         3.   To issue notes and other obligations or evidences of the debt of
              this corporation, and to secure the same, if deemed advisable, and
              endorse and guarantee the notes, bonds, stocks, and other
              obligations of other corporations with or without compensation for
              so doing, and from time to time to sell, assign, transfer

                                      -4-

<PAGE>

              or otherwise dispose of any of the property of this corporation,
              subject, however, to the laws of the State of Alaska, governing
              the disposition of the entire assets and business of the
              corporation as a going concern.

         4.   To declare and pay dividends, both in the form of money and stock,
              but only from the surplus or from the net profit arising from the
              business of this corporation, after deducting therefrom the
              amounts, at the time when any dividend is declared which shall
              have been set aside by the Directors as a reserve fund or as a
              working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Alaska statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, and Secretary and Treasurer, and such other officers as shall
from time to time be provided for by the Board of Directors. Such officers shall
be elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with

                                      -5-

<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-president shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-president shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                      -6-

<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Alaska, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferrable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he nay be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

SECTION 3. Restrictions on Transfer:

No shareholder shall transfer, alienate, or in any way dispose of any share of
the corporation unless such share shall first have been offered for sale to the
corporation. The corporation reserves and shall have the exclusive right in
adoption to purchase such shares at a price equal to the book value thereof
within sixty days after such offer. After the expiration of such time, the
shareholder, if the corporation shall not have exercised his option to purchase
such share, shall be free to transfer, alienate or otherwise dispose of such
share without any restrictions whatsoever. Provided, however, that this
restriction shall not apply to inter vivos gifts or transfer without
consideration by operation of law of shares of stock by shareholders to members
of the immediate family of such shareholders.

                                      -7-

<PAGE>

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws nay be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF ALASKA, are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                        /s/ Carl A. Karcher
                                        ----------------------------------------
                                        President - Carl A. Karcher

ATTEST:

/s/ John A. Lorentz
- ---------------------------------
Secretary - John A. Lorentz

          (CORPORATE SEAL)

                                      -8-
<PAGE>

                              U-HAUL CO. OF ALASKA,

                              AN ALASKA CORPORATION

                             SHAREHOLDER RESOLUTIONS

AMENDMENT TO BYLAWS:

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Alaska, an
Alaska corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the Shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

RIGHT OF FIRST REFUSAL:

WHEREAS, the Shareholder is authorized by Article IX, Section 1 of the Company's
Bylaws (the "Bylaws") to amend the Bylaws from time to time, as the Shareholder
may deem necessary, appropriate or otherwise in the best interest of the
Company;

WHEREAS, the Shareholder has determined it is in the best interest of the
Company to amend the Bylaws;

<PAGE>

NOW, THEREFORE, BE IT RESOLVED, that Article VII, Section 3 of the Bylaws be
amended and restated, to add the following paragraph to the end of such Section
3, which shall read as follows:

"Nothing in this Section 3 shall affect or in any way prohibit (a) Company's or
U-Haul International, Inc.'s ability to grant a security interest in the
Company's stock and (b) the other transactions contemplated by that certain
Senior Secured, Super-Priority Debtor in Possession Loan and Security Agreement,
dated on or about August 15, 2003, by and among AMERCO, a Nevada corporation,
and Amerco Real Estate Company, a Nevada corporation, as borrowers, debtors and
debtors-in-possession, the lenders party thereto from time to time, and Wells
Fargo Foothill, Inc., as the lead arranger, administrative agent, syndication
agent and collateral agent for the Lenders, nor shall any of the provisions in
this Section 3 apply to the aforesaid transactions, including without
limitation, the sale of stock in accordance with the documents evidencing such
grant of security interest, or the exercise of any remedies by the Lenders
thereunder and/or Wells Fargo Foothill, Inc., as Agent thereunder, including
without limitation, the sale of stock in accordance with the documents
evidencing such grant of security interest, or the exercise of any remedies by
the Lenders thereunder and/or Wells Fargo Foothill, Inc., as Agent thereunder."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

Dated: August 15, 2003

                                          SHAREHOLDER:

                                          U-Haul International, Inc., a Nevada
                                          Corporation

                                          By: /s/ Gary V. Klinefelter
                                          Name: Gary V. Klinefelter
                                          Its:  Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.59
<SEQUENCE>58
<FILENAME>p68936exv3w59.txt
<DESCRIPTION>EXHIBIT 3.59
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.59

                                STATE OF ARIZONA

                             Corporation Commission
       [SEAL]

To all to Whom these Presents shall Come, Greeting:

    BE IT KNOWN THAT          U-HAUL CO. OF ARIZONA

HAVING SUBMITTED TO THE ARIZONA CORPORATION COMMISSION EVIDENCE OF COMPLIANCE
WITH THE LAWS OF THE STATE OF ARIZONA GOVERNING THE INCORPORATION OF COMPANIES,
IS, BY VIRTUE OF THE POWER VESTED IN THE COMMISSION UNDER THE CONSTITUTION AND
THE LAWS OF THE STATE OF ARIZONA, HEREBY GRANTED THIS

                          CERTIFICATE OF INCORPORATION

AUTHORIZING SAID COMPANY TO EXERCISE THE FUNCTIONS OF A CORPORATION, UNDER THE
LAWS NOW IN EFFECT IN THE STATE OF ARIZONA, AND SUBJECT TO SUCH LAWS AS MAY
HEREAFTER BE ENACTED, FOR A PERIOD OF TWENTY-FIVE YEARS FROM THE DATE HEREOF,
UNLESS SOONER REVOKED BY AUTHORITY OF LAW.

                 BY ORDER OF THE ARIZONA CORPORATION COMMISSION.

                    IN WITNESS WHEREOF, I, DICK HERBERT
                    THE CHAIRMAN, HAVE HEREUNTO SET MY HAND AND CAUSED THE
      [SEAL]        OFFICIAL SEAL OF THE ARIZONA CORPORATION COMMISSION TO BE
                    AFFIXED AT THE CAPITOL, IN THE CITY OF PHOENIX, THIS 31ST
                    DAY OF MARCH A.D. 1970

                                                           CHAIRMAN,

ATTEST: /s/ [ILLEGIBLE]
        SECRETARY.                            NO.78805

BY
   ASSISTANT SECRETARY.

<PAGE>

                             CONSENT TO USE OF NAME

To the Arizona Corporation Commission
Phoenix, Arizona

Logan T. Frank and David L. Helsten hereby certify that we are respectively the
President and Assistant Secretary of U-HAUL CO., a corporation organized and
existing under and by virtue of the laws of the State of Nevada, *duly licensed
to do business in the State of Arizona,* that at a meeting of the Board of
Directors held on the 2nd day of February, 1970, the following resolutions were
adopted:

     RESOLVED, that U-HAUL CO., hereby consents to the incorporation, under and
     by virtue of the laws of the State of Arizona 66 the following named
     corporations:

                             U-HAUL CO. OF ARIZONA
                         U-HAUL CO. OF SOUTHERN ARIZONA

     FURTHER RESOLVED, that the President and the Assistant Secretary be and are
     hereby directed to execute a certificate under the corporate seal of this
     corporation setting forth the consent of this corporation as given in the
     foregoing resolution and file the same with the Arizona Corporation
     Commission.

IN WITNESS WHEREOF, we have set our hands and affixed the seal of the
corporation as authorized in said resolution, this 19th day of March, 1970.

                                                U-HAUL CO.

                                                By /s/ [ILLEGIBLE]
                                                   -----------------------------
                                                                      President.

                                                By /s/ [ILLEGIBLE]
                                                   -----------------------------
                                                             Assistant Secretary

(CORPORATE SEAL)

STATE OF ARIZONA   )
                   ) ss.
COUNTY OF MARICOPA )

Before me, a Notary Public in and for said County and State, on this day
personally appeared Logan T. Frank and David L. Helsten, known to me to be the
persons whose names are subscribed to the foregoing instrument, and acknowledged
to me that they executed the same for the purposes therein expressed.

GIVEN under my hand and seal of office this 19th day of March, A.D. 1970.

(SEAL)

                                        /s/ [ILLEGIBLE]
                                        ----------------------------------------
                                                     NOTARY PUBLIC

<PAGE>

                           ARTICLES OF INCORPORATION

                                       of

                             U-HAUL CO. OF ARIZONA

         KNOW ALL MEN BY THESE PRESENTS, that we the undersigned, have this day
adopted, made and subscribed in triplicate to the following Articles of
Incorporation, for the purpose of forming a corporation under the laws of the
state of Arizona.

                                    ARTICLE I

          The name of this corporation shall be U-HAUL CO. OF ARIZONA.

                                   ARTICLE II

         The principal place of business of the corporation shall be at 4646
West Pasadena, Glendale, Arizona, County of Maricopa.

                                  ARTICLE III

         The purpose or purposes for which the corporation is organized are to
rent and lease to the general public trailers, semi-trailers, trucks, passenger
automobiles and other equipment, tools, machinery, vehicles and property of
any and every kind and description, and to purchase or otherwise acquire and
operate any facilities useful for the conduct of the business enterprises of
this corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of Arizona upon corporations, and to engage in any lawful activity within
the purposes for which corporations may be organized under the laws of the
State of Arizona.

                                   ARTICLE IV

         The authorized amount of capital stock of this corporation shall be
Five Hundred Thousand ($ 500,000.00) Dollars, divided into fifty thousand
(50,000) shares of the par value of Ten ($10.00) Dollars each. Said capital

Page one of four pages

<PAGE>

stock shall be paid in at such time and upon such conditions as the Board of
Directors may be resolution direct, either in cash, or by services rendered to
the corporation, or by real or personal property transferred to it. Shares of
stock when issued in exchange for services or property pursuant to a resolution
of the Board of Directors shall thereupon become and be fully paid the same as
though paid for in cash at par, and shall be non-assessable forever, and the
determination of the Board of Directors as to the value of any property or
services received by the corporation in exchange for stock shall be conclusive.

         All shareholders shall have pre-emptive rights to purchase, subscribe
for or otherwise acquire any unissued shares of stock of this corporation of any
class now or hereafter authorized.

                                    ARTICLE V

         The time of the commencement of this corporation shall be the date of
the issuance to it of a certificate of incorporation by the Corporation
Commission of the state of Arizona, and the time of its duration shall be
twenty-five (25) years from and after said date, with the privilege of renewal
in the manner provided by law.

                                   ARTICLE VI

         This corporation shall have three (3) directors initially. The number
of directors may be increased or diminished from time to time in accordance with
the by-laws adopted by the stockholders, but shall never be less than three (3).

                                   ARTICLE VII

         The affairs of this corporation shall be conducted by the Board of
Directors and by such officers as the said Board of Directors may from time to
time elect or appoint. Said directors shall be elected by the stockholders at
the annual meeting of the corporation, which shall be February 1, and shall hold
office until their successors are elected and qualified.

Page two of four pages
<PAGE>

         The following named person shall serve as officers and directors of
this corporation until the first annual meeting:

         President                        Harold L. Turner

         Vice-President                   Cecil R. Thompson

         Secretary-Treasurer              Marty Hintz

         Director                         Harold Turner

         Director                         Barry M. Kellogg

         Director                         Cecil Thomspon

                                  ARTICLE VIII

         The corporation shall not incur or subject itself to a total
indebtedness of liability, direct or contingent, in an amount exceeding
two-thirds (2/3) of its authorized capital stock unless authorized by
three-fourths (3/4) of the vote cast with respect thereto at a lawfully held
shareholders meeting, and approved by the Corporation Commission of the state of
Arizona.

                                   ARTICLE IX

         Except as to the amount of any unpaid stock subscription owing to this
corporation, the private property of the stockholders of this corporation shall
be exempt from liability for its debts and obligations.

                                    ARTICLE X

         The statutory agent for the corporation shall be C. I. CORPORATION
SYSTEM, 14 North 18th Avenue, Phoenix, Maricopa County, Arizona, 85007.

                                   ARTICLE XI

         The incorporators of this corporation are:

         David L. Helsten                 16 E. Fillmore
                                          Tempe, Maricopa County, Arizona

         Richard Rink                     2727 N. Central Avenue
                                          Phoenix, Maricopa County, Arizona

         IN TESTIMONY WHEREOF, we have hereunto set our hands this 18th day of
March, 1970.

Page three of four pages

<PAGE>

                                          /s/ David L. Helsten
                                          --------------------------------------
                                          David L. Helsten

                                          /s/ Richard Rink
                                          --------------------------------------
                                          Richard Rink

STATE OF ARIZONA   )
                   ) SS.
COUNTY OF MARICOPA )

         THIS IS TO CERTIFY that on the 18th day of March, 1970, before me, a
Notary Public, personally appeared David L. Helsten and Richard Rink who I
am satisfied are the persons named in and who executed the foregoing Articles of
Incorporation, and I first having made known to them the contents thereof, they
did acknowledge that they had signed the same as their voluntary act and deed
for the uses and purposes therein expressed.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal on this 18th day of March, 1970.

                                          /s/ Helen H. Delamater
                                          --------------------------------------
                                          Notary Public for the State of Arizona
                                          Residing at Phoenix, Arizona
                                          My Commission expires 8-13-76

         (NOTARIAL SEAL)

Page four of four pages

<PAGE>

                                          /s/ David L. Helsten
                                          --------------------------------------
                                          David L. Helsten

                                          /s/ Richard Rink
                                          --------------------------------------
                                          Richard Rink

STATE OF ARIZONA   )
                   ) ss.
COUNTY OF MARICOPA )

         THIS IS TO CERTIFY that on the 18th day of March, 1970, before me, a
Notary Public, personally appeared David L. Helsten and Richard Rink who I am
satisfied are the persons named in and who executed the foregoing Articles of
Incorporation, and I first having made known to them the contents thereof, they
did acknowledge that they had signed the same as their voluntary act and deed
for the uses and purposes therein expressed.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal on this 18th day of March, 1970

                                          /s/ Helen H. Delamater
                                          --------------------------------------
                                          Notary Public for the State of Arizona
                                          Residing at Phoenix, Arizona
                                          My Commission expires 8-13-72

         (NOTARIAL SEAL)

Page four of four pages

<PAGE>

DICK HERBERT                                               CHARLES D. HADLEY
  CHAIRMAN                                                EXECUTIVE SECRETARY

MILTON J. HUSKY                                               MAY S. OATES
 COMMISSIONER                                                 DIRECTOR OF
                                                         INCORPORATING DIVISION
CHARLES H. GARLAND
   COMMISSIONER

                         ARIZONA CORPORATION COMMISSION

                               STATE CAPITOL ANNEX

                                     PHOENIX

                             INCORPORATING DIVISION

                                 APRIL 28, 1970

U-Haul Co. of Arizona
c/o C. T. Corporation System
14 North 18th Avenue
Phoenix, Arizona 85007

                                          Re: Fiscal Year Date

Gentlemen :

         We request that you mail this office a letter advising the fiscal date,
of above corporation, in order to enable us to compute the fees due.

         The law provides that on or before the fifteenth day of the fourth
month, (3 months & 15 days), after the close of the fiscal year adopted by the
corporation, all corporation are required each year to file an annual report and
pay a registration fee.

         A "FISCAL YEAR: for Arizona State is defined as follows: Fiscal year is
the accounting period of twelve months ending on the last day of any month
including December."

         If in need of further assistance please call 271-4146.

                                         Yours truly,

                                         /s/ May S. Oates
                                         ---------------------------------------
                                         May S. Oates, Director of Incorporating
                                         ARIZONA CORPORATION COMMISSION

MSO/cc

         5/18/70                                       [ILLEGIBLE]

         Dear Ms. Oates: The Fiscal Year Date of U-Haul Co. of Arizona is
                         December 31

                                          ARCOA INTERNATIONAL, INC.

                                          /s/ H. H. Delamater
                                          --------------------------------------
                                          H. H. Delamater, Legal Department

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Arizona

         The undersigned corporation herby consents to the use of a similar
name:

1.       The name of the consenting corporation is AMERCO, a corporation
         organized and existing under the laws of the State of Arizona.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

         AMERCO MARKETING CO. OF ARIZONA.

         In Witness Whereof, this corporation has caused this consent to be
executed this 12th day of August, 1970.

                                              AMERCO, an Arizona corporation

                                          By: /s/ L. S. Shoen
                                              ----------------------------------
                                              L. S. Shoen - President

STATE OF ARIZONA   )
                   ) ss.
COUNTY OF MARICOPA )

         Before me, a Notary Public, personally appeared L. S. Shoen known to me
to be the person who executed the foregoing instrument, and acknowledged that he
executed the same for the purpose therein contained and that the statements
therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
12th day of August 1970.

                                             /s/ Helen H. Delamater
                                             ----------------------------------
                                                  Notary Public

                                             My Commission Expires Aug. 13, 1972
<PAGE>

                             RESOLUTION OF AMENDMENT

         WHEREAS, the undersigned are all of the officers of U-HAUL CO. OF
ARIZONA, and

         WHEREAS, articles of incorporation of said corporation were filed in
the office of the Corporation Commission of the State of Arizona on March 20,
1970, and

         WHEREAS, it is the unanimous decision of the undersigned to amend the
name of said corporation to AMERCO MARKETING CO. OF ARIZONA, and

         The number of shares outstanding and entitled to vote on said amendment
was 500; the number of shares voted for said amendment was 500 and the number
voted against was 0.

         NOW THEREFORE, the name of said corporation is hereby amended to AMERCO
MARKETING CO. OF ARIZONA.

                                          /s/ Harold L. Turner
                                          --------------------------------------
                                          Harold L. Turner, President

                                          /s/ Cecil Thompson
                                          --------------------------------------
                                          Cecil Thompson, Vice-President

                                          /s/ Marty A. Hintz
                                          --------------------------------------
                                          Marty A. Hintz, Secretary-Treasurer

STATE OF ARIZONA   )
                   ) SS.
COUNTY OF MARICOPA )

         This is to certify that on the 14th day of August 1970, before
me, a Notary Public, personally appeared Harold L. Turner, Cecil
Thompson and Marty A. Hintz, who I am satisfied are the persons named in and
executed the foregoing resolution, and I first having made known to them the
contents thereof, they did acknowledge that they had signed the same as their
voluntary act and deed for the uses and purposes therein expressed.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal this 14th day of August, 1970.

                                          /s/ Charles E. [ILLEGIBLE]
                                          --------------------------------------
                                          Notary Public for State of Arizona
                                          Residing at Phoenix, Arizona
                                          My Commission Expires Apr. 23, 1973

(NOTARIAL SEAL)

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1.   The name of the consenting corporation is U-HAUL Co., a
              corporation organized and existing under the laws of the State of
              Nevada.

         2.   The name of the corporation of which this consent is given and
              which is about to amend its corporate name is:

              AMERCO MARKETING CO. OF ARIZONA

         3.   The name the corporation shall adopt by amending its Articles of
              Incorporation is:

              U-HAUL CO. OF ARIZONA

         In Witness Whereof, this corporation has caused this consent to be
executed this 28th day of February, 1973.

                                        U-HAUL CO., a (xx) Nevada Corporation

                                        By:/s/ [ILLEGIBLE]
                                           -------------------------------------
                                           Arthur G. Assistant Secretary Seifart

STATE OF ARIZONA   )
                   ) ss.
COUNTY OF MARICOPA )

         Before me, a Notary Public, personally appeared Arthur G. Seifart,
known to me to be the person who executed the foregoing instrument, and
acknowledged that he executed the same for the purpose therein contained and
that the statements therein contained are truly set forth.

         In Witness Whereof, I have hereunto set may hand and official seal this
28th day of February 1973.

         (SEAL)                           /s/ Helen H. Delamater
                                          --------------------------------------
                                          Notary Public - State of Arizona
                                    My commission expires August 13, 1976

<PAGE>

                              ARTICLES OF AMENDMENT

                                       OF

                         AMERCO MARKETING CO. OF ARIZONA

         Pursuant to Arizona Corporation Law, a majority of the shareholders of
the corporation entitled to vote thereon adopted the following Articles of
Amendment:

         1.       The name of the corporation prior to this amendment is AMERCO
                  MARKETING CO. OF ARIZONA

         2.       The following amendment of the Articles of Incorporation was
                  adopted by the shareholders on February 21, 1973:

                                  "ARTICLE I"

                     The name of this corporation is U-HAUL
                     CO. OF ARIZONA

         3.       The total number of shares which, at time of adoption of
                  amendment, were outstanding was 500; entitled to vote thereon
                  was 500; voted for amendment was 500; voted against amendment
                  was none.

         4.       No shares of any class were entitled to vote on such amendment
                  as a class.

         5.       The amendment does not provide for an exchange,
                  reclassification or cancellation of issued shares.

         6.       The amendment does not effect a change in amount of stated
                  capital.

         IN WITNESS WHEREOF, the undersigned, Don Ogle has executed this
instrument and its Secretary has affixed its corporate seal hereto and attested
said seal on the 9th day of March, 1973.

     PLACE

CORPORATE SEAL                            AMERCO MARKETING CO. OF ARIZONA

     HERE
                                          BY /s/ [ILLEGIBLE]
ATTEST:                                      -----------------------------------
                                                          President

/s/ [ILLEGIBLE]
- ---------------------------
                  Secretary

STATE OF ARIZONA   )
                   ) SS.
COUNTY OF MARICOPA )

         I, Helen H. Delamater, a notary public do hereby certify that on this
9th day of March, 1973, personally appeared before me Don Ogle, who being by
me first sworn, declared that he is the President of AMERCO MARKETING CO. OF
ARIZONA that he signed the foregoing
<PAGE>

PAGE 2

document as President of this corporation, and that the statements therein
contained are true.

                                          /s/ Helen H. Delamater
                                          --------------------------------------
                                          Helen H. NOTARY PUBLIC Delamater

(NOTARIAL SEAL)

My Commission Expires August 13, 1976
<PAGE>

                                STATE OF ARIZONA
                             Corporation Commission

[SEAL]

To all to Whom these Presents shall Come, Greeting:

BE IT KNOWN THAT             ARIZONA ASSURED AUTO PARTS, INC.

HAVING SUBMITTED TO THE ARIZONA CORPORATION COMMISSION EVIDENCE OF COMPLIANCE
WITH THE LAWS OF THE STATE OF ARIZONA GOVERNING THE INCORPORATION OF COMPANIES,
IS, BY VIRTUE OF THE POWER VESTED IN THE COMMISSION UNDER THE CONSTITUTION AND
THE LAWS OF THE STATE OF
                          ARIZONA, HEREBY GRANTED THIS

                          CERTIFICATE OF INCORPORATION

AUTHORIZING SAID COMPANY TO EXERCISE THE FUNCTIONS OF A CORPORATION, UNDER THE
LAWS NOW IN EFFECT IN THE STATE OF ARIZONA, AND SUBJECT TO SUCH LAWS AS MAY
HEREAFTER BE ENACTED, FOR A PERIOD OF TWENTY-FIVE YEAR FROM THE DATE HEREOF,
UNLESS SOONER REVOKED
                              BY AUTHORITY OF LAW.

                BY ORDER OF THE ARIZONA CORPORATION COMMISSION.

                  IN WITNESS WHEREOF, I, MILTON J. HUSKY THE CHAIRMAN, HAVE
                  HEREUNTO SET MY HAND AND CAUSED THE OFFICIAL SEAL OF THE
                  ARIZONA CORPORATION COMMISSION TO BE AFFIXED AT THE CAPITOL,
                  IN THE CITY OF PHOENIX, THIS 24TH DAY OF MARCH A.D. 1969

                                                                  CHAIRMAN.

ATTEST:
                  SECRETARY.                                 NO.  75307

BY

         ASSISTANT SECRETARY.

[LOGO] INC. 302 3M 3.07

<PAGE>

                           ARTICLES OF INCORPORATION

                                       OF

                        ARIZONA ASSURED AUTO PARTS, INC.

         KNOW ALL MEN BY THESE PRESENTS: that we, the undersigned, have this day
adopted, made and subscribed in triplicate to the following Articles of
Incorporation, for the purpose of forming a corporation under the laws of the
state of Arizona.

                                   ARTICLE I

         The name of the corporation shall be ARIZONA ASSURED AUTO PARTS, INC.

                                   ARTICLE II

         The principal place of business of the corporation shall be at 705 West
Jefferson Street, in the county of Maricopa, state of Arizona.

                                  ARTICLE III

         The purpose or purposes for which the corporation is formed are:

         To engage in the retail and wholesale sales of auto parts and
accessories.

         To manufacture, produce, purchase, or otherwise acquire, sell or
otherwise dispose of, import, export, distribute, deal in and with, whether as
principal or agent, goods, wares, merchandise, and materials of every kind and
description, whether now known or hereafter to be discovered or invented.

         To manufacture, purchase, import or otherwise acquire, sell, rent,
repair, take upon storage, exchange, export and otherwise deal in and dispose of
all of the following: motors, engines, or other machinery or contrivances for
the generation of steam, electricity, gasoline or other forms of power now
[ILLEGIBLE] or which may be hereafter discovered; automobiles, cars, trucks,
carriages, wagons, trailers, semi-trailers, boats, airplanes, airships, and
vehicles of every kind and description for the transportation of passengers or
goods; machinery, machine supplies, and engineering appliances, hardware, tools,
parts, batteries, self-starters, magnetos, igniters, tires, rims, and all other
accessories, apparatus, and appliances; and fuel, oils, and other materials use-
ful in connection with the ownership, use, or enjoyment of any of the above.

Page 1 for 4 pages

<PAGE>

         To act as sales engineers, advisors, counselors or representatives for
others and generally assist in the promotion of the sale of their products; and
to render services for others as sales engineers, manufacturers'
representatives, business managers or otherwise in the conduct of their
business.

         To conduct all business activities and to exercise all powers conferred
under the Business Corporation Laws of the state of Arizona.

                                   ARTICLE IV

         The authorized amount of capital stock of this corporation shall be
Five Hundred Thousand ($500,000.00) Dollars, divided into Fifty Thousand
(50,000) shares of the par value of Ten ($10.00) Dollars each. Said capital
stock shall be paid in at such time and upon such conditions as the Board of
Directors may by resolution direct, either in cash, or by service rendered to
the corporation, or by real or personal property transferred to it. Shares of
stock when issued in exchange for services or property pursuant to a resolution
of the Board of Directors shall therupon become and be fully paid the same as
though paid for in cash at par, and shall be non-assessable forever, and the
determination of the Board of Directors as to the value of any property or
services received by the corporation in exchange for stock shall be conclusive.

         All shareholders shall have pre-emptive rights to purchase, subscribe
for or otherwise acquire any unissued shares of stock of this corporation of any
class now or hereafter authorized.

                                   ARTICLE V

         The time of the commencement of this corporation shall be the date of
the issuance to it of a certificate of incorporation by the Corporation
Commission of the State of Arizona, and the time of its duration shall be
twenty-five (25) years from and after said date, with the privilege of renewal
in the manner provided by law.

                                   ARTICLE VI

         This corporation shall have three (3) directors initially. The number
of directors may be increased or diminished from time to time in

<PAGE>

accordance with the by-laws adopted by the stockholders, but shall never be less
than three.

                                  ARTICLE VII

         The affairs of this corporation shall be conducted by the Board of
Directors and by such officers as the said Board of Directors may from time to
time elect or appoint. Said Directors shall be elected by the stockholders at
the annual meeting of the corporation to be held on the third Monday in February
and shall hold office until their successors are elected.

         The following named persons shall serve as officers and directors of
this corporation until first annual meeting:

         President               Robert J. Pyle
         Vice-President          John Hanson
         Secretary-Treasurer     Norman J. Montgomery

         Director                Joseph Hansbury
         Director                David Mert
         Director                Bryce Collerate

                                  ARTICLE VIII

         The corporation shall not incur or subject itself to a total
indebtedness or liability, directly or contingent, in an amount exceeding
two-thirds (2/3) of its authorized capital stock unless authorized by
three-fourths (3/4) of the vote cast with respect thereto at a lawfully held
shareholders meeting, and approved by the Corporation Commission of the state of
Arizona.

                                   ARTICLE IX

         Except as to the amount of any unpaid stock subscription owing to this
corporation, the private property of the stockholders of the corporation shall
be exempt from liability for its debts and obligations.

                                   ARTICLE X

         The statutory for the corporation shall be Robert J. Pyle, 705 West
Jefferson Street, Phoenix, Maricopa county and state of Arizona. Said Robert J.
Pyle has been a resident of the state of Arizona in excess of three years.

                                   ARTICLE XI

         The incorporators of this corporation are and their respective
addresses are:

<PAGE>

         Robert J. Pyle          325 West 5th Street
                                 Mess, Arizona

         Jon Hanson              2907 South Rita Lane
                                 Tempe, Arizona

IN TESTIMONY WHEREOF, we have signed and sealed these Articles of
Incorporation this 19th day of February, 1969.

                                 /s/ Robert J. Pyle
                                 ----------------------------------------------
                                 Robert J. Pyle

                                 /s/ Jon A. Hanson
                                 ----------------------------------------------
                                 Jon A. Hanson

STATE OF ARIZONA     )
                     )
COUNTY FO MARICOPA   )

         On the 19th day of February, 1969, before me, a Notary Public,
personally appeared ROBERT J. PYLE and JON A. HANSON, known by me to be the
persons whose signatures are subscribed to the within instrument and who
acknowledged that they executed the same as their free act for the purposes
therein contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                 /s/ William F. Pick
                                 ----------------------------------------------
                                 Notary Public

  (SEAL)
<PAGE>

                        AMENDED ARTICLES OF INCORPORATION

         WHEREAS, Arizona Assured Auto Parts, Inc. was duly formed as a
corporation, by its incorporators, under and by virtue of the laws of the State
of Arizona, on February 24, 1969 and

         WHEREAS, the sole stockholder ARCOA INC. and all officers and members
of the Board of Directors of said corporation have unanimously voted to alter
and amend the name of said corporation to read as follows:

                      "TRUKO PARTS CENTER OF PHOENIX, INC."

         NOW, THEREFORE, the said Articles of Incorporation are hereby amended
as above set forth.

         IN WITNESS THEREOF, the duly authorized officers of said corporation
have hereunto set the hands.

                                             /s/ Robert J. Pyle
                                             --------------------------------
                                             President-Robert J. Pyle

                                             /s/ Norman J. Montgomery
                                             --------------------------------
                                             Secretary-Norman J. Montgomery


<PAGE>

         On this 24th day of April, 1969 did come and appear before me Robert J.
Pyle and Norman J. Montgomery, known to me to be the duly elected President and
Secretary respectively of Arizona Assured Auto Parts, Inc., an Arizona
corporation, who did, after an oath was duly administered, subscribe and
acknowledge their foregoing signatures for the purposes herein intended.

                                             /s/ [ILLEGIBLE]
                                             ---------------------------------
                                             Notary Public  -  State of Arizona

                                 My Commission expires [ILLEGIBLE]

         (Seal)


<PAGE>

                                 PLAN OF MERGER

         This Plan of Merger entered into by and between Kar-Go Parts Center of
Arizona, Inc., an Arizona and Absorbed Corporation, and U-Haul Co. of Arizona,
an Arizona and Surviving Corporation, together referred to as Constituent
Corporations, hereby WITNESSETH THAT:

         The Boards of Directors and the sole shareholder of the Constituent
Corporations have adopted and approved the terms and conditions hereinafter set
forth, and hereby agree as follows:

                                        I

         The Constituent Corporations shall be merged into a. single Surviving
Corporation which shall be governed by the laws of the State of Arizona

                                       II

         The outstanding shares of the Absorbed Corporation shall be canceled
and no shares of Surviving Corporation shall be issued in exchange therefor.

                                       III

         Surviving Corporation shall pay all expenses of accomplishing the
merger.

                                       IV

         The Articles of Incorporation of Surviving Corporation shall continue
to be its Articles of Incorporation until altered or amended, and shall not be
affected by this merger.

<PAGE>

         IN WITNESS WHEREOF the corporation parties hereto execute this Plan
[ILLEGIBLE] this 8th day of August, 1978.

                   Surviving Corporation:  U-Haul Co. of Arizona, on
                                           Arizona corporation

                                           By: /s/ Harry B. DeShong
                                               -------------------------------
                                               Harry B. DeShong, President

                                           By: /s/ Marty A. Hintz
                                               -------------------------------
                                               Marty A. Hintz, Secretary

(CORPORATE SEAL)

                   Absorbed Corporation:   Kar-Go Parts Center of Arizona, Inc.,
                                           an Arizona corporation

                                           By: /s/ Jon A. Hanson
                                               --------------------------------
                                               Jon A. Hanson, President

                                           By: /s/ J. A. Lorentz
                                               --------------------------------
                                               J. A. Lorentz, Secretary

       NO
(CORPORATE SEAL)


<PAGE>

                               ARTICLES OF MERGER

                                       OF

                      KAR-GO PARTS CENTER OF ARIZONA, INC.

                                      INTO

                             U-HAUL CO. OF ARIZONA

         Pursuant to the Arizona Revised Statutes, Title 10, Section 10-074,
the undersigned corporations hereby adopt the following Articles of Merger for
the purpose of merging into one surviving corporation.

                                       I

1.       The name of the Surviving Corporation is U-Haul Co. of Arizona, an
         Arizona corporation.

2.       The name of the Absorbed Corporation is Kar-Go Parts Center of Arizona,
         Inc., an Arizona corporation.

                                       II

         The Plan of Merger which is attached hereto and by reference
incorporated herein was approved by the directors end the sole shareholder of
each of the Constituent Corporations in accordance with the laws of the State of
Arizona.

                                       III

         The number of shares outstanding, the number of shares entitled to vote
upon the Plan of Merger and the number of shares voted for and against said Plan
as to each corporation was as follows:

U-Haul Co. of Arizona:

<TABLE>
<CAPTION>
Number of Shares   Number of Shares     Number       Number
  Outstanding      Entitled to Vote   Voted For   Voted Against
- ----------------   ----------------   ---------   -------------
<S>                <C>                <C>         <C>
      500                 500            500          -0-
</TABLE>

A to Z. International, Inc.:

<TABLE>
<CAPTION>
Number of Shares   Number of Shares    Number        Number
  Outstanding      Entitled to Vote   Voted For   Voted Against
- ----------------   ----------------   ---------   -------------
<S>                <C>                <C>         <C>
</TABLE>

<PAGE>

Executed this 8th day of August, 1978.

                                            U-HAUL CO. OF ARIZONA

                                            By: /s/ Harry B. DeShong
                                                -----------------------------
                                                Harry B. DeShong, President

(CORPORATE SEAL)
                                            By: /s/ Marty A. Hintz
                                                -----------------------------
                                                Marty A. Hintz, Secretary

                                            KAR-GO PARTS CENTER OF ARIZONA, INC.

                                            By: /s/ Jon A. Hanson
                                                -----------------------------
                                                Jon A. Hanson, President

       NO
(CORPORATE SEAL)
                                            By: /s/ John A. Lorentz
                                                -----------------------------
                                                John A. Lorentz, Secretary

STATE OF ARIZONA   )
                   ) ss.
COUNTY OF MARICOPA )

         The foregoing instrument was acknowledged before me this 11 day of
August, 1978, by Harry B. DeShong, President, and Marty A. Hintz, Secretary of
U-Haul Co. of Arizona, an Arizona corporation, on behalf of the corporation.

                                            /s/ [ILLEGIBLE]
                                            ----------------------------------
                                                         Notary Public
                                                 My Commission Expires April
                                                        23, [ILLEGIBLE]

(NOTARIAL SEAL)

STATE OF ARIZONA    )
                    ) ss.
COUNTY OF MARICOPA  )

         The foregoing instrument was acknowledged before me this 5th day of
August, 1978, by Jon A. Hanson, President, and John A. Lorentz, Secretary, of
Kar-Go Parts Center of Arizona, Inc., an Arizona corporation, on behalf of the
corporation.

                                            /s/ [ILLEGIBLE]
                                            ----------------------------------
                                                        Notary Public
                                                 My Commission Expires Aug.
                                                       13, [ILLEGIBLE]

(NOTARIAL SEAL)

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 28st day of June,
1988, entered into by U-HAUL CO. OF ARIZONA, the Surviving Corporation, and
MOVERS WORLD OF ARIZONA, INC., the Absorbed Corporation, both corporations of
the State of Arizona and together referred to as the Constituent Corporations
hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation to
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Arizona, which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of incorporation of the Surviving Corporation shall
continue to be its Articles of incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporations's principal office. The location that office is 4646 W.
Pasadena, Glendale, Arizona 85036, c/o John A. Lorentz.

                                        1
<PAGE>

                                      III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         (1) All issued and outstanding shares of stock of the Constituent
Corporation shall be cancelled.

         (2) On the effective date of the merger and when the aforementioned
cancellation has been effected, the outstanding shares of stock of the Surviving
Corporation shall be deemed for all corporate purposes to evidence the ownership
of the Constituent Corporations.

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                  NUMBER OF           NUMBER OF        NUMBER           NUMBER
                                   SHARES             SHARES           VOTED            VOTED
        COMPANY NAME             OUTSTANDING      ENTITLED TO VOTE      FOR             AGAINST
        ------------             -----------      ----------------      ---             -------
<S>                              <C>              <C>                  <C>              <C>
U-HAUL CO. OF ARIZONA                500               50,000          50,000             0
MOVERS WORLD OF ARIZONA, INC.        100                  500             500             0
</TABLE>

                                       2
<PAGE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Arizona, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Arizona.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C. T. Corporation
System as its agent to accept service of process on any suit or other proceeding
and to enforce against the surviving Corporation any obligation of any
Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P. O. Box 21502, Phoenix, Arizona 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                                       3
<PAGE>

         IN WITNESS WHEREOF the corporate parties hereto execute this
PLAN/AGREEMENT/ARTICLES OF MERGER this 24st day of June, 1988.

                   Surviving Corporation:         U-HAUL CO. OF ARIZONA, Inc. an

                                                  Arizona corporation

                                                  BY: /s/ Robert Cilray
                                                      --------------------------
                                                      Robert Cilray, President

Verified

BY: /s/ Cathy Clegg
    -----------------------
    Cathy Clegg, Secretary

                    Absorbed Corporation:         MOVERS WORLD OF ARIZONA, INC.
                                                  an Arizona corporation

                                                  BY: /s/ John M. Dodds
                                                      --------------------------
                                                      John M. Dodds, President

Verified

BY: /s/ John A. Lorentz
    ---------------------
    John A. Lorentz,
    Secretary

<PAGE>

U-Haul Co. of Southern Arizona 078804-7

Merged Into

U-Haul Co. of Arizona 078805-8

<PAGE>

                       PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 10th day of January,
1991, entered into by U-Haul Co. of Arizona, the [ILLEGIBLE] Corporation, and
U-HAUL Co. of Southern Arizona the [ILLEGIBLE] Corporation, both corporations of
the State of Arizona and together referred to as the Constituent Corporations
hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the absorbed Corporation be
merged into the Surviving corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation law of the State of Arizona, which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is 2721 N.
Central Avenue, Phoenix, Arizona 85004, c/o John A. Lorentz.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         (1) All issued and outstanding shares of stock of the Constituent
Corporations shall be cancelled.

         (2) On the effective date of the merger and when the aforementioned
cancellation has been effected, the outstanding shares of stock of the Surviving
Corporation shall be deemed for all corporate purposes to evidence the ownership
of the Constituent Corporations.

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<PAGE>

<TABLE>
<CAPTION>
                            NUMBER OF          NUMBER OF           NUMBER       NUMBER
                              SHARES             SHARES            VOTED        VOTED
COMPANY NAME               OUTSTANDING      ENTITLED TO VOTE        FOR         AGAINST
- ------------               -----------      ----------------        ---         -------
<S>                        <C>              <C>                    <C>          <C>
U-HAUL CO. OF
ARIZONA, INC.                  500                500                500          -0-
U-HAUL CO. OF SOUTHERN
ARIZONA, INC.                  500                500                500          -0-
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Arizona, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Arizona.

                                       VI

         The Surviving Corporation hereby irrevocable appoints John A. Lorentz
as its agent to accept Service of process on any suit or other proceeding and to
enforce against the Surviving Corporation any obligation of any Constituent
Domestic Corporation or enforce the rights of a dissenting shareholder of any
Constituent Domestic Corporation.

                                      VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                                      VIII

         The effective date of the merger shall be January 1, 1991.

<PAGE>

         IN WITNESS WHEREOF the corporate parties hereto executes this
PLAN/AGREEMENT/ARTICLES OF MERGER this 10th day of January, 1991.

               SURVIVING CORPORATION              U-HAUL CO. OF ARIZONA
                                                  an Arizona Corporation

                                                  BY: /s/ John A. Lorentz
                                                      --------------------------
                                                      John A. Lorentz, President

Verified

BY: /s/  Gary V. Klinefelter
    -------------------------------
    Gary V. Klinefelter, Secretary

               ABSORBED CORPORATION               U-HAUL CO. OF SOUTHERN ARIZONA
                                                  an Arizona Corporation

                                                  BY: /s/ John A. Lorentz
                                                      --------------------------
                                                      John A. Lorentz, President

Verified

BY: /s/ Gary V. Klinefelter
    -------------------------------
    Gary V. Klinefelter, Secretary

<PAGE>

Amform, Inc. 075069-0

Merged Into

U-Haul Co. of Arizona 078805-8

<PAGE>
\
                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 10th day of January,
1991, entered into by U-Haul Co. of Arizona, the surviving [ILLEGIBLE]
Corporations of the State of Arizona and together referred to as the Constituent
Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Arizona, which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The articles of incorporation of The Surviving corporation shall
continue to be Its articles Of incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporations's principal office. The location of that office is 2721
N. Central Avenue, Phoenix, Arizona 85004, c/o John A. Lorentz.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         (1) All Issued and outstanding shares of stock of the Constituent
Corporations shall be cancelled.

         (2) On the effective date of the merger and when the aforementioned
cancellation has been effected, the outstanding shares of stock of the Surviving
Corporation shall be deemed for all corporate purposes to evidence the ownership
of the Constituent Corporations.

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<PAGE>

<TABLE>
<CAPTION>
                            NUMBER OF          NUMBER OF           NUMBER       NUMBER
                              SHARES             SHARES            VOTED         VOTED
COMPANY NAME               OUTSTANDING      ENTITLED TO VOTE        FOR         AGAINST
- ------------               -----------      ----------------        ---         -------
<S>                        <C>              <C>                    <C>          <C>
U-HAUL CO. OF
ARIZONA, INC.                  500                500                 500         -0-
AMFORM, INC.                16,300             16,300              16,300         -0-
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Arizona, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Arizona.

                                       VI

         The surviving corporation hereby irrevocable appoints John A. Lorentz
as its agent to accept service of process on any suit or other proceeding and to
enforce against the Surviving Corporation any obligation of any Constituent
Domestic Corporation or enforce the rights of a dissenting shareholder of any
Constituent Domestic Corporation.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                                      VIII

         The effective date of the merger shall be January 1, 1991.

<PAGE>

         IN WITNESS WHEREOF the corporate parties hereto executes this
PLAN/AGREEMENT/ARTICLES OF MERGER this 10th day of January, 1991.

               SURVIVING CORPORATION              U-HAUL CO. OF ARIZONA
                                                  an Arizona Corporation

                                                  BY: /s/ John A. Lorentz
                                                      --------------------------
                                                      John A. Lorentz, President

Verified

BY: /s/  Gary V. Klinefelter
    ---------------------------
    Gary V. Klinefelter, Secretary

               ABSORBED CORPORATION               AMFORM, INC.
                                                  an Arizona Corporation

                                                  BY: /s/ John A. Lorentz
                                                      --------------------------
                                                      John A. Lorentz, President

Verified

BY: /s/ Gary V. Klinefelter
    -------------------------------
    Gary V. Klinefelter, Secretary

<PAGE>

                     ARTICLES OF AMENDMENT        AZ CORP COMMISSION
                                                  FOR THE STATE OF AZ
                              TO                         FILED
                                                  NOV 24 12 37 PM '92
                   ARTICLES OF INCORPORATION      APPR [ILLEGIBLE]
                                                  DATE APPR [ILLEGIBLE] FILED __
                              OF                  TERM _________________________
                                                  DATE __________ TIME _________
                    U-HAUL CO. OF ARIZONA              078805-8

Pursuant to the provision of Section 10-061, Arizona Revised Statues, the
undersigned corporation adopts the following Articles of Amendment to its
Articles of Incorporation:

FIRST:   The name of the corporation is U-Haul Co. of Arizona

SECOND:  The document attached hereto as Exhibit "A" sets forth the Articles of
         Incorporation which were adopted by the shareholders of the corporation
         at their meeting on October 30, 1992, in the manner prescribed by law.

THIRD:   The number of shares of stock outstanding at the time of such adoption
         was 500 shares; and the number of shares entitled to vote on the
         amendment was 500 shares.

FOURTH:  The designation and number of outstanding shares of each class or
         series entitled to vote thereon, as a class or series, was as follows:

                       CLASS OR SERIES            NUMBER OF SHARES
                           Common                       500

FIFTH:   The number of shares of each class or series entitled to vote thereon
         as a class or series voted for or against such amendment, respectively,
         was:

                      CLASS OR SERIES   NUMBER FOR      NUMBER AGAINST
                           Common         500                -0-

DATED: November 6, 1992.

                                                  U-HAUL CO. OF ARIZONA

                                                  BY: /s/ Jon Baker
                                                      --------------------------
                                                      Jon Baker, President

Attest:

/s/ Gary V. Klinefelter
- ------------------------------
Gary V. Klinefelter, Secretary

<PAGE>

                                    EXHIBIT A

                                AMENDMENT TO THE
                            ARTICLES OF INCORPORATION
                                       OF:

                              U-HAUL CO. OF ARIZONA

1. Article IV is amended to read as follows:

         The existence of the corporation shall be: Perpetual.

<PAGE>
                                                      AZ CORP COMMISSION
                                                      FOR THE STATE OF AZ
                         ARTICLES OF AMENDMENT              FILED
                   TO THE ARTICLES OF INCORPORATION   SEP 8 11:20 AM '93
                                  OF                  APPR F L Kreuder
                         U-HAUL CO. OF ARIZONA        DATE APPR 11-10-3 FILED __
                        AN ARIZONA CORPORATION        TERM___
                                                      DATE____ TIME___
                                                                078805-8
         Pursuant to A.R.S. 10-061, U-Haul Co. of Arizona, an Arizona
corporation, hereby adopts the following Articles of Amendment and certifies as
follows;

         1. The name of the corporation is U-Haul Co. of Arizona.

         2. The following amendment of the Articles of Incorporation was adopted
by the sole shareholder of the corporation:

                                   ARTICLE XII

         To the fullest extent permitted by law, the corporation shall indemnify
every officer and director of the corporation against all expenses and
liabilities, including attorneys' fees, reasonably incurred by or imposed upon
him in connection with any proceeding to which he may be a party, or in which he
may become involved by reason of his being or having served in such capacity on
behalf of the corporation, or any settlement thereof. The foregoing rights of
indemnification shall be in addition to and not excluding of all of the rights
to which such persons may be entitled at law or otherwise. Notwithstanding the
foregoing, the board of directors shall have the right to refuse indemnification
as to any expenses unreasonable incurred.

                                  ARTICLE XIII

         No director of the corporation shall be personally liable to the
corporation or its shareholders for monetary damages for breach of fiduciary
duty as a director; provided, however, that this Article shall not eliminate or
limit the liability of a director for (i) any breach of the director's duty of
loyalty to the corporation or its shareholders; (ii) acts or omissions not in
good faith or which involve intentional misconduct or a knowing violation of
law; (iii) authorizing the unlawful payment of a dividend or other distribution
on the corporation's capital stock or the unlawful purchase of its capital
stock; (iv) a violation of Arizona Revised Statutes Section 10-041 -- Director
conflicts of interest; or (v) any transaction from which the director derived an
improper personal benefit.

         3. The amendment was adopted by the sole shareholder on August 24,
1993.

<PAGE>

Page 2

         4. The total number of common shares outstanding at the time of
adoption of the amendment and entitled to vote thereon was five hundred (500).

         5. The number of shares of each class or series entitled to vote
thereon as a class of series voted for or against such amendment were as
follows:

             CLASS OR SERIES        No. FOR       NO. AGAINST
                 COMMON               500             -0-

         6. The amendment does not provide for an exchange, reclassification or
cancellation of issued shares.

         7. The amendment does not effect a change in the amount of stated
capital of the corporation.

DATED as of August 24th, 1993.

                                                  U-HAUL CO. OF ARIZONA
                                                  as Arizona corporation

                                                  /s/ Jon Baker
                                                  ------------------------------
                                                  Jon Baker, President
ATTEST:

/s/ Gary V. Klinefelter
- ------------------------------
Gary V. Klinefelter, Secretary

<PAGE>

                         CONSENT OF THE SOLE STOCKHOLDER

                                       OF

                              U-HAUL CO. OF ARIZONA

                             AN ARIZONA CORPORATION

                                                                 August 24, 1993

         AMERCO, a Nevada corporation, the sole shareholder of the above named
corporation, acting through Edward J. Shoen, on authority of the Board of
Directors of U-Haul International, Inc. to vote the stock of all of its
subsidiaries, hereby consents to and adopts the following:

         RESOLVED: That this corporation, the sole shareholder of U-Haul Co. of
         Arizona, hereby approves the amendment to the Articles of Incorporation
         for Article XII and Article XIII of said corporation in the State of
         Arizona and further

         RESOLVED: That the Board of Directors and Officers of said corporation
         are hereby authorized and directed to take all further action and to
         execute all documents necessary to effect this amendment.

                                                  AMERCO, a Nevada Corporation

                                                  BY: /s/ Edward J. Shoen
                                                      --------------------------
                                                      Edward J. Shoen

<PAGE>

                                  ARTICLES XII

         To the fullest extent permitted by law, the corporation shall indemnify
every officers and director of the corporation against all expenses and
liabilities, including attorneys's fees reasonably incurred by or imposed upon
him in connection with any proceeding to which he may be a party, or in which he
may become involved by reason of his being or having served in such capacity on
behalf of the corporation, or any settlement thereof. The foregoing rights of
indemnification shall be in addition to and not exclusive of all of the rights
to which such persons may be entitled at law or otherwise. Notwithstanding the
foregoing, the board of directors shall have the right to refuse indemnification
as to any expenses unreasonably incurred.

                                  ARTICLE XIII

         No director of the corporation shall be personally liable to the
corporation or its shareholders for monetary damages for breach of fiduciary
duty as a director; provided, however, that this Article shall not eliminate or
limit the liability of a director for (i) any breach of the director's duty of
loyalty to the corporation or its shareholders; (ii) acts or omissions not in
good faith or which involve intentional misconduct or a knowing violation of
law; (iii) authorizing the unlawful payment of a dividend or other distribution
on the corporation's capital stock or the unlawful purchase of its capital
stock; (iv) a violation of Arizona Revised statutes Section 10-041 -- Director
conflicts of interest; or (v) any transaction from which the director derived an
improper personal benefit. This Article shall not eliminate or limit the
liability of a director for any act or omission occurring before the effective
date of this Amendment.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.60
<SEQUENCE>59
<FILENAME>p68936exv3w60.txt
<DESCRIPTION>EXHIBIT 3.60
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.60

                                   BY-LAWS OF

                              U-HAUL CO. OF ARIZONA

                             An Arizona Corporation

                                    ARTICLE I

                                                             DATE: April 9, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Arizona shall be located
in the city of Glendale. The corporation may have such other offices either
within or without the state of Arizona as the Board of Directors may designate
or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
first Friday in February of each year, at the office of the corporation in the
state of Arizona or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                      -1-
<PAGE>

may be held within or without the state of Arizona. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

           1st.     All persons claiming to hold proxies shall present them to
                    the tellers for verification.

           2nd.     Proof of due notice of meeting when applicable.

           3rd.     Reading and disposal of all unapproved minutes.

           4th.     Reports of officers and committees.

           5th.     Election of Directors.

           6th.     Unfinished business.

           7th.     New business.

           8th.     Adjournment.

                                      -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
dis-qualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Arizona.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Arizona.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be leas than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                      -3-
<PAGE>

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.   To purchase, lease, and acquire, in any lawful manner any and all
              real or personal property including franchises, stocks, bonds and
              debentures of other companies, business and good will, patents,
              trade-marks in contracts, and interests thereunder, and other
              rights end proprieties which in their judgment may be beneficial
              for the purpose of this corporation, and to issue shares of stock
              of this corporation in payment of such property, and in payment
              for services rendered to this corporation, when they deem it
              advisable.

         2.   To fix and determine and to vary, from time to time, the amount or
              amounts to be set aside or retained as reserve funds or as working
              capital of this corporation.

         3.   To issue notes and other obligations or evidences of the debt of
              this corporation, and to secure the same, if deemed advisable, and
              endorse and guarantee the notes, bonds, stocks, and other
              obligations of other corporations with or without compensation for
              so doing, and from time to time to sell, assign, transfer

                                      -4-
<PAGE>

                  or otherwise dispose of any of the property of this
                  corporation, subject, however, to the laws of the State of
                  Arizona, governing the disposition of the entire assets and
                  business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the tine when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board nay appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Arizona statutes regulating the appointment of
committees.

                                   ARTICLE VI

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with

                                      -5-
<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorised by the Board of Directors, and when
[ILLEGIBLE] ordered by the Board of Directors, he shall affix the Seal of
Corporation thereto. The Secretary shall have charge of all books, documents,
and papers properly belonging to his office, and of such other books and papers
as the Board of Directors nay direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care end custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                      -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-president, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Arizona, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferrable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                      -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF ARIZONA, are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                            ------------------------------------
                                            President - Harold L. Turner

ATTEST:

- ---------------------------
Secretary - Marty A. Hintz

         (CORPORATE SEAL)

                                      -8-
<PAGE>

                             U-HAUL CO. OF ARIZONA,

                             An Arizona corporation

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Arizona, an
Arizona corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                           SHAREHOLDER:

                                           U-Haul International, Inc., a Nevada
                                           Corporation

                                           By: /s/ Gary V. Klinefelter
                                           Name: Gary V. Klinefelter
                                           Its:  Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.61
<SEQUENCE>60
<FILENAME>p68936exv3w61.txt
<DESCRIPTION>EXHIBIT 3.61
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.61

[SEAL]             ARKANSAS SECRETARY OF STATE
                   CHARLIE DANIELS
                   -------------------------------------------------------------

     State Capitol Building - Little Rock, Arkansas 72201-1094 - 501.682.3409

I, Charlie Daniels, Secretary of State of the State of Arkansas, and as such,
keeper of the records of domestic and foreign corporations, do hereby certify
that the following and hereto attached instrument of writing is a true and
perfect copy of

                             ALL RECORDS ON FILE FOR

                             U-HAUL CO. OF ARKANSAS

                                          IN TESTIMONY WHEREOF, I have hereunto
                                          set my hand and affixed my official
                                          Seal. Done at my office in the City of
                                          Little Rock, this 5th day of August
                                          2003.

                                          /s/ Charlie Daniels
                                          --------------------------------------
                                          Charlie Daniels
                                          Secretary of State

                                          By: /s/ Arkumpe
                                              ----------------------------------
                                              arkumpe

<PAGE>

                            ARTICLES OF INCORPORATION

                                       of

                             U-HAUL CO. OF ARKANSAS

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a corporation
under the laws of the State of Arkansas.

                                    ARTICLE I

         The name of the corporation is U-HAUL CO. OF ARKANSAS.

                                   ARTICLE II

         The period of duration of the corporation is perpetual.

                                   ARTICLE III

         The purpose or purposes for which the corporation is organized are to
rent and lease to the general public trailers, semi-trailers, trucks, passenger
automobiles and other equipment, tools, machinery, vehicles and property of any
and every kind and description, and to purchase or otherwise acquire and operate
any facilities useful for the conduct of the business enterprises of this
corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of Arkansas upon corporations, and to engage in any lawful activity within
the purposes for which corporations may be organized under the laws of the State
of Arkansas.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue are ten thousand (10,000) shares of common stock with a par
value of Ten ($10.00) Dollars each, or a total capitalization of One Hundred
Thousand ($100,000.00) Dollars.

                                    ARTICLE V

         The corporation will not commence business until the consideration

Page one of two pages

<PAGE>

of at least One Thousand ($1,000.00) Dollars has been received for the issuance
of shares.

                                   ARTICLE VI

         The address of its registered office shall be c/o The Corporation
Company, No. 221 West Second Street, Little Rock, Arkansas, and the name of the
resident agent at said address is The Corporation Company.

                                   ARTICLE VII

         The initial Board of Directors shall consist of three (3) members, and
the initial Board who shall act until the first annual meeting of stockholders
and their successors have been elected and qualified are:

               Gerald Bailey                       4715 Manchester
                                                   Little Rock, Arkansas 72206

               Jim R. Munson                       4715 Manchester
                                                   Little Rock, Arkansas 72206

               Juanita Bailey                      4715 Manchester
                                                   Little Rock, Arkansas 72206

                                  ARTICLE VIII

         The name and address of each incorporator is as follows:

               David L. Helsten                    2727 North Central Avenue
                                                   Phoenix, Arizona 85004

         IN WITNESS WHEREOF, I have hereunto set my hand and seal this 12th day
of February, 1970.

                                          /s/ David L. Helsten
                                          --------------------------------------
                                          David L. Helsten

STATE OF ARIZONA    )
                    )  ss:
COUNTY OF MARICOPA  )

         On this 12th Day of February, 1970, before me, a Notary Public for the
State of Arizona, personally appeared David L. Helsten, known to me to be the
person named in and who executed the foregoing instrument, and who acknowledged
that he had executed the same and that the matters therein contained are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal this 12th day of February, 1970.

                                          /s/ Helen H. Delamater
                                          --------------------------------------
                                          Helen H. Delamater
                                          Notary Public for the State of Arizona
                                          Residing at Tempe, Arizona
                                          My Commission expires August 13, 1972

(NOTARIAL SEAL)

Page two of two pages

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Arkansas

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is U-HAUL CO., a corporation
         organized and existing under the laws of the State of [ILLEGIBLE]and
         qualified in the State of Arkansas.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

                             U-HAUL CO. OF ARKANSAS

         IN WITNESS WHEREOF, this corporation has caused this consent to be
executed this 2nd day of February, 1970.

                                                   U-HAUL CO.

                                                   By: /s/ [ILLEGIBLE]
                                                       -------------------------
                                                                       President

STATS OF ARIZONA      )
                      )  ss.
COUNTY OF MARICOPA    )

         Before me, a Notary Public, personally appeared Francis P. Crahan,
known to me to be the person who executed the foregoing instrument, and
acknowledged that he executed the same for the purpose therein contained and
that the statements therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
2nd day of February, 1970.

                                             /s/ Helen H. Delamater
                                             ----------------------------------
                                                   Notary Public

                                             My Commission Expires Aug. 13, 1972

<PAGE>

                     AMENDMENT OF ARTICLES OF INCORPORATION

         The undersigned, being all of the officers and directors of U-HAUL CO.
OF ARKANSAS, do hereby certify as follows:

         That on February 24, 1970 Articles of Incorporation of U-HAUL CO. OF
ARKANSAS were filed in the office of the Secretary of State of the State of
Arkansas, and

         The number of shares outstanding and entitled to vote on said amendment
was 500; the number of shares voted for said amendment was 500 and the number
voted against was 0.

         That it is now desired to change the name of said corporation to AMERCO
MARKETING CO. OF ARKANSAS.

         NOW, THEREFORE, the aforesaid original articles of incorporation are
hereby amended to recite as follows:

         Article I. The name of the proposed corporation is AMERCO MARKETING CO.
OF ARKANSAS.

         IN WITNESS WHEREOF, we have hereunto set our hands and seals this 14th
day of August, 1970.

                                                /s/ Gerald Bailey
                                                --------------------------------
                                                Gerald Bailey,
                                                President and Director

                                                /s/ Jim R. Munson
                                                --------------------------------
                                                Jim R. Munson,
                                                Vice-President and Director

                                                /s/ Juanita Bailey
                                                --------------------------------
                                                Juanita Bailey,
                                                Secretary-Treasurer and Director

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Arkansas

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is AMERCO, a corporation
         organized and existing under the laws of the State of Arizona.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

         AMERCO MARKETINGS CO. OF ARKANSAS

         In Witness Whereof, this corporation has caused this consent to be
executed this 12 day of August, 1970.

                                          AMERCO, an Arizona corporation

                                          By: /s/ L. S. Shoen
                                              ----------------------------------
                                              L. S. Shoen - President

STATE OF ARIZONA    )
                    )  ss.
COUNTY OF MARICOPA  )

         Before me, a Notary Public, personally appeared L. S. Shoen known to me
to be the person who executed the foregoing instrument, and acknowledged that he
executed the same for the purpose therein contained and that the statements
therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
12th day of August, 1970.

                                          /s/ Helen H. Delamater
                                          --------------------------------------
                                                Notary Public

                                          My Commission Expires August 13, 1972



<PAGE>

                               ARTICLES OF MERGER

         Pursuant to the Business Corporation Act of the state of Arkansas, the
undersigned corporations hereby adopt the following Articles of Merger for the
purpose of merging them into one of such corporations.

FIRST. The names of the undersigned corporations and the states under the laws
of which they are respectively organized, and their status after completion of
the merger are as follows:

          Amerco Marketing Co. of Arkansas                 Arkansas  Survivor
          Automated Multitest Medical Laboratories, Inc.   Arkansas  Absorbed
          E Z Move, Inc.                                   Arkansas  Absorbed

SECOND. The Plan and Agreement of Merger which is attached hereto and by
reference incorporated herein, was approved by the directors and shareholders of
each of the undersigned corporations in the manner provided under the laws of
the state of Arkansas.

THIRD. The number of shares outstanding, and the number of shares entitled to
vote upon such Plan and Agreement of Merger, and the number of shares voted for
and against such Plan and Agreement of Merger as to AMERCO MARKETING CO. OF
ARKANSAS, an Arkansas corporation, was as follows:

<TABLE>
<CAPTION>
Number of Shares        Number of Shares         Number            Number
  Outstanding           Entitled to Vote        Voted For       Voted Against
- ----------------        ----------------        ---------       -------------
<S>                     <C>                     <C>             <C>
      500                     500                 500               -0-
</TABLE>

FOURTH. None of the shares of the authorized capital stock of Automated
Multitest Medical Laboratories, Inc., and E Z Move, Inc., both Arkansas
corporations, have been issued or are outstanding, and approval of such
Agreement of Merger has been given by unanimous consent of the Boards of
Directors of such corporations.

FIFTH. The respective secretaries or assistant secretaries of the respective
undersigned corporations in signing these Articles and the assistant secretary
of AMERCO MARKETING CO. OF ARKANSAS affixing the corporate seal of the AMERCO
MARKETING CO. OF ARKANSAS, hereby certify as to the above-stated votes. The two
absorbed corporations have no corporate seals.

<PAGE>

                    Executed this 13th day of December, 1971.

                                          SURVIVOR: AMERCO MARKETING CO. OF
                                                    ARKANSAS,
                                                    an Arkansas corporation

(Corporate
     Seal)

                                          By: /s/ David L. Helsten
                                              ----------------------------------
                                              David Helsten - Vice-President

Attest: /s/ John A. Lorentz
        -------------------
        John A. Lorentz - Assistant Secretary

                         ABSORBED (1): AUTOMATED MULTITEST MEDICAL LABORATORIES,
                                       INC., an Arkansas corporation

(No Corporate
        Seal)

                                          By: /s/ John A. Lorentz
                                              ----------------------------------
                                              John A. Lorentz - President

Attest: /s/ David L. Helsten
        --------------------
        David Helsten - Secretary

                         ABSORBED (2): E Z MOVE, INC., an Arkansas corporation

(No Corporate
        Seal)

                                          By: /s/ David L. Helsten
                                              ----------------------------------
                                              David Helsten - Vice-President

Attest: /s/ John A. Lorentz
        -------------------
        John A. Lorentz - Assistant Secretary

<PAGE>

State of Arizona    )
                    )  ss.
County of Maricopa  )

         On this the 13th day of December, 1971, before me, the undersigned
Notary Public, appeared David Helsten, who, being duly sworn did say that he is
the Vice-President of E Z MOVE, INC., an Arkansas corporation, and the Secretary
of AUTOMATED MULTITEST MEDICAL LABORATORIES, INC., an Arkansas corporation, and
that he is the person whose name is subscribed to the foregoing instrument on
behalf of said corporations, in the above-stated capacities, and that there are
no corporate seals for the said corporations and that said instrument was signed
on behalf of said corporations by authority of their respective Boards of
Directors, and as the free act and deed of said corporations, and for the
purposes therein stated; and further that the facts therein stated are true to
the best of his knowledge, information and belief.

         IN WITNESS WHEREOF, I set my hand and official seal.

                                                   /s/ Helen H. Delamater
                                                   -----------------------------
                                                        Notary Public

My commission
expires: 8-13-72

<PAGE>

State of Arizona    )
                    )  ss.
County of Maricopa  )

         On this the 13th day of December, 1971, before me, the undersigned
Notary Public, appeared John A. Lorentz, who, being duly sworn did say that he
is the President of AUTOMATED MULTITEST MEDICAL LABORATORIES, INC., an Arkansas
corporation, and the Assistant-Secretary of E Z MOVE, INC., an Arkansas
corporation, and that he is the person whose name is subscribed to the foregoing
instrument on behalf of said corporations, in the above-stated capacities, and
that there are no corporate seals for the said corporations and that said
instrument was signed on behalf of said corporations by authority of their
respective Boards of Directors, and as the free act and deed of said
corporations, and for the purposes therein stated; and further that the facts
therein stated are true to the best of his knowledge, information and belief.

         IN WITNESS WHEREOF, I set my hand and official seal.

                                                   /s/ Helen H. Delamater
                                                   -----------------------------
                                                       Notary Public

My commission
expires: 8-13-72

<PAGE>

State of Arizona     )
                     ) ss.
County of Maricopa   )

         On this the 13th day of December, 1971, before me, the undersigned
Notary Public, appeared David Helsten and John A. Lorentz, who, being duly sworn
did say that they are the Vice-President and Assistant Secretary, respectively,
of AMERCO MARKETING CO. OF ARKANSAS, an Arkansas corporation, and that they are
the persons whose names are subscribed to the foregoing instrument on behalf of
said corporation, in the above-stated capacities, and that the seal is the
corporate seal of the said corporation and that said instrument was signed and
sealed on behalf of said corporation by authority of its Board of Directors and
Shareholders, and as the free act and deed of said corporation, and for the
purposes therein stated; and further that the facts therein stated are true to
the best of their knowledge, information and belief.

         IN WITNESS WHEREOF, I set my hand and official seal.

                                                   /s/ Helen H. Delamater
                                                   -----------------------------
                                                        Notary Public

My commission
expires: 8-13-72

<PAGE>

                       CERTIFICATE OF CORPORATE RESOLUTION

         I, John A. Lorentz, do hereby certify that I am the duly elected and
acting Assistant Secretary of AMERCO MARKETING CO. OF ARKANSAS, an Arkansas
corporation, and that the following is a true and accurate copy of a resolution
adopted by the Board of Directors of this corporation at a meeting duly called
and held on the 13th day of December, 1971, as the same appears on the books and
records of this corporation:

                  RESOLVED, That this Board of Directors by unanimous consent
                  hereby recommends, approves and adopts the proposed Plan and
                  Agreement of Merger between this corporation, AUTOMATED
                  MULTITEST MEDICAL LABORATORIES, INC. and E Z MOVE, INC., and
                  the Officers of this corporation are hereby authorized and
                  directed to enter into said Plan and Agreement by executing
                  said Plan and Agreement under the corporate seal of this
                  corporation, and be it

                  RESOLVED FURTHER, That said Plan and Agreement be submitted to
                  the shareholders of this corporation at a special meeting to
                  be held on the 13th day of December, 1971, for the purpose of
                  considering and voting upon the approval and adoption of said
                  Plan and Agreement;

                  RESOLVED FURTHER, That in the event said Plan and Agreement
                  shall be approved and adopted at said special meeting of
                  shareholders, then the officers of this corporation are hereby
                  authorized to execute and deliver, under corporate seal of
                  this corporation and on behalf of this corporation, any and
                  all documents which they deem necessary or advisable including
                  "ARTICLES OF MERGER," to consummate said merger under the laws
                  of the state of Arkansas and that the Assistant Secretary of
                  this corporation is authorized to certify as to the vote of
                  the shareholders on said Agreement or in said "ARTICLES OF
                  MERGER."

         In Witness Whereof, I have set my hand and the official seal of this
corporation this 13th day of December, 1971.

                  (Seal)

                                          /s/ John. A. Lorentz
                                          --------------------------------------
                                          John A. Lorentz - Assistant Secretary

<PAGE>

                       CERTIFICATE OF CORPORATE RESOLUTION

         I, David Helsten, do hereby certify that I am the duly elected and
acting Secretary of AUTOMATED M0LTITEST MEDICAL LABORATORIES, INC., an Arkansas
corporation, and that the following is a true and accurate copy of a resolution
adopted by the Board of Directors of this corporation at a meeting duly called
and held on the 13th day of December, 1971, as the same appears on the books and
records of this corporation:

                  RESOLVED, That this Board of Directors by unanimous consent
                  hereby recommends, approves and adopts the proposed Plan and
                  Agreement of Merger between this corporation, E Z MOVE, INC.,
                  and AMERCO MARKETING CO. OF ARKANSAS, and the Officers of this
                  corporation are hereby authorized and directed to enter into
                  said Plan and Agreement by executing said Plan and Agreement,
                  and be it

                  RESOLVED FURTHER, That in the event said Plan and Agreement
                  shall be approved and adopted by the shareholders of AMERCO
                  MARKETING CO. OF ARKANSAS, then the Officers of this
                  corporation are hereby authorized to execute and deliver, and
                  on behalf of this corporation, any and all documents which
                  they deem necessary or advisable including "ARTICLES OF
                  MERGER," to consummate said merger under the laws of the state
                  of Arkansas.

         In Witness Whereof, I have set my hand this 13th day of December, 1971.

(No Corporate
         Seal)

                                                   /s/ David L. Helsten
                                                   -----------------------------
                                                   David Helsten - Secretary

<PAGE>

                       CERTIFICATE OF CORPORATE RESOLUTION

         I, John A. Lorentz, do hereby certify that I am the duly elected and
acting Assistant-Secretary of E Z MOVE, INC., an Arkansas corporation, and that
the following is a true and accurate copy of a resolution adopted by the Board
of Directors of this corporation at a meeting duly called and held on the 13th
day of December, 1971, as the same appears on the books and records of this
corporation:

                  RESOLVED, That this Board of Directors by unanimous consent
                  hereby recommends, approves and adopts the proposed Plan and
                  Agreement of Merger between this corporation, AUTOMATED
                  MULTITEST MEDICAL LABORATORIES, INC. and AMERCO MARKETING CO.
                  OF ARKANSAS, and the Officers of this corporation are hereby
                  authorized and directed to enter into said Plan and Agreement
                  by executing said Plan and Agreement, and be it

                  RESOLVED FURTHER, That in the event said Plan and Agreement
                  shall be approved and adopted by the shareholders of AMERCO
                  MARKETING CO. OF ARKANSAS, then the Officers of this
                  corporation are hereby authorized to execute and deliver, and
                  on behalf of this corporation, any and all documents which
                  they deem necessary or advisable including "ARTICLES OF
                  MERGER," to consummate said merger under the laws of the state
                  of Arkansas.

         In Witness Whereof, I have set my hand this 13th day of December, 1971.

(No Corporate
        Seal)

                                          /s/ John A. Lorentz
                                          --------------------------------------
                                          John A. Lorentz - Assistant-Secretary

<PAGE>

                               PLAN AND AGREEMENT

                                    OF MERGER

         THIS PLAN AND AGREEMENT OF MERGER dated this 13th day of December, 1971
made by and between AMERCO MARKETING CO. OF ARKANSAS, an Arkansas corporation,
hereinafter sometimes referred to as SURVIVOR or Surviving Corporation, and
AUTOMATED MULTITEST MEDICAL LABORATORIES, INC. and E Z MOVE, INC., both Arkansas
corporations, hereinafter sometimes referred to as ABSORBED (1) and ABSORBED (2)
respectively or collectively as ABSORBED CORPORATIONS, and together with
SURVIVOR as "Constituent Corporations."
WITNESSETH THAT:

WHEREAS:

         1. SURVIVOR is a corporation organized and existing under the laws of
the state of Arkansas with its registered office in that state being located at
221 West Second Street, Little Rock, Arkansas, c/o The Corporation Company;

         2. SURVIVOR has an authorized capitalization of 10,000 shares of common
stock having a par value of $10.00 per share, 500 of which are issued,
outstanding, and owned by U-HAUL CO., an Oklahoma corporation;

         3. ABSORBED CORPORATIONS are both corporations organized and existing
under the laws of the state of Arkansas with their registered offices in that
state both being located at 221 West Second Street, Little Rock, Arkansas, c/o
The Corporation Company;

         4. ABSORBED (1) has authorized capitalization of 10,000 shares of stock
having a par value of $10.00 per share none of which has been issued or is
outstanding;

         5. ABSORBED (2) has an authorized capitalization of 500 shares of stock
having a par value of $10.00 per share none of which has been issued or is
outstanding;

                                      -1-
<PAGE>

         6. The respective Boards of Directors of the Constituent Corporations
have determined that it is advisable that the ABSORBED CORPORATIONS be merged
into SURVIVOR, under the terms and conditions hereinafter set forth, in
accordance with the applicable provisions of the laws of the state of Arkansas,
which laws permit such merger;

         NOW THEREFORE, in consideration of the premises and of the mutual
agreements, covenants and provisions hereinafter contained, the parties hereto
do hereby agree as follows:

                                        I

         ABSORBED CORPORATIONS and SURVIVOR shall be merged into a single
corporation in accordance with the applicable provisions of the laws of the
state of Arkansas, by ABSORBED CORPORATIONS merging into SURVIVOR which shall be
the surviving corporation. The separated existence of the ABSORBED CORPORATIONS
shall cease and the existence of SURVIVOR shall continue unaffected and
unimpaired by the merger with all the rights, privileges, immunities and powers,
and subject to all the duties and liabilities of a corporation organized under
the Business Corporation Act of the state of Arkansas.

                                       II

         1. The Articles of Incorporation of SURVIVOR shall continue to be its
Articles of Incorporation until altered or amended, following the effective date
of the merger.

         2. The By-Laws of SURVIVOR shall be and remain the By-Laws of SURVIVOR
until altered, amended or repealed.

         3. The directors and officers of SURVIVOR as of the effective date of
the merger shall be the officers and directors of SURVIVOR, as follows:

              DIRECTORS: Gerald Bailey
                         Jim Munson
                         Juanita Bailey

              OFFICERS:  Gerald Bailey - President
                         David Helsten - Vice-President
                         Jim Munson - Vice-President
                         Juanita Bailey - Secretary
                         Juanita Bailey - Treasurer
                         John A. Lorentz - Assistant Secretary

                                      -2-
<PAGE>

                                       III

         On the effective date of the merger:

         1. SURVIVOR shall possess all the rights, privileges, immunities,
powers and franchises as well of a public as of a private nature, and shall be
subject to all of the restrictions, disabilities, and duties of each of the
Constituent Corporations; and all property, real, personal and mixed, including
all patents, applications for patents, trademarks, trademark registrations and
applications for registration of trademarks, together with the good will of the
business in connection with which said patents and marks are used, and all debt
due on whatever account, including subscriptions to shares of stock, and all
other choses in action and all and every other interest of or belonging to or
due to each of the Constituent Corporations shall be deemed to be transferred to
and vested in SURVIVOR without further act or deed, and title to any real
estate, or any interest therein, vested in any of the Constituent Corporations
shall not revert or be in any way impaired by reason of the merger.

         2. SURVIVOR shall be responsible and liable for all the liabilities and
obligations of each of the Constituent Corporations; and any claim existing or
action or proceeding pending by or against any of the Constituent Corporations
may be prosecuted to judgment as if the merger had not taken place, or SURVIVOR
may be substituted in its place and neither the rights of creditors nor any
liens upon the property of any of the Constituent Corporations shall be impaired
by the merger. SURVIVOR shall execute and deliver any and all documents which
may be required for it to assume or otherwise comply with outstanding
obligations of the ABSORBED CORPORATIONS.

                                       IV

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         On the effective date of the merger the outstanding stock of SURVIVOR
shall be deemed for all corporate purposes to evidence the ownership of the
Constituent Corporations.

                                      -3-
<PAGE>

                                        V

         SURVIVOR shall pay all expenses of accomplishing the merger.

                                       VI

         If at any time SURVIVOR shall consider or be advised that any further
assignment or assurances in law are necessary or desirable to vest or to perfect
or confirm of record in SURVIVOR the title to any property or rights of the
ABSORBED CORPORATIONS, or to otherwise carry out the provisions hereof, the
proper officers and directors of the ABSORBED CORPORATIONS as of the effective
date of the merger shall execute and deliver any and all proper deeds,
assignments, and assurances in law, and do all things necessary or proper to
vest, perfect or confirm title to such property or rights in SURVIVOR, and
otherwise to carry out the provisions hereof.

                                       VII

         Each of the Constituent Corporations shall take or cause to be taken,
all action or do or cause to be done, all things necessary, proper or advisable
under the laws of the state of Arkansas to consummate and make effective the
merger, subject, however, to the appropriate vote or consent of the stockholders
of each of the Constituent Corporations in accordance with the requirements of
the applicable provisions of the laws of the state of Arkansas.

                                      VIII

         The effective date of the merger for accounting purposes shall be at
the close of business on December 31, 1971. The officers and directors of
SURVIVOR are authorized and directed to perform all actions required for
accomplishing and filing the merger under the laws of the state of Arkansas.

         IN WITNESS WHEREOF, the corporate parties hereto, pursuant to authority
given by their respective Boards of Directors, have caused this Flan and
Agreement of Merger to be entered into, by their respective

                                      -4-
<PAGE>

Presidents or Vice-Presidents and Secretaries or Assistant Secretaries, all as
of the date and year first above written.

                               SURVIVOR: AMERCO MARKETING CO. OF ARKANSAS,
                                         an Arkansas corporation

                                      By /s/ David L. Helsten
                                         -----------------------------------
                                         David Helsten - Vice President

(Corporate
     Seal)

                                         /s/ John A. Lorentz
                                         -------------------------------------
                                         John A. Lorentz - Assistant Secretary

                          ABSORBED  (1): AUTOMATED MULTITEST MEDICAL
                                           LABORATORIES, INC.,
                                         an Arkansas corporation

                                      By /s/ John A. Lorentz
                                         -----------------------------------
                                         John A. Lorentz - President

(No Corporate
        Seal)

                                         /s/ David L. Helsten
                                         ------------------------------------
                                         David Helsten - Secretary

                          ABSORBED  (2): E Z MOVE, INC.,
                                         an Arkansas corporation

                                      By /s/ David L. Helsten
                                         -----------------------------------
                                         David Helsten - Vice-President

(No Corporate
        Seal)

                                         /s/ John A. Lorentz
                                         -------------------------------------
                                         John A. Lorentz - Assistant Secretary

                                      -5-
<PAGE>

State of Arizona    )
                    ) ss.
County of Maricopa  )

         On this the 13th day of December, 1971, before me, the undersigned
Notary Public, appeared David Helsten, who, being duly sworn did say that he is
the Vice-President of E Z MOVE, INC., an Arkansas corporation, and the Secretary
of AUTOMATED MULTITEST MEDICAL LABORATORIES, INC., an Arkansas corporation, and
that he is the person whose name is subscribed to the foregoing instrument on
behalf of said corporations, in the above-stated capacities, and that there are
no corporate seals for the said corporations and that said instrument was signed
on behalf of said corporations by authority of their respective Boards of
Directors, and as the free act and deed of said corporations, and for the
purposes therein stated; and further that the facts therein stated are true to
the best of his knowledge, information and belief.

         IN WITNESS WHEREOF, I set my hand and official seal.

                                                   /s/ Helen H. Delamater
                                                   -------------------------
                                                         Notary Public

My commission
expires: 8-13-72

                                      -6-
<PAGE>

State of Arizona    )
                    ) ss.
County of Maricopa  )

         On this the 13th day of December, 1971, before me, the undersigned
Notary Public, appeared John A. Lorentz, who, being duly sworn did say that he
is the President of AUTOMATED MULTITEST MEDICAL LABORATORIES, INC., an Arkansas
corporation, and the Assistant-Secretary of E Z MOVE, INC., an Arkansas
corporation, and that he is the person whose name is subscribed to the foregoing
instrument on behalf of said corporations, in the above-stated capacities, and
that there are no corporate seals for the said corporations and that said
instrument was signed on behalf of said corporations by authority of their
respective Boards of Directors, and as the free act and deed of said
corporations, and for the purposes therein stated; and further that the facts
therein stated are true to the best of his knowledge, information and belief.

         IN WITNESS WHEREOF, I set my hand and official seal.

                                                         /s/ Helen H. Delamater
                                                         -----------------------
                                                              Notary Public

My commission
expires: 8-13-72

                                      -7-
<PAGE>

State of Arizona     )
                     ) ss.
County of Maricopa   )

         On this the 13th day of December, 1971, before me, the undersigned
Notary Public, appeared David Helsten and John A. Lorentz, who, being duly sworn
did say that they are the Vice-President and Assistant Secretary, respectively,
of AMERCO MARKETING CO. OF ARKANSAS, an Arkansas Corporation, and that they are
the persons whose names are subscribed to the foregoing instrument on behalf of
said corporation in the above-stated capacities, and that the seal is the
corporate seal of the said corporation and that said instrument was signed and
sealed on behalf of said corporation by authority of its Board of Directors and
Shareholders, and as the free act and deed of said corporation, and for the
purposes thereinstated; and further that the facts therein stated are true to
the best of their knowledge, information and belief.

         IN WITNESS WHEREOF, I set my hand and official seal.

                                                         /s/ Helen H. Delamater
                                                         -----------------------
                                                              Notary Public

My commission
expires: 8-13-72

                                      -8-
<PAGE>

                                CHANGE OF ADDRESS

                              OF REGISTERED OFFICE

                                       OF

                 AUTOMATED MULTITEST MEDICAL LABORATORIES, INC.

                             AN ARKANSAS CORPORATION

1.       The name of the corporation is Automated Multitest Medical
         Laboratories, Inc.

2.       The address of the present registered office is:

         3304 W. 7th
         Little Rock, Arkansas

3.       The address to which the registered office is to be changed is:

         4715 Manchester
         Little Rock, Arkansas 72206

         Pulaski County

4.       The name of the registered agent is Gerald Bailey.

5.       The address of the registered office and resident agent will be
         identical.

         Signed this 27th day of May, 1969.

                                                   /s/ John A. Lorentz
                                                   -----------------------------
                                                   President

                                                   /s/ [ILLEGIBLE]
                                                   -----------------------------
                                                   Secretary

<PAGE>

                                                   Filing Fee $3.00

                                                   Must be filed in duplicate.

                      NOTICE OF CHANGE OF REGISTERED OFFICE
                          OR REGISTERED AGENT, OR BOTH

To Kelly Bryant
   Secretary of State
   State of Arkansas
   Little Rock, Arkansas 72203

         Pursuant to the Arkansas Business Corporation Act, (Act 576 of 1965)
the undersigned corporation, organized under the laws of the State of Arkansas,
submits the following statement for the purpose of changing its registered
office or its registered agent, or both, in the State of Arkansas.

1. Name of corporation AUTOMATED MULTITEST MEDICAL LABORATORIES, INC.

2. Address of its present registered office: 4715 Manchester Street, Little
   Rock, Arkansas

3. Address to which registered office is to be changed: 221 West Second Street,
   Little Rock, Arkansas 72201.

4. Name of present registered agent: GERALD BAILEY

5. Name of successor registered agent: THE CORPORATION COMPANY

The address of the registered office and the address of the business office of
the registered agent, as changed, will be identical.

Such change was authorized by resolution duly adopted by the board of directors
of this corporation.

         Dated April 1, 1970.

                                                   AUTOMATED MOLTITEST
                                                   MEDICAL LABORATORIES, INC.

                                          By /s/ John A. Lorentz
                                             -----------------------------------
                                                 Its President

<PAGE>
              STATE OF ARKANSAS - OFFICE OF THE SECRETARY OF STATE

                  APPLICATION FOR RESERVATION OF CORPORATE NAME

TO:   Kelly Bryant
      Secretary of State
      State of Arkansas
      Little Rock, Arkansas, 72203

The undersigned, pursuant to the provisions of the Arkansas Business Corporation
Act, (Act 576 of 1965), hereby requests that the following name (or names) be
reserved for a period of six months:

             "Automated Multitest Laboratories"
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

Check for $5.00 in payment of fee for each name is enclosed. The applicant has
read the instructions below.

             U-HAUL LEASE CO.
             By: /s/ [ILLEGIBLE]                           [ILLEGIBLE]
                 ---------------------------------------------------------------
                         Signature of Applicant            Secretary

     2721 North Central Avenue, Phoenix, Arizona
- --------------------------------------------------------------------------------
             Street                     City                    State

(Corporate Seal)

ATTEST: /s/ [ILLEGIBLE]
        ------------------------------------------------------------------------
                           If a Corporation, by its President

/s/ [ILLEGIBLE]
- -------------------------------------
            Secretary

INSTRUCTIONS:

File this in duplicate. A stamped copy will be returned for your [ILLEGIBLE]
________ The right to the exclusive use of the above specified corporate name so
reserved may be transferred to any other person or corporation by filing in the
Office of the Secretary of State a notice of such transfer executed by the above
applicant.

A name reservation under this section may NOT be renewed nor shall the same name
be reserved on any subsequent application filed by or for the benefit of, the
original applicant or any person, firm or corporation identified with such
applicant, of any transferee of the original applicant.

(Section 8, Act 576 of 1965)

                                                KELLY BRYANT
                                                Secretary of State
<PAGE>

                            ARTICLES OF INCORPORATION

                                       OF

                     AUTOMATED MULTITEST LABORATORIES, INC.

                             An Arkansas Corporation

         We, the undersigned, in order to form a corporation for the purposes
hereinafter stated, under and pursuant to the laws of the state of Arkansas do
hereby certify as follows:

                                    ARTICLE I

         The name of this corporation is Automated Multitest Laboratories, Inc.

                                   ARTICLE II

         THE PRINCIPAL PURPOSE OF THIS CORPORATION SHALL BE THE PERFORMANCE OF
MULTIPHASIC SCREENING TESTS. MULTIPHASIC SCREENING IS THE SEQUENTIAL PERFORMANCE
OF A SERIES OF PREDETERMINED MEDICAL TESTS WHICH ARE GENERALLY STANDARD MEDICAL
PROCEDURES OF RECOGNIZED VALUE. THEY ARE PERFORMED ON HUMAN SUBJECTS BY MEDICAL
PERSONNEL LESS HIGHLY TRAINED THAN A GRADUATE PHYSICIAN, USING AUTOMATED
EQUIPMENT WHEREVER TECHNICALLY AND ECONOMICALLY FEASIBLE. A DETAILED
QUESTIONNAIRE-TYPE MEDICAL HISTORY IS ALSO PERFORMED. THE TEST RESULTS FOR EACH
PATIENT ARE THEN COLLECTED AND DISPLAYED IN A FORM WHICH IS SUITABLE FOR
INTERPRETATION BY A PHYSICIAN. A COMPUTER MAY BE USED FOR COLLECTION, DISPLAY
AND ANALYTICAL PURPOSES. THE MEDICAL INFORMATION THUS OBTAINED IS USED BY A
PHYSICIAN FOR DIAGNOSTIC AND/OR PREVENTIVE MEDICAL PURPOSES.

         Further purposes shall include, but not be limited to:

         To carry out medical analysis, research, perform blood analysis, obtain
chemical analysis, perform tests, perform laboratory work, operate a bio-
chemical laboratory and to furnish such results or services to hospitals,
medical institutions, clinics, physicians, surgeons and the entire medical
profession or such other group, business or individual as may desire such
results or services.

         To establish, equip, own, operate and maintain pathological and X-ray
laboratories, bio-chemical laboratories or other laboratories of medical or
scientific nature.

Page one of six pages

<PAGE>

         To manufacture, compound, mix, prepare, buy or otherwise acquire, and
to sell, distribute at wholesale and retail, exploit, promote, and advertise, as
principal or agent, any and all drugs, chemicals, chemical compounds, solutions,
medicinal preparations, drug sundries, drug and like products, pharmaceutical
supplies, medical goods and appliances generally.

         To carry on the business of chemists, druggists, chemical dealers,
importers, exporters, manufacturers and traders in chemical, pharmaceutical,
medicinal and other preparations and chemicals.

         To maintain, conduct, manage and carry on any kind of commercial or
manufacturing business or businesses; and to engage in research, experimental,
laboratory, development, exploitation and exploration work in connection with
any or all of the foregoing businesses.

         To build, erect, construct, purchase, hold or otherwise acquire, own,
provide, maintain, establish, lease and operate, buy, sell, exchange or
otherwise dispose of manufacturing facilities, laboratories, warehouses,
agencies, factories, buildings, structures, offices, and plants with suitable,
necessary, useful, or advisable in connection with the attainment of any or all
of the objects herein set forth.

         To manufacture, buy, sell, rent, deal in and to engage In, conduct and
carry on the business of manufacturing, buying, selling, renting, and dealing in
goods, wares and merchandise of every class and description necessary or useful
for the operations of this Corporation.

         To improve, manage, develop, sell, assign, transfer, lease, mortgage,
pledge, or otherwise dispose of or turn to account or deal with all or any part
of the property of the Corporation and from time to time to vary any investment
or employment of capital of the corporation.

         To borrow money and to make and issue notes, bonds, debentures,
obligations and evidences of indebtedness of all kinds whether secured by
mortgage, pledge or otherwise without limit as to amount, and to secure the same
by mortgage, pledge or otherwise; and generally to make and perform agreements
and contracts of every kind and description.

         To the same extent as natural persons might or could do, to purchase
or otherwise acquire, and to hold, own, maintain, work, develop, sell, lease,
exchange, hire, convey, mortgage or otherwise dispose of and deal in lands

Page two of six pages

<PAGE>

and leaseholds, and any interest, estate and rights in real property, and any
personal or mixed property, and any franchises, rights, licenses or privileges
necessary, convenient or appropriate for any of the purposes herein expressed.

         To apply for, obtain, register, purchase, lease or otherwise to acquire
and to hold, own, use, develop, operate, and introduce, and to sell, assign,
grant licenses or territorial rights in respect to, or otherwise to turn to
account or dispose of, any copyrights, trade marks, trade names, brands, labels,
patent rights, letters patent of the United States or of any other country or
government, inventions, improvements and processes, whether used in connection
with or secured under letters patent or otherwise.

         To do all and everything necessary, suitable and proper for the
accomplishment of any of the purposes or the attainment of any of the objects or
the furtherance of any of the powers hereinbefore set forth, either alone or in
association with other corporations, firms or individuals, and to do every other
act or acts, thing or things incidental or appurtenant to or growing out of or
connected with the aforesaid business or powers or any part or parts thereof,
provided the same be not inconsistent with the laws under which this Corporation
is organized.

         To acquire by purchase, subscription or otherwise, and to hold for
investment or otherwise and to use, sell, assign, transfer, mortgage, pledge or
otherwise deal with or dispose of stocks, bonds, or any other obligations or
securities of any corporation or corporations; to merge or consolidate with any
corporation in such manner as may be permitted by law; to aid in any manner any
corporation whose stocks, bonds or other obligations are held or in any manner
guaranteed by this Corporation, or in which this Corporation is in any way
interested; and to do any other acts or things for the preservation, protection,
improvement or enhancement of the value of any such stock, bonds or other
obligations; and while owner of any such stock, bonds or other obligations to
exercise all the rights, powers and privileges of ownership thereof, and to
exercise any and all voting powers thereon; to guarantee the payment of
dividends upon any stock, or the principal or interest or both, of any bonds or
other obligations, and the performance of any contracts.

Page three of six pages

<PAGE>

         The business or purpose of the Corporation is from time to time to do
any one or more of the acts and things hereinabove set forth, and it shall have
power to conduct and carry on its said business, or any part thereof, and to
have one or more offices, and to exercise any or all of its corporate powers and
rights, in the state of Arkansas, and in the various other states, territories,
colonies and dependencies of the United States, in the District of Columbia, and
in all or any foreign countries.

         The enumeration herein of the objects and purposes of this Corporation
shall be construed as powers as well as objects and purposes and shall not be
deemed to exclude by inference any powers, objects or purposes which this
Corporation is empowered to exercise, whether expressly by force of the laws of
the state of Arkansas now or hereafter in effect or impliedly by the reasonable
construction of the said laws.

         To engage in any legal activity except banking, insurance, public
utilities or building and loan activities.

                                   ARTICLE III

         The period of existence of this corporation shall be perpetual.

                                   ARTICLE IV

         The address and location of the principal place of business shall be at
3304 West 7th, Little Rock, Arkansas.

                                    ARTICLE V

         The name of the resident agent of this corporation is Gerald Bailey
whose address is v304 West 7th, Little Rock, Arkansas.

                                   ARTICLE VI

         The authorized amount of capital stock of this corporation shall be One
Hundred Thousand ($100,000.00) Dollars, divided into ten thousand (10,000)
shares of the par value of Ten ($10.00) Dollars each. Said capital stock shall
be paid in at such time and upon such conditions as the Board of Directors may
by resolution direct, either in cash, or by services rendered to the corporation
or by real or personal property transferred to it. Shares of stock when issued
in exchange for services or property pursuant to a resolution of the Board of
Directors shall thereupon become and be fully paid the same as though paid for
in cash at par, and shall be non-assessable forever,

Page four of six pages

<PAGE>

and the determination of the Board of Directors as to the value of any property
or services received by the corporation in exchange for stock shall be
conclusive.

         All shareholders shall have pre-emptive rights to purchase, subscribe
for or otherwise acquire any unissued shares of stock of this corporation of any
class now or hereafter authorized.

                                   ARTICLE VII

         The corporation will not commence business until consideration of the
value of at least Three Hundred ($300.00) Dollars has been received for the
issuance of shares.

                                  ARTICLE VIII

         The incorporators and their addresses are:

                James V. Scoggin          2727 North Central Avenue
                                          Phoenix, Arizona

                John A. Lorentz           2727 North Central Avenue
                                          Phoenix, Arizona

                                   ARTICLE IX

         This corporation shall have three (3) directors initially. The number
of directors may be increased or diminished from time to time in accordance with
the by-laws adopted by the stockholders, but shall never be less than three (3).

                                    ARTICLE X

         The affairs of this corporation shall be conducted by the Board of
Directors and by such officers as the said Board of Directors may from time to
time elect or appoint. Said directors shall be elected by the stockholders at
the annual meeting of the corporation and shall hold office until their
successors are elected.

         The following named persons shall serve as directors of this
corporation until the first annual meeting:

                Director                  James V. Scoggin

                Director                  John A. Lorentz

                Director                  David L. Helsten

Page five of six pages

<PAGE>

         IN TESTIMONY WHEREOF, we have hereunto set our hands this 31st day of
March 1969.

                                                   /s/ James V. Scoggin
                                                   -----------------------------
                                                   James V. Scoggin

                                                   /s/ John A. Lorentz
                                                   -----------------------------
                                                   John A. Lorentz

STATE OF ARIZONA    )
                    ) ss:
COUNTY OF MARICOPA  )

         THIS IS TO CERTIFY that on the 31st day of March 1969. before me, a
Notary Public, personally appeared James V. Scoggin and John A. Lorentz who I am
satisfied are the persons named in and who executed the foregoing Articles of
Incorporation, and I first having made known to them the contents thereof, they
did acknowledge that they had signed the same as their voluntary act and deed
for the uses and purposes therein expressed.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal on this 31st day of March, 1969.

                                          /s/ Helen H. Delamater
                                          --------------------------------------
                                          Notary Public for the State of Arizona
                                          Residing at Phoenix, Arizona
                                          My Commission expires 8-13-72

(SEAL)

Page six of six pages

<PAGE>

                     AMENDMENT OF ARTICLES OF INCORPORATION

         The undersigned, being all of the incorporators and directors of
Automated Multitest Laboratories, Inc., do hereby certify as follows:

         That on April 23, 1969 Articles of Incorporation of Automated Multitest
Laboratories, Inc. were filed in the office of the Secretary of State of the
State of Wisconsin, and

         That said corporation has not issued any stock as provided by said
articles of incorporation, and

         That it is now desired to change the name of said corporation to
Automated Multitest Medical Laboratories, Inc.

         NOW, THEREFORE, the aforesaid original articles of incorporation are
hereby amended to recite as follows:

         Article I. The name of the proposed corporation is Automated Multitest
Medical Laboratories, Inc.

         IN WITNESS WHEREOF, we have hereunto set our hands and seals this 8th
day of May, 1969.

                                                   /s/ John A. Lorentz
                                                   -----------------------------
                                                   John A. Lorentz

                                                   /s/ James  V.  Scoggin
                                                   -----------------------------
                                                   James  V.  Scoggin

                                                   /s/ Daniel C. Dempsey
                                                   -----------------------------
                                                   Daniel C. Dempsey

<PAGE>

                            ARTICLES OF INCORPORATION

                                       of

                 AUTOMATED MULTITEST MEDICAL LABORATORIES, INC.

                             An Arkansas Corporation

         We, the undersigned, in order to form a corporation for the purposes
hereinafter stated, under and pursuant to the laws of the state of Arkansas do
hereby certify as follows:

                                    ARTICLE I

         The name of this corporation is Automated Multitest Medical
Laboratories, Inc.

                                   ARTICLE II

         THE PRINCIPAL PURPOSE OF THIS CORPORATION SHALL BE THE PERFORMANCE OF
MULTIPHASIC SCREENING TESTS. MULTIPHASIC SCREENING IS THE SEQUENTIAL PERFORMANCE
OF A SERIES OF PREDETERMINED MEDICAL TESTS WHICH ARE GENERALLY STANDARD MEDICAL
PROCEDURES OF RECOGNIZED VALUE. THEY ARE PERFORMED ON HUMAN SUBJECTS BY MEDICAL
PERSONNEL LESS HIGHLY TRAINED THAN A GRADUATE PHYSICIAN, USING AUTOMATED
EQUIPMENT WHEREVER TECHNICALLY AND ECONOMICALLY FEASIBLE. A DETAILED
QUESTIONNAIRE-TYPE MEDICAL HISTORY IS ALSO PERFORMED. THE TEST RESULTS FOR EACH
PATIENT ARE THEN COLLECTED AND DISPLAYED IN A FORM WHICH IS SUITABLE FOR
INTERPRETATION BY A PHYSICIAN. A COMPUTER MAY BE USED FOR COLLECTION, DISPLAY
AND ANALYTICAL PURPOSES. THE MEDICAL INFORMATION THUS OBTAINED IS USED BY A
PHYSICIAN FOR DIAGNOSTIC AND/OR PREVENTIVE MEDICAL PURPOSES.

         Further purposes shall include, but not be limited to:

         To carry out medical analysis, research, perform blood analysis, obtain
chemical analysis, perform tests, perform laboratory work, operate a
bio-chemical laboratory and to furnish such results or services to hospitals,
medical institutions, clinics, physicians, surgeons and the entire medical
profession or such other group, business or individual as may desire such
results or services.

         To establish, equip, own, operate and maintain pathological and X-ray
laboratories, bio-chemical laboratories or other laboratories of medical or
scientific nature.

Page one of six pages

<PAGE>

         To manufacture, compound, mix, prepare, buy or otherwise acquire, and
to sell, distribute at wholesale and retail, exploit, promote, and advertise, as
principal or agent, any and all drugs, chemicals, chemical compounds, solutions,
medicinal preparations, drug sundries, drug and like products, pharmaceutical
supplies, medical goods and appliances generally.

         To carry on the business of chemists, druggists, chemical dealers,
importers, exporters, manufacturers and traders in chemical, pharmaceutical,
medicinal and other preparations and chemicals.

         To maintain, conduct, manage and carry on any kind of commercial or
manufacturing business or businesses; and to engage in research, experimental,
laboratory, development, exploitation and exploration work in connection with
any or all of the foregoing businesses.

         To build, erect, construct, purchase, hold or otherwise acquire, own,
provide, maintain, establish, lease and operate, buy, sell, exchange or
otherwise dispose of manufacturing facilities, laboratories, warehouses,
agencies, factories, buildings, structures, offices, and plants with suitable,
necessary, useful, or advisable in connection with the attainment of any or all
of the objects herein set forth.

         To manufacture, buy, sell, rent, deal in and to engage in, conduct and
carry on the business of manufacturing, buying, selling, renting, and dealing in
goods, wares and merchandise of every class and description necessary or useful
for the operations of this Corporation.

         To improve, manage, develop, sell, assign, transfer, lease, mortgage,
pledge, or otherwise dispose of or turn to account or deal with all or any part
of the property of the Corporation and from time to time to vary any investment
or employment of capital of the corporation.

         To borrow money and to make and issue notes, bonds, debentures,
obligations and evidences of indebtedness of all kinds whether secured by
mortgage, pledge or otherwise without limit as to amount, and to secure the same
by mortgage, pledge or otherwise; and generally to make and perform agreements
and contracts of every kind and description.

         To the same extent as natural persons might or could do, to purchase or
otherwise acquire, and to hold, own, maintain, work, develop, sell, lease,
exchange, hire, convey, mortgage or otherwise dispose of and deal in, lands

Page two of six pages

<PAGE>

and leaseholds, and any interest, estate and rights in real property, and any
personal or mixed property, and any franchises, rights, licenses or privileges
necessary, convenient or appropriate for any of the purposes herein expressed.

         To apply for, obtain, register, purchase, lease or otherwise to acquire
and to hold, own, use, develop, operate, and introduce, and to sell, assign,
grant licenses or territorial rights in respect to, or otherwise to turn to
account or dispose of, any copyrights, trade marks, trade names, brands, labels,
patent rights, letters patent of the United States or of any other country or
government, inventions, improvements and processes, whether used in connection
with or secured under letters patent or otherwise.

         To do all and everything necessary, suitable and proper for the
accomplishment of any of the purposes or the attainment of any of the objects or
the furtherance of any of the powers hereinbefore set forth, either alone or in
association with other corporations, firms or individuals, and to do every other
act or acts, thing or things incidental or appurtenant to or growing out of or
connected with the aforesaid business or powers or any part or parts thereof,
provided the same be not inconsistent with the laws under which this Corporation
is organized.

         To acquire by purchase, subscription or otherwise, and to hold for
investment or otherwise and to use, sell, assign, transfer, mortgage, pledge or
otherwise deal with or dispose of stocks, bonds, or any other obligations or
securities of any corporation or corporations; to merge or consolidate with any
corporation in such manner as may be permitted by law; to aid in any manner any
corporation whose stocks, bonds or other obligations are held or in any manner
guaranteed by this Corporation, or in which this Corporation is in any way
interested; and to do any other acts or things for the preservation, protection,
improvement or enhancement of the value of any such stock, bonds or other
obligations; and while owner of any such stock, bonds or other obligations to
exercise all the rights, powers and privileges of ownership thereof, and to
exercise any and all voting powers thereon; to guarantee the payment of
dividends upon any stock, or the principal or interest or both, of any bonds or
other obligations, and the performance of any contracts.

Page three of six pages

<PAGE>

         The business or purpose of the Corporation is from time to time to do
any one or more of the acts and things hereinabove set forth, and it shall have
power to conduct and carry on its said business, or any part thereof, and to
have one or more offices, and to exercise any or all of its corporate powers and
rights, in the state of Arkansas, and in the various other states, territories,
colonies and dependencies of the United States, in the District of Columbia, and
in all or any foreign countries.

         The enumeration herein of the objects and purposes of this Corporation
shall be construed as powers as well as objects and purposes and shall not be
deemed to exclude by inference any powers, objects or purposes which this
Corporation is empowered to exercise, whether expressly by force of the laws of
the state of Arkansas now or hereafter in effect or impliedly by the reasonable
construction of the said laws.

         To engage in any legal activity except banking, insurance, public
utilities or building and loan activities.

                                   ARTICLE III

         The period of existence of this corporation shall be perpetual.

                                   ARTICLE IV

         The address and location of the principal place of business shall be at
3304 West 7th, Little Rock, Arkansas.

                                    ARTICLE V

         The name of the resident agent of this corporation is Gerald Bailey
whose address is 3304 West 7th, Little Rock, Arkansas.

                                   ARTICLE VI

         The authorized amount of capital stock of this corporation shall be One
Hundred Thousand ($100,000.00) Dollars, divided into ten thousand (10,000)
shares of the par value of Ten ($10.00) Dollars each. Said capital stock shall
be paid in at such time and upon such conditions as the Board of Directors may
by resolution direct, either in cash, or by services rendered to the corporation
or by real or personal property transferred to it. Shares of stock when issued
in exchange for services or property pursuant to a resolution of the Board of
Directors shall thereupon become and be fully paid the same as though paid for
in cash at par, and shall be non-assessable forever,

Page four of six pages

<PAGE>

and the determination of the Board of Directors as to the value of any property
or services received by the corporation in exchange for stock shall be
conclusive.

         All shareholders shall have pre-emptive sights to purchase, subscribe
for or otherwise acquire any unissued shares of stock of this corporation of any
class now or hereafter authorized.

                                  ARTICLE VII

         The corporation will not commence business until consideration of the
value of at least Three Hundred ($300.00) Dollars has been received for the
issuance of shares.

                                  ARTICLE VIII

         The incorporators and their addresses are:

               James V. Scoggin         2727 North Central Avenue
                                        Phoenix, Arizona

               John A. Lorentz          2727 North Central Avenue
                                        Phoenix, Arizona

                                   ARTICLE IX

         This corporation shall have three (3) directors initially. The number
of directors may be increased or diminished from time to time in accordance with
the by-laws adopted by the stockholders, but shall never be less than three (3).

                                    ARTICLE X

         The affairs of this corporation shall be conducted by the Board of
Directors and by such officers as the said Board of Directors may from time to
time elect or appoint. Said directors shall be elected by the stockholders at
the annual meeting of the corporation and shall hold office until their
successors are elected.

         The following named persons shall serve as directors of this
corporation until the first annual meeting:

               Director                 James V. Scoggin

               Director                 John A. Lorentz

               Director                 David L. Helsten

Page five of six pages

<PAGE>

         IN TESTIMONY WHEREOF, we have hereunto set our hands this 8th day of
May, 1969.

                                                   /s/ James V. Scoggin
                                                   -----------------------------
                                                   James V. Scoggin

                                                   /s/ John A. Lorentz
                                                   -----------------------------
                                                   John A. Lorentz

STATE OF ARIZONA    )
                    ) SS:
COUNTY OF MARICOPA  )

         THIS IS TO CERTIFY that on the 8th day of May, 1969, before me, a
Notary Public, personally appeared James. V. Scoggin and John A. Lorentz who I
am satisfied are the persons named in and who executed the foregoing Articles of
Incorporation, and I first having made known to them the contents thereof, they
did acknowledge that they had signed the same as their voluntary act and deed
for the uses and purposes therein expressed.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal on this 8th day of May, 1969.

                                          /s/ Helen H. Delamater
                                          --------------------------------------
                                          Helen H. Delamater
                                          Notary Public for the State of Arizona
                                          Residing at Phoenix, Arizona
                                          My Commission expires 8-13-72

(SEAL)

Page six of six pages

<PAGE>

                            ARTICLES OF INCORPORATION

                                       OF

                                 E Z-MOVE, INC.

         We, the undersigned, do hereby voluntarily associate ourselves together
for the purpose of forming a private corporation under the laws of the State of
Arkansas, and we hereby set forth, declare, and certify that:

                                    ARTICLE I

         The name of the corporation is E Z-MOVE, INC.

         The principal office of the corporation for the transaction of business
is in Little Rock, Arkansas, 4715 Manchester.

                                   ARTICLE III

         The primary business for which the corporation is organized is:

         The rental and lease of automobile utility trailers to the general
public for use in transporting the property of said general public. The rental
and lease to the general public of trucks, passenger automobiles, vacation
trailers, mobile homes, boats and such other equipment, tools, machinery,
vehicles and property of any and every kind and description, as may from time to
time be deemed expedient by the Board of Directors of this corporation.

         To purchase or otherwise acquire, contract, equip, make, improve and
operate or subscribe toward the acquisition, construction, equipping, making,
improving and operating of plants, mills, factories, storehouses, garages,
service stations, buildings and works of all kinds, insofar as the same may
pertain to, or be useful for, or in connection with the conduct of the business
enterprises of this corporation.

Page One of Three Pages

<PAGE>

         to repair, maintain, install, sell motor vehicles and trailers and
motor vehicle accessories.

         In general to carry on any business in connection therewith and
incident thereto not forbidden by the Laws of the State of Arkansas.

                                   ARTICLE IV

         There shall be Three (3) Directors. The names and addresses of those
appointed to act as first Directors are:

       President--Gerald Bailey, 4715 Manchester, Little Rock, Arkansas.
       Vice-President--Elsie L. Jennings, 701 Oak Park Dr., Little Rock, Ark.
       Secretary-Treasurer--Juanita Bailey, 4715 Manchester, Little Rock, Ark.

                                   ARTICLE V

         The authorized capital stock of the corporation shall be $5,000.00 and
shall consist of five hundred (500) shares of common stock at a par value of Ten
($10.00) Dollars each.

                                   ARTICLE VI

         Any issue of shares of stock or securities of the corporation shall be
first offered pro rata to the shareholders in relation to their present
holdings.

                                   ARTICLE VII

         The address of its registered office in the State of Arkansas is: 4715
Manchester, Little Rock, Arkansas, and the name and address of its registered
agent is: Gerald Bailey, 4715 Manchester, Little Rock, Arkansas.

                                          President /s/ Gerald Bailey
                                                    ----------------------------

                                          Vice-President /s/ Elsie L. Jennings
                                                         -----------------------

                                          Secretary-Treasurer /s/ Juanita Bailey
                                                              ------------------

Page Two of Three Pages

<PAGE>

STATE OF ARKANSAS  )
                   )  SS.
COUNTY OF PULASKI  )

         On this 4th day of June 1969, before me, the undersigned, a Notary
Public, in and for said County and State, personally appeared Gerald Bailey,
Elsie L. Jennings and Juanita Bailey, known to be the identical persons named in
and who executed the foregoing Articles of Incorporation, and acknowledged to me
that they executed the same freely and voluntarily for the uses and purposes
therein mentioned.

         IN WITNESS WHEREOF, I have hereunto set my hand and the official seal
the day and year last above written.

                                     /s/ [ILLEGIBLE]
                                     ------------------------------------------
                                         Notary Public - State of Arkansas

                              My Commission Expires 11-21-72

Page Three of Three Pages

<PAGE>

                                                     Filing Fee $3.00

                                                     Must be filed in
                                                     duplicate.

                      NOTICE OF CHANGE OF REGISTERED OFFICE
                          OR REGISTERED AGENT, OR BOTH

To Kelly Bryant
   Secretary of State
   State of Arkansas
   Little Rock, Arkansas 72203

         Pursuant to the Arkansas Business Corporation Act, (Act 576 of 1965)
the undersigned corporation, organized under the laws of the State of Arkansas,
submits the following statement for the purpose of changing its registered
office or its registered agent, or both, in the State of Arkansas.

1.       Name of corporation E Z MOVE, INC.

2.       Address of its present registered office: 4715 Manchester, Little Rock,
         Arkansas

3.       Address to which registered office is to be changed: 221 West Second
         Street, Little Rock, Arkansas 72201.

4.       Name of present registered agent: GERALD BAILEY

5.       Name of successor registered agent: THE CORPORATION COMPANY

The address of the registered office and the address of the business office of
the registered agent, as changed, will be identical.

Such change was authorized by resolution duly adopted by the board of directors
of this corporation.

     Dated April 13, 1970.

                                        E Z MOVE,  INC.

                                       By  /s/ [ILLEGIBLE]
                                           -----------------------------------
                                                   Its Vice President

(ARK. - 1684 - 4/17/68)

<PAGE>

                                     AMERCO

               ADVANCED MANAGEMENT ENGINEERING & RESEARCH COMPANY
       2727 N. CENTRAL AVENUE, PHOENIX, ARIZONA 85004 PHONE [ILLEGIBLE]

                                                       AUGUST 5, 1971

Office of Secretary of State
Corporation Division
Little Rock, Arkansas 72200

Gentlemen:

Subsequent to the reorganization of the U-Haul Rental System and its affiliated
companies, we have recently amended the by-laws on behalf of these companies to
change the fiscal year date from December 31 to March 31.

Will you please change your records to indicate a March 31 fiscal date for the
following companies domesticated in your state:

                 AMERCO MARKETING CO. OF ARKANSAS

                 E Z-MOVE, INC.

Please also change your records to indicate a March 31 fiscal date for the
following corporations qualified to do business in your state:

                 AMERCO MARKETING CO. OF MEMPHIS, a Tennessee corporation
                 AMERCO MARKETING CO. OF NORTHEAST TEXAS, a Texas corporation
                 EXTRACAR, INC., an Arizona corporation
                 MOBILE AUTOMOTIVE REPAIR SERVICE, INC., an Oklahoma corporation
                 RENTMOBILE, INC., an Arizona corporation
                 U-HAUL CO., an Oklahoma corporation

Thank you for your help.

                                         Sincerely,

                                         /s/ L. B. Haddad
                                         -----------------------------
                                         L. B. Haddad
                                         Legal Department

                            WHOLLY OWNED SUBSIDIARIES

A TO Z INTERNATIONAL, AML INTERNATIONAL, AMEDCO INTERNATIONAL, [ILLEGIBLE]
INTERNATIONAL, DELTEK INTERNATIONAL, EXTRACAR INTERNATIONAL, KAR-GO
INTERNATIONAL, MARS INTERNATIONAL, MUSE INTERNATIONAL, RENTMOBILE INTERNATIONAL,
U-HAUL INTERNATIONAL, [ILLEGIBLE] INTERNATIONAL

<PAGE>

                                     AMERCO

               ADVANCED MANAGEMENT ENGINEERING & RESEARCH COMPANY
       2727 N. CENTRAL AVENUE, PHOENIX, ARIZONA 85004 PHONE [ILLEGIBLE]

                                                       AUGUST 5, 1971

Office of Secretary of State
Corporation Division
Little Rock, Arkansas 72200

Gentlemen:

Subsequent to the reorganization of the U-Haul Rental System and its affiliated
companies, we have recently amended the by-laws on behalf of these companies to
change the fiscal year date from December 31 to March 31.

Will you please change your records to indicate a March 31 fiscal date for the
following companies domesticated in your state:

                 AMERCO MARKETING CO. OF ARKANSAS

                 E Z-MOVE, INC.

Please also change your records to indicate a March 31 fiscal date for the
following corporations qualified to do business in your state:

                 AMERCO MARKETING CO. OF MEMPHIS, a Tennessee corporation
                 AMERCO MARKETING CO. OF NORTHEAST TEXAS, a Texas corporation
                 EXTRACAR, INC., an Arizona corporation
                 MOBILE AUTOMOTIVE REPAIR SERVICE, INC., an Oklahoma corporation
                 RENTMOBILE, INC., an Arizona corporation
                 U-HAUL CO., an Oklahoma corporation

Thank you for your help.

                                         Sincerely,

                                         /s/ L. B. Haddad
                                         ---------------------------------------
                                         L. B. Haddad
                                         Legal Department

                            WHOLLY OWNED SUBSIDIARIES

A TO Z INTERNATIONAL, AML INTERNATIONAL, AMEDCO INTERNATIONAL, [ILLEGIBLE]
INTERNATIONAL, DELTEK INTERNATIONAL, EXTRACAR INTERNATIONAL, KAR-GO
INTERNATIONAL, MARS INTERNATIONAL, MUSE INTERNATIONAL, RENTMOBILE INTERNATIONAL,
U-HAUL INTERNATIONAL, [ILLEGIBLE] INTERNATIONAL.




<PAGE>

                              STATEMENT OF CHANGE

                                       OF

                               REGISTERED OFFICE

                                      FOR

                             DOMESTIC CORPORATIONS

To:   Secretary of State
      State of Arkansas

         Pursuant to the provisions of the Arkansas Statutes, Section 64-114
(B), THE CORPORATION COMPANY, as registered agent for one or more corporations,
for the purpose of changing the registered office in the State of Arkansas for
each domestic corporation for which it is acting as registered agent, submits
the following statement.

1.       The name of the registered agent is
                             THE CORPORATION COMPANY

2.       The business office of The Corporation Company prior to the change was
         located at
                 221 West Second Street, Little Rock, Arkansas 72201

3.       The address of the business office of The Corporation Company has been
         changed to
                 620 West Third Street, Little Rock, Arkansas 72201

4.       The names of the domestic corporations which have designated The
         Corporation Company as their registered agent and which have their
         registered office at the business office of the registered agent are
         set forth in the list attached hereto and made a part hereof.

5.       A notice in writing of the change of address has been mailed by The
         Corporation Company to each of such corporations.

6.       The address of the registered office of each of such corporations and
         the address of the business office of the registered agent, as changed,
         will be identical.

Dated: August 19, 1974

                                             THE CORPORATION COMPANY

                                  By: /s/ [ILLEGIBLE]
                                     -------------------------------------------
                                       Vice-President        Title

                                  By: /s/ [ILLEGIBLE]
                                     -------------------------------------------
                                       Secretary            Title
<PAGE>

                                  VERIFICATION

State of New York
County of New York

         CLINT G. DEDERICK and ALFRED L. DEMPSEY being first duly sworn depose
and say that we are the Vice-President and Secretary respectively of The
Corporation Company and that we have read the foregoing statement and know the
contents thereof and that the statements contained therein are true.

                                                   /s/ Clint G. Dederick
                                                   -----------------------------

                                                   /s/ Alfred L. Dempsey
                                                   -----------------------------

Subscribed and Sworn to before
me this 19th day of August 1974.

/s/ Pauline M. Greenberg
- --------------------------
Notary Public
<PAGE>

             STATE OF ARKANSAS -- OFFICE OF THE SECRETARY OF STATE

                            CERTIFICATE OF AMENDMENT

     AMERCO MARKETING CO. OF ARKANSAS, a corporation duly organized, created and
existing under and by virtue of the laws of the State of Arkansas, by its
President and its Secretary,

DOES HEREBY CERTIFY:

     A. That a written or printed notice setting forth the proposed Amendment
was given to each shareholder entitled to vote thereon within the time and
manner as provided in the "Arkansas Business Corporation Act" (Act 576 of 1965),
and that this Amendment [ILLEGIBLE] is filed pursuant to said Act.

     B. That at a special [ILLEGIBLE] meeting of the stockholders of said
corporation, duly called and held at the office of the Company, in the City of
Little Rock, State of Arkansas, on February 2.1, 1973, the Amendment
to the Articles of Incorporation, as herein stated, was [ILLEGIBLE] offered and
adopted.

     C. That the number of shares outstanding are 500, and the number of shares
entitled to vote thereon are 500 (100%). The number of shares which voted for
are 500 The number of shares which voted against are NONE (If the shares are
entitled to vote thereon as a class, the designation and number of outstanding
shares entitled to vote thereon of each such class, and the number of shares of
each class which voted for and against are required.)

     D. That the following Article [ILLEGIBLE] of the Articles of Incorporation
of this corporation were amended, Articles I, ________, ________, __________ to
read as follows:

         THE Name of the corporation is U-HAUL CO. OF ARKANSAS.

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1.       The name of the consenting corporation is U-HAUL CO., a
                  corporation organized and existing under the laws of the State
                  of Oklahoma.

         2.       The name of the corporation to which this consent is given and
                  which is about to amend its corporate name is:

                        AMERCO MARKETING CO. OF ARKANSAS

         3.       The name the corporation shall adopt by amending its Articles
                  of Incorporation is:

                             U-HAUL CO. OF ARKANSAS

         In Witness Whereof, this corporation has caused this consent to be
executed this 20th day of July _____, 1973.

                                       U-HAUL CO., an Oklahoma corporation

                                       BY: /s/ James Oakley
                                           -------------------------------------
                                           James Oakley - President

                                       And

                                       BY: /s/ Winnie Dell Oakley
                                           -------------------------------------
                                           Winnie Dell Oakley - Secretary

STATE OF TEXAS         )
                       ) ss.
COUNTY OF DALLAS       )

         Before me, a Notary Public, personally appeared James Oakley and Winnie
Dell Oakley, known to me to be the persons who executed the foregoing
instrument, and acknowledged that they executed the same for the purpose therein
contained and that the statements therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
 20 day of July, 1973.

         (SEAL)                        /s/ [ILLEGIBLE]
                                       -----------------------------------------
                                                    NOTARY PUBLIC

                                       My Commission Expires: 6-1-75

<PAGE>

              STATE OF ARKANSAS -- OFFICE OF THE SECRETARY OF STATE

                         APPLICATION FOR REGISTRATION OF
                             THE FICTITIOUS NAME OF

                             U-HAUL CO. OF ARKANSAS

TO:      George O. Jernigan, Jr.
         Secretary of State
         State of Arkansas
         Little Rock, Arkansas 72201

Pursuant to the provisions of Section 95 of the Arkansas Business Corporation
Act, (Act 576 of 1965), the undersigned corporation hereby applies for the
registration of the use of a fictitious name and submits herewith the following
statement:

1)   The fictitious name under which the business is being, or will be conducted
     by this corporation is:

              Northside Moving Center

2)   The character of the business being or, to be conducted, under such
     fictitious name is:

     Rental of automobile utility trailers, trucks and small rental equipment
     (SRE) to the general public

3)   a)  The corporate name of the applicant:

         U-Haul Co. of Arkansas

     b)  The State of incorporation is:

         Arkansas

     c)  The location (giving city and street address) of the registered office
         of the applicant corporation in Arkansas is:

         Street 620 West Third Street

         City   Little Rock

         State  Arkansas

4)   The applicant states that if it is a foreign corporation that it is
     admitted to and authorized to do business in the State of Arkansas.

5)   The filing fee in the amount of $10.00 is enclosed.

                         Name of Applicant Corporation:

              U-Haul Co. of Arkansas

Signature by  /s/ James R. Munson
              -------------------------------------------
                   James R. Munson       President

Address:      4809 W. 65th Street,  Little Rock,  Arkansas  72209

SEAL

ATTEST:

/s/ Mary Lou Munson
- ---------------------------------------
Mary Lou Munson      Secretary

INSTRUCTIONS:

Prepare this form in duplicate, send to Secretary of State's Office, State
Capitol, Little Rock, Arkansas. Duplicate copy will be returned to the
corporation and must be filed with the County Clerk, (other than Pulaski County)
of the County in which the Corporation's registered office is located.

                                                         GEORGE O. JERNIGAN, JR.
                                                         Secretary of State

<PAGE>

              STATE OF ARKANSAS -- OFFICE OF THE SECRETARY OF STATE

                         APPLICATION FOR REGISTRATION OF
                             THE FICTITIOUS NAME OF

                             U-HAUL CO. OF ARKANSAS

TO:      George O. Jernigan, Jr.
         Secretary of State
         State of Arkansas
         Little Rock, Arkansas 72201

Pursuant to the provisions of Section 95 of the Arkansas Business Corporation
Act, (Act 576 of 1965), the undersigned corporation hereby applies for the
registration of the use of a fictitious name and submits herewith the following
statement:

1)   The fictitious name under which the business is being, or will be conducted
     by this corporation is:

            FT. SMITH MOVING CENTER

2)   The character of the business being or, to be conducted, under such
     fictitious name is:

     rental of automobile utility trailers, trucks and support rental items
     (SRI) to the general public.

3)   a)  The corporate name of the applicant:

            U-Haul Co.  of Arkansas

     b)  The State of incorporation is:

            Arkansas

     c)  The location (giving city and street address) of the registered office
         of the applicant corporation in Arkansas is:

         STREET 4809 W. 65th Street

         CITY   Little Rock, AR 72209

         State  Arkansas 72209

     4)  The applicant states that if it is a foreign corporation that it is
         admitted to and authorized to do business in the State of Arkansas.

     5)  The filing fee in the amount of $10.00 is enclosed.

                         Name of Applicant Corporation:

              U-Haul Co. of Arkansas

Signature by /s/ James R. Munson
             -------------------------------------------
             James R.  Munson        President

 Address:
              4809 W. 65th St.,  Little Rock, AR 72209

SEAL

ATTEST:

/s/ Mary Lou Munson
- ---------------------------------------
         Secretary

INSTRUCTIONS:

Prepare this form in duplicate, send to Secretary of State's Office, State
Capitol, Little Rock, Arkansas. Duplicate copy will be returned to the
corporation and must be filed with the County Clerk, (other than Pulaski County)
of the County in which the Corporation's registered office is located.

                                                       GEORGE O. JERNIGAN, JR.
                                                       Secretary of State


<PAGE>

              STATE OF ARKANSAS -- OFFICE OF THE SECRETARY OF STATE

                         APPLICATION FOR REGISTRATION OF
                             THE FICTITIOUS NAME OF

TO:      George o. Jernigan, Jr.
         Secretary of State
         State of Arkansas
         Little Rock, Arkansas 72201

Pursuant to the provisions of Section 95 of the Arkansas Business Corporation
Act, (Act 576 of 1965), the undersigned corporation hereby applies for the
registration of the use of a fictitious name and submits herewith the following
statement:

1)   The fictitious name under which the business is being, or will be conducted
     by this corporation is:

         RAZORBACK MOVING CENTER

2)   The character of the business being or, to be conducted, under such
     fictitious name is:

     rental of trucks, trailers and support rental equipment to the general
     public.

 3)  a)  The corporate name of the applicant:

            U-Haul Co.  of Arkansas

     b)  The State of incorporation is:

            Arkansas

     c)  The location (giving city and street address) of the registered office
         of the applicant corporation in Arkansas is:

         Street 4809 W. 65th Street

         City   Little Rock, [ILLEGIBLE]

         State  Arkansas 72209

4)   The applicant states that if it is a foreign corporation that it is
     admitted to and authorized to do business in the State of Arkansas.

5)   The filing fee in the amount of $10.00 is enclosed.

                         Name of Applicant Corporation:

     U-Haul Co. of  Arkansas

Signature by /s/ James R. Munson
             -----------------------------------------
             James R. Munson, President      President

Address:     Route 1, Box 23, Austin, Arkansas 72007

SEAL

ATTEST:

/s/  Mary Lou Munson
- ---------------------------------------
 Mary Lou Munson, Secretary

INSTRUCTIONS:

Prepare this form in duplicate, send to Secretary of State's Office, State
Capitol, Little Rock, Arkansas. Duplicate copy will be returned to the
corporation and must be filed with the County Clerk, (other than Pulaski County)
of the County in which the Corporation's registered office is located.

                                                       GEORGE O. JERNIGAN, JR.
                                                       Secretary of State

<PAGE>

               STATE OF ARKANSAS--OFFICE OF THE SECRETARY OF STATE

                         APPLICATION FOR REGISTRATION OF
                             THE FICTITIOUS NAME OF

                            Kanis Road Moving Center

TO:      Winston Bryant
         Secretary of State
         State of Arkansas
         Little Rock, Arkansas, 72203

Pursuant to the provisions of Section 95 of the Arkansas Business Corporation
Act, (Act 576 of 1965), the undersigned corporation hereby applies for the
registration of the use of a fictitious name and submits herewith the following
statement:

1)   The fictitious name under which the business is being, or will be conducted
     by this corporation is:

                            Kanis Road Moving Center

2)   The character of the business being or, to be conducted, under such
     fictitious name is:

     Rental of automobile utility trailers, trucks and support rental Items to
     the general public.

3)   a)  The corporate name of the applicant:

                            U-Haul Co. of Arkansas

     b)  The State of incorporation is:

                                    Arkansas

     c)  The location (giving city and street address) of the registered office
         of the applicant corporation in Arkansas is:

         Street 620 West Third Street

         City   Little Rock

         State  Arkansas 72201

4)   The applicant states that if it is a foreign corporation that it is
     admitted to and authorized to do business in the State of Arkansas.

5)   The filing fee in the amount of $10.00 is enclosed.

                         Name of Applicant Corporation:

                U-Haul Co. of Arkansas, an Arkansas corporation

Signature by  /s/ James R. Munson
              ------------------------------------
                  James R. Munson        President

Address:      4809 W. 65th  Street,  Little Rock, Arkansas 72209

SEAL

ATTEST:

/s/ Mike J. Callahan
- --------------------------------
 Mike J. Callahan      Secretary

INSTRUCTIONS:

Prepare this form in duplicate, send to Secretary of State's Office, State
Capitol, Little Rock, Arkansas. Duplicate copy will be returned to the
corporation and must be filed with the County Clerk, (other than Pulaski County)
of the County in which the Corporation's registered office is located.

                                                        Winston Bryant
                                                        Secretary of State

<PAGE>

              STATE OF ARKANSAS -- OFFICE OF THE SECRETARY OF STATE

                         APPLICATION FOR REGISTRATION OF
                             THE FICTITIOUS NAME OF

                            65th Street Moving Center

TO:      Winston Bryant
         Secretary of State
         State of Arkansas
         Little Rock, Arkansas,72203

Pursuant to the provisions of Section 95 of the Arkansas Business Corporation
Act, (Act 576 of 1965), the undersigned corporation hereby applies for the
registration of the use of a fictitious name and submits herewith the following
statement:

1)   The fictitious name under which the business is being, or will be conducted
     by this corporation is:

                           65th Street Moving Center

2)   the character of the business being or, to be conducted, under such
     fictitious name is:

     Rental of automobile utility trailers, trucks and support rental items to
     the general public.

3)   a)  The corporate name of the applicant:

              U-Haul Co. of Arkansas

     b)  The State of incorporation is:

              Arkansas

     c)  The location (giving city and street address) of the registered office
         of the applicant corporation in Arkansas is:

         Street 620 West Third Street

         City   Little Rock

         State  Arkansas 72201

4)   The applicant states that if it is a foreign corporation that it is
     admitted to and authorized to do business in the State of Arkansas.

5)   The filing fee in the amount of $10.00 is enclosed.

                         Name of Applicant Corporation:

                 U-Haul Co. of Arkansas, an Arkansas corporation

Signature by /s/ James R. Munson
             ----------------------------------
                 James R. Munson      President

Address:         4809 W. 65th Street, Little Rock, Arkansas 72202

SEAL

ATTEST:

/S/ Mike J. Callahan
- ----------------------------------
Mike J. Callahan     Secretary

INSTRUCTIONS:

Prepare this form in duplicate, send to Secretary of State's Office, State
Capitol, Little Rock, Arkansas. Duplicate copy will be returned to the
corporation and must be filed with the County Clerk, (other than Pulaski County)
of the County in which the Corporation's registered office is located.

                                                        Winston Bryant
                                                        Secretary of State

<PAGE>

             STATE OF ARKANSAS -- OFFICE OF THE SECRETARY OF STATE

                         APPLICATION FOR REGISTRATION OF
                             THE FICTITIOUS NAME OF

                           BASELINE ROAD MOVING CENTER

TO:      Winston Bryant
         Secretary of State
         State of Arkansas
         Little Rock, Arkansas, 72203

Pursuant to the provisions of Section 95 of the Arkansas Business Corporation
Act, (Act 576 of 1965), the undersigned corporation hereby applies for the
registration of the use of a fictitious name and submits herewith the following
statement:

1)   The fictitious name under which the business is being, or will be conducted
     by this corporation is:

         Baseline Road Moving Center

2)   The character of the business being or, to be conducted, under such
     fictitious name is:

         rental of automobile utility trailers, trucks and support rental items
         (SRI) to the general public.

3)   a)  The corporate name of the applicant:

         U-Haul Co. of Arkansas

     b)  The State of incorporation is:

         Arkansas

     c)  The location (giving city and street address) of the registered office
         of the applicant corporation in Arkansas is:

         Street     The Corporation Company, 620 W. 3rd St.
         City       Little Rock
         Stale      Arkansas 72201

4)   The applicant states that if it is a foreign corporation that it is
     admitted to and authorized to do business in the State of Arkansas.

5)   The filing fee in the amount of $10.00 is enclosed.

                         Name of Applicant Corporation:

            U-Haul Co. of Arkansas

Signature by  /s/ James R. Munson
              -------------------------------
               President      James R. Munson

 Address:  4809 W. 65th St., Little Rock, Ark. 72209

SEAL

ATTEST:

/s/ Mike J. Callahan
- ------------------------------------
Secretary           Mike J. Callahan

INSTRUCTIONS:

Prepare this form in duplicate, send to Secretary of State's Office, State
Capitol, Little Rock, Arkansas. Duplicate copy will be returned to the
corporation and must be filed with the County Clerk, (other than Pulaski County)
of the County in which the Corporation's registered office is located.

                                                       Winston Bryant
                                                       Secretary of State

<PAGE>

              STATE OF ARKANSAS -- OFFICE OF THE SECRETARY OF STATE

                         APPLICATION FOR REGISTRATION OF
                             THE FICTITIOUS NAME OF

                        SHERWOOD MOVING & STORAGE CENTER

TO:      Winston Bryant
         Secretary of State
         State of Arkansas
         Little Rock, Arkansas, 72203

Pursuant to the provisions of Section 95 of the Arkansas Business Corporation
Act, (Act 576 of 1965), the undersigned corporation hereby applies for the
registration of the use of a fictitious name and submits herewith the following
statement:

1)   The fictitious name under which the business is being, or will be conducted
     by this corporation is:

                        Sherwood Moving & Storage Center

2)   The character of the business being or, to be conducted, under such
     fictitious name is:

     rental of automobile utility trailers, trucks and support rental items
     (SRI) to the general public.

3)   a)  The corporate name of the applicant:

                             U-Haul Co, of Arkansas

     b)  The State of incorporation is:

                                    Arkansas

     c)  The location (giving city and street address) of the registered office
         of the applicant corporation in Arkansas is:

         Street  The Corporation Company, 630 W. 3rd Street

         City    Little Rock

         State   Arkansas 72201

4)   The applicant states that if it is a foreign corporation that it is
     admitted to and authorized to do business in the State of Arkansas.

5)   The filing fee in the amount of $10.00 is enclosed.

                         Name of Applicant Corporation:

                    U-HAUL CO. OF ARKANSAS

Signature by  /s/ James R. Munson
              --------------------------------------
                  James R. Munson,    President

Address: 4808 W. 65th Street, Little Rock, Arkansas 72209

SEAL

ATTEST:

/s/ Michael J. Callahan
- ----------------------------------
Michael J. Callahan Secretary

INSTRUCTIONS:

Prepare this form in duplicate, send to Secretary of State's Office, State
Capitol, Little Rock, Arkansas. Duplicate copy will be returned to the
corporation and must be filed with the County Clerk, (other than Pulaski County)
of the County in which the Corporation's registered office is located.

                                                        Winston Bryant
                                                        Secretary of State
<PAGE>

              STATE OF ARKANSAS--OFFICE OF THE SECRETARY OF STATE

                         APPLICATION FOR REGISTRATION OF
                             THE FICTITIOUS NAME OF

                   U-HAUL MOVING CENTER OF NORTH LITTLE ROCK
TO: Winston Bryant
    Secretary of State
    State of Arkansas
    Little Rock, Arkansas, 72203

Pursuant to the provisions of Section 95 of the Arkansas Business Corporation
Act, (Act 576 of 1965), the undersigned corporation hereby applies for the
registration of the use of a fictitious name and submits herewith the following
statement:

1)   The fictitious name under which the business is being, or will be conducted
     by this corporation is:
     U-Haul Moving Center of North Little Rock

2)   The character of the business being or, to be conducted, under such
     fictitious name is:

     Rental of automobile tuility trailers, truck & support rental items (SR) to
     the general public.

3)   a) The corporate name of the applicant:
        U-Haul Co. of Arkansas

     b) The State of incorporation is:
        Arkansas

     c) The location (giving city and street address) of the registered office
        of the applicant corporation in Arkansas is:

        Street The Corporation Company, 620 W. 3rd Street

        City   Little Rock

        State  Arkansas 72201

4)   The applicant states that if it is a foreign corporation that it is
     admitted to and authorized to do business in the State of Arkansas.

5)   The filing fee in the amount of $10.00 is enclosed.

                   Name of Applicant Corporation: U-Haul Co. of Arkansas

Signature by: /s/James R. Munson
               --------------------------------
               James R. Munson, President

Address: 4808 W. 65th Street, Little Rock, Arkansas 72209

SEAL

ATTEST:
/s/ Janice Chapman
- -------------------------
             SECRETARY

Janice Chapman

INSTRUCTIONS:

Prepare this form in duplicate, send to Secretary of State's Office, State
Capitol, Little Rock, Arkansas. Duplicate copy will be returned to the
corporation and must be filed with the County Clerk, (other than Pulaski County)
of the County in which the Corporation's registered office is located.

                                                              Winston Bryant
                                                              Secretary of State

<PAGE>


        STATEMENT OF CHANGE OF ADDRESS OF REGISTERED OFFICE BY REGISTERED
                  AGENT PURSUANT TO ARKANSAS STATUTES ANNOTATED

I.   Name of Registered Agent: THE CORPORATION COMPANY

II. Address of present business office of Registered Agent:

                         620 West Third Street
                         Little Rock, Arkansas 72201

III. Address to which the business office of Registered Agent is changed,
     effective August 3, 1981:

                         417 Spring Street
                         Little Rock, Arkansas 72201

IV.  A list of the corporations which have designated THE CORPORATION COMPANY
     the Registered Agent is hereunto appended and is incorporated into this
     statement by reference.

V.   The Registered Office of each corporation named in the list hereunto
     appended is hereby changed, effective August 3, 1981, to the new business
     office address of THE CORPORATION COMPANY set forth above.

VI.  Notice in writing of this change has been mailed to each corporation named
     on the list hereunto annexed.

VII. The address of the registered office of each such corporation and the
     address of the business office of the registered agent, as changed, will be
     identical.

Dated: July 1, 1981.

                                              THE CORPORATION COMPANY
                                                  Registered Agent

                                        By: /s/ Horace C. Stephenson
                                            -----------------------------
                                            Horace C. Stephenson, Vice President

                                        By: /s/ Mary G. Murray
                                            -----------------------------
                                            Mary G. Murray, Assistant Secretary


<PAGE>


                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 28st day of June,
1988, entered into by U-HAUL CO. OF ARKANSAS, INC.,the Surviving Corporation,
and MOVERS WORLD OF ARKANSAS, INC., the Absorbed Corporation, both corporations
of the State of Arkansas, and together referred to as the Constituent
Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Arkansas, which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporations's principal office. The location that office is 6600
Allied Way, Little Rock, Arkansas 72209.

                                       1

<PAGE>

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         (1)      All issued and outstanding shares of stock of the Constituent
Corporation shall be cancelled.

         (2)      On the effective date of the merger and when the
aforementioned cancellation has been effected, the outstanding shares of stock
of the Surviving Corporation shall be deemed for all corporate purposes to
evidence the ownership of the Constituent Corporations.

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                          NUMBER OF       NUMBER OF           NUMBER     NUMBER
                           SHARES           SHARES            VOTED       VOTED
    COMPANY NAME         OUTSTANDING   ENTITLED TO VOTE        FOR       AGAINST
- --------------------------------------------------------------------------------
<S>                      <C>           <C>                    <C>        <C>
U-HAUL CO. OF
ARKANSAS, INC.               500            10,000            10,000        0

MOVERS WORLD OF
ARKANSAS, INC.               100               500               500        0
</TABLE>

                                       2

<PAGE>


                                       V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Arkansas, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Arkansas.

                                       VI

         The Surviving Corporation hereby irrevocable appoints The Corporation
Company as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P. O. Box 21502, Phoenix, Arizona 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                                       3

<PAGE>


         IN WITNESS WHEREOF the corporate parties hereto execute this
PLAN/AGREEMENT/ARTICLES OF MERGER this 28st day of June, 1988.

               Surviving Corporation: U-HAUL CO. OF ARKANSAS, INC.

                                       an Arkansas corporation

                                       BY: /s/ James R. Munson
                                           ----------------------------------
                                           James R. Munson, President

        Verified

        BY: /s/ M. G. Scudder
            ----------------------------
            M. G. Scudder, Secretary

                 Absorbed Corporation: MOVERS WORLD OF ARKANSAS, INC.
                                       an Arkansas corporation

                                       BY: /s/ John M. Dodds
                                           ---------------------------
                                           John M. Dodds, President

        Verified

        BY: /s/ John A.  Lorentz
            ----------------------------
            John A.  Lorentz,
            Secretary

                                       4

<PAGE>


INSTRUCTIONS: File in DUPLICATE with PAUL RIVIERE, Secretary of State, State
Capitol, Little Rock, Ark. 72201, with payment of fees. Duplicate copy will be
returned to the corporation at the listed address, and must be filed in the
office of the County Clerk in which the corporation's registered office is
located, (on other than Pulaski County) within 60 days after the date of filing
with the Secretary of State.

              STATE OF ARKANSAS -- OFFICE OF THE SECRETARY OF STATE

                            ARTICLES OF INCORPORATION

                                       OF

                         MOVERS WORLD OF ARKANSAS, INC.

         The undersigned, natural persons of the age of twenty-one years or
more, acting as incorporators of a corporation under the Arkansas Business
Corporation Act (Act 576 of 1965,) adopt the following articles of incorporation
of such Corporation:

FIRST:   The Name of the Corporation is:

                    MOVERS WORLD OF ARKANSAS, INC.

         (Shall contain the word "Corporation", "Company", or "Incorporated": or
         shall contain an abbreviation of one of such words; but the same may
         not end with the word "Company" nor the abbreviation "Co." if such
         final word or abbreviation is immediately preceeded by "And" or any
         symbol for "And".)

SECOND:  The period of duration is Perpetual

THIRD:   The purpose or purposes for which the Corporation is organized are:

            To engage in the transportation of household goods and office
            supplies as a common carrier by motor vehicle in both
            interstate and intrastate commerce.

            To operate as a public warehouse for the storage of household goods
            and office supplies, and to engage in any lawful act or activity for
            which a corporation may be organized under the General Corporation
            Law.

<PAGE>

EIGHTH:  The address of the initial registered office of this Corporation is:

                         417 Spring Street
                         Little Rock, Arkansas 72201

                      Street                  City                        State

         and the name of its initial registered agent at such address is:

                         C. T. Corporation System

NINTH:   The number of Directors constituting the initial Board of Directors is
         Three (3), and they will serve as directors until the first annual
         meeting of shareholders or until their successors are elected and
         qualified. If the number of initial Board members is either one or two,
         then a statement must be included specifying the number to be elected
         at the annual meeting, or the special meeting called for that purpose,
         of the shareholders next following the time when the shares become
         owned of record by more than one or two shareholders.

           James R. Munson                        4809 W. 65th Street
                                                  Little Rock, Ark 72209-3899
           Joseph R. Wadley                       4809 W. 65th Street
                                                  Little Rock, Ark 72209=3899
           Janice Chapman                         4809 W. 65th Street
                                                  Little Rock, Ark 72209-3899

TENTH:   The name and address of each incorporator is:


       NAME            STREET ADDRESS          CITY & STATE            SHARES

     John A. Lorentz  2727 N. Central Avenue, Phoenix, Az.              None
                                                  85004

       Dated: October 10, 1984
       SIGNATURE OF INCORPORATORS:

                                              /s/ John A. Lorentz
                                              ----------------------------------
                                                  John A. Lorentz, Incorporator

                                              ----------------------------------

                                              ----------------------------------

                                              ----------------------------------

<PAGE>


                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1.       The name of the consenting corporation is MOVERS WORLD, INC. a
corporation organized and existing under the laws of the State of New York, and
is qualified to do business in the State of Arkansas.

         2.       The name of the corporation to which this Consent is being
given and which is about to be organized under the laws of the State of Arkansas
is:

                         MOVERS WORLD OF ARKANSAS, INC.

         IN WITNESS WHEREOF, this corporation has caused this Consent to be
executed this 10th day of October, 1984.

                                             MOVERS WORLD, INC., a New York
                                             corporation

                                             BY: /s/ John A. Lorentz
                                                 -------------------------------
                                                 John A. Lorentz, Assistant
                                                                  Secretary

STATE OF ARIZONA   )
                   ) ss.
COUNTY OF MARICOPA )

         Before me, a Notary Public, personally appeared John A. Lorentz, known
to me to be the person who executed the foregoing instrument, and acknowledged
that he executed the same for the purpose therein contained and that the
statements are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official
seal this 10th day of October, 1984.

                                               /s/ Nancy Jo Bailey
                                                   -----------------------------
                                                     NOTARY PUBLIC
          (NOTARIAL SEAL)                    My Commission Expires May 22, 1987
<PAGE>

                      PLAN /AGREEMENT / ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 21st day of February,
1989, entered into by U-Haul Co. of Arkansas, an Arkansas corporation, the
surviving corporation and Little, Rock Rental Equipment Repair Shop, Inc., an
Arkansas corporation, the Absorbed Corporation, and together referred to as the
Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Arkansas which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is The
Corporation Company, 620 West Third Street, Little Rock, Arkansas.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                   NUMBER OF
                      NUMBER OF     SHARES     NUMBER  NUMBER
     COMPANY            SHARES     ENTITLED    VOTED    VOTED
       NAME          OUTSTANDING   TO VOTE      FOR    AGAINST
- --------------------------------------------------------------
<S>                  <C>           <C>         <C>     <C>
U-HAUL CO. OF
ARKANSAS                 500          500       500      -0-

LITTLE ROCK RENTAL
EQUIPMENT REPAIR,
SHOP, INC.                50           50        50      -0-
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Arkansas, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Arkansas.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

         The effective date of the merger shall be March 31, 1989.

<PAGE>

                                          Surviving Corporation: U-HAUL CO. OF
                                                           ARKANSAS, an Arkansas
                                                            Corporation

                                          By: /s/ James R. Munson
                                              ----------------------------------
                                              James R. Munson, President

Verified

BY: /s/ M.G.Kuzma
    -----------------------------
    M.G.Kuzma, Secretary

                              Absorbed Corporation: LITTLE ROCK RENTAL EQUIPMENT
                                                    REPAIR SHOP, INC., An
                                                    Arkansas Corporation

                                          By: /s/ William L. Ellis
                                              ----------------------------------
                                              William L. Ellis, President

Verified

By: /s/ Eugene P. Bradfield
    ------------------------------------
    Eugene P. Bradfield, Secretary

<PAGE>

STATE OF ARKANSAS

COUNTY OF

         On this    day of February, 1989, before me, the undersigned Notary
Public, personally appeared James R. Munson, known to me to be the President of
U-Haul Co. of Arkansas, an Arkansas corporation that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                          [ILLEGIBLE]
                                          --------------------------------------
                                          NOTARY PUBLIC

(NOTARY SEAL)                             MY COMMISSION EXPIRES 6/23/94

STATE OF ARKANSAS

COUNTY OF

         On this     day of February, 1989, before me, the undersigned Notary
Public, personally appeared William L. Ellis, known to me to be the President of
Little Rock Rental Equipment Repair Shop, Inc., an Arkansas corporation, that he
is the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                          [ILLEGIBLE]
                                          --------------------------------------
                                          NOTARY PUBLIC

(NOTARY SEAL)                             MY COMMISSION EXPIRES 6/23/94

<PAGE>

INSTRUCTIONS: File in DUPLICATE with Winston Bryant, Secretary of State, State
Capitol, Little Rock, Ark. 72201, with payment of fees. Duplicate copy will be
returned to the corporation at the listed address, and must be filed in the
office of the County Clerk in which the corporation's registered office is
located, (on other than Pulaski County) within 60 days after the date of filing
with the Secretary of State.

              STATE OF ARKANSAS -- OFFICE OF THE SECRETARY OF STATE

                            ARTICLES OF INCORPORATION

                                       OF

                 LITTLE ROCK RENTAL EQUIPMENT REPAIR SHOP, INC.

         The undersigned, natural persons of the age of twenty-one years or
more, acting as incorporators of a corporation under the Arkansas Business
Corporation Act (Act 576 of 1965,) adopt the following articles of incorporation
of such Corporation:

FIRST:   The Name of the Corporation is:

         Little Rock Rental Equipment Rapair Shop, Inc.

         (Shall contain the word "Corporation", "Company", or "Incorporated": or
         shall contain an abbreviation of one of such words; but the same may
         not end with the word "Company" nor the abbreviation "Co." if such
         final word or abbreviation is immediately preceeded by "And" or any
         symbol for "And".)

SECOND:  The period of duration is Perpetual

THIRD:   The purpose or purposes for which the Corporation is organized are:

                  The primary purpose for which the corporation is organized is
         to fabricate, design, develop, repair, purchase, sell at wholesale or
         retail, rent, lease, and otherwise deal in and with motor trucks,
         semi-trailers and all other forms of vehicles or vehicle equipment
         designed for use either on or off public streets, or highways, together
         with any goods, wares, or merchandise incidental thereto.

<PAGE>

STATE OF ARIZONA      )
                      ) ss.
COUNTRY OF MARICOPA   )

         BE IT REMEMBERED that on this 6th day of April, A.D. 1978, personally
came before me, the undersigned, a Notary Public within and for the State and
County aforesaid,

                  John A. Lorentz

party to the foregoing Articles of Incorporation, known to me personally to be
such, and severally acknowledged the same to be the act and deed of the signers
respectively, and that the facts therein stated are truly set forth.

         GIVEN under my hand and seal of office the day and year aforesaid.

                                          /s/ Helen H. Delamater
                                          --------------------------------------
                                                                   Notary Public

                                          My Commission Expires Aug. 13, 1980

(Acknowledgment optional.)

(These Articles must first be filed with the Secretary of State and a certified
copy thereof then be filed with the County Clerk.)

                                   ARTICLES OF

                                  INCORPORATION

                                       of

                                             LITTLE ROCK RENTAL EQUIPMENT REPAIR
                                             -----------------------------------
                                                                 SHOP, INC.

                                 WINSTON BRYANT

                               Secretary of State

                                STATE OF ARKANSAS

<PAGE>

STATEMENT OF CHANGE OF ADDRESS OF REGISTERED OFFICE BY REGISTERED AGENT PURSUANT
                         TO ARKANSAS STATUTES ANNOTATED

I.       Name of Registered Agent: THE CORPORATION COMPANY

II.      Address of present business office of Registered Agent:

                                        620 West Third Street
                                        Little Rock, Arkansas 72201

III.     Address to which the business office of Registered Agent is changed,
         effective August 3, 1981:

                                        417 Spring Street
                                        Little Rock, Arkansas 72201

IV.      A list of the corporations which have designated THE CORPORATION
         COMPANY the Registered Agent is hereunto appended and is incorporated
         into this statement by reference.

V.       The Registered Office of each corporation named in the list hereunto
         appended is hereby changed, effective August 3, 1981, to the new
         business office address of THE CORPORATION COMPANY set forth above.

VI.      Notice in writing of this change has been mailed to each corporation
         named on the list hereunto annexed.

VII.     The address of the registered office of each such corporation and the
         address of the business office of the registered agent, as changed,
         will be identical.

Dated: July 1, 1981.

                                                THE CORPORATION COMPANY
                                                     Registered Agent

                                        By: /s/ Horace C. Stephenson
                                            ------------------------------------
                                            Horace C. Stephenson, Vice President

                                        By: /s/ Mary G. Murray
                                            ------------------------------------
                                            Mary G. Murray, Assistant Secretary
<PAGE>

                                                                   FILED
                                                           CORPORATIONS DIVISION
                                                                CP00052445
                   NOTICE OF CHANGE OF REGISTERED OFFICE     98 AUG 03 AM 9:00
                          BY THE REGISTERED AGENT              SHARON PRIEST
                             FOR CORPORATIONS               SECRETARY OF STATE
                                                             STATE OF ARKANSAS
                                                           BY [ILLEGIBLE]______

To:      Sharon Priest
         Secretary of State
         Corporations Division
         State Capitol
         Little Rock, Arkansas 72201-1094

         Pursuant to the Corporation Laws of the State of Arkansas, the
         undersigned registered agent submits the following statement for the
         purpose of changing its registered office address for the below named
         corporation in the state of Arkansas.

                                                       [ ] Foreign
                                                       [X] Domestic

1.       Name of Corporation: U-HAUL CO. OF ARKANSAS

2.       Address of its present registered office:

                     417 Spring Street, Little Rock, Arkansas 72201
         -----------------------------------------------------------------------
                           Street Address, City, State, Zip

3.       Address to which registered office is to be changed:

              425 West Capitol Avenue, Suite 1700, Little Rock, Arkansas 72201
         -----------------------------------------------------------------------
                            Street Address, City, State, Zip

4.       Name of present registered agent: The Corporation Company

5.       The address of its registered office and the address of the business
         office of its registered agent, as changed, will be identical.

6.       The above named corporation has been notified of the change of address
         of its registered office.

Dated July 29, 1998

                                                     KENNETH J. UVA
                                         ---------------------------------------

                                                     Kenneth J. Uva
                                         ---------------------------------------
                                               Name of Authorized Officer

                                         Vice-President, The Corporation Company
                                         ---------------------------------------
                                               Title of Authorized Officer


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.62
<SEQUENCE>61
<FILENAME>p68936exv3w62.txt
<DESCRIPTION>EXHIBIT 3.62
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.62

                                   BY-LAWS OF

                             U-HAUL CO. OF ARKANSAS

                             An Arkansas Corporation

                                    ARTICLE I

                                                         DATE: February 27, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Arkansas shall be
located in the city of little Rock. The corporation may have such other officers
either within or without the state of Arkansas as the Board of Directors may
designate or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Friday in January of each year, at the office of the corporation in the
state of Arkansas or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                      -1-
<PAGE>

may be held within or without the state of Arkansas. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which & quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections end determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                      -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are
not elected simultaneously and the vacancies on the Board of directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election, of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Arkansas.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Arkansas.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the trans-
action of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

                                      -3-
<PAGE>

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding Meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

       1.   To purchase, lease, and acquire, in any lawful manner any and all
            real or personal property including franchises, stocks, bonds and
            debentures of other companies, business and good will, patents,
            trade-marks in contracts, and interests thereunder, and other rights
            and proprieties which in their Judgment may be beneficial for the
            purpose of this corporation, and to issue shares of stock of this
            corporation in payment of such property, and in payment for services
            rendered to this corporation, when they deem it advisable.

       2.   To fix and determine and to vary, from time to time, the amount or
            amounts to be set aside or retained as reserve funds or as working
            capital of this corporation.

       3.   To issue notes and other obligations or evidences of the debt of
            this corporation, and to secure the same, if deemed advisable, and
            endorse and guarantee the notes, bonds, stocks, and other
            obligations of other corporations with or without compensation for
            so doing, and from time to tine to sell, assign, transfer

                                      -4-
<PAGE>

                  or otherwise dispose of any of the property of this
                  corporation, subject, however, to the laws of the State of
                  Arkansas, governing the disposition of the entire assets and
                  business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committee shall at no time have more
power than that authorized by the Arkansas statutes regulating the appointment
of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to bold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with

                                      -5-
<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. Be shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                      -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-president, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Arkansas, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferrable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                      -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendments of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF ARKANSAS, are hereby

accepted and adopted as the By-Laws of said corporation and we, the undersigned,
do hereby certify that the above foregoing By-Laws are duly adopted by the Board
of Directors and that the same do new constitute the by-Laws of this
corporation.

                                           ------------------------------------
                                           President - Gorald Bailey

ATTEST:

- ------------------------------
Secretary - Jusnita Bailey

         (CORPORATIVE SEAL)

                                      -8-
<PAGE>

                             U-HAUL CO. OF ARKANSAS,

                             An Arkansas corporation

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Arkansas, an
Arkansas corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                           SHAREHOLDER:

                                           U-Haul International, Inc., a Nevada
                                           Corporation

                                           By : /s/ Gary V. Klinefelter
                                           Name: Gary V. Klinefelter
                                           Its:  Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.63
<SEQUENCE>62
<FILENAME>p68936exv3w63.txt
<DESCRIPTION>EXHIBIT 3.63
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.63

                              State Of California
                                   [GRAPHIC]                              (SEAL)

                               SECRETARY OF STATE

         I, Kevin Shelley, Secretary of State of the State of California, hereby
certify:

         That the attached transcript of 58 page(s) was prepared by and in this
office from the record on file, of which it purports to be a copy, and that it
is full, true and correct.

                                 IN WITNESS WHEREOF, I execute this
                                    certificate and affix the Great Seal of
                                    the State of California this day of
                                                 AUG 06 2003

                                    /s/ Kevin Shelley
       (SEAL)                       --------------------------------
                                        Secretary of State

<PAGE>

                            ARTICLES OF INCORPORATION

                                       of

                             U-HAUL CO. OF EAST BAY

                  THE UNDERSIGNED, being, twenty-one years or older do hereby
adopt the following Articles of Incorporation for the purpose of forming a
corporation under the laws at the State of California.

                                    ARTICLE I

                  The name of the corporation is U-HAUL CO. OF EAST BAY.

                                   ARTICLE II

                  The period of duration of the corporation is perpetual.

                                   ARTICLE III

                  The primary purpose or purposes for which the corporation is
organized are to rent and lease to the general public trailers, semi-trailers,
trucks, passenger automobiles and other equipment, tools, machinery, vehicles
and property of any and every kind and description, and to purchase or
otherwise acquire and operate any facilities useful for the conduct of the
business enterprises of this corporation.

                  In general, to carry on any other business in connection with
the foregoing, and to have and exercise all powers conferred by the laws of the
State of California upon corporations, and to engage in any lawful activity
within the purposes for which corporations may be organized under the laws of
the State of California.

                                   ARTICLE IV

                  The aggregate number of shares which the corporation shall
have authority to issue are two thousand five hundred (2,500) shares of common
stock with a par value of Ten ($10.00) Dollars each, or a total capitalization
of Twenty Five Thousand ($25,000.00) Dollars.

                                   ARTICLE V

                  The corporation will not commence business until the
consideration of at least One Thousand ($1,000.00) Dollars has been received for
the issuance of shares.

Page one of two pages

<PAGE>

                                   ARTICLE VI

                  The principal office of the corporation for the transaction of
business is in Alameda County, State of California.

                                   ARTICLE VII

                  The initial Board of Directors shall consist of three (3)
members, and the initial Board who shall act until the first annual meeting of
stockholders and their successors have been elected and qualified are:

                      John A. Lorentz          2727 North Central Avenue
                                               Phoenix, Arizona 85004

                      David L. Helsten         2727 North Central Avenue
                                               Phoenix, Arizona 85004

                      Richard Rink             2727 North Central Avenue
                                               Phoenix, Arizona  85004

                  IN WITNESS WHEREOF, we have hereunto set our hand and seal
this 27th day of February, 1970.

                                         /s/ John A. Lorentz
                                         ---------------------------------------
                                         John A. Lorentz

                                         /s/ David L. Helsten
                                         ---------------------------------------
                                         David L. Helsten

                                         /s/ Richard Rink
                                         ---------------------------------------
                                         Richard Rink

STATE OR ARIZONA       )
                       )ss:
COUNTY OF MARICOPA     )

                  On this 27th day of February, 1970, before me, a Notary Public
for the State of Arizona, personally appeared John A. Lorentz, David L. Helsten
and Richard Rink, known to me to be the parsons named in and who executed the
foregoing instrument, and who acknowledged that they had executed the same and
that the matters these in contained are true.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
Notarial Seal this 27th day of February, 1970.

                                         /s/ Helen H. Delamater
                                         ---------------------------------------
                                         Helen H. Delamater
                                         Notary Public for the State of Arizona
                                         Residing at Tempe, Arizona
                                         My Commission expires August 13, 1972

Page two of two pages

<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                           ARTICLES OF INCORPORATION

                             U-HAUL CO. OF EAST BAY

STATE OF CALIFORNIA   )
                      )ss.
COUNTY OF ALAMEDA     )

         Mike Coleman and Kay De Voto being first duly sworn, upon their
oath depose and say:

         1.       That they are the President and the Secretary respectively of
                  U-HAUL CO. OF EAST BAY, a California corporation.

         2.       That at a meeting of the board of directors of said
                  corporation, duly held at Fremont, California on August 12,
                  1970, the following resolution was adopted.

                  "RESOLVED: That Article I of the Articles of Incorporation of
                  this corporation be amended to read as follows:

                  The name of this corporation is AMERCO MARKETING CO. OF EAST
                  BAY.

         3.       That the shareholders have adopted said amendment by
                  resolution at a meeting held at Fremont, California on August
                  12, 1970. That the wording of the amended article, as set
                  forth in the shareholders' resolution is the same as that set
                  forth in the directors' resolution in Paragraph 2 above.

         4.       That the number of share which voted affirmatively for the
                  adoption of said resolution is 500, and that the total
                  number of shares entitled to vote on or consent to said
                  amendment is 500.

                                         /s/ Mike Coleman
                                         ---------------------------------------
                                         Mike Coleman, President

                                         /s/ Kay De Voto
                                         ---------------------------------------
                                         Kay De Voto, Secretary

Page 1 of 2 pages

<PAGE>

Subscribed and sworn  to before me this [ILLEGIBLE] day of  [ILLEGIBLE] 1970.

                                         /s/ [ILLEGIBLE]
                                         ---------------------------------------
                                         Notary Public for State of California
                                         My Commission expires [ILLEGIBLE]

         (NOTARIAL SEAL)

Page 2 of 2 Pages

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of California

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is AMERCO a corporation
         organized and existing under the laws of the State of Arizona.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is: AMERCO MARKETING
         CO. OF EAST [ILLEGIBLE]

         In Witness Whereof, this corporation has caused this consent to be
executed this 12 day of August, 1970.

                                           AMERCO, an Arizona corporation

                                         BY: /s/ [ILLEGIBLE]
                                             -----------------------------------
                                                   [ILLEGIBLE] - President

STATE OF ARIZONA       )
                       ) ss.
COUNTY OF MARICOPA     )

         Before me, a Notary Public, personally appeared i.. S. Shoen
known to me to be [ILLEGIBLE] person who executed the foregoing instrument, and
acknowledged that he executed the same for the purpose therein contained and
that the statements therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
[ILLEGIBLE] day of August, 1970.

                                         /s/ [ILLEGIBLE]
                                         ---------------------------------------
                                                       Notary Public

                                          My Commission Expires Aug 13, 1972
<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                           ARTICLES OF INCORPORATION

                                       OF

                        AMERCO MARKETING CO. OF EAST BAY

Bill Hurson and Richard Leever state as follows:

1.       That they are the President and the Secretary respectively of AMERCO
         MARKETING CO. OF EAST BAY, a California corporation.

2.       That at a meeting of the board of directors of said corporation, duly
         held at Oakland, California on February 21, 1973, the following
         resolution was adopted:

           "RESOLVED: That Article I of the Articles of Incorporation of this
           corporation be amended to read as follows:

           The name of this corporation is U-HAUL CO. OF EAST BAY."

3.       That the shareholders have adopted said amendment by resolution at a
         meeting held at Oakland, California on February 21, 1973. That the
         wording of the amended article, as set forth in the shareholders'
         resolution is the same as that set forth in the directors' resolution
         in Paragraph 2 above.

4.       That the number of shares which voted affirmatively for the adoption of
         said resolution is 500, and that the total number of shares entitled to
         vote on or consent to said amendment is 500.

                                         /s/ Bill Hurson
                                         ---------------------------------------
                                         Bill Hurson, President

                                         /s/ Richard Leever
                                         ---------------------------------------
                                         Richard Leever, Secretary

Page One of Two Pages

<PAGE>

STATE OF CALIFORNIA     )
                        ) ss.
COUNTY OF ALAMEDA       )

         Bill Hurson and Richard Leever being first duly sworn, each for himself
deposes and says that he has read the foregoing certificate and that the matters
set forth therein are true and correct of his own knowledge.

                                         /s/ Bill Hurson
                                         ---------------------------------------
                                         Bill Hurson

                                         /s/ Richard Leever
                                         ---------------------------------------
                                         Richard Leever

Subscribed and sworn to before me
this 11th of april, 1973.

/s/ [ILLEGIBLE]
- ------------------------------------
           Notary Public

My commission expires_______

Page Two of Two Pages

<PAGE>

                              CERTIFICATE OF MERGER

                                       OF

                             U-HAUL CO. OF EAST BAY

State of California    )
                       ) ss.
County of Alameda      )

                  Bill Hurson, President and Bridget Medeiros Secretary,
respectively of U-Haul Co. of East Bay, a California corporation, do hereby
certify as follows:

         A.       The Agreement herein referred to sets forth the terms and
conditions approved by unanimous adoption by Resolution of the Board of
Directors of U-Haul Co. of East Bay at a meeting duly called and held at 10:30
A.M. on September 12, 1975 at Fremont, California.

         B.       The following are true and accurate copies of the
above-referenced Resolutions as the same appear upon the books and records of
this corporation:

                           RESOLVED: That this Board of Directors by unanimous
                           consent hereby recommends, approves and adopts as to
                           the terms, mode of effecting, and the method of
                           converting the shares of stock, the proposed
                           Agreement of Merger between this corporation and
                           U-Haul Co. of San Jose, both California corporations,
                           and the officers of this corporation are hereby
                           authorized and directed to enter into said Agreement
                           of Merger by executing said Agreement under the
                           corporate seal of this corporation, and

                           FURTHER RESOLVED: That said Agreement of Merger be
                           submitted to the sole shareholder of this corporation
                           for the purpose of considering the adoption of same,
                           and

                           FURTHER RESOLVED: That in the event said Agreement of
                           Merger shall be approved by the sole shareholder,
                           then the officers of this corporation are hereby
                           authorized to execute and deliver under the corporate
                           seal of this corporation all documents which they
                           deem necessary or advisable, including "Certificate
                           of Merger," and to consummate said merger under the
                           laws of the State of California.

         C.       AMERCO, a Nevada corporation, being the sole shareholder of
U-Haul Co. of East Bay, approved the terms and conditions of this Merger at a
meeting duly called and held at 10:00 A.M. on September 12, 1975, at Phoenix,
Arizona.

<PAGE>

         D.       The 500 shares of common stock of U-Haul Co. of East Bay
issued and outstanding and entitled to vote were voted in favor of this merger
by Resolutions as the same appear upon the books and records of this
corporation.

         E.       Notice of the Shareholder's meeting was waived pursuant to
Section 2209 of the California Corporations Code.

         F.       The name of the Surviving Corporation is U-Haul Co. of East
Bay.

         G.       The Agreement of Merger between U-Haul Co. of San Jose and
U-Haul Co. of East Bay, both California corporations, filed with the Secretary
of State of California concurrently with this certificate, pursuant to Section
4113 of the California Corporations Code, is the agreement hereinabove referred
to and sets forth the terms and conditions approved by said resolution of
directors and vote of shareholders.

         Signed this 16th day of February, 1976

                                         /s/ [ILLEGIBLE]
                                         ---------------------------------------
                                                        - President

                                         /s/ [ILLEGIBLE]
                                         ---------------------------------------
                                                        - Secretary

         Each of the undersigned declares under penalty of perjury that the
matters set forth in the foregoing certificate are true and correct. Executed at
Fremont, California, on February 16, 1976.

                                         /s/ [ILLEGIBLE]
                                         ---------------------------------------
                                                        - President

                                         /s/ [ILLEGIBLE]
                                         ---------------------------------------
                                                        - Secretary

<PAGE>

                               AGREEMENT OF MERGER

                                     BETWEEN

                             U-HAUL CO. OF EAST BAY

                                      AND

                             U-HAUL CO. OF SAN JOSE

                          BOTH CALIFORNIA CORPORATIONS

         This Agreement of Merger is entered into between U-Haul Co. of East
Bay, a California corporation (herein called "Surviving Corporation") and U-Haul
Co. of San Jose, a California corporation (herein called "Merging Corporation").

         1.       Merging Corporation shall be merged into Surviving
Corporation.

         2.       The outstanding shares of Merging Corporation shall be
canceled and no shares of Surviving Corporation shall be issued in exchange
therefor.

         3.       Merging Corporation shall, as and when requested by Surviving
Corporation, execute and deliver all such documents and instruments and take all
such action necessary and desirable to evidence or carry out this merger.

         4.       The effect of the merger and the effective date of the merger
are as prescribed by law.

         5.       The Surviving Corporation shall pay expenses of accomplishing
the merger.

         6.       The Articles of Incorporation of Surviving Corporation shall
continue to be its Articles of Incorporation until altered or amended, and
shall not be affected by this merger.

         7.       All the property, real and personal, causes of action and
every other asset of each of the corporations shall vest in the Surviving
Corporation without further act or deed; and the Merging Corporation hereby
specifically assigns to the Surviving Corporation all right, title and
interest in any and all U-Haul Dealership Contracts.

         8.       The Surviving Corporation shall assume and be liable for all
the liabilities, obligations and penalties of each of the corporations. No
liability or obligation due or to become due, claim or demand for any cause
existing against any such corporation, officer or director thereof, shall be
released or impaired by such merger, No action or proceeding, whether

<PAGE>

civil or criminal, then pending by or against any Merging Corporation, officer
or director thereof, shall abate or be discontinued by such merger, but may be
enforced, prosecuted, settled or compromised as if such merger had not occurred,
or such Surviving Corporation may be substituted in such action or special
proceeding in place of any Merging Corporation.

         9.       If the Surviving Corporation shall consider or be advised that
any assignment or assurances in law are necessary or desirable to vest or to
[ILLEGIBLE] or confirm of record in the Surviving Corporation the title to
any property or rights of the Merging Corporation, or to otherwise carry out
the provisions hereof, the proper officers and directors of the Merging
Corporation as of the effective date of the merger shall execute and deliver any
assignments and assurances in law, and do all things necessary or proper to vest
or perfect such rights in the Surviving Corporation and otherwise to carry out
the provisions hereof.

         IN WITNESS WHEREOF the corporate parties hereto, pursuant to authority
given by their Boards of Directors and sole shareholder, hereby enter into this
Agreement of Merger which is executed this 18th day of December, 1975.

                             Surviving Corporation: U-Haul Co. of East Bay,
                                                    a California corporation

                                                    By: /s/[ILLEGIBLE]
                                                        ------------------------
                                                                  President

                                                    By: /s/ [ILLEGIBLE]
                                                        ------------------------
                                                                  Secretary

      (Corporate Seal)

                             Merging Corporation:   U-Haul Co. of San Jose,
                                                    a California corporation

                                                    By: /s/ [ILLEGIBLE]
                                                        ------------------------
                                                                  President

      (Corporate Seal)

                                                    By: /s/ [ILLEGIBLE]
                                                        ------------------------
                                                                  Secretary
<PAGE>

State of California   )
                      ) ss.
County of Santa Clara )

         On this 18th day of December, 1975, before the undersigned, a Notary
Public for the State of California, personally appeared BILL HURSON and BRIDGET
MEDEIROS, known to me to be the President and Secretary, respectively, of U-Haul
Co. of East Bay, the corporation that executed the within instrument, and
acknowledged to me that such corporation executed the same.

                                                 /s/ Robert L. Welles

                                                     Robert L. Welles
                                                     ---------------------------
                                                             Notary Public

State of California   )
                      ) ss.
County of Santa Clara )

         On this 18th day of December, 1975, before the undersigned, a Notary
Public for the State of California, personally appeared [ILLEGIBLE] and
[ILLEGIBLE], known to me to be the President and Secretary,
respectively, of U-Haul Co. of San Jose, the corporation that executed the
within instrument, and acknowledged to me that such corporation executed the
same.

                                                 /s/ Robert L. Welles

                                                     Robert L. Welles
                                                     ---------------------------
                                                             Notary Public

         (Notary Seal)

<PAGE>

                               AGREEMENT OF MERGER

         This AGREEMENT OF MERGER dated this 20th day of February, 1989, entered
into by U-Haul Co. of East Bay, a California corporation, the Surviving
Corporation and Fremont Rental Equipment Repair Shop, Inc., the Absorbed
Corporation both corporations of the State of California, and together referred
to as the Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of California, which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                       I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed AGREEMENT OF MERGER is on file at the Surviving
Corporation's principal office. The location of that office is 44511 Grimmer
Blvd., P.O. Box 5746, Fremont, CA 94537.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be cancelled and no
                           shares of the surviving corporation will be will be
                           given an exchange therefor the issued and outstanding
                           shares of stock in the surviving corporation will
                           remain issued and outstanding.

<PAGE>

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such AGREEMENT OF MERGER, and the number of shares voted for and
against such AGREEMENT OF MERGER as to each corporation was as follows:

<TABLE>
<CAPTION>
                                   NUMBER OF
                     NUMBER OF       SHARES     NUMBER    NUMBER
    COMPANY            SHARES       ENTITLED    VOTED      VOTED
      NAME          OUTSTANDING     TO VOTE      FOR      AGAINST
- -----------------------------------------------------------------
<S>                 <C>            <C>          <C>       <C>
Fremont Rental          50             50         50         0
Equipment Repair
  Shop, Inc.

U-Haul Co. of          500            500        500         0
  East Bay
</TABLE>

                                       V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of California, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
California.

                                       VI

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                              Surviving Corporation: U-HAUL CO. OF EAST BAY
                                                     a California corporation

                                     By: /s/ William J. Hurson
                                         ---------------------------------------
                                         William J. Hurson, President

Verified

By: /s/ Nyla Wagoner
    ------------------------------
    Nyla Wagoner, Secretary

                              Absorbed Corporation: Fremont Rental
                                                    Equipment Repair Shop, Inc.
                                                    A California Corporation

                                     By: /s/ Jim Bartlett
                                         ---------------------------------------
                                         Jim Bartlett, President

Verified

By: /s/ Nyla Wagoner
    ------------------------------
    Nyla Wagoner, Secretary

<PAGE>

                             CERTIFICATE OF APPROVAL

                                       OF

                              AGREEMENT OF MERGER

William J. Hurson and Nyla Wagoner certify that:

         1.       They are the president and the secretary, respectively, of
         U-Haul Co. of East Bay, a California corporation.

         2.       The Agreement of Merger in the form attached was duly approved
         by the board of directors and shareholders of the corporation.

         3.       The shareholder approval was by the holders of 100% of the
         outstanding shares of the corporation.

         4.       There is only one class of shares and the number of shares
         outstanding are 500.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: March 20, 1989

                                     By: /s/ William J. Hurson
                                         ---------------------------------------
                                         William J. Hurson, President

                                     By: /s/ Nyla Wagoner
                                         ---------------------------------------
                                         Nyla Wagoner, Secretary

<PAGE>

                             CERTIFICATE OF APPROVAL

                                       OF

                              AGREEMENT OF MERGER

Jim Barlett and Nyla Wagoner certify that:

         1.       They are the president and the secretary, respectively, of
         Fremont Rental Equipment Repair Shop, Inc. a California corporation.

         2.       The Agreement of Merger in the form attached was duly approved
         by the board of directors and shareholders of the corporation.

         3.       The shareholder approval was by the holders of 100% of the
         outstanding shares of the corporation.

         4.       There is only one class of shares and the number of shares
         outstanding are 50. These are voting shares.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: May 30, 1989

                                     By: /s/ Jim Barlett
                                         ---------------------------------------
                                         Jim Barlett, President

                                     By: /s/ Nyla Wagoner
                                         ---------------------------------------
                                         Nyla Wagoner, Secretary

<PAGE>

                               AGREEMENT OF MERGER

         This AGREEMENT OF MERGER dated this 17th day of February, 1989, entered
into by U-Haul Co. of East Bay, a California corporation, the Surviving
Corporation and South Bay Rental Equipment Repair Shop, Inc., the Absorbed
Corporation both corporations of the State of California, and together referred
to as the Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of California, which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                       I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed AGREEMENT OF MERGER is on file at the Surviving
Corporation's principal office. The location of that office is 1805
Massachusetts Ave., Lemon Grove, CA 92045.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           disappearing Corporation shall be cancelled and no
                           shares of the surviving corporation will be will be
                           given an exchange therefore and the outstanding
                           shares of stock in the surviving corporation will
                           remain issued and outstanding.

<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such AGREEMENT OF MERGER, and the number of shares voted for and
against such AGREEMENT OF MERGER as to each corporation was as follows:

<TABLE>
<CAPTION>
                                   NUMBER OF
                     NUMBER OF       SHARES     NUMBER    NUMBER
    COMPANY            SHARES       ENTITLED    VOTED      VOTED
      NAME          OUTSTANDING     TO VOTE      FOR      AGAINST
- -----------------------------------------------------------------
<S>                 <C>            <C>          <C>       <C>
South Bay Rental       4000           4000       4000        0
Equipment Repair
  Shop, Inc.

U-Haul Co. of           500            500        500        0
  East Bay
</TABLE>

                                       V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of California, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
California.

                                       VI

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                              Surviving Corporation: U HAUL CO. OF EAST BAY
                                                     a California corporation

                                     By: /s/ William J. Hurson
                                         ---------------------------------------
                                         William J. Hurson, President

Verified

By: /s/ Nyla Wagoner
    --------------------------
    Nyla Wagoner, Secretary

                              Absorbed Corporation: South Bay Rental Equipment
                                                         Repair Shop, Inc.
                                                    a California Corporation

                                     By: /s/ John M. Dodds
                                         ---------------------------------------
                                         John M. Dodds, President

Verified

By: /s/ John A. Lorentz
    --------------------------
    John A. Lorentz, Secretary

<PAGE>

                             CERTIFICATE OF APPROVAL

                                       OF

                               AGREEMENT OF MERGER

William J. Hurson and Nyla Wagoner certify that:

         1.       They are the president and the secretary, respectively, of
         U-Haul Co. of East Bay, a California corporation.

         2.       The Agreement of Merger in the form attached was duly approved
         by the board of directors and shareholders of the corporation.

         3.       The shareholder approval was by the holders of 100% of the
         outstanding shares of the corporation.

         4.       There is only one class of shares and the number of shares
         outstanding are 500. These are voting shares.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: March 20, 1989

                                         /s/ William J. Hurson
                                         ---------------------------------------
                                         William J. Hurson, President

                                         /s/ Nyla Wagoner
                                         ---------------------------------------
                                         Nyla Wagoner, Secretary

<PAGE>

                            CERTIFICATE OF APPROVAL

                                       OF

                              AGREEMENT OF MERGER

John M. Dodds and John A. Lorentz certify that:

         1.       They are the president and the secretary, respectively, of
         South Bay Rental Equipment Repair Shop, Inc., a California corporation.

         2.       The Agreement of Merger in the form attached was duly approved
         by the board of directors and shareholders of the corporation.

         3.       The shareholder approval was by the holders of 100% of the
         outstanding shares of the corporation.

         4.       There is only one class of shares and the number of shares
         outstanding are 4000. These are voting shares.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: July 19, 1989

                                         /s/ John M. Dodds
                                         ---------------------------------------
                                         John M. Dodds, President

                                         /s/ John A. Lorentz
                                         ---------------------------------------
                                         John A. Lorentz, Secretary

<PAGE>

                               AGREEMENT OF MERGER

         This AGREEMENT OF MERGER dated this 20th day of February, 1989, entered
into by U-Haul Co. of East Bay, a California corporation, the Surviving
Corporation and Oakland Rental Equipment Repair Shop, Inc., the Absorbed
Corporation both corporations of the State of California, and together referred
to as the Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of California, which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                       I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed AGREEMENT OF MERGER is on file at the Surviving
Corporation's principal office. The location of that office is 44511 Grimmer
Blvd,. Fremont, CA 94537.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           disappearing Corporation shall be cancelled and no
                           shares of the surviving corporation will be will be
                           given an exchange therefore and the outstanding
                           shares of stock in the surviving corporation will
                           remain issued and outstanding.

<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such AGREEMENT OF MERGER, and the number of shares voted for and
against such AGREEMENT OF MERGER as to each corporation was as follows:

<TABLE>
<CAPTION>
                                   NUMBER OF
                     NUMBER OF       SHARES     NUMBER    NUMBER
    COMPANY            SHARES       ENTITLED    VOTED      VOTED
      NAME          OUTSTANDING     TO VOTE      FOR      AGAINST
- -----------------------------------------------------------------
<S>                 <C>            <C>          <C>       <C>
Oakland Rental           50            50         50         0
Equipment Repair
  Shop, Inc.

U-Haul Co. of           500           500        500         0
  East Bay
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of California, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
California.

                                       VI

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                              Surviving Corporation: U-HAUL CO. OF EAST BAY
                                                     a California corporation

                                     By: /s/ William J. Hurson
                                         ---------------------------------------
                                         William J. Hurson, President

Verified

By: /s/ Nyla Wagoner
    --------------------------
    Nyla Wagoner, Secretary

                              Absorbed Corporation: Oakland Rental Equipment
                                                         Repair Shop, Inc.
                                                    a California Corporation

                                     By: /s/ John M. Dodds
                                         ---------------------------------------
                                         John M. Dodds, President

Verified

By: /s/ John A. Lorentz
    --------------------------
    John A. Lorentz, Secretary

<PAGE>

                             CERTIFICATE OF APPROVAL

                                       OF

                               AGREEMENT OF MERGER

William Hurson and Nyla Wagoner certify that:

         1.       They are the president and the secretary, respectively, of
         U-Haul Co. of East Bay, a California corporation.

         2.       The Agreement of Merger in the form attached was duly approved
         by the board of directors and shareholders of the corporation.

         3.       The shareholder approval was by the holders of 100% of the
         outstanding shares of the corporation.

         4.       There is only one class of shares and the number of shares
         outstanding are 500.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: March 20, 1989

                                         /s/ William Hurson
                                         ---------------------------------------
                                         William Hurson, President

                                         /s/ Nyla Wagoner
                                         ---------------------------------------
                                         Nyla Wagoner, Secretary

<PAGE>

                             CERTIFICATE OF APPROVAL

                                       OF

                               AGREEMENT OF MERGER

John M. Dodds and John A. Lorentz certify that:

         1.       They are the president and the secretary, respectively, of
         Oakland Rental Equipment Repair Shop, Inc., a California corporation.

         2.       The Agreement of Merger in the form attached was duly approved
         by the board of directors and shareholders of the corporation.

         3.       The shareholder approval was by the holders of 100% of the
         outstanding shares of the corporation.

         4.       There is only one class of shares and the number of shares
         outstanding are 50. These are voting shares.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: July 19, 1989

                                         /s/ John M. Dodds
                                         ---------------------------------------
                                         John M. Dodds, President

                                         /s/ John A. Lorentz
                                         ---------------------------------------
                                         John A. Lorentz, Secretary

<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

                             U-HAUL CO. OF EAST BAY

STATE OF ARIZONA

COUNTY OF MARICOPA

John A. Lorentz and Gary V. Klinefelter being first duly sworn, upon their oath
depose and say:

1.       That they are the President and Secretary respectively of U-Haul Co. of
         East Bay, a California corporation.

2.       That at a meeting of the Board of Directors of said corporation, duly
         held at Phoenix, Arizona on October 25, 1990, they following resolution
         was adopted.

"RESOLVED: That Article I of the Articles of Incorporation of this
corporation be amended to read as follows:

The name of the corporation is U-HAUL CO. OF CALIFORNIA.

3.       That the shareholders have adopted said amendment by resolution at a
         meeting held at Phoenix, Arizona on October 25, 1990. That the wording
         of the amended article, as set forth in the shareholder's resolution is
         the same as the set forth in the directors' resolution in Paragraph 2
         above.

4.       That the number of shares which voted affirmatively for the adoption of
         said resolution is 500 and that the total number of shares entitled to
         vote on or consent to said amendment is 500.

                                    /s/ John A. Lorentz
                                    -----------------------------------
                                        John A. Lorentz, President

                                    /s/ Gary V. Klinefelter
                                    -----------------------------------
                                        Gary V. Klinefelter, Secretary

Each of the above declares under penalty of perjury that the matters set forth
in the foregoing certificate are true and correct. Executed at Phoenix, Arizona,
on October 25, 1990.

<PAGE>

                               AGREEMENT OF MERGER

         This AGREEMENT OF MERGER dated this 14th day of February, 1991, entered
into by U-Haul Co. of California, a California corporation, the surviving
corporation and Dublin Mfg. Co. Inc., Orange Manufacturing Co. Inc. and Paramont
Mfg. Co. Inc., all California corporations and the absorbed Corporations, and
together referred to as the Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of California which laws permit such mergers.

         NOW THEREFORE, the parties hereto do agree as follows:

                                       I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is John A.
Lorentz, 2721 N. Central Avenue, Phoenix, Arizona 85004.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         (1)      All issued and outstanding shares of stock of all Absorbed
                  Corporations shall be cancelled.

         (2)      On the effective date of the merger and when the
                  aforementioned cancellation has been effected, the outstanding
                  shares of stock of the Surviving Corporation shall be deemed
                  for all corporate purposes to evidence the ownership of the
                  Surviving Corporation.

<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                       NUMBER OF
                         NUMBER OF       SHARES     NUMBER    NUMBER
    COMPANY                SHARES       ENTITLED    VOTED      VOTED
      NAME              OUTSTANDING     TO VOTE      FOR      AGAINST
- ---------------------------------------------------------------------
<S>                     <C>            <C>          <C>       <C>
U-HAUL CO. OF
CALIFORNIA                    500           500        500      -0-

DUBLIN MFG.
CO., INC.                      50            50         50      -0-

ORANGE MANUFACTURING
CO., INC.                  23,100        23,100     23,100      -0-

PARAMONT MFG.
CO., INC.                      50            50         50      -0-
</TABLE>

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of California to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
California.

                                        V

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                              Surviving Corporation: U-HAUL CO. OF
                                                     CALIFORNIA, a
                                                     California Corp.

                                     By: /s/ John A. Lorentz
                                         ---------------------------------------
                                             John A. Lorentz, President

Verified

By: /s/ Gary V. Klinefelter
    ---------------------------------
    Gary V. Klinefelter, Secretary

<PAGE>

                              Absorbed Corporations: DUBLIN MFG. CO.,
                                                     INC. a California
                                                     Corporation

                                     By: /s/ John A. Lorentz
                                         ------------------------------------
                                         John A. Lorentz, President

Verified

By: /s/ Gary V. Klinefelter
    ---------------------------------
    Gary V. Klinefelter, Secretary

                              Absorbed Corporation: ORANGE MANUFACTURING
                                                    CO., INC. a California
                                                    Corporation

                                     By: /s/ John A. Lorentz
                                         ------------------------------------
                                         John A. Lorentz, President

Attest:

By: /s/ Gary V. Klinefelter
    ---------------------------------
    Gary V. Klinefelter, Secretary

                              Absorbed Corporation: PARAMONT MFG. CO.,
                                                INC. a California
                                                    Corporation

                                     By: /s/ John A. Lorentz
                                         ------------------------------------
                                         John A. Lorentz, President

Attest:

By: /s/ Gary V. Klinefelter
    ---------------------------------
    Gary V. Klinefelter, Secretary
<PAGE>

                             CERTIFICATE OF APPROVAL

                                       OF

                              AGREEMENT OF MERGER

John A. Lorentz and Gary V. Klinefelter certify that:

         1.       They are the President and the Secretary, respectively, of
                  U-Haul Co. of California, a California corporation.

         2.       The Agreement of Merger in the form attached was duly approved
                  by the board of directors and shareholder of the corporation.

         3.       The shareholder approval was by the holders of 100% of the
                  outstanding shares of the corporation.

         4.       There is only one class of shares and the number of shares
                  outstanding are 100.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: February 14, 1991.

                                           /s/ John A. Lorentz
                                           -------------------------------------
                                               John A. Lorentz, President

                                           /s/ Gary V. Klinefelter
                                           -------------------------------------
                                               Gary V. Klinefelter, Secretary

<PAGE>

                             CERTIFICATE OF APPROVAL

                                       OF

                              AGREEMENT OF MERGER

John A. Lorentz and Gary V. Klinefelter certify that:

         1.       They are the President and the Secretary, respectively, of
                  Dublin Mfg. Co. Inc., a California corporation.

         2.       The Agreement of Merger in the form attached was duly approved
                  by the board of directors and shareholder of the corporation.

         3.       The shareholder approval was by the holders of 100% of the
                  outstanding shares of the corporation.

         4.       There is only one class of shares and the number of shares
                  outstanding are 100.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: February 14, 1991.

                                           /s/ John A. Lorentz
                                           -------------------------------------
                                               John A. Lorentz, President

                                           /s/ Gary V. Klinefelter
                                           -------------------------------------
                                               Gary V. Klinefelter, Secretary

<PAGE>

                             CERTIFICATE OF APPROVAL

                                       OF

                              AGREEMENT OF MERGER

John A. Lorentz and Gary V. Klinefelter certify that:

         1.       They are the President and the Secretary, respectively, of
                  Orange Manufacturing Co. Inc., a California corporation.

         2.       The Agreement of Merger in the form attached was duly approved
                  by the board of directors and shareholder of the corporation.

         3.       The shareholder approval was by the holders of 100% of the
                  outstanding shares of the corporation.

         4.       There is only one class of shares and the number of shares
                  outstanding are 100.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: February 14, 1991.

                                           /s/ John A. Lorentz
                                           -------------------------------------
                                               John A. Lorentz, President

                                           /s/ Gary V. Klinefelter
                                           -------------------------------------
                                               Gary V. Klinefelter, Secretary

<PAGE>

                             CERTIFICATE OF APPROVAL

                                       OF

                               AGREEMENT OF MERGER

John A. Lorentz and Gary V. Klinefelter certify that:

         1.       They are the President and the Secretary, respectively, of
                  Paramont Mfg. Co. Inc., a California corporation.

         2.       The Agreement of Merger in the form attached was duly approved
                  by the board of directors and shareholder of the corporation.

         3.       The shareholder approval was by the holders of 100% of the
                  outstanding shares of the corporation.

         4.       There is only one class of shares and the number of shares
                  outstanding are 100.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: February 14, 1991.

                                           /s/ John A. Lorentz
                                           -------------------------------------
                                               John A. Lorentz, President

                                           /s/ Gary V. Klinefelter
                                           -------------------------------------
                                               Gary V. Klinefelter, Secretary
<PAGE>

                               AGREEMENT OF MERGER

         This AGREEMENT OF MERGER dated this 28th day of February, 1991, entered
into by U-Haul Co. of California, a California corporation, the surviving
corporation and U-Haul Co. of Sacramento, U-Haul Co. of San Bernardino and
U-Haul Co. of San Diego, all California corporations and the absorbed
Corporations, and together referred to as the Constituent Corporations hereby
witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of California which laws permit such mergers.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is John A.
Lorentz, 2721 N. Central Avenue, Phoenix, Arizona 85004.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of all
                           Absorbed Corporations shall be cancelled.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Surviving
                           Corporation.

<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                     NUMBER OF
                        NUMBER OF     SHARES       NUMBER        NUMBER
    COMPANY              SHARES      ENTITLED      VOTED         VOTED
     NAME              OUTSTANDING   TO VOTE        FOR         AGAINST
- -----------------------------------------------------------------------
<S>                    <C>           <C>           <C>          <C>
U-HAUL CO. OF
CALIFORNIA                 500          500         500           -0-

U-HAUL CO. OF
SACRAMENTO                 500          500         500           -0-

U-HAUL CO. OF SAN
BERNARDINO                 500          500         500           -0-

U-HAUL CO. OF SAN
DIEGO                      500          500         500           -0-
</TABLE>

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of California to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
California.

                                       V

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                                         Surviving Corporation: U-HAUL CO. OF
                                                                CALIFORNIA, a
                                                                California Corp.

                                         By: /s/ John A. Lorentz
                                             -----------------------------------
                                                 John A. Lorentz, President

Verified

By: /s/ Gary V. Klinefelter
    ----------------------------------
        Gary V. Klinefelter, Secretary

<PAGE>

                               Absorbed Corporations: U-HAUL CO. OF SACRAMENTO,
                                                          a California Corp.

                                   By: /s/ John A. Lorentz
                                       -----------------------------------------
                                       John A. Lorentz, President

Verified

By: /s/ Gary V. Klinefelter
    ---------------------------------
    Gary V. Klinefelter, Secretary

                Absorbed Corporation: U-HAUL CO. OF SAN BERNARDINO,
                                          a California Corporation

                                             BY: /s/ John A. Lorentz
                                                 ---------------------------
                                                 John A. Lorentz, President

Attest:

BY: /s/ Gary V. Klinefelter
    --------------------------------
    Gary V. Klinefelter, Secretary

                    Absorbed Corporation: U-HAOL CO. OF SAN DIEGO
                                          a California Corporation

                                             BY: /s/ John A. Lorentz
                                                 --------------------------
                                                 John A. Lorentz, President

Attest:

BY: /s/ Gary V. Klinefelter
    --------------------------------
    Gary V. Klinefelter, Secretary

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 28th day of February, 1991, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the President of
U-Haul Co. of California, a, California Corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                                      /s/ Blanche I. Passolt
                                                  ------------------------------
                                                           NOTARY PUBLIC

(NOTARY SEAL)

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 28th day of February, 1991 before me, the undersigned Notary
Public, personally appeared John A. Lorentz known to me to be the President of
U-Haul Co. of Sacramento, U-Haul Co. of San Bernardino and U-Haul Co. of San
Diego, all California Corporations, that he is the person who executed this
instrument on behalf of said corporation, and acknowledged to me that such
corporation executed the same.

                                                      /s/ Blanche I. Passolt
                                                  ------------------------------
                                                           NOTARY PUBLIC

(NOTARY SEAL)
<PAGE>

                             CERTIFICATE OF APPROVAL

                                       OF

                               AGREEMENT OF MERGER

John A. Lorentz and Gary V. Klinefelter certify that:

     1.  They are the President and the Secretary, respectively, of U-Haul Co.
         of California, a California corporation.

     2.  The Agreement of Merger in the form attached was duly approved by the
         board of directors and shareholder of the corporation.

     3.  The shareholder approval was by the holders of 100% of the outstanding
         shares of the corporation.

     4.  There is only one class of shares and the number of shares outstanding
         are 500.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: February 28, 1991.

                                             /s/ John A. Lorentz
                                             ----------------------------------
                                             John A. Lorentz, President

                                             /s/ Gary V. Klinefelter
                                             ----------------------------------
                                             Gary V. Klinefelter, Secretary

<PAGE>

                             CERTIFICATE OF APPROVAL

                                       OF

                               AGREEMENT OF MERGER

John A. Lorentz and Gary V. Klinefelter certify that:

     1.  They are the President and the Secretary, respectively, of U-Haul Co.
         of Sacramento, a California corporation.

     2.  The Agreement of Merger in the form attached was duly approved by the
         board of directors and shareholder of the corporation.

     3.  The shareholder approval was by the holders of 100% of the outstanding
         shares of the corporation.

     4.  There is only one class of shares and the number of shares outstanding
         are 500.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: February 28, 1991.

                                             /s/ John A. Lorentz
                                             ----------------------------------
                                             John A. Lorentz, President

                                             /s/ Gary V. Klinefelter
                                             ----------------------------------
                                             Gary V. Klinefelter, Secretary

<PAGE>

                             CERTIFICATE OF APPROVAL

                                       OF

                               AGREEMENT OF MERGER

John A. Lorentz and Gary V. Klinefelter certify that:

     1.  They are the President and the Secretary, respectively, of U-Haul Co.
         of San Bernardino, a California corporation.

     2.  The Agreement of Merger in the form attached was duly approved by the
         board of directors and shareholder of the corporation.

     3.  The shareholder approval was by the holders of 100% of the outstanding
         shares of the corporation.

     4.  There is only one class of shares and the number of shares outstanding
         are 500.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: February 28, 1991.

                                             /s/ John A. Lorentz
                                             ----------------------------------
                                             John A. Lorentz, President

                                             /s/ Gary V. Klinefelter
                                             ----------------------------------
                                             Gary V. Klinefelter, Secretary

<PAGE>

                             CERTIFICATE OF APPROVAL

                                       OF

                               AGREEMENT OF MERGER

John A. Lorentz and Gary V. Klinefelter certify that:

     1.  They are the President and the Secretary, respectively, of U-Haul Co.
         of San Diego, a California corporation.

     2.  The Agreement of Merger in the form attached was duly approved by the
         board of directors and shareholder of the corporation.

     3.  The shareholder approval was by the holders of 100% of the outstanding
         shares of the corporation.

     4.  There is only one class of shares and the number of shares outstanding
         are 500.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: February 28, 1991.

                                             /s/ John A. Lorentz
                                             ----------------------------------
                                             John A. Lorentz, President

                                             /s/ Gary V. Klinefelter
                                             ----------------------------------
                                             Gary V. Klinefelter, Secretary
<PAGE>

                               AGREEMENT OF MERGER

         This AGREEMENT OF MERGER dated this 28th day of February, 1991, entered
into by U-Haul Co. of California, a California corporation, the surviving
corporation and U-Haul Co. of Fresno, U-Haul Co. of Los Angles and U-Haul Co. of
Orange County, all California corporations and the absorbed Corporations, and
together referred to as the Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of California which laws permit such mergers.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is John A.
Lorentz, 2721 N. Central Avenue, Phoenix, Arizona 85004.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)    All issued and outstanding shares of stock of all
                         Absorbed Corporations shall be cancelled.

                  (2)    On the effective date of the merger and when the
                         aforementioned cancellation has been effected, the
                         outstanding shares of stock of the Surviving
                         Corporation shall be deemed for all corporate purposes
                         to evidence the ownership of the Surviving Corporation.

<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                                 NUMBER OF
                               NUMBER OF          SHARES           NUMBER         NUMBER
   COMPANY                       SHARES         ENTITLED TO        VOTED           VOTED
    NAME                      OUTSTANDING          VOTE             FOR           AGAINST
- -----------------------------------------------------------------------------------------
<S>                           <C>               <C>                <C>            <C>
U-HAUL CO. OF
CALIFORNIA                       500               500               500           -0-

U-HAUL CO. OF
FRESNO                           500               500               500           -0-

U-HAUL CO. OF
LOS ANGLES                       500               500               500           -0-

U-HAUL CO. OF
ORANGE COUNTY                    500               500               500           -0-
</TABLE>

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of California to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
California.

                                        V

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                           Surviving Corporation: U-HAUL CO. OF
                                                  CALIFORNIA, a California Corp.

                                       By: /s/ John A. Lorentz
                                           -------------------------------------
                                               John A. Lorentz, President

Verified

By: /s/ Gary V. Klinefelter
    -----------------------------------
        Gary V. Klinefelter, Secretary

<PAGE>

                           Absorbed Corporations: U-HAUL CO. OF FRESNO,
                                                  a California Corp.

                                       By: /s/ John A. Lorentz
                                           -------------------------------------
                                               John A. Lorentz, President

Verified

By: /s/ Gary V. Klinefelter
    ------------------------------------
        Gary V. Klinefelter, Secretary

                           Absorbed Corporation: U-HAUL CO. OF LOS ANGLES,
                                                 a California Corporation

                                       BY: /s/ John A. Lorentz
                                           -------------------------------------
                                               John A. Lorentz, President

Attest:

By: /s/ Gary V. Klinefelter
    ------------------------------------
        Gary V. Klinefelter, Secretary

                           Absorbed Corporation: U-HAUL CO. OF ORANGE COUNTY,
                                                 a California Corporation

                                       BY: /s/ John A. Lorentz
                                           -------------------------------------
                                               John A. Lorentz, President

Attest:

BY: /s/ Gary V. Klinefelter
    ----------------------------------
        Gary V. Klinefelter, Secretary

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 28th day of February, 1991, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the President of
U-Haul Co. of California, a, California Corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

[NOTARY SEAL]                              /s/ Blanche I. Passolt
                                           -------------------------------------
                                                  NOTARY PUBLIC

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 28th day of February, 1991 before me, the undersigned Notary
Public, personally appeared John A. Lorentz known to me to be the President of
U-Haul Co. of Fresno, U-HAUL Co. of Los Angles, and U-HAUL Co. of Orange County,
all California Corporations, that he is the person who executed this instrument
on behalf of said corporation, and acknowledged to me that such corporation
executed the same.

                                           /s/ Blanche I. Passolt
(NOTARY SEAL)                              -------------------------------------
                                                  NOTARY PUBLIC

<PAGE>

                            CERTIFICATE OF APPROVAL

                                       OF

                              AGREEMENT OF MERGER

John A. Lorentz and Gary V. Klinefelter certify that:

         1.       They are the President and the Secretary, respectively, of
                  U-Haul Co. of California, a California corporation.

         2.       The Agreement of Merger in the form attached was duly approved
                  by the board of directors and shareholder of the corporation.

         3.       The shareholder approval was by the holders of 100% of the
                  outstanding shares of the corporation.

         4.       There is only one class of shares and the number of shares
                  outstanding are 500.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: February 28, 1991.

                                             /s/ John A. Lorentz
                                             -----------------------------------
                                             John A. Lorentz, President

                                             /s/ Gary V. Klinefelter
                                             -----------------------------------
                                             Gary V. Klinefelter, Secretary

<PAGE>

                            CERTIFICATE OF APPROVAL

                                       OF

                              AGREEMENT OF MERGER

John A. Lorentz and Gary v. Klinefelter certify that:

         1.       They are the President and the Secretary, respectively, of
                  U-Haul Co. of Fresno, a California corporation.

         2.       The Agreement of Merger in the form attached was duly approved
                  by the board of directors and shareholder of the corporation.

         3.       The shareholder approval was by the holders of 100% of the
                  outstanding shares of the corporation.

         4.       There is only one class of shares and the number of shares
                  outstanding are 500.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: February 28, 1991.

                                             /s/ John A. Lorentz
                                             -----------------------------------
                                             John A. Lorentz, President

                                             /s/ Gary V. Klinefelter
                                             -----------------------------------
                                             Gary V. Klinefelter, Secretary

<PAGE>

                            CERTIFICATE OF APPROVAL

                                       OF

                              AGREEMENT OF MERGER

John A. Lorentz and Gary V. Klinefelter certify that:

         1.       They are the President and the Secretary, respectively, of
                  U-Haul Co. of Los Angles, a California corporation.

         2.       The Agreement of Merger in the form attached was duly approved
                  by the board of directors and shareholder of the corporation.

         3.       The shareholder approval was by the holders of 100% of the
                  outstanding shares of the corporation.

         4.       There is only one class of shares and the number of shares
                  outstanding are 500.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: February 28, 1991.

                                             /s/ John A. Lorentz
                                             -----------------------------------
                                             John A. Lorentz, President

                                             /s/ Gary V. Klinefelter
                                             -----------------------------------
                                             Gary V. Klinefelter, Secretary

<PAGE>

                            CERTIFICATE OF APPROVAL

                                       OF

                              AGREEMENT OF MERGER

John A. Lorentz and Gary V. Klinefelter certify that:

         1.       They are the President and the Secretary, respectively, of
                  U-Haul Co. of Orange County, a California corporation.

         2.       The Agreement of Merger in the form attached was duly approved
                  by the board of directors and shareholder of the corporation.

         3.       The shareholder approval was by the holders of 100% of the
                  outstanding shares of the corporation.

         4.       There is only one class of shares and the number of shares
                  outstanding are 500.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: February 28, 1991.

                                             /s/ John A. Lorentz
                                             -----------------------------------
                                             John A. Lorentz, President

                                             /s/ Gary V. Klinefelter
                                             -----------------------------------
                                             Gary V. Klinefelter, Secretary
<PAGE>


                               AGREEMENT OF MERGER

         This AGREEMENT OF MERGER dated this 28th day of February, 1991, entered
into by U-Haul Co. of California, a California corporation, the surviving
corporation and U-Haul Co. of U-Haul Co. of San Francisco and U-Haul Co. of Van
Nuys, both California corporations and the absorbed Corporations, and together
referred to as the Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of California which laws permit such mergers.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is John A.
Lorentz, 2721 N. Central Avenue, Phoenix, Arizona 85004.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of all
                           Absorbed Corporations shall be cancelled.

                  (2)      On the Affective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Surviving
                           Corporation.

<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                        NUMBER OF
                          NUMBER OF       SHARES        NUMBER        NUMBER
   COMPANY                 SHARES        ENTITLED       VOTED         VOTED
    NAME                 OUTSTANDING     TO VOTE         FOR         AGAINST
- ----------------------------------------------------------------------------
<S>                      <C>            <C>             <C>          <C>
U-HAUL CO. OF
CALIFORNIA                   500           500           500           -0-

U-HAUL CO. OF
SAN FRANCISCO                500           500           500           -0-

U-HAUL CO. OF
VAN NUYS                     500           500           500           -0-
</TABLE>

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of California to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
California.

                                        V

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                                      Surviving Corporation: U-HAUL CO. OF
                                                             CALIFORNIA, a
                                                             California Corp.

                                        By: /s/ John A. Lorentz
                                           -------------------------------------
                                           John A. Lorentz, President

Verified

By: /s/ Gary V. Klinefelter
   --------------------------------------
   Gary V. Klinefelter, Secretary

                          Absorbed Corporations: U-HAUL CO. OF SAN FRANCISCO,
                                                 a California Corporation

                                        By: /s/ John A. Lorentz
                                           -------------------------------------
                                           John A. Lorentz, President

Verified

By: /s/ Gary V. Klinefelter
   --------------------------------------
   Gary V. Klinefelter, Secretary

                           Absorbed Corporation: U-HAUL CO. OF VAN NUYS,
                                                 a California Corporation

                                        By: /s/ John A. Lorentz
                                           -------------------------------------
                                           John A. Lorentz, President

Attest:

By: /s/ Gary V. Klinefelter
   --------------------------------------
   Gary V. Klinefelter, Secretary

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 28th day of February, 1991, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the President of
U-Haul Co. of California, a, California Corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                              /s/ Blanche I. Passolt
                                              ---------------------------
                                                      NOTARY PUBLIC
   (NOTARY SEAL)

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 28th day of February, 1991 before me, the undersigned Notary
Public, personally appeared John A. Lorentz known to me to be the President of
U-Haul Co. of San Francisco and U-Haul Co. of Van Nuys, both California
Corporations, that he is the person who executed this instrument on behalf of
said corporation, and acknowledged to me that such corporation executed the
same.

                                              /s/ Blanche I. Passolt
                                              ---------------------------
                                                        NOTARY PUBLIC
   (NOTARY SEAL)

<PAGE>

                             CERTIFICATE OF APPROVAL

                                       OF

                              AGREEMENT OF MERGER

John A. Lorentz and Gary V. Klinefelter certify that:

         1.       They are the President and the Secretary, respectively, of
                  U-Haul Co. of California, a California corporation.

         2.       The Agreement of Merger in the form attached was duly approved
                  by the board of directors and shareholder of the corporation.

         3.       The shareholder approval was by the holders of 100% of the
                  outstanding shares of the corporation.

         4.       There is only one class of shares and the number of shares
                  outstanding are 500.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: February 28, 1991.

                                     /s/ John A. Lorentz
                                     -------------------------------------------
                                     John A. Lorentz, President

                                     /s/ Gary V. Klinefelter
                                     -------------------------------------------
                                     Gary V. Klinefelter, Secretary

<PAGE>

                             CERTIFICATE OF APPROVAL

                                       OF

                              AGREEMENT OF MERGER

John A. Lorentz and Gary V. Klinefelter certify that:

         1.       They are the President and the Secretary, respectively, of
                  U-Haul Co. of San Francisco, a California corporation.

         2.       The Agreement of Merger in the form attached was duly approved
                  by the board of directors and shareholder of the corporation.

         3.       The shareholder approval was by the holders of 100% of the
                  outstanding shares of the corporation.

         4.       There is only one class of shares and the number of shares
                  outstanding are 500.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: February 28, 1991.

                                     /s/ John A. Lorentz
                                     -------------------------------------------
                                     John A. Lorentz, President

                                     /s/ Gary V. Klinefelter
                                     -------------------------------------------
                                     Gary V. Klinefelter, Secretary

<PAGE>

                             CERTIFICATE OF APPROVAL

                                       OF

                              AGREEMENT OF MERGER

John A. Lorentz and Gary V. Klinefelter certify that:

         1.       They are the President and the Secretary, respectively, of
                  U-Haul Co. of Van Nuys, a California corporation.

         2.       The Agreement of Merger in the form attached was duly approved
                  by the board of directors and shareholder of the corporation.

         3.       The shareholder approval was by the holders of 100% of the
                  outstanding shares of the corporation.

         4.       There is only one class of shares and the number of shares
                  outstanding are 500.

We further declare under penalty of perjury under the laws of the State of
California that the matters set forth in this certificate are true and correct
of our own knowledge.

DATE: February 28, 1991.

                                     /s/ John A. Lorentz
                                     -------------------------------------------
                                     John A. Lorentz, President

                                     /s/ Gary V. Klinefelter
                                     -------------------------------------------
                                     Gary V. Klinefelter, Secretary


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.64
<SEQUENCE>63
<FILENAME>p68936exv3w64.txt
<DESCRIPTION>EXHIBIT 3.64
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.64

                                   BY-LAWS OF

                             U-HAUL CO. OF EAST BAY

                            A California Corporation

                                   ARTICLE I

                                                            DATE: March 10, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of California shall be
located in the city of Ferment. The corporation may have such other offices
either within or without the state of California as the Board of Directors may
designate or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual Meeting of the shareholders of the corporation shall be held on the
fourth Saturday in January of each year, at the office of the corporation in the
state of California or otherwise as provided in the notice of said meeting. The
purpose of said annual Meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said Meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the Meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
Meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                       -1-
<PAGE>

may be held within or without the state of California. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorised
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business;

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                      -2-
<PAGE>

                                   ARTICLE III

                                BOARD OF DIRECTOR

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of California.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof, said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the member by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of California.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the trans
action of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                      -3-

<PAGE>

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trade-marks in contracts, and interests there-
                  under, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer

                                      -4-

<PAGE>

                  or otherwise dispose of any of the property of this
                  corporation, subject, however, to the laws of the State of
                  California, governing the disposition of the entire assets and
                  business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the California statutes regulating the appointment
of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall held office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
Shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with

                                      -5-
<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4, Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments, and other obligations authorised by the Board of Directors, and
when so ordered by the Board of Directors, he shall affix the Seal of
Corporation thereto. The Secretary shall have charge of all books, documents,
and papers properly belonging to his office, and of such other books and papers
as the Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and,securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements
of its funds. He shall give such bond for the faithful performance of his duties
as the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President, Vice-
President or Secretary's office, provided the Board of Directors indicates the
combination of these offices.

                                      -6-

<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and certificates and transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of California, the number and par value, if any, of each share represented
by it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferrable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any shares or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorised Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment
no transfer of stock shall be recognised by the corporation. The Board of
Directors shall have the power concerning the issue, transfer and registration
of certificate for agents and registrars of transfer, and may require all stock
certificate to bear signatures of either or both. The stock transfer books shall
be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorised but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                      -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF EAST BAY, are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                                  ______________________________
                                                  President-Mike coleman

ATTEST:

_______________________________________
Secretary - Kay DeVoto

(CORPORATE SEAL)

                                      -8-

<PAGE>

                        MINUTES OF A SPECIAL MEETING OF

           AMERCO MARKETING CO. OF EAST BAY, A CALIFORNIA CORPORATION,

                                    HELD BY

              U-HAUL CO. OF CALIFORNIA, A CALIFORNIA CORPORATION,

                              AS SOLE SHAREHOLDER

                                                                   June 17, 1971

         U-HAUL CO. OF CALIFORNIA, a California corporation, being the sole
stockholder of AMERCO MARKETING CO. OF EAST BAY, a California corporation,
hereby waives any and all notice of this special Stockholders meeting, and
consents to and agrees that said meeting be held at Phoenix, [ILLEGIBLE] at the
hour of 10:00 o'clock a.m. on June 17, 1971, for the purpose of amending the
By-Laws of AMERCO MARKETING CO. OF EAST BAY.

         The meeting was called to order and U-HAUL CO. OF CALIFORNIA, a
California corporation, as sole stockholder of AMERCO MARKETING CO. OF EAST BAY,
thereupon adopted the following resolutions:

         RESOLVED: That the following Articles of the By-Laws of AMERCO
         MARKETING CO. OF EAST BAY, a California corporation, be amended to read
         as follows:

                                   ARTICLE II

                                  STOCKHOLDERS

                  SECTION 1. Annual Meeting:

                  The annual meeting of the shareholders of the corporation
                  shall be hold on the Second Monday in April each year, at the
                  office of the corporation in the state of California or
                  otherwise as provided in the notice of said meeting. The
                  purpose of said annual meeting shall be for the election of
                  directors and for the purpose of transaction such other
                  business as may be brought before said meeting. The Board of
                  Directors may change the time and place of the annual meeting
                  providing such  change of time and place be preceded by a
                  notice of such change to all stockholders of record. If said
                  day of the annual meeting is a legal holiday, then said
                  meeting shall be held on the next ensuing day not a holiday.

<PAGE>

                                  ARTICLE VIII

                                  FISCAL YEAR

                  SECTION 1. Fiscal Year:

                  The fiscal year of the corporation shall commence with the
                  opening of business on the first day of April of each calendar
                  year and shall close on the 31st day of March of the year.

         There being no further business to come before the meeting, it was upon
a motion duly made and seconded, adjourned.

                                        U-HAUL CO. OF CALIFORNIA
                                        a California corporation

                                        BY: /s/ N. Paul Newman
                                            ------------------------------------
                                            N. Paul Newman, President
<PAGE>

                           U-HAUL CO. OF CALIFORNIA,
                            A CALIFORNIA CORPORATION

                            SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of California, a
California corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                   SHAREHOLDER:

                                   U-Haul International, Inc., a Nevada
                                   Corporation

                                   By:  /s/ Gary V. Klinefelter
                                        ----------------------------
                                   Name: Gary V. Klinefelter
                                   Its: Secretary


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.65
<SEQUENCE>64
<FILENAME>p68936exv3w65.txt
<DESCRIPTION>EXHIBIT 3.65
<TEXT>
<PAGE>
                                                                    EXHIBIT 3.65

[LOGO] INDUSTRY CANADA          Industrie Canada

CERTIFICATE                                     CERTIFICAT
OF DISCONTINUANCE                               DE CHANGEMENT DE REGIME

CANADA BUSINESS                                 LOI CANADIENNE SUR
CORPORATIONS ACT                                LES SOCIETES PAR ACTIONS

U-HAUL CO. (CANADA) LTD.

U-HAUL CO. (CANADA) LTEE                                            119351-1

<TABLE>
<S>                                                  <C>
Name of corporation-Denomination                      Corporation number-Numero de la societe
  de la societe

I hereby certify that the above-named corporation    Je certifie que la societe susmentionnee:

a) was discontinued under section 188 of the   [X]   a) a change de regime en vertu de l'article 188 de
   Canada Business Corporations Act and                 la Loi canadienne sur les societes par actions et
   continued under the laws of another                  a ete prorogee sous le regime d'une autre
   jurisdiction as specified in the attached            autorite legislative, laquelle est mentionnee
   notice;                                              dans l'avis ci-joint;

b) was discontinued under section 188 of the         b) a change de regime en vertu de l'article 188 de
   Canada Business Corporations Act and                 la Loi canadienne sur les societes par actions et
   continued under the                                  a ete prorogee sous le regime de la:
     i) Bank Act,                              [ ]           i) Loi sur les banques,
    ii) Canada Cooperative Associations        [ ]          ii) Loi sur les associations cooperatives du
        Act,                                                    Canada,
   iii) Insurance Companies Act , or           [ ]         iii) Loi sur les societes d'assurances,
    iv) Trust and Loans Companies Act,         [ ]           v) Loi sur les societes de fiducie et de pret,
   as specified in the attached notice; or                 laquelle est mentionnee dans l'avis ci-joint;

c) was amalgamated pursuant to the                   c) a ete fusionnee en vertu des dispositions de la
   provisions of the
     i) Bank Act,                              [ ]           i) Loi sur les banques,
    ii) Canada Cooperative Associations        [ ]          ii) Loi sur les associations cooperatives du
        Act,                                                     Canada,
   iii) Cooperative Credit Associations        [ ]         iii) Loi sur les associations cooperatives de
        Act,                                                     credit,
    iv) Insurance Companies Act, or            [ ]          iv) Loi sur les societes d'assurances,
     v) Trust and Loans Companies Act.         [ ]           v) Loi sur les societes de fiducie et de pret.
   as specified in the attached notice.                    laquelle est mentionnee dans l'avis ci-joint.
</TABLE>

/s/ [ILLEGIBLE]
- --------------------                   MAY 8, 2001/LE 8 MAI 2001
Director - Directeur       Date of Discontinuance - Date du changement de regime


[CANADA LOGO]
<PAGE>
   Form 6
  Business
Corporations
    Act

  Formule
  numero 6
 Loi sur les
 compagnies

                             ARTICLES OF CONTINUANCE
                              STATUTS DE PROROGATION

1. The name of the corporation is:     Denomination sociale de la compagnie:
- --------------------------------------------------------------------------------
U - H A U L  C O. ( C A N A D A )    L T D. U - H A U
- --------------------------------------------------------------------------------
L  C O. ( C A N A D A )  L T E E
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

2. The corporation is to be              Nouvelle denomination sociale de
   continued under the name              la compagnie (si elle different de
   (if different from 1):                celle inscrite ci-dessus):
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

3. Name of jurisdiction the corporation      Nom de l'etat que quitte la
   is leaving:                               compagnie:

       FEDERAL (CANADA)
- --------------------------------------------------------------------------------
                     (Name of jurisdiction) (Nom de l'etat)

4. Date of incorporation/amalgamation:      Date de la constitution ou de la
                                            fusion:
       23 SEPTEMBER 1981
- --------------------------------------------------------------------------------
                     (Day, Month, Year) (jour, mois, annee)

5. The address of the registered office is:          Addresse du siege social:

       40 KING STREET WEST, SUITE 6200
- --------------------------------------------------------------------------------
   (Street & Number, or R.R. Number & if Multi-Office Building give Room No.)
              (Rue et numero, ou numero de la R.R. et, s'il s'agit
                      edifice a bureaux, numero du bureau)

       TORONTO                                            M 5 H 3 Z 7
- --------------------------------------------------------------------------------
      (Name of Municipality or Post Office)         (Postal Code/Code postal)
  (Nom de la municipalite ou du bureau de poste)

 DYE & DURHAM
FORM 6 (B.C.A.)
    01/99
<PAGE>

                                                                              2.

6.   Number (or minimum and maximum number) of directors is:

     Nombre (ou nombres minimal et maximal) d'administrateurs:

     MINIMUM ONE (1); MAXIMUM TEN (10)

7.   The director(s) is/are:

     Administrateur(s):

<TABLE>
<CAPTION>
                                                                                                Resident
                                                                                                Canadian
                                      Address for service, giving Street & No. or R.R.No.,      State
                                      Municipality and Postal Code                              Yes or No
                                      Domicile elu, y compris la rue et le numero, le numero    Resident
First name, initials and surname      de la R.R. ou le nom de la municipalite et le code        Canadien
Prenom, initiales et nom de famille   postal                                                    Oui/Non
- -----------------------------------   ------------------------------------------------------    --------
<S>                                   <C>                                                       <C>
KATHLEEN HARRISON                     P.O.  BOX 9950                                               YES
                                      STONEY CREEK,  ONTARIO,  L8G 4P1

CLAUDE BOUCHER                        P.O.  BOX 9950                                               YES
                                      STONEY CREEK,  ONTARIO,  L8G 4P1

JOHN M.  DODDS                        2721 NORTH CENTRAL AVE.                                      NO
                                      PHOENIX, ARIZONA 85004
</TABLE>

8.   Restrictions, if any, on business the corporation may carry on or on powers
     the corporation may exercise:

     Limites, s'il y a lieu, imposees aux activites commerciales ou aux pouvoirs
     de la compagnie:

NONE

<PAGE>

                                                                              3.

9.   The classes and any maximum number of shares that the corporation is
     authorized to issue:

     Categories et nombre maximal, s'il y a lieu, d'actions que la compagnie est
     autorisee a emettre:

          THE CORPORATION IS AUTHORIZED TO ISSUE AN UNLIMITED NUMBER OF COMMON
          SHARES

<PAGE>

                                                                              4.

10.  Rights, privileges, restrictions and conditions (if any) attaching to each
     class of shares and directors authority with respect to any class of shares
     which may be issued in series:

     Droits, privileges, restrictions et conditions, s'il y a lieu, rattaches a
     chaque categorie d'actions et pouvoirs des administrateurs relatifs a
     chaque categorie d'actions qui peut etre emise en serie:

N/A

<PAGE>

                                                                              5.

11.  The issue, transfer or ownership of shares is/is not restricted and the
     restrictions (if any) are as follows:

     L'emission, le transfert ou la propriete d'actions est/n'est pas
     restreinte. Les restrictions, s'il y a lieu, sont les suivantes:

NO SHARE OR SHARES IN THE CAPITAL OF THE CORPORATION SHALL BE TRANSFERRED
WITHOUT THE CONSENT OF THE DIRECTORS OF THE CORPORATION EXPRESSED BY A
RESOLUTION PASSED AT A MEETING OF THE BOARD OF DIRECTORS OR BY AN INSTRUMENT OR
INSTRUMENTS IN WRITING SIGNED BY THE DIRECTORS.

<PAGE>

                                                                              6.

12.  Other provisions, (if any):

     Autres dispositions, s'il y a lieu:

LIMITATION ON NUMBER OF SHAREHOLDERS

THE NUMBER OF SHAREHOLDERS OF THE CORPORATION, EXCLUSIVE OF PERSONS WHO ARE IN
ITS EMPLOYMENT AND EXCLUSIVE OF PERSONS WHO, HAVING BEEN FORMERLY IN THE
EMPLOYMENT OF THE CORPORATION, WERE, WHILE IN THAT EMPLOYMENT, AND HAVE
CONTINUED AFTER THE TERMINATION OF THAT EMPLOYMENT TO BE, SHAREHOLDERS OF THE
CORPORATION, IS LIMITED TO 50, TWO OR MORE PERSONS WHO ARE THE JOINT REGISTERED
OWNERS OF ONE OR MORE SHARES BEING COUNTED AS ONE SHAREHOLDER.

NO PUBLIC DISTRIBUTION

ANY INVITATION TO THE PUBLIC TO SUBSCRIBE FOR SECURITIES OF THE CORPORATION IS
PROHIBITED.

<PAGE>

                                                                              7.

13.  The corporation has complied with subsection 180(3) of the Business
     Corporations Act.

     La compagnie s'est conformee aux dispositions du paragraphe 180(3) de la
     Loi sur les compagnies.

14.  The continuation of the corporation under the laws of the Province of
     Ontario has been properly authorized under the laws of the jurisdiction in
     which the corporation was incorporated/amalgamated or previously continued
     on

     Le prorogation de la compagnie en vertu des lois de la province de
     I'Ontario a ete dument autorisee en vertu des lois de I'autorite
     legislative sous le regime de laquelle la compagnie a ete constituee ou
     prorogee le

                                  25 APRIL 2001

                                (Day, Month, Year)
                                (jour, mois, annee)

15.  The corporation is to be continued under the Business Corporations Act to
     the same extent as if it had been incorporated thereunder.

     La prorogation de la compagnie en vertu de la Loi sur les compagnies a le
     meme effet que si la compagnie avait ete constituee en vertu de cette Loi.

     These articles are signed in duplicate.

     Les presents statuts sont signes en double exemplaire.

                                       U-HAUL CO. (CANADA) LTD.

                                       U-HAUL CO.   (CANADA)  LTEE
                                       -------------------------------------
                                              (Name of Corporation)
                                       (Denomination sociale de la compagnie)

                                By/Par:/s/ [ILLEGIBLE]   Secretary
                                       ----------------------------------------
                                       (Signature)       (Description of Office)
                                       (Signature)             (Fonction)

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.66
<SEQUENCE>65
<FILENAME>p68936exv3w66.txt
<DESCRIPTION>EXHIBIT 3.66
<TEXT>
<PAGE>


                                                                    EXHIBIT 3.66

                                 BY-LAW NO. 1-A

                       A by-law relating generally to the
                         transaction of the business and
                                   affairs of

                            U-HAUL CO. (CANADA) LTD.

                                    Contents

One           -      Interpretation

Two           -      Business of the Corporation

Three         -      Borrowing and Security

Four          -      Directors

Five          -      Committees

Six           -      Officers

Seven         -      Protection of Directors, Officers and Others

Eight         -      Shares

Nine          -      Dividends and Rights

Ten           -      Meetings of Shareholders

Eleven        -      Notices

Twelve        -      Effective Date and Repeal

BE IT ENACTED as a by-law of the Corporation as follows:

<PAGE>

                                   SECTION ONE

                                 INTERPRETATION

1.01              Definitions. - In the by-laws of the Corporation, unless the
context otherwise requires:

         "Act" means the Business Corporations Act (Ontario), or any statute
         that may be substituted therefor, as from time to time amended;

         "appoint" includes "elect" and vice versa;

         "articles" means the articles on which is endorsed the certificate of
         continuance of the Corporation as from time to time amended or
         restated;

         "board" means the board of directors of the Corporation and "director"
         means a member of the board;

         "by-laws" means this by-law and all other by-laws of the Corporation
         from time to time in force and effect;

         "Corporation" means the corporation continued under the Act by the said
         certificate endorsed on the articles and named "U-HAUL CO. (CANADA)
         LTD.";

         "meeting of shareholders" includes an annual meeting of shareholders
         and a special meeting of shareholders; and "special meeting of
         shareholders" includes a meeting of any class or classes of
         shareholders and a special meeting of all shareholders entitled to vote
         at an annual meeting of shareholders; and

         "recorded address" has the meaning set forth in section 11.08.

Save as aforesaid, words and expressions defined in the Act, including "resident
Canadian" and "unanimous shareholder agreement", have the same meanings when
used herein. Words importing the singular number include the plural and vice
versa; and words importing a person include an individual, sole proprietorship,
partnership, unincorporated association, unincorporated syndicate,
unincorporated organization, trust, body corporate, and a natural person in his
capacity as trustee, executor, administrator, or other legal representative.

1.02              Unanimous Shareholder Agreement. - The provisions of the
by-laws shall be subject to any unanimous shareholder agreement entered into
from time to time.

                                     1 - 1

<PAGE>

                                   SECTION TWO

                          BUSINESS OF THE CORPORATION

2.01              Registered Office. - The registered office of the Corporation
shall be in the municipality or geographic township within Ontario initially
specified in its articles and thereafter as the shareholders may from time to
time determine by special resolution and at such location therein as the board
may from time to time determine.

2.02              Corporate Seal. - The Corporation may, but need not have, a
corporate seal and if one is adopted it shall be in a form approved from time to
time by the board.

2.03              Financial Year. - Until changed by the board, the financial
year of the Corporation shall end on the last day of March in each year.

2.04              Execution of Instruments. - Deeds, transfers, assignments,
contracts, obligations, certificates and other instruments may be signed on
behalf of the Corporation by two persons, one of whom holds the office of chair
of the board, managing director, president, vice-president or is a director and
the other of whom is a director or holds one of the said offices or the office
of secretary, treasurer, assistant secretary or assistant treasurer or any other
office created by by-law or by the board. In addition, the board or the said two
persons may from time to time direct the manner in which and the person or
persons by whom any particular instrument or class of instruments may or shall
be signed. Any signing officer may affix the corporate seal to any instrument
requiring the same.

2.05              Banking Arrangements. - The banking business of the
Corporation including, without limitation, the borrowing of money and the giving
of security therefor, shall be transacted with such banks, trust companies or
other bodies corporate or organizations as may from time to time be designated
by or under the authority of the board. Such banking business or any part
thereof shall be transacted under such agreements, instructions and delegations
of powers as the board may from time to time prescribe.

2.06              Voting Rights in Other Bodies Corporate. - The signing
officers of the Corporation under section 2.04 may execute and deliver proxies
and arrange for the issuance of voting certificates or other evidence of the
right to exercise the voting rights attaching to any securities held by the
Corporation. Such instruments shall be in favour of such persons as may be
determined by the officers executing or arranging for the same. In addition, the
board may from time to time direct the manner in which and the persons by whom
any particular voting rights or class of voting rights may or shall be
exercised.

                                     2 - 1

<PAGE>

2.07              Divisions. - The board may cause the business and operations
of the Corporation or any part thereof to be divided into one or more divisions
upon such basis, including without limitation types of business or operations,
geographical territories, product lines or goods or services, as may be
considered appropriate in each case. In connection with any such division the
board or, subject to any direction by the board, the chief executive officer may
authorize from time to time, upon such basis as may be considered appropriate in
each case:

         (a)      Subdivision and Consolidation - the further division of the
                  business and operations of any such division into sub-units
                  and the consolidation of the business and operations of any
                  such divisions and sub-units;

         (b)      Name - the designation of any such division or sub-unit by,
                  and the carrying on of the business and operations of any such
                  division or sub-unit under, a name other than the name of the
                  Corporation; provided that the Corporation shall set out its
                  name in legible characters in all places required by law; and

         (c)      Officers - the appointment of officers for any such division
                  or sub-unit, the determination of their powers and duties, and
                  the removal of any of such officers so appointed, provided
                  that any such officers shall not, as such, be officers of the
                  Corporation.

                                      2 - 2

<PAGE>

                                  SECTION THREE

                             BORROWING AND SECURITY

3.01              Borrowing Power. - Without limiting the borrowing powers of
the Corporation as set forth in the Act, but subject to the articles and any
unanimous shareholder agreement, the board may from time to time on behalf of
the Corporation, without authorization of the shareholders:

         (a)      borrow money upon the credit of the Corporation;

         (b)      issue, reissue, sell or pledge bonds, debentures, notes or
                  other evidences of indebtedness or guarantee of the
                  Corporation, whether secured or unsecured;

         (c)      to the extent permitted by the Act, give directly or
                  indirectly financial assistance to any person by means of a
                  loan, a guarantee or otherwise on behalf of the Corporation to
                  secure performance of any present or future indebtedness,
                  liability or obligation of any person; and

         (d)      mortgage, hypothecate, pledge or otherwise create a security
                  interest in all or any currently owned or subsequently
                  acquired real or personal, movable or immovable, property of
                  the Corporation including book debts, rights, powers,
                  franchises and undertakings, to secure any such bonds,
                  debentures, notes or other evidences of indebtedness or
                  guarantee or any other present or future indebtedness,
                  liability or obligation of the Corporation.

Nothing in this section limits or restricts the borrowing of money by the
Corporation on bills of exchange or promissory notes made, drawn, accepted or
endorsed by or on behalf of the Corporation.

3.02              Delegation. - Unless the articles of, or a unanimous
shareholder agreement relating to, the Corporation otherwise provide, the board
may from time to time delegate to a director, a committee of the board, or an
officer of the Corporation any or all of the powers conferred on the board by
section 3.01 to such extent and in such manner as the board may determine at the
time of such delegation.

                                     3 - 1

<PAGE>

                                  SECTION FOUR

                                    DIRECTORS

4.01              Number of Directors. - Until changed in accordance with the
Act, the board shall consist of not fewer than the minimum number and not more
than the maximum number of directors provided in the articles.

4.02              Qualification. - No person shall be qualified for election as
a director if such person is less than 18 years of age, is of unsound mind and
has been so found by a court in Canada or elsewhere, is not an individual, or
has the status of a bankrupt. A director need not be a shareholder. No election
of a person as a director shall be effective unless the person consents in
writing on or within ten days after the date of the election. A majority of the
directors shall be resident Canadians, but where the Corporation has only one or
two directors, that director or one of the two directors, as the case may be,
shall be a resident Canadian.

4.03              Election and Term. - Each director named in the articles shall
hold office from the date of incorporation until the first meeting of
shareholders. The election of directors shall take place at each annual meeting
of shareholders and all the directors then in office shall retire but, if
qualified, shall be eligible for re-election. Subject to the Act, the number of
directors to be elected at any such meeting shall be the number of directors
determined from time to time by special resolution or, if the special resolution
empowers the directors to determine the number, by resolution of the board.
Where the shareholders adopt an amendment to the articles to increase the number
or maximum number of directors, the shareholders may, at the meeting at which
they adopt the amendment, elect the additional number of directors authorized by
the amendment to take office from the effective date of the endorsement of the
articles of amendment with respect thereto. The election shall be by resolution.
If an election of directors is not held at the proper time, the incumbent
directors shall continue in office until their successors are elected.

4.04              Removal of Directors. - Subject to the Act, the shareholders
may by ordinary resolution passed at an annual or special meeting of
shareholders remove any director from office and the vacancy created by such
removal may be filled at the same meeting, failing which it may be filled by the
board.

4.05              Vacation of Office. - A director ceases to hold office on
death, on removal from office by the shareholders, on ceasing to be qualified
for election as a director, on receipt of a written resignation by the
Corporation, or, if a time is specified in such resignation, at the time so
specified, whichever is later. Until the first meeting of shareholders, the
resignation of a director named in the articles shall not be effective unless at
the time the resignation is to become effective a successor has been elected.

                                     4 - 1

<PAGE>

4.06              Vacancies. - Subject to the Act, a quorum of the board may
appoint a qualified individual to fill a vacancy in the board.


4.07              Action by the Board. - Subject to any unanimous shareholder
agreement, the board shall manage or supervise the management of the business
and affairs of the Corporation. The powers of the board may be exercised at a
meeting (subject to sections 4.08 and 4.09) at which a quorum is present or by
resolution in writing signed by all the directors entitled to vote on that
resolution at a meeting of the board. Where there is a vacancy in the board,
the remaining directors may exercise all the powers of the board so long as a
quorum remains in office. Where the Corporation has a board consisting of only
one director, that director may constitute a meeting.

4.08              Canadian Majority at Meetings. - The board shall not transact
business at a meeting, other than filling a vacancy in the board, unless a
majority of the directors present are resident Canadians, except where

         (a)      a resident Canadian director who is unable to be present
                  approves in writing or by telephone, electronic, or other
                  communications facilities the business transacted at the
                  meeting; and

         (b)      a majority of resident Canadians would have been present had
                  that director been present at the meeting; or

         (c)      the Corporation has fewer than three directors, one of the
                  directors present is a resident Canadian.

4.09              Meeting by Telephone. - If all the directors of the
Corporation consent thereto generally or in respect of a particular meeting, a
director may participate in a meeting of the board or of a committee of the
board by means of such telephone, electronic or other communications facilities
as permit all persons participating in the meeting to communicate with each
other, simultaneously and instantaneously, and a director participating in such
a meeting by such means is deemed to be present at the meeting. Any such consent
shall be effective whether given before or after the meeting to which it relates
and may be given with respect to all meetings of the board and of committees of
the board.

4.10              Place of Meetings. - Meetings of the board may be held at any
place within or outside Ontario and in any financial year of the Corporation a
majority of the meetings need not be held in Canada.

4.11              Calling of Meetings. - Meetings of the board shall be held
from time to time at such time and at such place as the board, the chair of the
board, the managing director, the president or any two directors may determine.

                                     4 - 2

<PAGE>

4.12              Notice of Meeting. - Notice of the time and place of each
meeting of the board shall be given in the manner provided in Section Eleven to
each director not less than 48 hours before the time when the meeting is to be
held. A notice of a meeting of directors need not specify the purpose of or the
business to be transacted at the meeting except where the Act requires such
purpose or business or the general nature thereof to be specified.

4.13              First Meeting of New Board. - Provided a quorum of directors
is present, each newly elected board may without notice hold its first meeting
immediately following the meeting of shareholders at which such board is
elected.

4.14              Adjourned Meeting. - Notice of an adjourned meeting of the
board is not required if the time and place of the adjourned meeting is
announced at the original meeting.

4.15              Regular Meetings. - The board may appoint a day or days in
any month or months for regular meetings of the board at a place and hour to be
named. A copy of any resolution of the board fixing the place and time of such
regular meetings shall be sent to each director forthwith after being passed,
but no other notice shall be required for any such regular meeting except where
the Act requires the purpose thereof or the business to be transacted thereat
to be specified.

4.16              Chair. - The chair of any meeting of the board shall be the
first mentioned of such of the following officers as have been appointed and who
is a director and is present at the meeting: chair of the board, managing
director or president. If no such officer is present, the directors present
shall choose one of their number to be chair.

4.17              Quorum. - Subject to section 4.08, the quorum for the
transaction of business at any meeting of the board shall be two-fifths of the
number of directors or minimum number of directors, as the case may be, or such
greater number of directors as the board may from time to time determine. If the
Corporation has fewer than three directors, all the directors shall be present
to constitute a quorum.

4.18              Votes to Govern. - At all meetings of the board every question
shall be decided by a majority of the votes cast on the question. In case of an
equality of votes the chair of the meeting shall not be entitled to a second or
casting vote.

4.19              Conflict of Interest. - A director who is a party to, or who
is a director or officer of or has a material interest in any person who is a
party to, a material contract or transaction or proposed material contract or
transaction with the Corporation shall disclose to the Corporation the nature
and extent of that interest at the time and in the manner provided by the Act.
Such a director shall not vote on any resolution to approve the same except as
provided by the Act.

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4.20              Remuneration and Expenses. - Subject to any unanimous
shareholder agreement, the directors shall be paid such remuneration for their
services as the board may from time to time determine. The directors shall also
be entitled to be reimbursed for travelling and other expenses properly incurred
by them in attending meetings of the board or any committee thereof. Nothing
herein contained shall preclude any director from serving the Corporation in any
other capacity and receiving remuneration therefor.

                                     4 - 4

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                                  SECTION FIVE

                                   COMMITTEES

5.01              Committees of the Board. - The board may appoint from their
number one or more committees of the board, however designated, and delegate to
any such committee any of the powers of the board except those which pertain to
items which, under the Act, a committee of the board has no authority to
exercise. A majority of the members of any such committee shall be resident
Canadians.

5.02              Transaction of Business, - The powers of a committee of the
board may be exercised by a meeting at which a quorum is present or by
resolution in writing signed by all members of such committee who would have
been entitled to vote on that resolution at a meeting of the committee. Meetings
of such committee may be held at any place in or outside Ontario.

5.03              Advisory Bodies. - The board may from time to time appoint
such advisory bodies as it may deem advisable.

5.04              Procedure. - Unless otherwise determined by the board, each
committee and advisory body shall have power to fix its quorum at not less than
a majority of its members, to elect its chair and to regulate its procedure.

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                                   SECTION SIX

                                    OFFICERS

6.01              Appointment. - Subject to any unanimous shareholder agreement,
the board may from time to time appoint a president, one or more vice-presidents
(to which title may be added words indicating seniority or function), a
secretary, a treasurer and such other officers as the board may determine,
including one or more assistants to any of the officers so appointed. One person
may hold more than one office. The board may specify the duties of and, in
accordance with this by-law and subject to the Act, delegate to such officers
powers to manage the business and affairs of the Corporation. Subject to
sections 6.02 and 6.03, an officer may but need not be a director.

6.02              Chair of the Board. - The board may from time to time also
appoint a chair of the board who shall be a director. If appointed, the board
may assign to the chair any of the powers and duties that are by any provisions
of this by-law assigned to the managing director or to the president. The chair
shall have such other powers and duties as the board may specify.

6.03              Managing Director. - The board may from time to time also
appoint a managing director who shall be a resident Canadian and a director. If
appointed, the managing director shall be the chief executive officer and,
subject to the authority of the board, shall have general supervision of the
business and affairs of the Corporation and such other powers and duties as the
board may specify. During the absence or disability of the president, or if no
president has been appointed, the managing director shall also have the powers
and duties of that office.

6.04              President. - The president shall be the chief operating
officer and, subject to the authority of the board, shall have general
supervision of the business of the Corporation and such other powers and duties
as the board may specify. During the absence or disability of the managing
director, or if no managing director has been appointed, the president shall
also have the powers and duties of that office.

6.05              Secretary. - Unless otherwise determined by the board, the
secretary shall be the secretary of all meetings of the board, shareholders and
committees of the board that the secretary attends. The secretary shall enter or
cause to be entered in records kept for that purpose minutes of all proceedings
at meetings of the board, shareholders and committees of the board, whether or
not in attendance at such meetings. The secretary shall give or cause to be
given, as and when instructed, all notices to shareholders, directors, officers,
auditors and members of committees of the board. The secretary shall be the
custodian of the stamp or mechanical device generally used for affixing the
corporate seal of the Corporation and of all books, records and instruments
belonging to the Corporation, except when some other officer or agent has been
appointed for that purpose, and have such other powers and duties as otherwise
may be specified.

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6.06              Treasurer. - The treasurer shall keep proper accounting
records in compliance with the Act and shall be responsible for the deposit of
money, the safekeeping of securities and the disbursement of the funds of the
Corporation. The treasurer shall render to the board whenever required an
account of all transactions as treasurer and of the financial position of the
Corporation and shall have such other powers and duties as otherwise may be
specified.

6.07              Powers and Duties of Officers. - The powers and duties of all
officers shall be such as the terms of their engagement call for or as the board
or (except for those whose powers and duties are to be specified only by the
board) the chief executive officer may specify. The board and (except as
aforesaid) the chief executive officer may, from time to time and subject to the
provisions of the Act, vary, add to or limit the powers and duties of any
officer. Any of the powers and duties of an officer to whom an assistant has
been appointed may be exercised and performed by such assistant, unless the
board or the chief executive officer otherwise directs.

6.08              Term of Office. - The board, in its discretion, may remove any
officer of the Corporation.  Otherwise each officer appointed by the board
shall hold office until a successor is appointed or until the officer resigns.

6.09              Agents and Attorneys. - The Corporation, by or under the
authority of the board, shall have power from time to time to appoint agents or
attorneys for the Corporation in or outside Canada with such powers (including
the power to subdelegate) of management, administration or otherwise as may be
thought fit.

6.10              Conflict of Interest. - An officer shall disclose any interest
in a material contract or transaction or proposed material contract or
transaction with the Corporation in accordance with section 4.19.

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                                  SECTION SEVEN

                  PROTECTION OF DIRECTORS, OFFICERS AND OTHERS

7.01              Limitation of Liability. - All directors and officers of the
Corporation in exercising their powers and discharging their duties shall act
honestly and in good faith with a view to the best interests of the Corporation
and exercise the care, diligence and skill that a reasonably prudent person
would exercise in comparable circumstances. Subject to the foregoing, no
director or officer shall be liable for the acts, omissions, failures, neglects
or defaults of any other director, officer or employee, or for any loss, damage
or expense happening to the Corporation through the insufficiency or deficiency
of title to any property acquired for or on behalf of the Corporation, or for
the insufficiency or deficiency of any security in or upon which any of the
moneys of the Corporation shall be invested, or for any loss or damage arising
from the bankruptcy, insolvency or tortious acts of any person with whom any of
the moneys, securities or effects of the Corporation shall be deposited, or for
any loss occasioned by any error of judgment or oversight on the part of such
director or officer, or for any other loss, damage or misfortune which shall
happen in the execution of the duties of office or in relation thereto; provided
that nothing herein shall relieve any director or officer from the duty to act
in accordance with the Act and the regulations thereunder or from liability for
any breach thereof.

7.02              Indemnity. - Subject to the Act, the Corporation shall
indemnify directors or officers, former directors or officers, or persons who
act or acted at the Corporation's request as directors or officers of a body
corporate of which the Corporation is or was a shareholder or creditor, and
their heirs and legal representatives, against all costs, charges and expenses,
including an amount paid to settle an action or satisfy a judgment, reasonably
incurred by them in respect of any civil, criminal or administrative action or
proceeding to which they are made a party by reason of being or having been a
director or officer of the Corporation or such body corporate, if (a) they acted
honestly and in good faith with a view to the best interests of the Corporation;
and (b) in the case of a criminal or administrative action or proceeding that is
enforced by a monetary penalty, they had reasonable grounds for believing that
their conduct was lawful. The Corporation shall also indemnify such person in
such other circumstances as the Act or law permits or requires. Nothing in this
by-law shall limit the right of any person entitled to indemnity to claim
indemnity apart from the provisions of this by-law.

7.03              Insurance. - Subject to the Act, the Corporation may purchase
and maintain such insurance for the benefit of any person referred to in section
7.02 hereof as the board may from time to time determine.

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                                 SECTION EIGHT

                                     SHARES

8.01              Allotment of Shares. - Subject to the Act, the articles or any
unanimous shareholder agreement, the board may from time to time allot or grant
options to purchase the whole or any part of the authorized and unissued shares
of the Corporation at such times and to such persons and for such consideration
as the board shall determine, provided that no share shall be issued until it is
fully paid as provided by the Act.

8.02              Commissions. - The board may from time to time authorize the
Corporation to pay a reasonable commission to any person in consideration of
such person purchasing or agreeing to purchase shares of the Corporation,
whether from the Corporation or from any other person, or procuring or agreeing
to procure purchasers for any such shares.

8.03              Registration of Transfers. - Subject to the Act, no transfer
of a share shall be registered in a securities register except upon presentation
of the certificate representing such share with an endorsement which complies
with the Act made thereon or delivered therewith duly executed by an appropriate
person as provided by the Act, together with such reasonable assurance that the
endorsement is genuine and effective as the board may from time to time
prescribe, upon payment of all applicable taxes and any reasonable fees
prescribed by the board, upon compliance with such restrictions on issue,
transfer or ownership as are authorized by the articles and upon satisfaction of
any lien referred to in section 8.09.

8.04              Non-recognition of Trusts. - Subject to the Act, the
Corporation may treat the registered holder of any share as the person
exclusively entitled to vote, to receive notices, to receive any dividend or
other payment in respect of the share, and otherwise to exercise all the rights
and powers of an owner of the share.

8.05              Share Certificates. - Every holder of one or more shares of
the Corporation shall be entitled, at the holder's option, to a share
certificate, or to a non-transferable written certificate of acknowledgement of
such right to obtain a share certificate, stating the number and class or series
of shares held by such holder as shown on the securities register. Such
certificates shall be in such form as the board may from time to time approve.
Any such certificate shall be signed in accordance with section 2.04 and need
not be under the corporate seal.

8.06              Replacement of Share Certificates. - The board or any officer
or agent designated by the board may direct the issue of a new share or other
such certificate in lieu of and upon cancellation of a certificate that has
been mutilated or in substitution for a certificate claimed to have been lost,
apparently destroyed or wrongfully taken on payment of such reasonable fee and

                                     8 - 1

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on such terms as to indemnity, reimbursement of expenses and evidence of loss
and of title as the board may from time to time prescribe, whether generally or
in any particular case.

8.07              Joint Shareholders. - If two or more persons are registered as
joint holders of any share, the Corporation shall not be bound to issue more
than one certificate in respect thereof, and delivery of such certificate to one
of such persons shall be sufficient delivery to all of them. Any one of such
persons may give effectual receipts for the certificate issued in respect
thereof or for any dividend, bonus, return of capital or other money payable or
warrant issuable in respect of such share.

8.08              Deceased Shareholders. - In the event of the death of a
holder, or of one of the joint holders, of any share, the Corporation shall not
be required to make any entry in the securities register in respect thereof or
to make any dividend or other payments in respect thereof except upon production
of all such documents as may be required by law and upon compliance with the
reasonable requirements of the Corporation and its transfer agents.

8.09              Lien for Indebtedness. - The Corporation shall have a lien on
shares registered in the name of a shareholder indebted to the Corporation and
such lien may be enforced, subject to the articles and to any unanimous
shareholder agreement, by the sale of the shares thereby affected or by any
other action, suit, remedy or proceeding authorized or permitted by law or by
equity and, pending such enforcement, the Corporation may refuse to register a
transfer of the whole or any part of such shares.

                                     8 - 2

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                                  SECTION NINE

                              DIVIDENDS AND RIGHTS

9.01              Dividends. - Subject to the Act, the articles and any
unanimous shareholder agreement, the board may from time to time declare
dividends payable to the shareholders according to their respective rights and
interests in the Corporation. Dividends may be paid in money or property or by
issuing fully paid shares of the Corporation or options or rights to acquire
fully paid shares of the Corporation. Any dividend unclaimed after a period of 6
years from the date on which the same has been declared to be payable shall be
forfeited and shall revert to the Corporation.

9.02              Dividend Cheques. - A dividend payable in money shall be paid
by cheque to the order of each registered holder of shares of the class or
series in respect of which it has been declared and mailed by prepaid ordinary
mail to such registered holder at the holder's recorded address, unless such
holder otherwise directs. In the case of joint holders the cheque shall, unless
such joint holders otherwise direct, be made payable to the order of all of such
joint holders and mailed to them at their recorded address. The mailing of such
cheque as aforesaid, unless the same is not paid on due presentation, shall
satisfy and discharge the liability for the dividend to the extent of the sum
represented thereby plus the amount of any tax which the Corporation is required
to and does withhold. In the event of non-receipt of any dividend cheque by the
person to whom it is sent as aforesaid, the Corporation shall issue to such
person a replacement cheque for a like amount on such terms as to indemnity,
reimbursement of expenses and evidence of non-receipt and of title as the board
may from time to time prescribe, whether generally or in any particular case.

9.03              Record Date for Dividends and Rights. - The board may fix in
advance a date, preceding by not more than 50 days the date for the payment of
any dividend or the date for the issue of any warrant or other evidence of the
right to subscribe for securities of the Corporation, as a record date for the
determination of the persons entitled to receive payment of such dividend or to
exercise the right to subscribe for such securities, and notice of any such
record date shall be given not less than 7 days before such record date in the
manner provided by the Act. If no record date is so fixed, the record date for
the determination of the persons entitled to receive payment of any dividend or
to exercise the right to subscribe for securities of the Corporation shall be at
the close of business on the day on which the resolution relating to such
dividend or right to subscribe is passed by the board.

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                                   SECTION TEN

                            MEETINGS OF SHAREHOLDERS

10.01             Annual Meetings. - The annual meeting of shareholders shall be
held at such time in each year and, subject to section 10.03, at such place as
the board, the chair of the board, the managing director or the president may
from time to time determine, for the purpose of considering the financial
statements and reports required by the Act to be placed before the annual
meeting, electing directors, appointing auditors and for the transaction of such
other business as may properly be brought before the meeting.

10.02             Special Meetings. - The board, the chair of the board, the
managing director or the president shall have power to call a special meeting of
shareholders at any time.

10.03             Place of Meetings. - Meetings of shareholders of the
Corporation shall be held at such place in or outside Ontario as the directors
determine or, in the absence of such a determination, at the place where the
registered office of the Corporation is located.

10.04             Notice of Meetings. - Notice of the time and place of each
meeting of shareholders shall be given in the manner provided in Section Eleven
not less than 10 nor more than 50 days before the date of the meeting to each
director, to the auditor, and to each shareholder who at the close of business
on the record date for notice is entered in the securities register as the
holder of one or more shares carrying the right to vote at the meeting. Notice
of a meeting of shareholders called for any purpose other than consideration of
the minutes of an earlier meeting, financial statements and auditor's report,
election of directors and reappointment of the incumbent auditor shall state the
nature of such business in sufficient detail to permit the shareholder to form a
reasoned judgment thereon and shall state the text of any special resolution or
by-law to be submitted to the meeting.

10.05             List of Shareholders Entitled to Notice. - For every meeting
of shareholders, the Corporation shall prepare a list of shareholders entitled
to receive notice of the meeting, arranged in alphabetical order and showing the
number of shares held by each shareholder entitled to vote at the meeting. If a
record date for the meeting is fixed pursuant to section 10.06, the shareholders
listed shall be those registered at the close of business on such record date.
If no record date is fixed, the shareholders listed shall be those registered at
the close of business on the day immediately preceding the day on which notice
of the meeting is given or, where no such notice is given, on the day on which
the meeting is held. The list shall be available for examination by any
shareholder during usual business hours at the registered office of the
Corporation or at the place where the central securities register is maintained
and at the meeting for which the list was prepared. Where a separate list of
shareholders has not been prepared, the names of persons appearing in the
securities register at the requisite time as the holder of one or

                                     10 - 1

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more shares carrying the right to vote at such meeting shall be deemed to be a
list of shareholders.

10.06             Record Date for Notice. - The board may fix in advance a date,
preceding the date of any meeting of shareholders by not more than 50 days and
not less than 21 days, as a record date for the determination of the
shareholders entitled to notice of the meeting, and notice of any such record
date shall be given not less than 7 days before such record date, by newspaper
advertisement in the manner provided in the Act. If no such record date is so
fixed, the record date for the determination of the shareholders entitled to
receive notice of the meeting shall be at the close of business on the day
immediately preceding the day on which the notice is given or, if no notice is
given, shall be the day on which the meeting is held.

10.07             Meetings Without Notice. - A meeting of shareholders may be
held without notice at any time and place permitted by the Act (a) if all the
shareholders entitled to vote thereat are present in person or duly represented
or if those not present or represented waive notice of or otherwise consent to
such meeting being held, and (b) if the auditors and the directors are present
or waive notice of or otherwise consent to such meeting being held; so long as
such shareholders, auditors or directors present are not attending for the
express purpose of objecting to the transaction of any business on the grounds
that the meeting is not lawfully called. At such a meeting any business may be
transacted which the Corporation at a meeting of shareholders may transact.

10.08             Chair. Secretary and Scrutineers. - The chair of any meeting
of shareholders shall be the first mentioned of such of the following officers
as have been appointed and who is present at the meeting: managing director,
president, chair of the board, or a vice-president who is a shareholder. If no
such officer is present within 15 minutes from the time fixed for holding the
meeting, the persons present and entitled to vote shall choose one of their
number to be chair. If the secretary of the Corporation is absent, the chair
shall appoint some person, who need not be a shareholder, to act as secretary of
the meeting. If desired, one or more scrutineers, who need not be shareholders,
may be appointed by a resolution or by the chair with the consent of the
meeting.

10.09             Persons Entitled to be Present. - The only persons entitled to
be present at a meeting of shareholders shall be those entitled to vote thereat,
the directors and auditor of the Corporation and others who, although not
entitled to vote, are entitled or required under any provision of the Act or the
articles or by-laws to be present at the meeting. Any other person may be
admitted only on the invitation of the chair of the meeting or with the consent
of the meeting.

10.10             Quorum. - Subject to the Act in respect of a majority
shareholder, a quorum for the transaction of business at any meeting of
shareholders shall be two persons present in person,

                                     10 - 2

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each being a shareholder entitled to vote thereat or a duly appointed
proxyholder or representative for a shareholder so entitled. If a quorum is
present at the opening of any meeting of shareholders, the shareholders present
or represented may proceed with the business of the meeting notwithstanding that
a quorum is not present throughout the meeting. If a quorum is not present at
the time appointed for the meeting or within a reasonable time thereafter as the
shareholders may determine, the shareholders present or represented may adjourn
the meeting to a fixed time and place but may not transact any other business.

10.11             Right to Vote. - Every person named in the list referred to in
section 10.05 shall be entitled to vote the shares shown thereon opposite such
person's name at the meeting to which such list relates, except to the extent
that (a) where the Corporation has fixed a record date in respect of such
meeting, such person has transferred any shares after such record date or, where
the Corporation has not fixed a record date in respect of such meeting, such
person has transferred any shares after the date on which such list is prepared,
and (b) the transferee, having produced properly endorsed certificates
evidencing such shares or having otherwise established ownership of such shares,
has demanded not later than 10 days before the meeting that the transferee's
name be included in such list. In any such excepted case the transferee shall be
entitled to vote the transferred shares at such meeting.

10.12             Proxyholders and Representatives. - Every shareholder entitled
to vote at a meeting of shareholders may appoint a proxyholder, or one or more
alternate proxyholders, as nominee of such shareholder to attend and act at the
meeting in the manner and to the extent authorized and with the authority
conferred by the proxy. A proxy shall be in writing executed by the shareholder
or the shareholder's attorney and shall conform with the requirements of the
Act. Alternatively, every such shareholder which is a body corporate or
association may authorize by resolution of its directors or governing body an
individual to represent it at a meeting of shareholders and such individual may
exercise on the shareholder's behalf all the powers it could exercise if it were
an individual shareholder. The authority of such an individual shall be
established by depositing with the Corporation a certified copy of such
resolution, or in such other manner as may be satisfactory to the secretary of
the Corporation or the chair of the meeting. Any such proxyholder or
representative need not be a shareholder.

10.13             Time for Deposit of Proxies. - The board may fix a time not
exceeding 48 hours, excluding Saturdays and holidays, preceding any meeting or
adjourned meeting of shareholders before which time proxies to be used at the
meeting must be deposited with the Corporation or an agent thereof, and any
period of time so fixed shall be specified in the notice calling the meeting. A
proxy shall be acted upon only if, prior to the time so specified, it shall have
been deposited with the Corporation or an agent thereof specified in such notice
or if, no such time having been specified in such notice, it has been received
by the secretary of the Corporation or by the chair of the meeting or any
adjournment thereof prior to the time of voting.

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10.14             Joint Shareholders. - If two or more persons hold shares
jointly, any one of them present in person or duly represented at a meeting of
shareholders may, in the absence of the other or others, vote the shares; but if
two or more of those persons are present in person or represented and vote, they
shall vote as one the shares jointly held by them.

10.15             Votes to Govern. - At any meeting of shareholders every
question shall, unless otherwise required by the articles or by-laws or by law,
be determined by a majority of the votes cast on the question. In case of an
equality of votes either upon a show of hands or upon a poll, the chair of the
meeting shall not be entitled to a second or casting vote.

10.16             Show of Hands. - Subject to the Act, any question at a meeting
of shareholders shall be decided by a show of hands, unless a ballot thereon is
required or demanded as hereinafter provided, and upon a show of hands every
person who is present and entitled to vote shall have one vote. Whenever a vote
by show of hands shall have been taken upon a question, unless a ballot thereon
is so required or demanded, a declaration by the chair of the meeting that the
vote upon the question has been carried or carried by a particular majority or
not carried and an entry to that effect in the minutes of the meeting shall be
prima facie evidence of the fact without proof of the number or proportion of
the votes recorded in favour of or against any resolution or other proceeding in
respect of the said question, and the result of the vote so taken shall be the
decision of the shareholders upon the said question.

10.17             Ballots. - On any question proposed for consideration at a
meeting of shareholders, and whether or not a show of hands has been taken
thereon, the chair may require a ballot or any person who is present and
entitled to vote on such question at the meeting may demand a ballot. A ballot
so required or demanded shall be taken in such manner as the chair shall direct.
A requirement or demand for a ballot may be withdrawn at any time prior to the
taking of the ballot. If a ballot is taken each person present shall be
entitled, in respect of the shares which such person is entitled to vote at the
meeting upon the question, to that number of votes provided by the Act or the
articles, and the result of the ballot so taken shall be the decision of the
shareholders upon the said question.

10.18             Adjournment. - The chair at a meeting of shareholders may,
with the consent of the meeting and subject to such conditions as the meeting
may decide, adjourn the meeting from time to time and from place to place. If a
meeting of shareholders is adjourned for less than 30 days, it shall not be
necessary to give notice of the adjourned meeting, other than by announcement at
the earliest meeting that is adjourned. Subject to the Act, if a meeting of
shareholders is adjourned by one or more adjournments for an aggregate of 30
days or more, notice of the adjourned meeting shall be given as for an original
meeting.

10.19             Action in Writing by Shareholders. - A resolution in writing
signed by all the shareholders entitled to vote on that resolution at a meeting
of shareholders is as valid as if it had

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been passed at a meeting of the shareholders unless, in accordance with the Act,
(a) in the case of the resignation or removal of a director, or the appointment
or election of another person to fill the place of such director, a written
statement is submitted to the Corporation by the director giving the reasons for
such resignation or the reasons why such director opposes any proposed action or
resolution for such removal from office or the election of another person to
fill the office of such director, or (b) in the case of the removal or
resignation of an auditor, or the appointment or election of another person to
fill the office of auditor, representations in writing are made to the
Corporation by that auditor concerning the proposed removal, the appointment or
election of another person to fill the office of auditor, or such resignation.

10.20             Only One Shareholder. - Where the Corporation has only one
shareholder or only one holder of any class or series of shares, the shareholder
present in person or duly represented constitutes a meeting.

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                                 SECTION ELEVEN

                                     NOTICES

11.01             Method of Giving Notices. - Any notice (which term includes
any communication or document) to be given (which term includes sent, delivered
or served) pursuant to the Act, the regulations thereunder, the articles, the
by-laws or otherwise to a shareholder, director, officer, auditor or member of a
committee of the board shall be sufficiently given if delivered personally to
the person to whom it is to be given, if mailed to such person at the person's
recorded address by prepaid mail, or if transmitted by telephone facsimile or
other electronic telecommunication facility. A notice so delivered shall be
deemed to have been received when it is delivered personally, a notice so mailed
shall be deemed to have been received on the fifth day after it is deposited in
a post office or public letter box and a notice so transmitted shall be deemed
to have been received on the day it is transmitted. The secretary may change or
cause to be changed the recorded address of any shareholder, director, officer,
auditor or member of a committee of the board in accordance with any information
believed by the secretary to be reliable.

11.02             Notice to Joint Shareholders. - If two or more persons are
registered as joint holders of any share, any notice may be addressed to all
such joint holders, but notice addressed to one of such persons shall be
sufficient notice to all of them.

11.03             Computation of Time. - In computing the date when notice must
be given under any provision requiring a specified number of days' notice of any
meeting or other event, the day of giving the notice shall be excluded and the
day of the meeting or other event shall be excluded.

11.04             Undelivered Notices. - If any notice given to a shareholder
pursuant to section 11.01 is returned on three consecutive occasions because the
shareholder cannot be found, the Corporation shall not be required to give any
further notices to such shareholder until informed in writing by the shareholder
of a new address.

11.05             Omissions and Errors. - The accidental omission to give any
notice to any shareholder, director, officer, auditor or member of a committee
of the board or the non-receipt of any notice by any such person or any error in
any notice not affecting the substance thereof shall not invalidate any action
taken at any meeting held pursuant to such notice or otherwise founded thereon.

11.06             Persons Entitled by Death or Operation of Law. - Every person
who, by operation of law, transfer, death of a shareholder or any other means
whatsoever, shall become entitled to any share, shall be bound by every notice
in respect of such share which shall have been duly

                                     11 - 1

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given to the shareholder from whom such person derives title to such share prior
to the name and address of such person being entered on the securities register
(whether such notice was given before or after the happening of the event upon
which he became so entitled) and prior to such person furnishing to the
Corporation the proof of authority or evidence of entitlement prescribed by the
Act.

11.07             Waiver of Notice. - Any shareholder, proxyholder or other
person entitled to attend a meeting of shareholders, director, officer, auditor
or member of a committee of the board may at any time waive any notice, or waive
or abridge the time for any notice, required to be given to him under the Act,
the regulations thereunder, the articles, the by-laws or otherwise, and such
waiver or abridgement, whether given before or after the meeting or other event
of which notice is required to be given, shall cure any default in the giving or
in the time of such notice, as the case may be. Any such waiver or abridgement
shall be in writing except a waiver of notice of a meeting of shareholders or of
the board or a committee of the board which may be given in any manner.

11.08             Interpretation. - In the by-laws, "recorded address" means in
the case of a shareholder the address as recorded in the securities register;
and in the case of joint shareholders the address appearing in the securities
register in respect of such joint holding or the first address so appearing if
there are more than one; in the case of an officer, auditor or member of a
committee of the board, the latest address as recorded in the records of the
Corporation; and in the case of a director, the latest address as recorded in
the records of the Corporation or in the most recent notice filed under the
Corporations Information Act, whichever is the more current.

                                     11 - 2

<PAGE>

                                 SECTION TWELVE

                           EFFECTIVE DATE AND REPEAL

12.01             Effective Date. - This by-law shall come into force when made
by the board in accordance with the Act.

12.02             Repeal. - All previous by-laws of the Corporation are repealed
as of the coming into force of this by-law. Such repeal shall not affect the
previous operation of any by-law so repealed or affect the validity of any act
done or right, privilege, obligation or liability acquired or incurred under, or
the validity of any contract or agreement made pursuant to, or the validity of
any articles (as defined in the Act) or predecessor charter documents of the
Corporation obtained pursuant to, any such by-law prior to its repeal. All
officers and persons acting under any by-law so repealed shall continue to act
as if appointed under the provisions of this by-law and all resolutions of the
shareholders or the board or a committee of the board with continuing effect
passed under any repealed by-law shall continue to be good and valid except to
the extent inconsistent with this by-law and until amended or repealed.

                           The foregoing by-law was made by the directors of the
Corporation on the 8th day of May, 2001, and was confirmed without variation by
the shareholders of the Corporation on the 8th day of May, 2001.

                                        [ILLEGIBLE]
                                        ---------------------------
                                        Secretary

                                     12 - 1

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.67
<SEQUENCE>66
<FILENAME>p68936exv3w67.txt
<DESCRIPTION>EXHIBIT 3.67
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.67

                            [STATE OF COLORADO LOGO]
                                STATE OF COLORADO

                                  DEPARTMENT OF
                                      STATE

                                   CERTIFICATE

         I, DONETTA DAVIDSON, SECRETARY OF STATE OF THE STATE OF

COLORADO HEREBY CERTIFY THAT ACCORDING TO THE RECORDS OF

THIS OFFICE, THE ATTACHED IS A FULL, TRUE AND COMPLETE COPY OF THE ARTICLES OF
INCORPORATION AND ALL AMENDMENTS THERETO OF

                             U-HAUL CO. OF COLORADO
                             (COLORADO CORPORATION)

AS FILED IN THIS OFFICE AND ADMITTED TO RECORD.

Dated: July 29, 2003

                               /s/  [ILLEGIBLE]
                               -------------------
                               SECRETARY OF STATE

<PAGE>
                                                                      DC-1

                            [STATE OF COLORADO LOGO]

DEPARTMENT OF                                                     CERTIFICATE OF
   STATE                                                           INCORPORATION

                             I, BYRON A. ANDERSON,

         SECRETARY OF STATE OF THE STATE OF COLORADO HEREBY CERTIFY THAT
DUPLICATE ORIGINALS OF ARTICLES OF INCORPORATION, DULY SIGNED AND VERIFIED
PURSUANT TO THE PROVISIONS OF THE COLORADO CORPORATION ACT, HAVE BEEN RECEIVED
IN THIS OFFICE AND ARE FOUND TO CONFORM TO LAW,

         ACCORDINGLY THE UNDERSIGNED, BY VIRTUE OF THE AUTHORITY VESTED IN ME BY
LAW HEREBY ISSUES THIS CERTIFICATE OF INCORPORATION OF

                             U-HAUL CO. OF COLORADO
- --------------------------------------------------------------------------------
                            (A COLORADO CORPORATION)

AND ATTACHES HERETO A DUPLICATE ORIGINAL OF THE ARTICLES OF INCORPORATION.

         DATED THIS TWENTY SIXTH DAY OF FEBRUARY, A.D. 1970.

                                                        /s/ Byron A. Anderson
                                                        -----------------------
                                                            SECRETARY OF STATE

                                                     BY /s/ Jeremiah J. Connolly
                                                        -----------------------
                                                                         DEPUTY



<PAGE>

                                     to the

                            ARTICLES OF INCORPORATION

                                       of

                                  [ILLEGIBLE]

                                    ARTICLE I

         The name of the corporation is U-HAUL CO. OF COLORADO.

<PAGE>

                            ARTICLES OF INCORPORATION

                                       of

                             U-HAUL CO. OF COLORADO

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a corporation
under the laws of the State of Colorado.

                                    ARTICLE I

         The name of the corporation is U-HAUL CO. OF COLORADO.

                                   ARTICLE II

         The period of duration of the corporation is perpetual.

                                  ARTICLE III

         The purpose or purposes for which the corporation is organized are to
rent and lease to the general public trailers, semi-trailers, trucks, passenger
automobiles and other equipment, tools, machinery, vehicles and property of any
and every kind and description, and to purchase or otherwise acquire and operate
any facilities useful for the conduct of the business enterprises of this
corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of Colorado upon corporations, and to engage in any lawful activity within
the purposes for which corporations may be organized under the laws of the State
of Colorado.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue are five thousand (5,000) shares of common stock with a par
value of Ten ($10.00) Dollars each, or a total capitalization of Fifty Thousand
($50,000.00) Dollars.

                                   ARTICLE V

         The corporation will not commence business until the consideration

Page one of three pages

<PAGE>

                                   [ILLEGIBLE]

<PAGE>

of at least One Thousand ($1,000.00) Dollars has been received for the issuance
of shares.

                                   ARTICLE VI

         The address of its registered office shall be c/o The Corporation
Company, 1700 Broadway, Denver, Colorado and the name of the resident agent at
said address is The Corporation Company.

                                   ARTICLE VII

         The initial Board of Directors shall consist of three (3) members, and
the initial Board who shall act until the first annual meeting of stockholders
and their successors have been elected and qualified are:

               Basil D. Bartholomew          2422 West Cucharrus
                                             Colorado Springs, Colorado 80902

               Fern Wayne King               2422 West Cucharrus
                                             Colorado Springs, Colorado 80902

               Susan Whittle                 7540 York Street
                                             Denver, Colorado 80229

                                  ARTICLE VIII

         The name and address of each incorporator is as follows:

               David L. Helsten              2727 North Central Avenue
                                             Phoenix, Arizona 85004

               Richard Rink                  2727 North Central Avenue
                                             Phoenix, Arizona 85004

               John A. Lorentz               2727 North Central Avenue
                                             Phoenix, Arizona 85004

         IN WITNESS WHEREOF, we have hereunto set our hand and seal this 20th
day of February, 1970.

                                             /s/ David L. Helsten
                                             -----------------------------------
                                             David L. Helsten

                                             /s/ Richard Rink
                                             -----------------------------------
                                             Richard Rink

                                             /s/ John A. Lorentz
                                             -----------------------------------
                                             John A. Lorentz

Page two of three pages

<PAGE>

STATE OF ARIZONA   )
                   )  ss:
COUNTY OF MARICOPA )

         On this 20th Day of February, 1970, before me, a Notary Public for the
State of Arizona, personally appeared David L. Helsten, Richard Rink, and
John A. Lorentz, known to me to be the persons named in and who executed the
foregoing instrument, and who acknowledged that they had executed the same and
that the matters therein contained are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed by Notarial
Seal this 20th day of February, 1970.

                                          /s/ Helen H. Delamater
                                          --------------------------------------
                                          Helen H. Delameter
                                          Notary Public for the State of Arizona
   (NOTARIAL SEAL)                        Residing at Tempe, Arizona
                                          My commission expires August 13,1972

Page three of three pages
<PAGE>

                                     216418

                            ARTICLES OF INCORPORATION

                             U-HAUL CO. OF COLORADO
<PAGE>
                            [STATE OF COLORASO LOGO]
DEPARTMENT OF                                                     CERTIFICATE OF
   STATE                                                           INCORPORATION

                             I, BYRON A. ANDERSON,

         SECRETARY OF STATE OF THE STATE OF COLORADO HEREBY CERTIFY THAT
DUPLICATE ORIGINALS OF ARTICLES OF INCORPORATION, DULY SIGNED AND VERIFIED
PURSUANT TO THE PROVISIONS OF THE COLORADO CORPORATION ACT, HAVE BEEN RECEIVED
IN THIS OFFICE AND ARE FOUND TO CONFORM TO LAW,

         ACCORDINGLY THE UNDERSIGNED, BY VIRTUE OF THE AUTHORITY VESTED IN ME BY
LAW HEREBY ISSUES THIS CERTIFICATE OF INCORPORATION OF

                         Rocky Mt. Repair and Mfg. Co.
                             A COLORADO CORPORATION

AND ATTACHES HERETO A DUPLICATE ORIGINAL OF THE ARTICLES OF INCORPORATION.

         DATED THIS TWENTY SECOND DAY OF JANUARY, A.D. 1969.

                                                         /s/ Byron A. Anderson
                                                         -----------------------
                                                             SECRETARY OF STATE

                                                           By /s/ [ILLEGIBLE]
                                                              ------------------
                                                                        DEPUTY

<PAGE>

                            ARTICLES OF INCORPORATION

                                       OF

                         ROCKEY MT. REPAIR AND MFG., CO.

         We, the undersigned natural persons of the age of twenty-one or more,
acting as incorporators of a corporation under the Colorado Corporation Act,
adopt the following Articles of Incorporation for such corporation:

                                   ARTICLE I

         The name of the corporation is Rockey Mt. Repair and Mfg. Co.

                                   ARTICLE II

         The period of its duration is perpetual.

                                  ARTICLE III

         The purpose or purposes for which the corporation is organised are: To
manufacture, fabricate, design, develop, repair, purchase, sell at wholesale or
retail, rent, lease and otherwise deal in and with motor trucks, motor cars,
automobile utility trailers, semi-trailers and all other forms of vehicles or
vehicular equipment designed for use either on or off public streets or
highways, together with any goods, wares or merchandise incidental thereto, and
to generally carry on the business of manufacture and repair of mechanical
structures or devices or components thereof, and the conduct of all business
activities incidental thereto and to have and exercise all powers conferred
under the business corporation laws of this state.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue is Fifteen Hundred (1500) shares, common with a par value of
$10.00 each.

                                   ARTICLE V

         Cumulative voting of shares of stock is not Authorized.

                                   ARTICLE VI

         The address of the initial registered office of the corporation is 7540
York Street, Denver, Colorado, 80229 and the name of its initial registered
agent at such address is Frederick D. Lindquist.

                                  ARTICLE VII

         Address of the place of business is 7540 York Street, Denver, Colorado
80229.

Page One of Two Pages

<PAGE>

                                  ARTICLE VIII

         The number of directors constituting the initial board of directors of
the corporation is three (3), and the names and addresses of the persons who are
to serve as directors until the first annual meeting of shareholders or until
their successors are elected and shall qualify are:

        Frederick D. Lindquist, 6924 W. 74th P1., Arvada, Colorado 80002

        Robert D. Borchardt, Rt. 2, Box 26-R, 13561 [ILLEGIBLE], Brighton,
                                 Colorado 80610

        Thomas Mikan, 11452 High Street, North Glenn, Colorado 80233

                                   ARTICLE IX

        The name and address of each incorporator is:

        George [ILLEGIBLE] Clark, 11447 Larson Lane, North Glenn, Colorado 80233

        Frederick D. Lindquist, 6924 W. 74th P1., Arvada, Colorado 80002

        Robert D. Borchardt, Rt. 2, Box 26-R, 13561 [ILLEGIBLE], Brighton,
                                 Colorado 80610

Dated January 17, 1969

                                                                   [ILLEGIBLE]
                                                                  --------------

                                                                   [ILLEGIBLE]
                                                                  --------------

                                                                   [ILLEGIBLE]
                                                                  --------------
                                                                   Incorporators

STATE OF COLORADO     )
                      ) ss.
COUNTY OF [ILLEGIBLE] )

         I, [ILLEGIBLE] a notary public, hereby certify that on the 17 day of
January, 1969, personally appeared before [ILLEGIBLE], who being by [ILLEGIBLE]
first duly sworn, severally declared that they are the persons who signed the
foregoing document as incorporators, and that the statements therein contained
are true.

         In witness whereof I have hereunto set my hand and seal this 17 day of
January A.D. 1969.

                                                                   [ILLEGIBLE]
[ILLEGIBLE]                                                        -------------
by commission expires ___________.                                 Notary Public

<PAGE>

                                     205920

                            ARTICLE OF INCORPORATION

                          Rocky Mt. Repair and Mfg. Co.
<PAGE>
                            [STATE OF COLORADO LOGO]
DEPARTMENT OF                                                     CERTIFICATE OF
   STATE                                                             AMENDMENT

                             I, BYRON A. ANDERSON,

         SECRETARY OF STATE OF THE STATE OF COLORADO HEREBY CERTIFY THAT
DUPLICATE ORIGINALS OF ARTICLES OF AMENDMENT TO THE ARTICLES OF INCORPORATION,
OF ROCKY MT. REPAIR AND MFG. CO. DULY SIGNED AND VERIFIED PURSUANT TO THE
PROVISIONS OF THE COLORADO CORPORATION ACT, HAVE BEEN RECEIVED IN THIS OFFICE
AND ARE FOUND TO CONFORM TO LAW.

                                  [ILLEGIBLE]

         DATED THIS NINTH DAY OF APRIL, A.D. 1969.

                                                         /s/ Byron A. Anderson
                                                         -----------------------
                                                             SECRETARY OF STATE

                                                      By /s/ [ILLEGIBLE]
                                                         -----------------------
                                                                        DEPUTY


<PAGE>

                                     to the

                            ARTICLES OF INCORPORATION

                                       of

                          ROCKY MT. REPAIR AND MFG. CO.
                             A COLORADO CORPORATION

         Pursuant to the provisions of the Colorado Corporation Act, the
undersigned corporation adopts the following Articles of Amendment to its
Articles of Incorporation:

         FIRST: The name of the corporation is [ILLEGIBLE]
ROCKY MT. REPAIR AND MFG. CO.

         SECOND: The following amendment of the Articles of Incorporation was
adopted by the shareholders of the corporation on FEBRUARY [ILLEGIBLE] 1969, in
the [ILLEGIBLE] by the Colorado Corporation Act:

                                   [ILLEGIBLE]

         On the fifth day of February, 1969, was held a special meeting of the
stockholders of Rocky Mt. Repair and Mfg., Co., a Colorado corporation at its
office located at 7540 York Street, Denver, Colorado.

         Upon a motion duly made and seconded, with all 11,400 shares of
outstanding capital stock present and entitled to vote, the following resolution
was adopted amending Article IV of the Articles of Incorporation with 11,400
shares voting for the amendment and none voting against.

         RESOLVED THAT Article IV of the Articles of Incorporation of Rocky Mt.
         Repair and Mfg, Co., a Colorado corporation be and hereby is amended to
         read:

                  The aggregate number of shares which the corporation shall
         have authority to issue is Fifteen Thousand (15,000) Shares, common
         stock, with a par value of Ten ($10.00) Dollars each.

         There being no further business to come before [ILLEGIBLE] meeting it
was upon a motion duly made and seconded, adjourned.

<PAGE>

was 11,400: and the number of shares entitled to vote thereon was 11,400.

         FOURTH: The designation and number of outstanding shares of each share
entitled to vote thereon as a class were as follows:

                                                  NUMBER OF
                CLASS                              SHARES
                -----                              ------
                               (Note 1)
                private                            11,400

         FIFTH: The number of shares voted for such amendment was 11,400; and
the number of shares voted against such amendment was none.

         SIXTH: The number of shares of each class entitled to vote thereon as a
class voted for and against such amendment, respectively, was:

                                           NUMBER OF SHARES VOTED
                                           ----------------------
                CLASS                        FOR          AGAINST
                -----                        ---          -------
                private                     11,400         none
                               (Note 1)

         SEVENTH: [ILLEGIBLE]

                                    (Note 2)

                                  See Amendment

         EIGHTH: [ILLEGIBLE]

                                    (Note 2)

                                    No Change

Dated March 12 1969

                                                       [ILLEGIBLE]

                                                 By: /s/ [ILLEGIBLE]
                                                     ---------------------------
                                                     [ILLEGIBLE]

                                                 and /s/ [ILLEGIBLE]
                                                     ---------------------------
                                                     [ILLEGIBLE]

STATE OF COLORADO,
[ILLEGIBLE]

<PAGE>

                                     207910
                              ARTICLES OF AMENDMENT
                                     TO THE
                            ARTICLES OF INCORPORATION
                               OF ROCKY MT. REPAIR
                                  AND MFG. CO.
<PAGE>
                            [STATE OF COLORADO LOGO]
DEPARTMENT OF                                                     CERTIFICATE OF
   STATE                                                             AMENDMENT

                             I, BYRON A. ANDERSON,

         SECRETARY OF STATE OF THE STATE OF COLORADO HEREBY CERTIFY THAT
DUPLICATE ORIGINALS OF ARTICLES OF AMENDMENT TO THE ARTICLES OF INCORPORATION OF
[ILLEGIBLE] DULY SIGNED AND VERIFIED PURSUANT TO THE PROVISIONS OF THE COLORADO
CORPORATION ACT, HAVE BEEN RECEIVED IN THIS OFFICE AND ARE FOUND TO CONFORM TO
LAW.

                                  [ILLEGIBLE]

         DATED THIS TWENTY FIFTH DAY OF AUGUST, A.D. 1969

                                                         /s/ Byron A. Anderson
                                                         -----------------------
                                                             SECRETARY OF STATE

                                                      By /s/ [ILLEGIBLE]
                                                         -----------------------
                                                             DEPUTY


<PAGE>

                              ARTICLES OF AMENDMENT

                                     to the

                            ARTICLES OF INCORPORATION

                                       of

                          ROCKY MT. REPAIR AND MFG. CO.

         Pursuant to the provisions of the Colorado Corporation Act, the
undersigned corporation adopts the following Articles of Amendment to its
Articles of Incorporation:

         FIRST: The name of the corporation is Rocky Mt. Repair and Mfg. Co.

         SECOND: The following amendment of the Articles of Incorporation was
adopted by the Board of Directors at a meeting duly held on July 1, 1969; That
said amendment was adopted by the shareholders at a meeting duly held on August
1, 1969, in the manner prescribed by the Colorado Corporation Act:

                  RESOLVED: That Article I of the Articles of Incorporation of
         this corporation be amended as follows:

                                    ARTICLE I

         The name of the corporation is KAR-GO SERVICE CENTER OF DENVER, INC.

         THIRD: The number of shares of the corporation outstanding at the time
of such adoption was 11,400 shares of common stock; and the number of shares
entitled to vote thereon was 11,400.

         FOURTH: The designation and number of outstanding shares of each class
entitled to vote thereon as a class were as follows:
                     None

         FIFTH: The number of shares voted for such amendment was 11,400; and
the number of shares voted against such amendment was none.

         SIXTH: The number of shares of each class entitled to vote thereon as a
class voted for and against such amendment, respectively, was;
                     None

Page 1 of 2 Pages
<PAGE>
         [ILLEGIBLE]
tion of issued shares provided for in the amendment shall be effected is as
follows:

                  No Change

         EIGHTH: The manner in which such amendment effects a change in the
amount of stated capital, and the amount of stated capital as changed by such
amendment, are as follows:

         No Change.

         DATED August 22, 1969.

                                                ROCKY MT. REPAIR AND MFG. CO.

                                             By [ILLEGIBLE]
                                                --------------------------------
                                                Its President

                                            and [ILLEGIBLE]
                                                --------------------------------
                                                Its Secretary

STATE OF COLORADO      )
                       ) ss.
COUNTY OF [ILLEGIBLE]  )

         Before me, the undersigned, a Notary Public in and for the said county
and State, personally appeared Frederick D. Lindquist and Thomas Mikah, who
acknowledged before me that they are the President and Secretary, respectively,
of Rocky Mt. Repair and Mfg. Co., a Colorado corporation and that they signed
the foregoing Articles of Amendment as their free and voluntary act and deed for
the uses and purposes therein set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and seal this 22 day of
August, 1969.

                                                        [ILLEGIBLE]
                                                --------------------------------
                                                       Notary Public

Page 2 of 2 Pages

<PAGE>

                                     211890
                              Articles of Amendment
                                     TO THE
                            Articles of Incorporation
                                       OF
                          Rocky Mt. Repair And Mfg. Co.
                         _______________________________
                         _______________________________

                             Changing Corporate Name
                                       TO
                            KAR-GO SERVICE CENTER OF
                                  DENVER, INC.

<PAGE>

                                       OF

                      KAR-GO SERVICE CENTER OF DENVER, INC.

To the Secretary of State
of the State of Colorado

         Pursuant to the provisions of the Colorado Corporation Act, the
undersigned corporation, organised under the laws of the State of Colorado
[ILLEGIBLE] the following statement for the purpose of changing its registered
office or its registered agent, or both, in the State of Colorado:

         FIRST: The name of the corporation is KAR-GO SERVICE CENTER OF DENVER,
INC.

         SECOND: The address of its present registered office is 7540 YORK
Street, Denver, Colorado 80229

         THIRD: The address to which its registered office is to be changed is
1700 Broadway, Denver, Colorado 80202

         FOURTH: The name of its present registered agent is FREDERICK D.
LINDQUIST

         FIFTH: The name of its successor registered agent is THE CORPORATION
COMPANY

         SIXTH: The address of its registered office and the address of the
business office of its registered agent, as changed, will be identical.

         SEVENTH: The address of its place of business in Colorado is 7540 York
Street, Denver, Colorado 80229

         Dated April 17, 1970

                                KAR-GO SERVICE CENTER OF DENVER, INC.(Note 1)

                                By Devid L.Helsten (Note 2)
                                   ----------------------------------
                                           Its Vice President

STATE OF ARIZONA    }
                    } ss.
County of MARICOPA  }

         Before me, Helen H. Delamater, a Notary Public in and for the said
County and State, personally appeared DAVID L. HELSTEN who acknowledged before
me that he is the       Vice President      of KAR-GO SERVICE CENTER OF DENVER,
                 ---------------------------
                 (President)(Vice-President)
INC.
a         Colorado         corporation, that he signed the foregoing, and that
  ------------------------
  (State of Incorporation)
the statements contained therein are true.

         In witness whereof I have hereunto set my hand and seal this 17 day of
April A.D. 1970.

         My Commission expired 9-13-72

                                                         /s/ Helen H. Delamater
                                                         -----------------------
                                                                  Notary Public

Notes:   1. Exact [ILLEGIBLE] name of corporation making the statement.

         2. Signature and title of officer signing for the corporation -- must
            be the President or a Vice-President.

Filing fee [ILLEGIBLE]

(COL. - 1398 - 1/16/59)
<PAGE>

                              CHANGE OF REGISTERED
                               OFFICE AND/OR AGENT
                                       of

                      KAR-GO SERVICE CENTER OF DENVER, INC.

                      _____________________________________

                      _____________________________________

                      _____________________________________

                      _____________________________________
                      =====================================
<PAGE>
                            [STATE OF COLORADO LOGO]
DEPARTMENT OF                                                     CERTIFICATE OF
   STATE                                                           INCORPORATION

                             I, BYRON A. ANDERSON,

         SECRETARY OF STATE OF THE STATE OF COLORADO HEREBY CERTIFY THAT
DUPLICATE ORIGINALS OF ARTICLES OF INCORPORATION, DULY SIGNED AND VERIFIED
PURSUANT TO THE PROVISIONS OF THE COLORADO CORPORATION ACT, HAVE BEEN RECEIVED
IN THIS OFFICE AND ARE FOUND TO CONFORM TO LAW.

         ACCORDINGLY THE UNDERSIGNED, BY VIRTUE OF THE AUTHORITY VESTED IN ME BY
LAW HEREBY ISSUES THIS CERTIFICATE OF INCORPORATION OF

                              U-HAUL CO. OF DENVER
                            (A COLORADO CORPORATION)

AND ATTACHES HERETO A DUPLICATE ORIGINAL OF THE ARTICLES OF INCORPORATION.

         DATED THIS TWENTY-SIXTH DAY OF FEBRUARY, A.D. 1970.

                                                      /s/ Byron A. Anderson
                                                      ---------------------
                                                        SECRETARY OF STATE

                                                      /s/ [ILLEGIBLE]
                                                      ---------------------
                                                            [ILLEGIBLE]

<PAGE>

                            ARTICLES OF INCORPORATION

                                       OF

                              U-HAUL CO. OF DENVER

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a [ILLEGIBLE]
under the laws of the State of Colorado.

                                   ARTICLE I

         The name of the corporation is U-HAUL CO. OF DENVER.

                                   ARTICLE II

         The period of duration of the corporation is perpetual.

                                  ARTICLE III

         The purpose or purposes for which the corporation is organised are to
rent and lease to the general public trailers, semi-trailers, trucks, passenger
automobiles and other equipment, tools, machinery, vehicles and property of any
and every kind and description, and to purchase or otherwise acquire and operate
any facilities useful for the conduct of the business enterprises of this
corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of Colorado upon corporations, and to engage in any lawful activity within
the purposes for which corporations may be organised under the laws of the State
of Colorado.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue are five thousand (5,000) shares of common stock with a par
value of Ten ($10.00) Dollars each, or a total capitalisation of Fifty Thousand
($50,000.00) Dollars.

                                    ARTICLE V

         The corporation will not commence business until the consideration

Page one of three pages

<PAGE>

of at least One thousand ($1,000.00) Dollars has been received for the issuance
of shares.

                                   ARTICLE VI

         The address of its registered office shall be c/o The Corporation
Company, 1700 Broadway, Denver, Colorado and the name of the resident agent at
said address is The Corporation Company.

                                   ARTICLE VII

         The initial Board of Directors shall consist of three (3) members, and
the initial Board who shall act until the first annual meeting of stockholders
and their successors have been elected and qualified are:

                [ILLEGIBLE]             7540 York Street
                                        Denver, Colorado 80229

                [ILLEGIBLE]             7540 York Street
                                        Denver, Colorado 80229

                Susan Whittle           7540 York Street
                                        Denver, Colorado 80229

                                  ARTICLE VIII

         The name and address of each incorporator is as follows:

                David L. Helsten        2727 North Central Avenue
                                        Phoenix, Arizona 85004

                Richard Rink            2727 North Central Avenue
                                        Phoenix, Arizona 85004

                John A. Lorentz         2727 North Central Avenue
                                        Phoenix, Arizona 85004

         IN WITNESS WHEREOF, we have hereunto set our hand and seal this 20th
day of February, 1970.

                                        /s/ David L. Helsten
                                        ----------------------------------------
                                            David L. Helsten

                                        /s/ Richard Rink
                                        ----------------------------------------
                                            Richard Rink

                                        /s/ John A. Lorentz
                                        ----------------------------------------
                                            John A. Lorentz

Page two of three pages

<PAGE>

[ILLEGIBLE]        )
                   ) ss.
COUNTY OF MARICOPA )

         On this 20th day of February, 1970, before me, a Notary Public for the
State of Arizona, personally appeared David L. Helsten, Richard Rink and John A.
Lorentz known to me to be the persons [ILLEGIBLE] and who excuted the foregoing
instrument, and who acknowledged that they had excuted the same and that the
matters therein contained are true.

         IN WITNESS WHEREOF, I have hereunto set my hand affixed my Notarial
Seal this 20th day of February,1970.

                                        /s/ Helen H. Delamater
                                        ----------------------------------------
                                            Helen H. Delamater

                                        Notary Public for the State of Arizona
                                        Residing at Tempe, Arizona
                                        My commission expires August 13, 1972
(NOTARIAL SEAL)

Page three of three pages

<PAGE>

                                     216420

                            ARTICLES OF INCORPORATION

                              U-HAUL CO. OF DENVER

<PAGE>
                            [STATE OF COLORADO LOGO]
DEPARTMENT OF                                                     CERTIFICATE OF
   STATE                                                             AMENDMENT

                             I, BYRON A. ANDERSON,

         SECRETARY OF STATE OF THE STATE OF COLORADO HEREBY CERTIFY THAT
DUPLICATE ORIGINALS OF ARTICLES OF AMENDMENT TO THE ARTICLES OF INCORPORATION OF
U-HAUL CO. OF DENVER - CHANGING CORPORATE [ILLEGIBLE] TO: AMERCO MARKETING CO.
OF DENVER DULY SIGNED AND VERIFIED PURSUANT TO THE PROVISIONS OF THE COLORADO
CORPORATION ACT HAVE BEEN RECEIVED IN THIS OFFICE AND ARE FOUND TO CONFORM TO
LAW.

         ACCORDINGLY THE UNDERSIGNED, AS SUCH SECRETARY OF STATE AND BY VIRTUE
OF THE AUTHORITY VESTED IN ME BY LAW, HEREBY ISSUES THIS CERTIFICATE OF
AMENDMENT AND ATTACHES HERETO A DUPLICATE ORIGINAL OF THE ARTICLES OF AMENDMENT.

         DATED THIS TWENTY-EIGHT DAY OF SEPTEMBER, A.D. 1970.

                                        /s/ BYRON A. ANDERSON
                                        -------------------------
                                           SECRETARY OF STATE

                                              [ILLEGIBLE]
<PAGE>

                              ARTICLES OF AMENDMENT

                                     to the

                            ARTICLES OF INCORPORATION

                                       of

                              U-HAUL CO. OF DENVER

         Pursuant to the provisions of the Colorado Corporation Act, the
undersigned corporation adopts the following Articles of Amendment to its
Articles of Incorporation:

         FIRST: The name of the corporation is U-HAUL CO.OF DENVER.

         SECOND: The following amendment of the Articles of Incorporation was
adopted by the shareholders of the corporation on August 12, 1970, in the manner
prescribed by the Colorado Corporation Act:

                  ARTICLE I. The name of the corporation is AMERCO MARKETING CO.
                  OF DENVER.

         THIRD: The number of shares of the corporation outstanding at the time
of such adoption was 500; and the number of shares entitled to vote thereon was
500.

         FOURTH: The designation and number of outstanding shares of each class
entitled to vote thereon as a class were as follows:

                Class                  Number of Shares

                        (Not Applicable)

         FIFTH: The number of shares voted for such amendment was 500; and the
number of shares voted against such amendment was 0.

         SIXTH: The number of shares of each class entitled to vote thereon as a
class voted for and against such amendment, respectively, was:

                Class               Number of Shares Voted
                                    For            Against
                None                       None

         SEVENTH: The manner, if not set forth in such amendment, in which any
exchange, reclassification, or cancellation of issued shares provided for in the
amendment shall be effected, is as follows

                                   No Change

<PAGE>

         EIGHTH: The manner in which such amendment effects a change in the
amount of stated capital, and the amount of stated capital as changed by such
amendment, are as follows:

                                   No Change

DATED [ILLEGIBLE], 1970

                                        U-HAUL CO. OF DENVER

                                     By [ILLEGIBLE]
                                        ----------------------------------------
                                        [ILLEGIBLE]

                                    and [ILLEGIBLE]
                                        ----------------------------------------
                                        [ILLEGIBLE]

STATE OF COLORADO      )
                       ) ss.
COUNTY OF [ILLEGIBLE]  )

         Before me, Tom [ILLEGIBLE], a Notary Public in and for the said County
and State, personally appeared Steve [ILLEGIBLE] who acknowledged before me that
he is the Secretary of U-HAUL CO. OF DENVER, a Colorado corporation and that he
signed the foregoing Articles of Amendment as his free and voluntary act and
deed for the uses and purposes therein set forth, and that the facts contained
therein are true.

         In witness whereof I have hereunto set my hand and seal this
18th day of September, A.D. 1970.

         [ILLEGIBLE]

                                        [ILLEGIBLE]
                                        ----------------------------------------
                                                        Notary Public

<PAGE>

                                     222926

                             Articles of Amendment
                                     TO THE
                           Articles of Incorporation
                                       OF
                              U-HAUL CO. OF DENVER
                            _______________________
                            _______________________

                            Changing Corporate Name
                                       To
                            AMERCO MARKETING CO. OF
                                     DENVER
                            _______________________
                            _______________________

<PAGE>
                            [STATE OF COLORADO LOGO]
DEPARTMENT OF                                                     CERTIFICATE OF
   STATE                                                             AMENDMENT

                             I, BYRON A. ANDERSON,

         SECRETARY OF STATE OF THE STATE OF COLORADO HEREBY CERTIFY THAT
DUPLICATE [ILLEGIBLE] OF ARTICLES OF AMENDMENT TO THE ARTICLES OF INCORPORATION
OF U-HAUL CO. OF COLORADO, CHANGING CORPORATE NAME TO AMERCO MARKETING CO. OF
COLORADO DULY SIGNED AND VERIFIED PURSUANT TO THE PROVISIONS OF THE COLORADO
CORPORATION [ILLEGIBLE] HAVE BEEN RECEIVED IN THIS OFFICE AND ARE FOUND, TO
CONFORM TO THE LAW.

         ACCORDINGLY THE UNDERSIGNED, AS SUCH SECRETARY OF STATE AND BY VIRTUE
OF AUTHORITY VESTED IN ME BY LAW, HEREBY ISSUES THIS CERTIFICATE OF AMENDMENT
AND ATTACHES HERETO A DUPLICATE ORIGINAL OF THE ARTICLES OF AMENDMENT.

         DATED THIS TWENTY-FIRST DAY OF SEPTEMBER A.D. [ILLEGIBLE]

                                        /s/ BYRON A. ANDERSON
                                        ----------------------------
                                           SECRETARY OF STATE

                                              [ILLEGIBLE]

<PAGE>

                              ARTICLES OF AMENDMENT

                                     to the

                            ARTICLES OF INCORPORATION

                                       of

                             U-HAUL CO. OF COLORADO

         Pursuant to the provisions of the Colorado Corporation Act, the
undersigned corporation adopts the following Articles of Amendment to its
Articles of Incorporation:

         FIRST: The name of the corporation is U-HAUL CO.OF COLORADO.

         SECOND: The following amendment of the Articles of Incorporation was
adopted by the shareholders of the corporation on August 12, 1970, in the manner
prescribed by the Colorado Corporation Act:

                  ARTICLE I. The name of the corporation is AMERCO MARKETING CO.
                  OF COLORADO.

         THIRD: The number of shares of the corporation outstanding at the time
of such adoption was 500; and the number of shares entitled to vote thereon was
500.

         FOURTH: The designation and number of outstanding shares of each class
entitled to vote thereon as a class were as follows:

                  Class                 Number of Shares

                        (Not Applicable)

         FIFTH: The number of shares voted for such amendment was 500; and the
number of shares voted against such amendment was 0.

         SIXTH: The number of shares of each class entitled to vote thereon as a
class voted for and against such amendment, respectively was:

                  Class                 Number of Shares Voted
                                        For            Against

                  None                        None

         SEVENTH: The manner, if not set forth in such amendment, in which any
exchange, reclassification, or cancellation of issued shares provided for in the
amendment shall be effected, is as follows

                                    No Change

<PAGE>

         EIGHTH: The manner in which such amendment effects a change in the
amount of stated capital, and the amount of stated capital as changed by such
amendment, are as follows:

                                   No Change

         DATED August 14th 1970

                                        U-HAUL CO. OF COLORADO

                                     By [ILLEGIBLE]
                                        ----------------------------------------
                                        [ILLEGIBLE], President

                                    and /s/ Steve Atwood
                                        ----------------------------------------
                                        Steve Atwood, Secretary

STATE OF COLORADO      )
                       ) ss.
COUNTY OF EL PASO      )

         Before me, [ILLEGIBLE], a Notary Public in and for the said County and
State, personally appeared Steve Atwood who acknowledged before me that he is
the Secretary of U-HAUL CO. OF COLORADO., a Colorado corporation and that he
signed the foregoing Articles of Amendment as his free and voluntary act and
deed for the uses and purposes therein set forth, and that the facts contained
therein are true.

         In witness whereof I have hereunto set my hand and seal this
[ILLEGIBLE] day of August, A.D. 1970.

         My commission expires [ILLEGIBLE]

                                        [ILLEGIBLE]
                                        ----------------------------------------
                                                     Notary Public

<PAGE>

                                     222732

                              Articles of Amendment
                                     TO THE
                            Articles of Incorporation
                                       OF
                             U-HAUL CO. OF COLORADO
                            ________________________
                            ________________________

                            Changing Corporate Name
                                       To
                        AMERCO MARKETING CO. OF COLORADO
                            ________________________
                            ________________________

<PAGE>

                             ARTICLES OF AMENDMENT

                                     to the

                            ARTICLES OF INCORPORATION

                                       of

                             U-HAUL CO. OF COLORADO

         Pursuant to the provisions of the Colorado Corporation Act, the
undersigned corporation adopts the following Articles of Amendment to its
Articles of Incorporation:

         FIRST: The name of the corporation is U-HAUL CO. OF COLORADO.

         SECOND: The following amendment of the Articles of Incorporation was
adopted by the shareholders of the corporation on August 12, 1970, in the manner
prescribed by the Colorado Corporation Act:

                  ARTICLE 1. The name of the corporation is AMERCO MARKETING CO.
                  OF COLORADO.

         THIRD: The number of shares of the corporation outstanding at the time
of such adoption was 500; and the number of shares entitled to vote thereon was
500.

         FOURTH: The designation and number of outstanding shares of each
class entitled to vote thereon as a class were as follows:

                        Class                Number of Shares
                        -----                ----------------

                               (Not Applicable)

         FIFTH: The number of shares voted for such amendment was 500; and the
number of shares voted against such amendment was 0.

         SIXTH: The number of shares of each class entitled to vote thereon as a
class voted for and against such amendment, respectively was:

                        Class                 Number of Shares Voted
                        -----                ------------------------
                                             For              Against
                                             ---              -------
                        None                         None

         SEVENTH: The manner, if not set forth in such amendment, in which any
exchange, reclassification, or cancellation of issued shares provided for in the
amendment shall be effected, is as follows

                                    No Change
<PAGE>

         EIGHTH: The manner in which such amendment effects a change in the
amount of states capital, and the amount of stated capital as changed by such
amendment are as follows:

                                    No Change

Dated Aug. 14th 1970

                                             U-HAUL CO. OF COLORADO

                                          By /s/ [ILLEGIBLE]
                                             -----------------------------------
                                             [ILLEGIBLE], President

                                         and /s/ Steve Atwood
                                             -----------------------------------
                                             Steve Atwood, Secretary

STATE OF COLORADO       )
                        )ss
COUNTY OF EL PASO       )

         Before me, [ILLEGIBLE], a Notary Public in and for the said County and
State, personally appeared Steve Atwood who acknowledged before me that he is
the Secretary of U-HAUL CO. OF COLORADO, a Colorado corporation and that he
signed the foregoing Articles of Amendment on his free and voluntary act and
deed for the uses and purposes therein set forth, and that the facts contained
therein are true.

         In witness whereof I have hereunto set by hand and seal this 14 day of
August A.D. 1970.

         My commission expires My commission expires Oct. 14, 1973.

                                             /s/ [ILLEGIBLE]
                                             -----------------------------------
                                                        Notary Public
<PAGE>

                             ARTICLES OF AMENDMENT

                                     to the

                            ARTICLES OF INCORPORATION

                                       of

                        AMERCO MARKETING CO. OF COLORADO

         Pursuant to the provisions of the Colorado Corporation Act, the
undersigned corporation adopts the following Articles of Amendment to the
Articles of Incorporation.

         FIRST: The name of the corporation is _____(note 3) AMERCO MARKETING
CO. OF COLORADO.

         SECOND: The following amendment of the Articles of Incorporation was
adopted by the share holders of the corporation on February 12, 1973, in the
manner provided by the Colorado Corporation Act.

                                    ARTICLE I

              THE name of the corporation is U-HAUL CO. OF COLORADO.
<PAGE>

                                   [ILLEGIBLE]

                                     to the

                            ARTICLES OF INCORPORATION

                                       of

                         AMERCO MARKETING CO. OF DENVER

         Pursuant to the provisions of the Colorado Corporation Act, the
undersigned Corporations adopts the following Articles of Amendment to the
Articles of Incorporation:

         FIRST: The [ILLEGIBLE] of the Corporations [ILLEGIBLE] [ILLEGIBLE]

         SECOND: The following [ILLEGIBLE] of the Articles of Incorporation was
adopted by the [ILLEGIBLE] of the Corporation on February 21 [ILLEGIBLE] in the
manner prescribed by the Colorado Corporation Act.

                                    ARTICLE I

           The name of the Corporation is U-HAUL CO. OF DENVER.

[ILLEGIBLE]
<PAGE>

                                  [ILLEGIBLE]
<PAGE>

         We, the undersigned natural persons of the age of twenty-one years or
more, acting as incorporation of a corporation under the Colorado Corporation
Act, adopt the following Articles of Incorporation for such corporation:

[ILLEGIBLE]

STATE OF ARIZONA       )
                       )ss.
COUNTY OF MARICOPA     )

[ILLEGIBLE]
<PAGE>

                             ARTICLES OF AMENDMENT

                                     to the

                           ARTICLES OF INCORPORATION

                                       of

                              U-HAUL CO. OF DENVER

[ILLEGIBLE]

                                   ARTICLE I

[ILLEGIBLE]
<PAGE>

[ILLEGIBLE]

STATE OF COLORADO,                  )
                                    ) ss.

[ILLEGIBLE]
<PAGE>

                               ARTICLES OF MERGER

         Pursuant to the Colorado Corporation Act, the undersigned corporations
hereby adopt the following Articles of Merger for the purpose of merging then
into one of such corporations.

FIRST: The name of the undersigned corporations and their status after
completion of the merger are as follows:

U-Haul Co. of Colorado              Colorado        Survivor

U-Haul Co. of Fort Collins          Colorado        Absorbed

U-Haul Co. of Metro-Derver          Colorado        Absorbed

SECOND: The Plan of Merger, which is attached hereto and by reference
incorporated herein, was approved by the directors and sole shareholder of each
of the undersigned corporations in the manner provided under the laws of the
State of Colorado.

THIRD: The number of shares outstanding, and the number of shares entitled to
vote upon such Plan of Merger, and the number of shares voted for and against
such Plan as to each of the Constituent Corporations was as follows:

(1) U-Haul Co. of Colorado

<TABLE>
<CAPTION>
Number of Shares          Number of Shares          Number            Number
  Outstanding             Entitled to Vote         Voted For       Voted Against
  -----------             ----------------         ---------       -------------
<S>                       <C>                      <C>             <C>
      500                       500                   500               -0-
</TABLE>

(2) U-Haul Co. of [ILLEGIBLE] Collins

<TABLE>
<CAPTION>
Number of Shares          Number of Shares          Number            Number
  Outstanding             Entitled to Vote         Voted For       Voted Against
  -----------             ----------------         ---------       -------------
<S>                       <C>                      <C>             <C>
      500                       500                   500               -0-
</TABLE>

(3) U-Haul Co. of [ILLEGIBLE]

<TABLE>
<CAPTION>
Number of Shares          Number of Shares          Number            Number
  Outstanding             Entitled to Vote         Voted For       Voted Against
  -----------             ----------------         ---------       -------------
<S>                       <C>                      <C>             <C>
      50                        50                    50                -0-
</TABLE>

DATED: September 15, 1975
<PAGE>

(CORPORATE SEAL)

                                                 BY: /s/ [ILLEGIBLE]
                                                     ---------------------------
                                                     President

                                                 BY: /s/ [ILLEGIBLE]
                                                     ---------------------------
                                                     Secretary

         I, THE UNDERSIGNED [ILLEGIBLE], PRESIDENT, DECLARE UNDER THE PENALTIES
OF PERJURY THAT I HAVE EXAMINED THE FOREGOING INSTRUMENT AND TO THE BEST OF MY
KNOWLEDGE AND BELIEF IT IS TRUE, CORRECT AND COMPLETE.

                                                     /s/ [ILLEGIBLE]
                                                     ---------------------------
                                                              President

                                    ABSORBED: U-HAUL CO. of [ILLEGIBLE] Collins,
                                                    A Colorado Corporation

                                                 BY: /s/ [ILLEGIBLE]
                                                     ---------------------------
                                                     President

(CORPORATE SEAL)                                 BY: /s/ [ILLEGIBLE]
                                                     ---------------------------
                                                     Secretary

         I, THE UNDERSIGNED [ILLEGIBLE], PRESIDENT, DECLARE UNDER THE PENALTIES
OF PERJURY THAT I HAVE EXAMINED THE FOREGOING INSTRUMENT AND TO THE BEST OF MY
KNOWLEDGE AND BELIEF IT IS TRUE, CORRECT AND COMPLETE.

                                                     /s/ [ILLEGIBLE]
                                                     ---------------------------
                                                              President

                                          ABSORBED: U-HAUL CO. of [ILLEGIBLE]
                                                          A Colorado Corporation

                                                 BY: /s/ [ILLEGIBLE]
                                                     ---------------------------
                                                     President

(CORPORATE SEAL)

                                                 BY: /s/ [ILLEGIBLE]
                                                     ---------------------------
                                                     Secretary

         I, THE UNDERSIGNED [ILLEGIBLE], PRESIDENT, DECLARE UNDER THE PENALTIES
OF PERJURY THAT I HAVE EXAMINED THE FOREGOING INSTRUMENT AND TO THE BEST OF MY
KNOWLEDGE AND BELIEF IT IS TRUE, CORRECT AND COMPLETE.

                                                     /s/ [ILLEGIBLE]
                                                     ---------------------------
                                                              President

<PAGE>

State of Colorado       )
                        ) ss.
County of [ILLEGIBLE]   )

         On this the 15 day of September, 1975, before me, the undersigned
Notary Public, appeared [ILLEGIBLE] and [ILLEGIBLE] who, being duly sworn, did
say that they are the President and the Secretary respectively of U-Haul Co. of
Colorado, a Colorado corporation, and that they are the persons whose names are
subscribed to the foregoing instrument on behalf of said corporation in the
above-stated capacities, that the seal is the corporate seal of the said
corporation, that said instrument was signed and sealed on behalf of said
corporation by authority of its Board of Directors and its sole Shareholder and
as the free act and deed of said corporation for the purposes therein stated;
further, that the facts therein stated are true to the best of their knowledge,
information and belief.

         IN WITNESS WHEREOF I set my hand and official seal.

                                                /s/ [ILLEGIBLE]
                                                --------------------------
                                                       Notary Public

My commission expires April 22, 1978

(NOTARIAL SEAL)

<PAGE>

State of Colorado      )
                       ) ss.
County of [ILLEGIBLE]  )

         On this the 15 day of September, 1975, before me, the undersigned
Notary Public, appeared [ILLEGIBLE] and [ILLEGIBLE] who, being duly sworn did
say that they are the President and the Secretary respectively of U-Haul Co. of
Fort Collins, a Colorado corporation, and that they are the persons whose names
are subscribed to the foregoing instrument on behalf of said corporation in the
above-stated capacities, that the seal is the corporate seal of the said
corporation, that said instrument was signed and sealed on behalf of said
corporation by authority of its Board of Directors and its sole Shareholder and
as the free act and deed of said corporation for the purposes therein stated;
further, that the facts therein stated are true to the best of their knowledge,
information and belief.

         IN WITNESS WHEREOF I set my hand and official seal.

                                                /s/ [ILLEGIBLE]
                                                --------------------------
                                                       Notary Public

My commission expires April 22, 1978

(NOTARIAL SEAL)

<PAGE>

                      CERTIFICATE OF CORPORATE RESOLUTION

         I, John A. [ILLEGIBLE], do hereby certify that I am the duly elected
and acting Secretary of [ILLEGIBLE], a  Nevada corporation, and that the
following is a true and accurate copy of the resolutions adopted by the Board of
Directors at a meeting duly called and held on the 12th day of September, 1975,
as the same appears on the books and records of this corporations:

                  RESOLVED: That this corporation, being the [ILLEGIBLE] owner
                  of all of the outstanding stock of U-Haul Co. of Fort Collins,
                  U-Haul Co. of [ILLEGIBLE] and U-Haul Co. of Colorado, hereby
                  authorises and directs that the respective Boards of Directors
                  of said corporations proceed with such actions as will
                  accomplish the [ILLEGIBLE] of said corporations, with U-Haul
                  Co. of Colorado being the surviver corporation, and be it
                  further

                  RESOLVED: That the Secretary of this corporation be and hereby
                  is directed to execute a Certificate of Corporate
                  Resolution to be submitted to the Office of the Secretary of
                  State of Colorado, attesting to the aforesaid Resolution and
                  certifying that this corporation does hereby vote all of the
                  outstanding stock of said corporation in favor of such merger.

         In Witness Whereof, I have set my hand and affixed the seal of this
corporation this 12th day of September, 1975.

                                                     /s/ [ILLEGIBLE]
                                                     ---------------------------
                                                             Secretary

(CORPORATE SEAL)

<PAGE>

                               ARTICLES OF MERGER

                                       OF

                          U-HAUL CO. OF FORT COLLINS
                             (Colorado Corporation)
                                       &

                           U-HAUL CO. OF METRO-DENVER
                             (Colorado Corporation)

                                      INTO

                             U-HAUL CO. OF COLORADO
                             (Colorado Corporation)

                                  THE SURVIVOR



<PAGE>

STATE OF COLORADO       )
                        ) SS                    CERTIFICATE OF
   COUNTY OF Denver     )                    ASSUMED OR TRADE NAME

         U-HAUL CO. OF COLORADO, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by [ILLEGIBLE]. Colorado Revised Statutes [ILLEGIBLE], hereby
certifies:

          1.   The corporate name and location of the principal office of
[ILLEGIBLE] corporation is:

               U-Haul Co. of Colorado
               7540 York Street
               Denver, Street 80229

          2.   The name, other than its own corporate name, under which such
business is carried on is:

               Stadium Moving Center, Inc.

          3.   A brief description of the kind of business[ILLEGIBLE] and to be
transacted under such assumed or trade name is

               Rental of automobile utility trailers, trucks and small
               rental equipment (SRE) to the general public

           IN WITNESS WHEREOF, The undersigned President and Secretary of
[ILLEGIBLE] corporation, have this day executed this Certificate [ILLEGIBLE]

                                                      U-HAUL CO. OF COLORADO
                                                --------------------------------
                                                      Jack D. Hunt, President

Attest:

        [ILLEGIBLE]

        [ILLEGIBLE]                                      [ILLEGIBLE]
<PAGE>

STATE OF COLORADO       )
                        ) SS                    CERTIFICATE OF
   COUNTY OF Denver     )                    ASSUMED OR TRADE NAME

         U-HAUL CO. OF COLORADO, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by [ILLEGIBLE]101. Colorado Revised Statutes 1973, hereby certifies:

          1.   The corporate name and location of the principal office of said
corporation is:

                    U-Haul Co. of Colorado
                    7540 York Street
                    Denver, Colorado 80229

          2.   The name, other than its own corporate name, under which such
business is carried on is:

                    West Colfax Moving Center, Inc.

          3.   A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is

                    Rental of automobile utility trailers, trucks and small
                    rental equipment (SRE) to the general public

         IN WITNESS WHEREOF, The undersigned President and Secretary of
[ILLEGIBLE] corporation, have this day executed this Certificate [ILLEGIBLE]

                                        U-HAUL CO. OF COLORADO
                                        ----------------------------
                                        Jack D. Hunt, President

Attest:

[ILLEGIBLE]

[ILLEGIBLE]                             [ILLEGIBLE]
<PAGE>

STATE OF COLORADO      )
                       ) SS                   CERTIFICATE OF
   COUNTY OF Denver    )                   ASSUMED OR TRADE NAME

         U-HAUL CO. OF COLORADO, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by [ILLEGIBLE]. Colorado Revised Statutes 1973, hereby certifies:

          1.   The corporate name and location of the principal office of
[ILLEGIBLE] corporation is:

                    U-Haul Co. of Colorado
                    7540 York Street
                    Denver, Colorado 80229

          2.   The name, other than its own corporate name, under which such
business is carried on is:

                    York Street Moving Center, Inc.

          3.   A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is

                    Rental of automobile utility trailers, trucks and small
                    rental equipment (SRE) to the general public

         IN WITNESS WHEREOF, The undersigned President and Secretary of said
corporation, have this day executed this Certificate [ILLEGIBLE]

                                                      U-HAUL CO. OF COLORADO
                                                --------------------------------
                                                      Jack D. Hunt, President

Attest:

        [ILLEGIBLE]

        [ILLEGIBLE]                                      [ILLEGIBLE]

<PAGE>

STATE OF COLORADO       )
                        ) SS              CERTIFICATE OF
  COUNTY OF Jefferson   )              ASSUMED OR TRADE NAME

         U-HAUL CO. OF COLORADO, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by [ILLEGIBLE]. Colorado Revised Statutes 1963, hereby certifies:

          1.   The corporate name and location of the principal office of said
corporation is:

                    U-Haul Co. of Colorado
                    7540 York Street
                    Denver, Colorado 80229

          2.   The name, other than its own corporate name, under which such
business is carried on is:

                    Arvada Moving Center, Inc.

          3.   A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is:

                    Rental of automobile utility trailers, trucks and small
                    rental equipment (SRE) to the general public

         IN WITNESS WHEREOF, The undersigned President and Secretary of said
corporation, have this day executed this Certificate [ILLEGIBLE]

                                                   U-HAUL CO. OF COLORADO
                                            ------------------------------------
                                                   Jack D. Hunt, President

Attest:

[ILLEGIBLE]

[ILLEGIBLE]                                             [ILLEGIBLE]
<PAGE>

STATE OF COLORADO       )
                        ) SS                CERTIFICATE OF
  COUNTY OF Denver      )                ASSUMED OR TRADE NAME

         U-HAUL CO. OF COLORADO, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by [ILLEGIBLE]. Colorado Revised Statutes [ILLEGIBLE], hereby
certifies:

          1.   The corporate name and location of the principal office of
[ILLEGIBLE] corporation is:

                    U-Haul Co. of Colorado
                    7540 York Street
                    Denver, Colorado 80229

          2.   The name, other than its own corporate name, under which such
business is carried on is:

                    East Colfax Moving Center, Inc.

          3.   A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is

                    Rental of automobile utility trailers, trucks and small
                    rental equipment (SRE) to the general public

         IN WITNESS WHEREOF, The undersigned President and Secretary of said
corporation, have this day executed this Certificate [ILLEGIBLE]

                                                   U-HAUL CO. OF COLORADO
                                           -------------------------------------
                                                   Jack D. Hunt, President

Attest:

[ILLEGIBLE]

[ILLEGIBLE]                                            [ILLEGIBLE]
<PAGE>

STATE OF COLORADO       )
                        ) SS               CERTIFICATE OF
   COUNTY OF Denver     )               ASSUMED OR TRADE NAME

         U-HAUL CO. OF COLORADO, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by 141-2-1. Colorado Revised Statutes 1963, hereby certifies:

          1.   The corporate name and location of the principal office of said
corporation is:

                    U-Haul Co. of Colorado
                    7540 York Street
                    Denver, Colorado 80229

          2.   The name, other than its own corporate name, under which such
business is carried on is:

                    Souti, Broadway Moving Center, Inc.

          3.   A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is:

                    Rental of automobile utility trailers, trucks and small
                    rental equipment (SRE) to the general public

         IN WITNESS WHEREOF, The undersigned President and Secretary of
[ILLEGIBLE] corporation, have this day executed this Certificate July 5, 1977.

                                                   U-HAUL CO. OF COLORADO
                                           -------------------------------------
                                                   Jack D. Hunt, President

Attest:

[ILLEGIBLE]

[ILLEGIBLE]                                           [ILLEGIBLE]
<PAGE>

STATE OF COLORADO       )
                        ) SS               CERTIFICATE OF
   COUNTY OF Denver     )               ASSUMED OR TRADE NAME

         U-HAUL CO. OF COLORADO, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by 141-2-1. Colorado Revised Statutes 1963, hereby certifies:

          1.   The corporate name and location of the principal office of said
corporation is:

                    U-Haul Co. of Colorado
                    7540 York Street
                    Denver, Colorado 80229

          2.   The name, other than its own corporate name, under which such
business is carried on is:

                    Alameda Moving Center, Inc.

          3.   A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is:

                    Rental of automobile utility trailers, trucks and small
                    rental equipment (SRE) to the general public

         IN WITNESS WHEREOF, The undersigned President and Secretary of
[ILLEGIBLE] corporation, have this day executed this Certificate July 5, 1977.

                                                   U-HAUL CO. OF COLORADO
                                           -------------------------------------
                                                   Jack D. Hunt, President

Attest:

[ILLEGIBLE]

[ILLEGIBLE]                                           [ILLEGIBLE]
<PAGE>

[ILLEGIBLE]

STATE OF COLORADO  )
                   ) SS                    CERTIFICATE OF
  COUNTY OF Denver )                   ASSUMED OR TRADE NAME

         U-HAUL CO. OF COLORADO, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by 141-2-1. Colorado Revised Statutes 1963, hereby certifies:

         1. The corporate name and location of the principal office of said
corporation is:

                  U-Haul Co. of Colorado
                  7540 York Street
                  Denver, Colorado 80229

         2. The name, other than its own corporate name, under which such
business is carried on is: [ILLEGIBLE]

                  Downtown Moving Center, Inc.

         3. A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is:

                  Rental of automobile utility trailers, trucks and small
                  rental equipment (SRE) to the general public.

         IN WITNESS WHEREOF, The undersigned President and Secretary of
[ILLEGIBLE] corporation, have this day executed this Certificate July 5, 1977.

                                            U-HAUL CO. OF COLORADO

                                         By: /s/ Jack D. Hunt
                                             -----------------------------------
                                             Jack D. Hunt, President

Attest:

/s/ [ILLEGIBLE]
- ---------------------------
         [ILLEGIBLE]

         Subscribed and sworn to before me this [ILLEGIBLE] day of [ILLEGIBLE]
My commission expires [ILLEGIBLE].

                                           /s/ [ILLEGIBLE]
                                           -------------------------------
                                                Notary Public

                                            [ILLEGIBLE]

[ILLEGIBLE]

<PAGE>

STATE OF COLORADO  )
                   ) SS                   CERTIFICATE OF
  COUNTY OF DENVER )                   ASSUMED OR TRADE NAME

         U-Haul Co. of Colorado, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by 141-2-1. Colorado Revised Statutes 1963, hereby certifies:

         1. The corporate name and location of the principal office of said
corporation is:

                    U-Haul Co. of Colorado
                    7540 York Street
                    Denver, CO [ILLEGIBLE]

         2. The name, other than its own corporate name, under which such
business is carried on is: [ILLEGIBLE]

                                  [ILLEGIBLE]

         3. A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is:

rental of trucks, tailors and support rental equipment to the general public.

         IN WITNESS WHEREOF, The undersigned President and Secretary of
[ILLEGIBLE] corporation, have this day executed this Certificate November 3,
1977.

                                            U-Haul Co. of Colorado

                                         By: /s/ Jack D. Hunt
                                             -----------------------------------
                                             Jack D. Hunt, President

Attest:

/s/ [ILLEGIBLE]
- ---------------------------
      [ILLEGIBLE]

         Subscribed and sworn to before me this [ILLEGIBLE] day of [ILLEGIBLE]
My commission expires [ILLEGIBLE].

                                           /s/ [ILLEGIBLE]
                                           -------------------------------
                                                Notary Public

                                            [ILLEGIBLE]

[ILLEGIBLE]

<PAGE>

STATE OF COLORADO  )
                   ) SS                     CERTIFICATE OF
COUNTY OF DENVER   )                   ASSUMED OR TRADE NAME

         U-Haul Co. of Colorado, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by 141-2-1. Colorado Revised Statutes 1963, hereby certifies:

         1. The corporate name and location of the principal office of said
corporation is:

            U-Haul Co. of Colorado
            7540 York Street
            Denver, CO 80229

         2. The name, other than its own corporate name, under which such
business is carried on is: [ILLEGIBLE]

                  [ILLEGIBLE] MOVING CENTER, INC.

         3. A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is:

rental of trucks, tailors and support rental equipment to the general public,

         IN WITNESS WHEREOF, The undersigned President and Secretary of said
corporation, have this day excuted this Certificate [ILLEGIBLE] 19[ILLEGIBLE].

                                            U-Haul Co. of Colorado

                                         By: /s/ Jack D. Hunt
                                             -----------------------------------
                                             Jack D. Hunt, President

Attest:

/s/ [ILLEGIBLE]
- ---------------------------
     [ILLEGIBLE]

         Subscribed and sworn to before me this 3 day of [ILLEGIBLE], 1977. My
commission expires [ILLEGIBLE].

                                           /s/ [ILLEGIBLE]
                                           -------------------------------
                                                Notary Public

                                            [ILLEGIBLE]

[ILLEGIBLE]

<PAGE>

[ILLEGIBLE]

STATE OF COLORADO  )
                   ) SS                    CERTIFICATE OF
COUNTY OF EL PASO  )                  ASSUMED OR TRADE NAME

         U-Haul Co. of Colorado, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by 141-2-1. Colorado Revised Statutes 1963, hereby certifies:

         1. The corporate name and location of the principal office of said
corporation is:

                  U-Haul Co. of Colorado
                  7540 York Street
                  Denver, Colorado 80229

         2. The name, other than its own corporate name, under which such
business is carried on is: [ILLEGIBLE]

                        [ILLEGIBLE] Moving Center, Inc.

         3. A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is:

                  rental business that, in one location, meets the total moving
                  and storage needs of the do-it-yourself household mover.

         IN WITNESS WHEREOF, The undersigned President and Secretary of said
corporation, have this day excuted this Certificate March______, 1978.

                                  U-Haul Co. of Colorado, a Colorado corporation

                                By: /s/ V. Glen Starlin
                                    -----------------------------------
                                    V. Glen Starlin, President

Attest:

/s/ [ILLEGIBLE]
- ---------------------------
    [ILLEGIBLE] , Secretary

         [ILLEGIBLE]

                                           /s/ [ILLEGIBLE]
                                           -------------------------------
                                                Notary Public

                                            [ILLEGIBLE]

[ILLEGIBLE]

<PAGE>

STATE OF COLORADO      )
                       ) SS               CERTIFICATE OF
COUNTY OF [ILLEGIBLE]  )              ASSUMED OR TRADE NAME

         U-Haul Co. of Colorado, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by 141-2-1, Colorado Revised Statutes 1963, hereby certifies:

         1. The corporate name and location of the principal office of said
corporation is:

            U-Haul Co. of Colorado
            7540 York Street
            Denver, Colorado 80229

         2. The name, other than its own corporate name, under which such
business is carried on is: [ILLEGIBLE]

            [ILLEGIBLE] Moving Center, Inc.

         3. A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is:

                  rental business that, in one location, meets the total moving
                  and storage needs of the do-it-yourself household mover.

         IN WITNESS WHEREOF, The undersigned President and Secretary of said
corporation, have this day excuted this Certificate March 22, 1978.

                                  U-Haul Co. of Colorado, a Colorado corporation

                                By: /s/ V. Glen Starlin
                                    -----------------------------------
                                    V. Glen Starlin, President

Attest:

/s/ [ILLEGIBLE]
- ---------------------------
        Secretary
[ILLEGIBLE]

         [ILLEGIBLE]
                                           /s/ [ILLEGIBLE]
                                           -------------------------------
                                                Notary Public

                                            [ILLEGIBLE]

[ILLEGIBLE]

<PAGE>

STATE OF COLORADO    )
                     ) SS                 CERTIFICATE OF
COUNTY OF Jefferson  )                ASSUMED OR TRADE NAME

         U-Haul Co. of Colorado, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by 141-2-1, Colorado Revised Statutes 1963, hereby certifies:

         1. The corporate name and location of the principal office of said
corporation is:

                  U-Haul Co. of Colorado
                  7540 York Street
                  Denver, CO 80229

         2. The name, other than its own corporate name, under which such
business is carried on is: [ILLEGIBLE]

                  [ILLEGIBLE] Lake Moving Center, Inc.

         3. A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is:

                  rental of automobile utility trailers and trucks and support
                  rental items (SRI) to the general public

         IN WITNESS WHEREOF, The undersigned President and Secretary of said
corporation, have this day excuted this Certificate 5/31, 1978.

                                U-Haul Co. of Colorado
                                31 May 78

                                By: /s/ V. Glen Starlin
                                    -----------------------------------
                                      V. Glen Starlin, President

Attest: 31 May 78

/s/ Nancy L. Adams
- -----------------------------
         Secretary
     Nancy L. Adams

         Subscribed and sworn to before me this 31 day of May, 1978. My
commission expires April 10, 1982.

                                           /s/ [ILLEGIBLE]
                                           -------------------------------
                                                Notary Public

                                           [ILLEGIBLE]

[ILLEGIBLE]

<PAGE>

   [ILLEGIBLE]          )
                        ) SS                 CERTIFICATE OF
   COUNTY OF Jefferson  )               ASSUMED OR TRADE NAME

         U-Haul Co. of Colorado, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by 141-2-1, Colorado Revised Statutes 1963, hereby certifies:

         1. The corporate name and location of the principal office of said
corporation is:

                  U-Haul Co. of Colorado
                  7540 York Street
                  Denver, CO 80229

         2. The name, other than its own corporate name, under which such
business is carried on is: [ILLEGIBLE]

                  Garrison & Jewell Moving Center, Inc.

         3. A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is:

                  rental of automobile utility trailers and trucks and support
                  rental items (SRI) to the general public

         IN WITNESS WHEREOF, The undersigned President and Secretary of said
corporation, have this day excuted this Certificate 5/31, 1978.

                                   U-Haul Co. of Colorado
                                   31 May 78

                                By: /s/ V. Glen Starlin
                                    ------------------------------------
                                              President
                                      V. Glen Starlin

Attest: 31 May 78

/s/ Nancy L. Adams
- -----------------------------
         Secretary
     Nancy L. Adams

         Subscribed and sworn to before me this 31 day of May, 1978. My
commission expires April 10, 1982.

                                           /s/ [ILLEGIBLE]
                                           -------------------------------
                                                Notary Public

                                           [ILLEGIBLE]

[ILLEGIBLE]

<PAGE>

[ILLEGIBLE]

STATE OF COLORADO  )
                   ) SS                   CERTIFICATE OF
COUNTY OF Denver   )                  ASSUMED OR TRADE NAME

         U-Haul Co. of Colorado, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by 141-2-1, Colorado Revised Statutes 1963, hereby certifies:

         1. The corporate name and location of the principal office of said
corporation is:

                  7540 York St.
                  Denver, CO 80229

         2. The name, other than its own corporate name, under which such
business is carried on is: [ILLEGIBLE]

                  Green Mountain Moving Center Inc.

         3. A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is:

                  rental business that, in one location, meets the total moving
                  and storage needs of the do-it-yourself household mover.

         IN WITNESS WHEREOF, The undersigned President and Secretary of said
corporation, have this day excuted this Certificate 5/31, 1978.

                                U-Haul Co. of Colorado
                                31 May 1978

                                By: /s/ V. Glen Starlin
                                    -----------------------------------
                                        V. Glen Starlin, President

Attest: 31 May 78

/s/ Nancy L. Adams
- -----------------------------
Nancy L. Adams, Secretary

         Subscribed and sworn to before me this 1 day of June, 1978. My
commission expires April 10, 1982.

                                           /s/ [ILLEGIBLE]
                                           -------------------------------
                                                Notary Public

                                           [ILLEGIBLE]

[ILLEGIBLE]

<PAGE>
[ILLEGIBLE]
STATE OF COLORADO  )
                   ) SS                   CERTIFICATE OF
COUNTY OF DENVER   )                  ASSUMED OR TRADE NAME

         U-Haul Co. of Colorado, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by 141-2-1, Colorado Revised Statutes 1963, hereby certifies:

         1. The corporate name and location of the principal office of said
corporation is:

              U-Haul Co. of Colorado
              7540 York Street
              Denver, CO 80229

         2. The name, other than its own corporate name, under which such
business is carried on is: [ILLEGIBLE]

                  SHERIDAN & MISSISSIPPI MOVING CENTER, INC.

         3. A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is:

                   rental business that, in one location, meets the total moving
                   and storage needs of the do-it-yourself household mover.

         IN WITNESS WHEREOF, The undersigned President and Secretary of said
corporation, have this day executed this Certificate July   , 1978.

                                     U-Haul Co. of Colorado

                                By: /s/ V. Glen Starlin
                                    -----------------------------------
                                        V. Glen Starlin, President

Attest:

/s/ Nancy L. Adams
- -----------------------------
Nancy L. Adams, Secretary

         Subscribed and sworn to before me this [ILLEGIBLE] day of July, 1978.
My commission expires April 10, 1982.

                                           /s/ [ILLEGIBLE]
                                           -------------------------------
                                                Notary Public

                                           [ILLEGIBLE]

[ILLEGIBLE]

<PAGE>

STATE OF COLORADO  )
                   ) SS                  CERTIFICATE OF
COUNTY OF ADAMS    )                 ASSUMED OR TRADE NAME

         U-HAUL CO. OF COLORADO, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by 141-2-1, Colorado Revised Statutes 1963, hereby certifies:

         1. The corporate name and location of the principal office of said
corporation is:

                           U-Haul Co. of Colorado
                           7540 York Street
                           Denver, Colorado 80229

         2. The name, other than its own corporate name, under which such
business is carried on is: [ILLEGIBLE]

                           NORTH FEDERAL MOVING CENTER, INC.

         3. A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is:

                  Rental business that, in one location, meets the total moving
                  & storage needs of the do-it-yourself household mover.

         IN WITNESS WHEREOF, The Undersigned President and Secretary of said
corporation, have this day excuted this Certificate ______, 1978.

                                     U-HAUL CO. OF COLORADO

                                By: /s/ V. Glen Starlin
                                    -----------------------------------
                                      V. Glen Starlin,  President

Attest:

/s/ Nancy L. Adams
- -----------------------------
Nancy L. Adams, Secretary

         Subscribed and sworn to before me this 8 day of Nov., 1978. My
commission expires April 10, 1982.

                                           /s/ [ILLEGIBLE]
                                           -------------------------------
                                                Notary Public

                                           [ILLEGIBLE]

[ILLEGIBLE]

<PAGE>

STATE OF COLORADO  )
                   ) SS                   CERTIFICATE OF
COUNTY OF DENVER   )                  ASSUMED OR TRADE NAME

         U-HAUL CO. OF COLORADO, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by 141-2-1, Colorado Revised Statues 1963, hereby certifies:

         1. The corporate name and location of the principal office of said
corporatation is:

                           7540 York Street
                           Denver, CO 80229

         2. The name, other than its own corporate name, under which such
business is carried on is: [ILLEGIBLE]

                           SO. FEDERAL MOVING & STORAGE CENTER, INC.

         3. A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is:

         Rental business that, in one location, meets the total moving
         and storage needs of the do-it-yourself household mover.

         IN WITNESS WHEREOF, The undersigned President and Secretary of said
corporation, have this day excuted this Certificate January 17, 1980.

                                    U-HAUL CO. OF COLORADO

                                By: /s/ V. Glen Starlin
                                    ------------------------------------
                                     V. Glen Starlin, President

Attest:

/s/ Barbara Semroska
- -----------------------------
         Secretary
    Barbara Semroska

         Subscribed and sworn to before me this 17 day of Januray, 1980. My
commission expires April 10, 1982.

                                           /s/ [ILLEGIBLE]
                                           -------------------------------
                                                Notary Public

                                           [ILLEGIBLE]

[ILLEGIBLE]

<PAGE>

[ILLEGIBLE]
STATE OF COLORADO  )
                   ) SS                   CERTIFICATE OF
COUNTY OF DENVER   )                 ASSUMED OR TRADE NAME

         U-HAUL CO. OF COLORADO, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by 141-2-1, Colorado Revised Statutes 1963, hereby certifies:

         1. The corporate name and location of the principal office of said
corporation is:

                           7540 York Street
                           Denver, CO 80229

         2. The name, other than its own corporate name, under which such
business is carried on is: [ILLEGIBLE]

                           N. NEVADA AT FILLMORE MOVING & STORAGE CENTER,
                           Inc.

         3. A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is:

                  rental business that, in one location, meets the total moving
         and storage needs of the do-it-yourself household mover.

         IN WITNESS WHEREOF, The undersigned President and Secretary of said
corporation, have this day excuted this Certificate January 17, 1980.

                                    U-HAUL CO. OF COLORADO

                                By: /s/ V. Glenn Starlin
                                    -----------------------------------
                                      V. Glenn Starlin, President

Attest:

/s/ Barbara Semroska
- -------------------------------
    Barbara Semroska, Secretary

         Subscribed and sworn to before me this 17 day of Januray, 1980. My
commission expires April 10, 1982.

                                           /s/ [ILLEGIBLE]
                                           -------------------------------
                                                Notary Public

                                           [ILLEGIBLE]

<PAGE>

[ILLEGIBLE]

                   ) SS                   CERTIFICATE OF
                                     ASSUMED OR TRADE NAME
COUNTY OF DENVER   )

         U-HAUL CO. OF COLORADO, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by 141-2-1, Colorado Revised Statutes 1963, hereby certifies:

         1. The corporate name and location of the principal office of said
corporation is:

                  7540 York Street
                  Denver, CO 80229

         2. The name, other than its own corporate name, under which such
business is carried on is: [ILLEGIBLE]

                  MILE HIGH MOVING CENTER, INC.

         3. A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is:

                  rental business that, in one location, meets the total moving
            and storage needs of the do-it-yourself household mover.

         IN WITNESS WHEREOF, The undersigned President and Secretary of said
corporation, have this day excuted this Certificate January 15, 1980.

                                        U-HAUL CO. OF COLORADO

                                    By: /s/ V. Glen Starlin
                                        -----------------------------------
                                          V. Glen Starlin, President

Attest:

/s/ Barbara Semroska
- -----------------------------
Barbara Semroska, Secretary

         Subscribed and sworn to before me this 15 day of Januray, 1980. My
commission expires April 10, 1982.

                                           /s/ [ILLEGIBLE]
                                           -------------------------------
                                                Notary Public

                                           [ILLEGIBLE]

[ILLEGIBLE]

<PAGE>

[ILLEGIBLE]
STATE OF COLORADO  )
                   ) SS                   CERTIFICATE OF
COUNTY OF          )                  ASSUMED OR TRADE NAME

         U-HAUL CO. OF COLORADO, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by 141-2-1, Colorado Revised Statutes 1963, hereby certifies:

         1. The corporate name and location of the principal office of said
corporatation is:

                           7540 York Street
                           Denver, Colorado 80229

         2. The name, other than its own corporate name, under which such
business is carried on is: [ILLEGIBLE]

                           SOUTH [ILLEGIBLE] MOVING CENTER, INC.

         3. A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is:

                  rental business that, in one location, meets the total moving
                  and storage needs of the do-it-yourself household mover.

         IN WITNESS WHEREOF, The Undersigned President and Secretary of said
corporation, have this day excuted this Certificate October 17, 1980.

                                        U-Haul Co. of Colorado

                                    By: /s/ V. Glen Starlin
                                        -----------------------------------
                                          V. Glen Starlin, President

Attest:

/s/ Barbara Semroska
- -----------------------------
Barbara Semroska, Secretary

         Subscribed and sworn to before me this 17th day of October, 1980. My
commission expires March 2, 1983:

                                           /s/ [ILLEGIBLE]
                                           -------------------------------
                                                Notary Public

                                           [ILLEGIBLE]

[ILLEGIBLE]

<PAGE>
[ILLEGIBLE]
STATE OF COLORADO      )
                       ) SS               CERTIFICATE OF
COUNTY OF DENVER       )              ASSUMED OR TRADE NAME

         U-HAUL CO. OF COLORADO, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by 141-2-1, Colorado Revised Statutes 1963, hereby certifies:

         1. The corporate name and location of the prinicipal office of said
corporatation is:

                           U-Houl Co. of Colorado
                           7540 York Street
                           Denver, COLORADO 80229

         2. The name, other than its own corporate name under which such
business is carried on is: [ILLEGIBLE]

                                  [ILLEGIBLE]

         3. A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is: rental business that, in one
location, meets the total moving and storage needs of the do-it-yourself
household mover.

         IN WITNESS WHEREOF, The Undersigned President and Secretary of said
corporation, have this day excuted this Certificate December 31, 1980.

                                        U-HAUL CO. OF COLORADO

                                    By: /s/ Richard V. Semroska
                                        -----------------------------------
                                         Richard V. Semroska, Vice-President

Attest:

/s/ Barbara Semroska
- -----------------------------
Barbara Semroska, Secretary

         Subscribed and sworn to before me this 17th day of October, 1980. My
commission expires March 2, 1983:

                                           /s/ [ILLEGIBLE]
                                           -------------------------------
                                                Notary Public

                                           [ILLEGIBLE]

[ILLEGIBLE]

<PAGE>

[ILLEGIBLE]

STATE OF COLORADO  )
                   ) SS                  CERTIFICATE OF
COUNTY OF          )                ASSUMED OR TRADE NAME

         U-HAUL CO. OF COLORADO, a Colorado corporation, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by 141-2-1, Colorado Revised Statutes 1963, hereby certifies:

         1. The corporate name and location of the principal office of said
corporation is:

                                    7540 York Street
                                    Denver, Colorado 80229

         2. The name, other than its own corporate name, under which such
business is carried on is: [ILLEGIBLE]

                           I-225 & Colfax Moving Center, Inc.

         3. A brief description of the kind of business transacted and to be
transacted under such assumed or trade name is:

                  rental business that, in one location, meets the total moving
                  and storage needs of the do-it-yourself household mover.

         IN WITNESS WHEREOF, The undersigned President and Secretary of said
corporation, have this day excuted this Certificate 6th day of October, 1981.

                                        U-HAUL CO. OF COLORADO

                                    By: /s/ Richard Semroska
                                        -----------------------------------
                                          Richard Semroska, President

Attest:

/s/ Barbara Semroska
- -----------------------------
Barbara Semroska, Secretary

         Subscribed and sworn to before me this 6 day of [ILLEGIBLE], 1981. My
commission expires [ILLEGIBLE].

                                           /s/ [ILLEGIBLE]
                                           -------------------------------
                                                Notary Public

                                           [ILLEGIBLE]

[ILLEGIBLE]

<PAGE>

                           ARTICLES OF INCORPORATION

                  I/We, the undersigned natural person(s) of the age of eighteen
         years or more, acting as incorporator(s) of a corporation under the
         Colorado Corporation Act, adopt the following Articles of Incorporation
         for such corporation:

         FIRST:   The name of the corporation is MOVERS WORLD COLORADO, INC.

         SECOND:  The period of duration is Perpetual [ILLEGIBLE]

         THIRD:   [ILLEGIBLE]

         FOURTH:  [ILLEGIBLE]

         FIFTH:   Cumulative voting of shares of stock is not authorised.

         SIXTH:   [ILLEGIBLE]:  None

         SEVENTH: The address of the initial registered office of the
                  corporation is 1700 Broadway [ILLEGIBLE]

         EIGHTH:  [ILLEGIBLE] 2727 N. Central Avenue
                              Phoenix, Arizona 85004

         NINTH:   The number of directors constituting the initial board of
                  directors of the corporation is one and the names and
                  addresses of the persons who are to serve as directors until
                  the first annual meeting of shareholders or until their
                  successors are elected and shall qualify are: (At least
                  [ILLEGIBLE])

                           NAME                      ADDRESS [ILLEGIBLE]

                  --------------------------      ------------------------------
                   Richard V. Semroska             7540 York Street, Denver, Co.
                                                                     [ILLEGIBLE]
                  --------------------------      ------------------------------

                  --------------------------      ------------------------------

         TENTH:   The name and address of each Incorporator is: (At least 1).

                           NAME                      ADDRESS [ILLEGIBLE]

                    John A. Lorentz         2727  N. Central Avenue, Phoenix,
                                                  Az. [ILLEGIBLE]
                  --------------------------      ------------------------------

                  --------------------------      ------------------------------

                  --------------------------      ------------------------------
                                                  /s/ John A. Lorentz
                                            Signed------------------------------
                                                  John A. Lorentz, Incorporator
         STATE OF     ARIZONA
                                            Signed------------------------------
                                   } ss.
         COUNTY OF    MARICOPA              Signed------------------------------
                                                             [ILLEGIBLE]

         The foregoing instrument was acknowledged before me this 17th day of
         May [ILLEGIBLE] John A. Lorentz [ILLEGIBLE]

         In witness whereof I have hereunto set my hand and seal.

         My commission expires [ILLEGIBLE]

         TOTAL OF FEFS:$24.7[ILLEGIBLE]        /s/ [ILLEGIBLE]
                                               -----------------------------
         MUST BE TYPEWRITTEN (BLACK)                Notary Public
         SUBMIT ORIGINAL AND ONE COPY
                                                   [ILLEGIBLE]
<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a
 similar name:

         1. The name of the consenting corporation is MOVERS WORLD, INC., a
corporation organized and existing under the laws of the State of New York, and
is qualified to do business in the State of Colorado.

         2. The name of the corporation to which this Consent is being given and
which is about to be organized under the laws of the State of Colorado is:

                         MOVERS WORLD OF COLORADO, INC.

         IN WITNESS WHEREOF, this corporation has caused this Consent to be
executed this [ILLEGIBLE] day of May 1984.

                                            MOVERS WORLD, INC., a New York
                                            corporation

                                            BY: /s/ John A. Lorentz
                                                --------------------------------
                                                John A. Lorentz, Assistant
                                                                       Secretary

STATE OF ARIZONA    )
                    ) ss.
COUNTY OF MARICOPA  )

         Before me, a Notary Public, personally appeared John A. Lorentz, known
to me to be the person who executed the foregoing instrument, and acknowledged
that he executed the same for the purpose therein contained and that the
statements are truly set forth.

          IN WITNESS WHEREOF, I have hereunto set my hand and official seal
this [ILLEGIBLE] day of May, 19[ILLEGIBLE].

                                           /s/ [ILLEGIBLE]
                                           -------------------------------
                                                Notary Public

(NOTARIAL SEAL)

<PAGE>

                                    MAIL TO:
                           COLORADO SECRETARY OF STATE
                               CORPORATIONS OFFICE
                            1560 Broadway, Suite 200
                             Denver, Colorado 80202
                                 (303) 866-2361

                    STATEMENT OF CHANGE OF REGISTERED OFFICE
                          OR REGISTERED AGENT, OR BOTH.

SUBMIT ONE
[ILLEGIBLE]

[ILLEGIBLE]

Pursuant to the provisions of the Colorado Corporation Code, the Colorado
Nonprofit Corporation Act and the Colorado Uniform Limited Partnarship Act of
1981, the undersigned corporation or limited partnership organised under the
laws of

                                    COLORADO

submits the following statement for the purpose of changing its registered
office or its registered agent, or both, in the state of Colorado:

         First:   The name of the corporation or limited partnership is:

                        MOVERS WORLD OF COLORADO, INC.

         Second:  The address of its REGISTERED OFFICE is [ILLEGIBLE], Denver,
                  Colorado 80202

         Third:   The name of its REGISTERED AGENT is THE CORPORATION COMPANY

         Fourth:  The address of its registered office and the address of the
                  business office of its registered agent, as changed, will be
                  identical.

         Fifth:   A copy of this statement has been forwarded to the corporation
                  by the registered agent.

                                                     The Corporation Company
                                               ---------------------------------
                                                        registered agent

                                            By: /s/ [ILLEGIBLE]
                                                --------------------------------
                                                          [ILLEGIBLE]
<PAGE>

                                    MAIL TO:

                           COLORADO SECRETARY OF STATE
                               CORPORATIONS OFFICE
                            1560 Broadway, Suite 200
                             Denver, Colorado 80202
                                 (303) 866-2361

                    STATEMENT OF CHANGE OF REGISTERED OFFICE
                          OR REGISTERED AGENT, OR BOTH.

[ILLEGIBLE]

Pursuant to the provisions of the Colorado Corporation Code, the Colorado
Nonprofit Corporation Act and the Colorado Uniform Limited Partnership Act of
1981, the undersigned corporation or limited partnership organised under the
laws of

                                    COLORADO

submits the following statement for the purpose of changing its registered
office or its registered agent, or both, in the state of Colorado:

         First: The name of the corporation or limited partnership is:

                        KAR-GO SERVICE CENTER OF
                        DENVER

         Second: The address of its REGISTERED OFFICE is [ILLEGIBLE] Broadway,
                                                         Denver, Colorado 80202

         Third: The name of its REGISTERED AGENT is      THE CORPORATION COMPANY

         Fourth: The address of its registered office and the address of the
business office of its registered agent, as changed, will be identical.

         Fifth: A copy of this statement has been forwarded to the corporation
by the registered agent.

                                               The Corporation Company
                                               -----------------------
                                                   registered agent

                                         By: [ILLEGIBLE]
                                             -------------------------
                                             [ILLEGIBLE]

<PAGE>

                                    MAIL TO:

                           COLORADO SECRETARY OF STATE
                               CORPORATIONS OFFICE
                            1560 Broadway, Suite 200
                             Denver, Colorado 80202
                                 (303) 866-2361

                    STATEMENT OF CHANGE OF REGISTERED OFFICE
                          OR REGISTERED AGENT, OR BOTH.

[ILLEGIBLE]

Pursuant to the provisions of the Colorado Corporation Code, the Colorado
Nonprofit Corporation Act and the Colorado Uniform Limited Partnership Act of
1981, the undersigned corporation or limited partnership organised under the
laws of

                                    COLORADO

submits the following statement for the purpose of changing its registered
office or its registered agent, or both, in the state of Colorado:

     First: The name of the corporation or limited partnership is:

                         U-HAUL CO. OF COLORADO

     Second: The address of its REGISTERED OFFICE is [ILLEGIBLE] Broadway,
                                                     Denver, Clorado 80202

     Third: The name of its REGISTERED AGENT is      THE CORPORATION COMPANY

     Fourth: The address of its registered office and the address of the
business office of its registered agent, as changed, will be identical.

     Fifth: A copy of this statement has been forwarded to the corporation
by the registered agent.

                                            The Corporation Company
                                            -----------------------
                                               registered agent

                                       By: [ILLEGIBLE]
                                           ------------------------
                                           [ILLEGIBLE]

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 29th day of June
1988, entered into by U-HAUL CO. OF COLORADO, the Surviving Corporation, and
MOVERS WORLD OF COLORADO, INC., the [ILLEGIBLE] Corporation, both corporations
of the State of Colorado, and together referred to as the Constituent
Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Colorado, which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location that office is 7540 York
Street, Denver, CO 80229-6698, c/o John A. Lorentz.

                                       1

<PAGE>

                                       III

         The provisions for handling the shares of stock of the
Constituent Corporations are as follows:

         (1)      All issued and outstanding shares of stock of the Constituent
Corporation shall be cancelled.

         (2)      On the effective date of the merger and when the
aforementioned cancellation has been effected, the outstanding shares of stock
of the Surviving Corporation shall be deemed for all corporate purposes to
evidence the ownership of the Constituent Corporations.

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                             NUMBER OF       NUMBER OF       NUMBER   NUMBER
                              SHARES           SHARES        VOTED     VOTED
      COMPANY NAME          OUTSTANDING   ENTITLED TO VOTE    FOR     AGAINST
- -------------------------   -----------   ----------------   ------   -------
<S>                         <C>           <C>                <C>      <C>
U-HAUL CO. OF                   500            5,000         5,000       0
COLORADO, INC.

MOVERS WORLD OF COLORADO,       100              500           500       0
INC.
</TABLE>

                                       2

<PAGE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Colorado, to consummate and make effective this merger,
subject, however to the appropriate note or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Colorado.

                                       VI

         The Surviving Corporation hereby irrevocable appoints The Corporation
Company as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                                       3

<PAGE>

         IN WITNESS WHEREOF the corporate parties hereto execute this
PLAN/AGREEMENT/ARTICLES OF MERGER this 29st day of June, 1988.

         Surviving Corporation:                  U-HAUL CO. OF COLORADO, INC.

                                                 an Colorado corporation

                                                 BY: /s/ Al Barton
                                                     ---------------------------
                                                     Al Barton, President

Verified

BY: /s/ [ILLEGIBLE]
    ------------------------
    [ILLEGIBLE]
    Secretary

         Absorbed Corporation:                   MOVERS WORLD OF COLORADO,
                                                 A Colorado Corporation

                                                 BY: /s/ John M. Dodds
                                                     ---------------------------
                                                     John M. Dodds, President

Verified

BY: /s/ John A. Lorentz
    ------------------------
    John A. Lorentz,
    Secretary

                                       4

<PAGE>

_________ARTICLES OF MERGER             ________CERTIFIED COPY OF ART. OF MERGER

_________WITH AMENDMENTS                _________WITH CHANGE OF NAME AMENDMENT

_________DOMESTIC        _________FOREIGN     ________PROFIT    _______NONPROFIT

              U-HAUL CO. OF COLORADO DP871255444
              (COLORADO CORPORATION)

                                      INTO

              MOVERS WORLD OF COLORADO, INC. DP871572688
              (COLORADO CORPORATION)
                                  THE SURVIVOR

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 21st day of
February, 1989, entered into by U-Haul Co. [ILLEGIBLE] of Colorado, a Colorado
corporation, the surviving corporation and Kar-Go Service Center [ILLEGIBLE] of
Denver, Inc., a Colorado corporation, the Absorbed Corporation, and together
referred to as the Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Colorado which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is The
Corporation Company, 1600 Broadway, Denver, Colorado 80202.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER, as to each corporation
was as follows:

<TABLE>
<CAPTION>
                             NUMBER OF       NUMBER OF       NUMBER   NUMBER
                              SHARES          SHARES         VOTED    VOTED
      COMPANY NAME          OUTSTANDING   ENTITLED TO VOTE    FOR     AGAINST
- -------------------------   -----------   ----------------   ------   -------
<S>                         <C>           <C>                <C>      <C>
U-HAUL CO. OF                       500                500      500       -0-
COLORADO

KAR-GO SERVICE CENTER OF         11,400             11,400   11,400       -0-
DENVER INC.
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Colorado, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Colorado.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

         The effective date of the merger shall be March 31, 1989.

<PAGE>

                            Surviving Corporation: U-HAUL CO. OF
                                                   COLORADO, a
                                                   Colorado Corporation

                            By: /s/ Al Barton
                                ------------------------
                                Al Barton, President

Verified

By: /s/ Homer L. Schenbeck
    -------------------------------
    Homer L. Schenbeck, Secretary

                            Absorbed Corporation: KAR-GO SERVICE CENTER OF
                                                  DENVER, INC., a Colorado
                                                  Corporation

                            By: /s/ Edward R. [ILLEGIBLE]
                                --------------------------------
                                Edward R. [ILLEGIBLE], President

Verified

By: /s/ James G. O'Conner
    ------------------------------
    James G. O'Conner, Secretary

<PAGE>

STATE OF COLORADO

COUNTY OF

         On this        day of February, 1989, before me, the undersigned Notary
Public, personally appeared Al Barton, known to me to be the President of U-Haul
Co. of Colorado, a Colorado corporation that he is the person who executed this
instrument on behalf of said corporation, and acknowledged to me that such
corporation executed the same.

                                          /s/ [ILLEGIBLE]
                                          -------------------------
                                          NOTARY PUBLIC

         (NOTARY SEAL)
         My Commission Expires 11-25-92

STATE OF COLORADO

COUNTY OF

         On this        day of February, 1989, before me, the undersigned Notary
Public, personally appeared Edward R. Brennesholtz, known to me to be the
President of Kar-Go Service Center of Denver, Inc., a Colorado corporation, that
he is the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                          /s/ [ILLEGIBLE]
                                          -------------------------
                                          NOTARY PUBLIC

         (NOTARY SEAL)
         My Commission Expires 11-25-92

<PAGE>

                                     MERGER

_________ARTICLES OF MERGER             ________CERTIFIED COPY OF ART. OF MERGER

_________WITH AMENDMENTS                ________WITH CHANGE OF NAME AMENDMENT

XXX DOMESTIC           ________FOREIGN      XXX PROFIT      __________NONPROFIT

                         KAR-GO SERVICE CENTER OF DENVER, INC.
                         DP871211890 - A COLORADO CORPORATION

                         INTO

                         U-HAUL CO. OF COLORADO DP871255444
                         A Colorado corporation

                         EFFECTIVE DATE MARCH 31, 1989

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 31th day of
July, 1990, entered into by U-Hual Co. of Colorado, a colorado corporation, the
surviving corporation and Creger-Barkley [ILLEGIBLE] (The) Corporation, a
Colorado corporation the absorbed Corporation, and together referred to as the
Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation law of the States of Colorado which laws permit such mergers.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is John A.
Lorentz, 2721 N. Central Avenue, Phoenix, Arizona 85004.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Absorbed Corporation shall be cancelled.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Surviving
                           Corporation.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                             NUMBER OF        NUMBER OF      NUMBER   NUMBER
                              SHARES           SHARES        VOTED     VOTED
      COMPANY NAME          OUTSTANDING   ENTITLED TO VOTE    FOR     AGAINST
- -------------------------   -----------   ----------------   ------   -------
<S>                         <C>           <C>                <C>      <C>
U-HAUL CO. OF                       500                500      500       -0-
COLORADO

CREGER-BARKLEY                   50,000             50,000   50,000       -0-
CORPORATION (THE)
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Colorado to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Colorado.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C. T. Corporation
System as its agent to accept service of process in any suit or other proceeding
and to enforce against the surviving Corporation any obligation of any
Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P. O. Box 21502, Phoenix, Arizona 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                            Surviving Corporation: U-HAUL. CO. OF COLORADO, a
                                                   Colorado Corporation

                                                   By: /s/ Al Barton
                                                       -------------------------
                                                       Al Barton, President

Verified

By: /s/ Mike Hinz
    ---------------------
    Mike Hinz, Secretary

                            Absorbed Corporation: CREGER-BARKLEY (THE)
                                                  CORPORATION, a
                                                  Colorado Corporation

                                                  By: /s/ John M. Dodds
                                                      --------------------------
                                                      John M. Dodds, President

Verified

By: /s/ John A. Lorentz
    --------------------------
    John A. Lorentz, Secretary

<PAGE>

STATE OF COLORADO

COUNTY OF

         On this      day of July, 1990, before me, the undersigned Notary
Public, personally appeared Al Barton, known to me to be the President of U-Haul
Co. of Colorado, a Colorado Corporation, that he is the person who executed this
instrument on behalf of said corporation, and acknowledged to me that such
corporation executed the same.

                                          /s/ [ILLEGIBLE]
                                          ------------------------
                                          NOTARY PUBLIC

         (NOTARY SEAL)

                                                  My Commission Expires 11-25-92

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 31st day of July, 1990, before me, the undersigned Notary
Public, personally appeared John M. Dodds known to me to be the President of
Creger-Barkley Corporation, a Colorado that he is the person who executed this
instrument on behalf of said corporation, and acknowledged to me that such
corporation executed the same.

                                          /s/ [ILLEGIBLE]
                                          -------------------------
                                          NOTARY PUBLIC

         (NOTARY SEAL)

            [SEAL]
<PAGE>

                         MERGER

_________ARTICLES OF MERGER             ________CERTIFIED COPY OF ART. OF MERGER

_________WITH AMENDMENTS                ________WITH CHANGE OF NAME AMENDMENT

 XX DOMESTIC         _______FOREIGN     ________PROFIT       ________NONPROFIT

                  THE CREGER/BARKLEY CORPORATION (DP871554184)
                              COLORADO CORPORATION

                                      INTO

                             U-HAUL CO. OF COLORADO
                              COLORADO CORPORATION
                                  THE SURVIVOR

<PAGE>

COLORADO CORPORATE REPORT           CORP OCR
THIS FORM MUST BE TYPED

  Address of Principal Place of Business in State or Country of Incorporation

If no change since          Street: x 7540 York Street
last report, check here,
sign and return             City: x Denver,     State x CO         Zip 80229

         DO NOT CHANGE INFORMATION PRINTED IN THIS AREA

871255444          MAILING DATE 02/01/92
                   DL NO AFTER 04/30/92
                   DP             FEE $ 25.00

REPORT YEAR 1992 STATE/COUNTRY OF INC CO
U-HAUL CO. OF COLORADO

THE CORPORATION COMPANY
1400 BROADWAY
                                  Type of Business Affairs Conducted in Colorado
DENVER                      CO 80202      Rental of trucks & trailers

    NON PROFIT CORPORATIONS AND LIMITED LIABILITY COMPANIES DO NOT COMPLETE
                               STOCK INFORMATION

<TABLE>
<CAPTION>
Stock Class    Authorized Shares    Par Value    Issued Shares
<S>            <C>                  <C>          <C>
  COMMON             5,000           $10.00           500

x__________    x________________    x________    x____________

x__________    x________________    x________    x____________
</TABLE>

OFFICERS - List any additional officers or officers that have different
[ILLEGIBLE] than those listed below on a seperate 8 1/2 x 11 sheet of paper.

PRESIDENT
Last Name  x Griswold                     First & Middle Name x Terry

Street     7540 York Street         City x Denver State CO         Zip 80229
VICE-PRES
Last Name  x None                         First & Middle Name x_______________

Street     x_____________________   City x_____    State x_____    Zip _______

SECRETARY
Last Name x Klinefelter                   First & Middle Name x Gary V.

Street    x 2721 N. Central Avenue  City x Phoenix State x AZ      Zip 85004

TREASURER
Last Name x Klinefelter                   First & Middle name Gary V.

Street    x 2721 N. Central Avenue  City x Phoenix State x AZ      Zip 85054

DIRECTORS AND LIMITED LIABILITY COMPANY MANAGERS

List any additional directors or managers on a separate 8 1/2 x 11 sheet of
paper (complete even if names and addresses are the same as officers).

last Name x Dodds                         First & Middle Name x John M.

Street    x 2727 N. Central Avenue  City x Phoenix, State x AZ     Zip 85004

Last Name x Shoen                         First & Middle Name x James P.

Street    x 2727 N. Central Avenue  City x Phoenix, State x AZ     Zip 85004

Last Name x Ross                          First & Middle Name x Dean

Street    x 2727 N. Central Avenue  City x Phoenix, State x AZ     Zip 85004

Colorado law requires the Corporate Report to be signed by ONLY the
Corporation's President, a Vice-President, Secretary (or assistant) or
Tresurer. For a FOREIGN corporation without such officers, an authorized
agent may sign.

Under penalties prescribed in This 7, C.R.S. [ILLEGIBLE] that this report has
been examined by me and to the best of my knowledge and belief, is true, correct
and complete.

March 10, 1992          /s/ [ILLEGIBLE]               Secretary
Date                    -----------------             Title
                           [ILLEGIBLE]

           PLEASE READ INSTRUCTIONS ON REVERSE SIDE BEFORE COMPLETING

<PAGE>

SS:FORM DFI                MAIL TO: SECRETARY OF STATE       for office use only
(Rev.7/91)                     Corporations Office
                            1560 Broadway, Suite 200
                             Denver, Colorado 80202
                                 (303) 894-2200

SUBMIT ONE                   STATEMENT OF CHANGE OF
Filing fee: $10.00            REGISTERED OFFICE OR
This document must be       REGISTERED AGENT, OR BOTH
typewritten.

DP 871255444

Pursuant to the provisions of the Colorado Corporation Code, the Colorado
Nonprofit Corporation Act, the Colorado Uniform Limited Partnership Act of
1981 and the Limited Liability Company Act, the ungersigned organized under the
laws of COLORADO submits the following statement for the purpose of changing its
registered office or its registered agent, or both, in the state of Colorado:

         First: The name of the corporation, limited partnership or limited
         liability company is:

                             U-HAUL CO. OF COLORADO
                                  [ILLEGIBLE]

         Second: The address of its REGISTERED OFFICE is 1675 Broadway,
                                       Denver, Colorado 80202

         Third: The name of its REGISTERED AGENT is THE CORPORATION COMPANY

         Fourth: The address of its registered office and the address of the
                 business office of its registered agent, as changed, will be
                 identical.

         Fifth: The address of its place of business in Colorado is ____________

                                       The Corporation Company (Note 1)

                                   By: /s/ [ILLEGIBLE]
                                       ------------------------(Note 2)
                                       Vice President

                                       Its ___________ president

                                       Its ___________ authorized agent

                                       Its      X      registered agent (Note 3)

                                       Its ___________ general partner

                                       Its ___________ manager

Notes:1. Exact name of corporation, limited partnership or limited liability
         company making the statement.

      2. Signature and title of officer signing for the corporation must be
         president or vice president: for a foreign corporation without such
         officers, the authorized agent: for a limited partnership, must be a
         general partner: for a limited liability company, must be a manager.

      3. Regarding corporations: This statement may be executed by the
         registered agent when it involves only a registered address change. A
         copy of this statement has been forwarded to the corporation by the
         registered agent.

         COLO - 1398-8/9/93
<PAGE>

                           MAIL TO: SECRETARY OF STATE  FOR OFFICE USE ONLY  045
                              CORPORATIONS SECTION
                            1560 BROADWAY, SUITE 200
                                DENVER, CO 80202
                                 (303) 894-2251
MUST BE TYPED                  FAX (303) 894-2242
FILING FEE: $10.00
MUST SUBMIT TWO COPIES

PLEASE INCLUDE A TYPED
SELF-ADDRESSED ENVELOPE

                                DPC 19871255444
                                 CERTIFICATE OF
                              ASSUMED OR TRADE NAME

U-Haul Co. of Colorado [ILLEGIBLE], a corporation, limited partnership or
limited liability company under the laws of Colorado, being desirous of
transacting a portion of its business under an assumed or trade name as
permitted by 7-71-101, Colorado Revised Statutes, hereby certifies:

1. The location of its principal office is: 7540 York St., Denver, CO 80229-6698
                                            ------------------------------------
                                                 (Include city, state, zip)

2. The name, other than its own, under which the business is carried on is:
   U-Haul Co. of Northern Colorado

3. A brief description of the kind of business transacted under such assumed or
   trade name is: Rental of trucks and trailers

LIMITED PARTNERSHIP OR LIMITED LIABILITY      CORPORATIONS COMPLETE THIS SECTION
    COMPANIES COMPLETE THIS SECTION.
                                                  U-Haul Co. of Colorado
                                                  ----------------------
                                                   Name of Corporation

                                          by /s/ Gary Klinefelter
                                             -----------------------------------
                                                       Signature

                                          Its Gary Kinefalter, Secretary Title

<PAGE>

                           MAIL TO: SECRETARY OF STATE  FOR OFFICE USE ONLY  045
                              CORPORATIONS SECTION
                            1560 BROADWAY, SUITE 200
                                DENVER, CO 80202
                                 (303) 894-2251
MUST BE TYPED                  FAX (303) 894-2242
FILING FEE: $10.00
MUST SUBMIT TWO COPIES

PLEASE INCLUDE A TYPED
SELF-ADDRESSED ENVELOPE

                                DPC 19871255444
                                 CERTIFICATE OF
                              ASSUMED OR TRADE NAME

U-Haul Co. of Colorado NCGS, a corporation, limited partnership or
limited liability company under the laws of Colorado, being desirous of
transaction a portion of its business under an assumed or trade name as
permitted by 7-71-101, Colorado Revised Statutes, hereby certifies:

1. The location of its principal office is: 7540 York St., Denver, CO 80229-6698
                                            ------------------------------------
                                                 (Include city, state, zip)

2. The name, other than its own, under which the business is carried on is:
   U-Haul Co. of Northern Colorado

3. A brief description of the kind of business transacted under such assumed or
   trade name is: Rental of trucks and trailers

LIMITED PARTNERSHIP OF LIMITED LIABILITY     CORPORATIONS COMPLETE THIS SECTION
    COMPANIES COMPLETE THIS SECTION.
                                                  U-Haul Co. of Colorado
                                                  ----------------------
                                                   Name of Corporation

                                          by /s/ Gary Klinefelter
                                             -----------------------------------
                                                       Signature

                                          Its Gary Kinefalter, Secretary Title

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.68
<SEQUENCE>67
<FILENAME>p68936exv3w68.txt
<DESCRIPTION>EXHIBIT 3.68
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.68

                                   BY-LAWS OF

                             U-HAUL CO. OF COLORADO

                             A Colorado Corporation

                                    ARTICLE I

                                                             DATE: March 2, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Colorado shall be
located in the city of Colorado Springs. The corporation may have such other
offices either within or without the state of Colorado as the Board of Directors
may designate or as the business of the corporation may require from time to
time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Monday in January of each year, at the office of the corporation in the
state of Colorado or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day end hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                      -1-

<PAGE>

may be held within or without the state of Colorado. Notice of the special
meeting will be had as provided under Section 2 of this Article.

SECTION 4. Voting :

Voting at all shareholders meeting. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
end press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                      -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation, dis-
qualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of colorado.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of colorado.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                      -3-

<PAGE>

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers :

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks
                  bonds and debentures of other companies, business and good
                  will, patents, trade-marks in contracts, and interests
                  thereunder, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer

                                      -4-

<PAGE>

                  or otherwise dispose of any of the property of this
                  corporation, subject, however, to the laws of the State of
                  Colorado, governing the disposition of the entire assets and
                  business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Colorado statutes regulating the appointment
of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION l. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with

                                      -5-

<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                      -6-

<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Colorado, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferrable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                      -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF COLORADO, are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.
                                         _______________________________________
                                         President - Basil D. Bartholomew

ATTEST:

________________________________________
Secretary - Susan E. Whittle

      (CORPORATE SEAL)

                                      -8-

<PAGE>

                             U-HAUL CO. OF COLORADO,
                             A COLORADO CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Colorado, a
Colorado corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED,  that the President, Secretary, Treasurer, Assistant Secretary
and/or Assistant Treasurer of Company (collectively, the "Authorized Officers")
be, and each of them hereby is, authorized and empowered to certify to the
passage of the foregoing resolutions under the seal of Company or otherwise.

<PAGE>

Dated: August 15, 2003

                                          SHAREHOLDER:

                                          U-Haul International, Inc., a Nevada
                                          Corporation

                                          By: /s/ Gary V. Klinefelter
                                          Name: Gary V. Klinefelter
                                          Its: Secretary


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.69
<SEQUENCE>68
<FILENAME>p68936exv3w69.txt
<DESCRIPTION>EXHIBIT 3.69
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.69

CERTIFICATE OF INCORPORATION
STOCK CORPORATION
61-5 REV. 9-65

                              STATE OF CONNECTICUT
                             SECRETARY OF THE STATE

We, the incorporators, certify that we hereby associate ourselves as a body
politic and corporate under the Stock Corporation Act of the State of
Connecticut.

1.  The name of the corporation is U-HAUL CO. OF WESTERN CONNECTICUT

2.  The nature of the business to be transacted, or the purposes to be promoted
    or carried out by the corporation, are as follows:

         are to rent and lease to the general public trailers, semi-trailers,
         trucks, passenger automobiles and other equipment, tools, machinery,
         vehicles and property of any and every kind and description, and to
         purchase or otherwise acquire and operate any facilities useful for the
         conduct of the business enterprises of this corporation.

                  In general, to carry on any other business in connection with
         the foregoing, and to have and exercise all powers conferred by the
         laws of the State of Connecticut upon corporations, and to engage in
         any lawful activity within the purposes for which corporations may be
         organized under the laws of the State of Connecticut.

<PAGE>

                                   (Continued)

3.  The designation of each class of shares, the authorized number of shares of
    each such class, and the par value (if any) of each share thereof, are as
    follows:

         The Corporation shall be authorized to issue five thousand (5,000)
         shares of common stock with a par value of Ten ($10.00) Dollars per
         share.

4.  The terms, limitations and relative rights and preferences of each class of
    shares and series thereof (if any), or an express grant of authority to the
    board of directors pursuant to Section 33-341, 1959 Supp. Conn. G.S., are as
    follows:

         The Board of Directors shall have the power to issue shares of stock
         pursuant to section 33-341 of the Connecticut Stock Corporation Act.

5.  The minimum amount of stated capital with which the corporation shall
    commence business is One Thousand ($1,000.00) dollars. (Not less than one
    thousand dollars)

6.(7) - Other provisions

         The period of duration of this corporation shall be perpetual.

Dated at Phoenix, Arizona this 10th day of March, 1970

WE hereby declare, under the penalties of perjury, that the statements made in
the foregoing certificate are true.

<TABLE>
<S>                                    <C>                                    <C>
NAME Of INCORPORATOR (Print or Type)   NAME OF INCORPORATOR (Print or Type)   NAME OF INCORPORATOR (Print or Type)
1. David L. Helsten                    2.                                     3.
- ------------------------               ---------------------                  ---------------------
SIGNED (Incorporator)                  SIGNED (Incorporator)                  SIGNED (Incorporator)
1. /s/ David L. Helsten                2.                                     3.
- ------------------------               ---------------------                  ---------------------
NAME OF INCORPORATOR  (Print or Type)  NAME OF INCORPORATOR  (Print or Type)  NAME OF INCORPORATOR  (Print or Type)
4.                                     5.                                     6.
- ------------------------               ---------------------                  ---------------------
SIGNED (Incorporator)                  SIGNED (Incorporator)                  SIGNED (Incorporator)
4.                                     5.                                     6.
</TABLE>

FRANCHISE FEE           FILING FEE        CERTIFICATION FEE         TOTAL FEES
$          50           $       70        $               7         $        77

SIGNED (For Secretary of the State)
                        [ILLEGIBLE]

CERTIFIED COPY SENT ON (Date)             INITIALS
Receipt all CC sent to:                   4-7-70 P M

TO Arcoa Inc.
   P O Box 21502, Phoenix, Arizona 85036

CARD  [ILLEGIBLE]     LIST               PROOF
                                              [ILLEGIBLE]

                                       [ILLEGIBLE] David L. Helstein, Legal Dept

<PAGE>

State of connecticut                 } SS.     HARTFORD.
OFFICE  OF SECRETARY OF THE STATE

I hereby certify that the foregoing is a true copy of record in this office

                                        IN TESTIMONY WHEREOF, I have hereunto

                                             set my hand, and affixed the Seal
                                             of [ILLEGIBLE] State, at Hartford,
                                             this [ILLEGIBLE] day of [ILLEGIBLE]
                                             A.D.. [ILLEGIBLE]

                                                         [ILLEGIBLE]
                                                         Secretary of the State

<PAGE>

                              ARTICLES OF AMENDMENT

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

                        U-HAUL CO. OF WESTERN CONNECTICUT

         On August 12, 1970, in a meeting, the board of directors of the
corporation found that the following proposed amendment of its articles of
incorporation was in the best interests of the corporation and directed it to be
submitted to a vote of the stockholders.

         Proposed Amendment:

         Article I. "The name by which the corporation shall be known is:

                     AMERCO MARKETING CO. OF WESTERN CONNECTICUT".

         On August 12, 1970, the meeting of the stockholders was held and the
amendment proposed by the board of directors, as set forth above was adopted by
the stockholders.

         The number of shares of stock of the corporation outstanding on the
record date, the number of shares entitled to vote on the proposed amendment,
and the number of shares voted for or against the amendment were as follows:

         Shares outstanding                   500
         Shares entitled to vote              500
         Shares voting for amendment          500
         Shares voting against amendment        0

         Executed in the name of the corporation by its President and its
Secretary declare under the penalty of perjury that the facts stated therein are
true.

         Dated August 12, 1970

                                        U-HAUL CO. OF WESTERN CONNECTICUT

                                        By /s/ Milton Smedberg
                                           -------------------------------------
                                           Milton Smedberg, President

                                        and /s/ Catherine Pistey
                                            ------------------------------------
                                            Catherine Pistey, Secretary
<PAGE>

CERTIFICATE
AMENDING OR RESTATING CERTIFICATE
OF INCORPORATION
1-38

<TABLE>
<S>               <C>              <C>            <C>                          <C>
BY ACTION OF [ ]  CORPORATORS [ ]  [ ] BOARD OF   [X] BOARD OF DIRECTORS       [X] BOARD OF DIRECTORS
                                       DIRECTORS      AND SHAREHOLDERS             AND  MEMBERS
                                                      (Stock Corporation)          (Nonstock Corporation)
</TABLE>

                                                   For office use only

                                                   ACCOUNT NO.

                                                   INITIALS

                              STATE OF CONNECTICUT
                             SECRETARY OF THE STATE

================================================================================
NAME OF CORPORATION                               DATE
     U-HAUL CO. OF WESTERN CONNECTICUT                  April 3, 1978
- --------------------------------------------------------------------------------

2. THE CERTIFICATE OF INCORPORATION IS [XX] A. AMENDED ONLY
   [XX] B. AMENDED AND RESTATED [ ] C. RESTATED ONLY BY THE FOLLOWING RESOLUTION

         RESOLVED: That the Articles of Incorporation of U-Haul Co. of Western
         Connecticut, a Connecticut corporation, be amended as follows:

         1. The name of the corporation is:

                       U-HAUL CO. OF CONNECTICUT

3. (Omit if 2.A is checked.)

   (A)  THE ABOVE RESOLUTION MERELY RESTATES AND DOES NOT CHANGE THE PROVISIONS
        OF THE ORIGINAL CERTIFICATE OF INCORPORATION AS SUPPLEMENTED AND AMENDED
        TO DATE, EXCEPT AS FOLLOWS: (Indicate amendments made, if any; if none,
        so indicate.)

                                     N/A

    (B) OTHER THAN AS INDICATED IN PAR. 3(a), THERE IS NO DISCREPANCY BETWEEN
        THE PROVISIONS OF THE ORIGINAL CERTIFICATE OF INCORPORATION AS
        SUPPLEMENTED TO DATE, AND THE PROVISIONS OF THIS CERTIFICATE RESTATING
        THE CERTIFICATE OF INCORPORATION.

================================================================================
BY ACTION OF INCORPORATORS

     [ ] 4. THE ABOVE RESOLUTION WAS ADOPTED BY VOTE OF AT LEAST TWO-THIRDS OF
         THE INCORPORATORS BEFORE THE ORGANIZATION MEETING OF THE CORPORATION,
         AND APPROVED IN WRITING BY ALL SUBSCRIBERS (if any) FOR SHARES OF THE
         CORPORATION, (or if nonstock corporation) by all applicants for
         membership entitled to vote, if any.)

     We (at least two-thirds of the incorporators) HEREBY DECLARE, UNDER THE
     PENALTIES OF PERJURY, THAT THE STATEMENTS MADE IN THE FOREGOING CERTIFICATE
     ARE TRUE.
- --------------------------------------------------------------------------------
     SIGNED                        SIGNED                    SIGNED
- --------------------------------------------------------------------------------
                                    APPROVED
         (All subscribers, or, if nonstock corporation, all applicants,
             for membership entitled to vote; if none, so indicate)
- --------------------------------------------------------------------------------
     SIGNED                        SIGNED                    SIGNED
================================================================================

<PAGE>

================================================================================
BY ACTION OF BOARD OF DIRECTORS

   [ ] 4. (Omit if 2.C is checked.) THE ABOVE RESOLUTION WAS ADOPTED BY
          THE BOARD OF DIRECTORS ACTING ALONE,
   [ ] THERE BEING NO SHAREHOLDERS AND SUBCRIBERS.
   [ ] THE BOARD OF DIRECTORS BEING SO AUTHORIZED PURSUANT
       TO SECTION 33-341, CONN. G.S. AS AMENDED
   [ ] THE CORPORATION BEING A NONSTOCK CORPORATION AND HAVING NO MEMBERS
       AND NO APPLICANTS FOR MEMBERSHIP ENTITLED TO VOTE ON SUCH RESOLUTION.
- --------------------------------------------------------------------------------
   5. THE NUMBER OF AFFIRMATIVE VOTES       6. THE NUMBER OF DIRECTORS' VOTES
      REQUIRED TO ADOPT SUCH RESOLUTION IS:    IN FAVOR OF THE RESOLUTION WAS:
- --------------------------------------------------------------------------------
  WE HEREBY DECLARE, UNDER THE PENALTIES OF PERJURY, THAT THE STATEMENTS MADE IN
  THE FOREGOING CERTIFICATE ARE TRUE.
- --------------------------------------------------------------------------------
  NAME OF PRESIDENT OR VICE PRESIDENT       NAME  OF SECRETARY OR ASSISTANT
  (Print Or Type)                           SECRETARY (Print Or Type)
- --------------------------------------------------------------------------------
  SIGNED (President Or Vice President)      SIGNED (Secretory or Assistant
                                                    Secretory)
- --------------------------------------------------------------------------------
BY ACTION OF BOARD OF DIRECTORS AND SHAREHOLDERS

  [XX] 4. THE ABOVE RESOLUTION WAS ADOPTED BY THE BOARD OF DIRECTORS AND
          BY SHAREHOLDERS.
  5. VOTE OF SHAREHOLDERS:
- --------------------------------------------------------------------------------
  (a) (Use if no shares are required to be voted as a class.)

<TABLE>
<CAPTION>
NUMBER OF SHARES ENTITLED TO VOTE    TOTAL VOTING POWER   VOTE REQUIRED FOR ADOPTION   VOTE FAVORING ADOPTION
<S>                                  <C>                  <C>                          <C>
                500                         500                      2/3's                      500
</TABLE>

  (b) (If the shares of any class are entitled to vote as a class, indicate the
      designation and number of outstanding shares of each such class, the
      voting power thereof, and the vote of each such class for the amendment
      resolution.)

                                       N/A

WE HEREBY DECLARE, UNDER THE PENALTIES OF PERJURY, THAT THE STATEMENTS MADE IN
THE FOREGOING CERTIFICATE ARE TRUE.

- --------------------------------------------------------------------------------
  NAME OF PRESIDENT OR VICE PRESIDENT       NAME  OF SECRETARY OR ASSISTANT
  (Print Or Type)                           SECRETARY (Print Or Type)

  /s/ Arthur W. Pistey                      /s/ Joyce Pistey
- --------------------------------------------------------------------------------
  SIGNED (President Or Vice President)      SIGNED (Secretary or Assistant
                                                    Secretary)
         Arthur W. Pistey, President               Joyce Pistey, Secretary
- --------------------------------------------------------------------------------
BY ACTION OF BOARD OF DIRECTORS AND MEMBERS

  [XX] 4. THE ABOVE RESOLUTION WAS ADOPTED BY THE BOARD OF DIRECTORS AND
          BY MEMBERS.
  5. VOTE OF MEMBERS:
- --------------------------------------------------------------------------------
  (a) (Use if no members are required to be voted as a class.)

<TABLE>
<CAPTION>
NUMBER OF MEMBERS VOTING   TOTAL VOTING POWER   VOTE REQUIRED FOR ADOPTION   VOTE FAVORING ADOPTION
<S>                        <C>                  <C>                          <C>
</TABLE>

  (b) (If the members of any class are entitled to vote as a class, indicate the
      designation and number of members of each such class, the
      voting power thereof, and the vote of each such class for the amendment
      resolution.)

WE HEREBY DECLARE, UNDER THE PENALTIES OF PERJURY, THAT THE STATEMENTS MADE IN
THE FOREGOING CERTIFICATE ARE TRUE.

- --------------------------------------------------------------------------------
  NAME OF PRESIDENT OR VICE PRESIDENT       NAME  OF SECRETARY OR ASSISTANT
  (Print Or Type)                           SECRETARY (Print Or Type)
- --------------------------------------------------------------------------------
  SIGNED (President Or Vice President)      SIGNED (Secretary or Assistant
                                                    Secretary)
================================================================================
For office use only

         FILING FEE                          CERTIFICATION FEE      TOTAL FEES

         $ 20.                               $                      $ 20.
         -----------------------------------------------------------------------
         SIGNED (For Secretary of the State)
                                                                   [ILLEGIBLE]
         -----------------------------------------------------------------------
         CERTIFIED COPY SENT ON (Date)       INITIALS

         -----------------------------------------------------------------------
         TO

         -----------------------------------------------------------------------
         CARD                                LIST                   PROOF

================================================================================
61-38 (BACK)

<PAGE>

FORM 61-58

STATE OF CONNECTICUT               ) SS.       HARTFORD.
OFFICE OF SECRETARY OF THE STATE   )

I hereby certify that the foregoing is a true copy of record in this office

                                    IN TESTIMONY WHEREOF, I have hereunto set my
                                       hand, and affixed the Seal of said State,
                                       at Hartford, this 16th day
                                       of June A.D., 1978

                                       /s/ [ILLEGIBLE]
                                       -----------------------------------------
                                                          Secretary of the State


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.70
<SEQUENCE>69
<FILENAME>p68936exv3w70.txt
<DESCRIPTION>EXHIBIT 3.70
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.70

                                   BY-LAWS OF

                        U-HAUL CO. OF WESTERN CONNECTICUT

                            A Connecticut Corporation

                                    ARTICLE I

                                                            DATE: April 13, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Connecticut shall be
located in the city of Cheshire. The corporation may have such other offices
either within or without the state of Connecticut as the Board of Directors may
designate or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Second Monday of March of each year, at the office of the corporation in the
state of Connecticut or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meeting:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not leas than one-tenth of all the

<PAGE>

shares entitled to vote at the meeting. All meetings of the shareholders may be
held within or without the state of Connecticut. Notice of the special meetings
will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellors who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Connecticut.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, sad notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Connecticut.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

<PAGE>

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trade-marks in contracts, and interests
                  thereunder, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  state of Connecticut, governing the disposition of the entire
                  assets and business of the corporation as a going concern.

<PAGE>

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Connecticut statutes regulating the
appointment of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to bold any election
there shall be a quorum present, and any officer receiving a majority vote shall
be declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the

<PAGE>

annual meeting of the shareholders. The President shall do and perform such
other duties as from time to time may be assigned by the Board of Directors to
him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all Meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the

<PAGE>

corporation is organized under the laws of Connecticut, the number and par
value, if any, of each share represented by it, the name of the person owning
the shares represented thereby, with the number of each share and the date of
issue, and the stock thereby represented is transferable only upon the books of
the corporation and upon the signer of such certificates. A stock transfer book,
known as the stock register shall be kept, in which shall be entered the number
of each certificate issued and the number of the person owning the shares
thereby represented, with the number of such shares and the date of issue. The
transfer of any share or shares of stock in the corporation may be made by
surrender of the certificate issued therefor, and the written assignment thereof
by the owner or his duly authorized Attorney in Fact. Upon such surrender and
assignment, a new certificate shall be issued to the assignee as he may be
entitled, but without such surrender and assignment no transfer of stock shall
be recognized by the corporation. The Board of Directors shall have the power
concerning the issue, transfer and registration of certificate for agents and
registrars of transfer, and may require all stock certificates to bear
signatures of either or both. The stock transfer books shall be closed ten days
before each meeting of the shareholders and during such period no stock shall be
transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

<PAGE>

The foregoing By-Laws of U-HAUL CO. OF WESTERN CONNECTICUT, are hereby accepted
and adopted as the By-Laws of said corporation, and we, the undersigned, do
hereby certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                            ____________________________________
                                            President - [ILLEGIBLE]

ATTEST:

___________________________________
Secretary - Catherine Pistey

       (CORPORATE SEAL)

<PAGE>

                  MINUTES OF A SPECIAL SHAREHOLDERS MEETING OF

     AMERCO MARKETING CO. OF WESTERN CONNECTICUT, A CONNECTICUT CORPORATION

                                     HELD BY

                     U-HAUL CO., A CONNECTICUT CORPORATION

                              AS SOLE SHAREHOLDER

                                                                   June 22, 1971

         U-HAUL Co., a Connecticut corporation, being the sole stockholder of
AMERCO MARKETING CO. OF WESTERN CONNECTICUT, a Connecticut corporation, hereby
waives any and all notice of this special stockholders meeting, and consents to
and agrees that said meeting be held at Milford, Connecticut at the hour of
10:00 o'clock a.m. on June 22, 1971, for the purpose of amending the By-Laws of
AMERCO MARKETING CO. OF WESTERN CONNECTICUT.

         The meeting was called to order and U-HAUL CO., a Connecticut
corporation, as sole stockholder of AMERCO MARKETING CO. OF WESTERN CONNECTICUT,
thereupon adopted the following resolutions:

         RESOLVED: That the following Articles of the By-Laws of AMERCO
         MARKETING CO. OF WESTERN CONNECTICUT, a Connecticut corporation, be
         amended to read as follows:

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Second Thursday in May each year, at the office of the corporation in the state
of Connecticut or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.
<PAGE>

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
of the first day of April of each calendar year and shall close on the 31st day
of March of the Year.

         There being no further business to come before the meeting, it was upon
a motion duly made and seconded, adjourned.

                                       U-HAUL CO.
                                       a Connecticut corporation

                                       By: /s/ Arthur Pistey
                                           -------------------------------------
                                           Arthur Pistey, President

<PAGE>

                           U-HAUL CO. OF CONNECTICUT,
                           A CONNECTICUT CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Connecticut, a
Connecticut corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED,  that the President, Secretary, Treasurer, Assistant Secretary
and/or Assistant Treasurer of Company (collectively, the "Authorized Officers")
be, and each of them hereby is, authorized and empowered to certify to the
passage of the foregoing resolutions under the seal of Company or otherwise.

<PAGE>

Dated: August 15, 2003

                                          SHAREHOLDER:

                                          U-Haul International, Inc., a Nevada
                                          Corporation

                                          By: /s/ Gary V. Klinefelter
                                          Name: Gary V. Klinefelter
                                          Its: Secretary


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.71
<SEQUENCE>70
<FILENAME>p68936exv3w71.txt
<DESCRIPTION>EXHIBIT 3.71
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.71

                     GOVERNMENT OF THE DISTRICT OF COLUMBIA
                  DEPARTMENT OF CONSUMER AND REGULATORY AFFAIRS
                       BUSINESS REGULATION ADMINISTRATION
                                     [LOGO]
                                   CERTIFICATE

THIS IS TO CERTIFY that all applicable provisions of the DISTRICT OF COLUMBIA
BUSINESS CORPORATION ACT have been complied with and accordingly, this
CERTIFICATE of INCORPORATION is hereby issued to U-HAUL CO. OF DISTRICT OF
COLUMBIA, INC.

as of NOVEMBER 19TH, 1990,

                                        Donald G. Murray
                                        Director

                                        Henry C. Lee, III
                                        Administrator
                                        Business Regulation Administration

                                        /s/ Ruby Coston - White
                                        ----------------------------------------
                                        Ruby Coston - White
                                        Superintendent of Corporations
                                        Corporations Division

Marion Barry, Jr.
Mayor

<PAGE>


                            ARTICLES OF INCORPORATION

                                       OF

                    U-HAUL CO. OF DISTRICT OF COLUMBIA, INC.


TO: Department of Consumer and Regulatory Affairs
    Corporations Division
    614 H Street, NW, Washington, D. C. 20001

We, the undersigned natural persons of the age of eighteen years or more acting
as incorporators of a corporation under the BUSINESS CORPORATION ACT (D.C. Code,
1981 edition, Title 29, Chapter 3), adopt the following Articles of
Incorporation:

FIRST:   The name of the corporation is U-HAUL CO. OF DISTRICT OF COLUMBIA, INC.

SECOND:  The period of its duration is Perpetual.

THIRD:   The purposes for which the corporation is organized are rental of
         trucks and trailers.

FOURTH:  The aggregate number of shares which the corporation is authorized to
         issue is 5,000 and the par value is $10.00 per share of Common stock.

FIFTH:   The corporation will not commence business until at least one thousand
         dollars ($1,000) has been received as initial capitalization.

SIXTH:   There are no provisions limiting or denying the shareholders to acquire
         additional shares of the corporation.

SEVENTH: The address of the initial registered office of the corporation is 1025
         Vermont Street, N.W., Washington, D.C. 20005, the name of the
         registered agent is C. T. Corporation System. The address where it
         conducts its principal business is 2721 N. Central Avenue, Phoenix,
         Arizona 85004.

<PAGE>

Page 2

EIGHTH:  The number of directors constituting the initial board of directors of
         the corporation is (3) three, and the names and addresses of the
         persons who are to serve as directors until the first annual meeting of
         shareholders or until their successors are elected and shall qualify
         are:

         Edward J. Shoen, 2727 N. Central Ave. Phoenix, Az. 85004
         Gary V. Klinefelter, 2721 N. Central Ave. Phx, Az. 85004
         John A. Lorentz, 2721 N. Central Ave. Phoenix, Az. 85004

NINTH:   The name and address of each incorporator are:

         John A. Lorentz, 2721 N. Central Ave. Phoenix, Az. 85004
         Gary V. Klinefelter, 2721 N. Central Ave. Phx. Az. 85004
         George R. Olds, 2721 N. Central Avenue, Phx. Az. 85004

                                        /s/ John A. Lorentz
                                        ----------------------------------------
                                        John A. Lorentz, Incorporator

                                        /s/ Gary V. Klinefelter
                                        ----------------------------------------
                                        Gary V. Klinefelter, Incorporator

                                        /s/ George R. Olds
                                        ----------------------------------------
                                        George R. Olds, Incorporator

<PAGE>
\

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1. The name of the consenting corporation is: U-Haul Co. of Metro D.C.
Inc., a Maryland corporation, which is qualified to do business in the state of
District of Columbia.

         2. The name of the corporation to which this Consent is being given and
which is about to be organized under the laws of the State of District of
Columbia is:
                    U-HAUL CO. OF DISTRICT OF COLUMBIA, INC.

         IN WITNESS WHEREOF, this corporation has caused this Consent to be
executed this November 13, 1990.

                                        U-Haul Co. of Metro D.C. Inc., a
                                        Maryland Corporation

                                     By: /s/ John A. Lorentz
                                         ---------------------------------------
                                         John A. Lorentz, President

STATE OF ARIZONA

COUNTY OF MARICOPA

         Before me, a Notary Public, personally appeared John A. Lorentz, known
to me to be the person who executed and attested the foregoing instrument
respectively, and acknowledged that he executed and attested the same for the
purposes therein contained and that the statements are truly set forth.

         In Witness Whereof, I have hereunto set my hand and official seal this
13th day of November, 1990.

                                        /s/ Blanche I. Passolt
                                        ----------------------------------------
                                                    NOTARY PUBLIC

         (NOTARIAL SEAL)

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.72
<SEQUENCE>71
<FILENAME>p68936exv3w72.txt
<DESCRIPTION>EXHIBIT 3.72
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.72

                                   BY-LAWS OF

                    U-HAUL CO. OF DISTRICT OF COLUMBIA, INC.

                       A DISTRICT OF COLUMBIA CORPORATION

                                    ARTICLE I

                                                         DATE: November 19, 1990

SECTION 1. Offices:

The principal office of the corporation in the State of Third Friday in April
shall be located at such place as the Board of Directors may from time to time
select. The corporation may have such other offices either within or without the
State of District of Columbia as the Board of Directors may designate or as the
business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Friday in April of each year, at the office of the corporation in the
State of District of Columbia or otherwise as provided in the notice of said
meeting. The purpose of said annual meeting shall be for election of directors
and for the purpose of transacting such other business as may be brought before
said meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

                                      -1-
<PAGE>

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of District of Columbia. Notice of the special
meeting will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                       -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Office:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the term of office of all or any of the Directors by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of District of Columbia.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of District of Columbia.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

                                       -3-

<PAGE>

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

                  1st.     Roll call; a quorum being present.

                  2nd.     Reading of minutes of preceding meeting and action
                           thereon.

                  3rd.     Consideration of communications of the Board of
                           Directors.

                  4th.     Reports of officials and committees.

                  5th.     Unfinished business.

                  6th.     Miscellaneous business.

                  7th.     New business.

                  8th.     Adjournment.

SECTION 7. Meetings By Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

                                       -4-

<PAGE>

                  1.       To purchase, lease, and acquire, in any lawful manner
                           any and all real or personal property including
                           franchises, stocks, bonds and debentures of other
                           companies, business and good will, patents,
                           trademarks in contracts, and interests thereunder,
                           and other Judgment may be beneficial for the purpose
                           of this corporation, and to issue shares of stock of
                           this corporation in payment of such property, and in
                           payment for services rendered to this corporation,
                           when they deem it advisable.

                  2.       To fix and determine and to vary, from time to time,
                           the amount or amounts to be set aside or retained as
                           reserve funds or as working capital of this
                           corporation.

                  3.       To issue notes and other obligations or evidences of
                           the debt of this corporation, and to secure the same,
                           if deemed advisable, and endorse and guarantee notes,
                           bonds, stocks, and other obligations of other
                           corporations with or without compensation for so
                           doing, and from time to time to sell, assign,
                           transfer or otherwise dispose of any of the property
                           of this corporation, subject, however, to the laws of
                           the State of District of Columbia, governing the
                           disposition of the entire assets and business of the
                           corporation as a going concern.

                  4.       To declare and pay dividends, both in the form of
                           money and stock, but only from the surplus or from
                           the net profit arising from the business of this
                           corporation, after deducting therefrom the amounts,
                           at the time when any dividend is declared which shall
                           have been set aside by the Directors as a reserve
                           fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statues regulating the appointment of
committees.

                                   ARTICLE VI

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided

                                       -5-

<PAGE>

for by the Board of Directors. Such officers shall be elected by ballot or
unanimous acclamation at the meeting of the Board of Directors after the annual
election of Directors. In order to hold any election there shall be a quorum
present, and any officer receiving a majority vote shall be declared elected and
shall hold office for one year and until his or her respective successor shall
have been duly elected and qualified; provided, however, that all officers,
agents and employees of the corporation shall be subject to removal from office
pre-emptorily by vote of the Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                       -6-

<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of District of Columbia, the number and par value, if any, of each share
represented by it, the name of the person owning the shares represented thereby,
with the number of each share and the date of issue, and the stock thereby
represented is transferable only upon the books of the corporation and upon the
signing of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the name of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation may be made by surrender of the certificate issued
therefore, and the written assignment thereof by the owner or his duly
authorized Attorney in Fact. Upon such surrender and assignment, a new
certificate shall be issued to the assignee as he may be entitled, but without
such surrender and assignment no transfer of stock shall be recognized by the
corporation. The Board of Directors shall have the power concerning the issue,
transfer and registration of certificate for agents and registrars of transfer,
and may require all stock certificates to bear signatures of either or both. The
stock transfer books shall be closed ten days before each meeting of the
shareholders and during such period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of each year.

                                       -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-Haul Co. of District of Columbia, Inc. are hereby
accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                         /s/ John A. Lorentz
                                         ---------------------------------------
                                         John A. Lorentz, President

ATTEST:

/s/ Gary V. Klinefelter
- -----------------------------------
Gary V. Klinefelter, Secretary

      (CORPORATE SEAL)

                                      -8-
<PAGE>

                    U-HAUL CO. OF DISTRICT OF COLUMBIA, INC.
                       A DISTRICT OF COLUMBIA CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of District of
Columbia, Inc., a District of Columbia corporation ("Company") (the
"Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                     SHAREHOLDER:

                                     U-Haul International, Inc., a Nevada
                                     Corporation

                                     By: /s/ Gary V. Klinefelter
                                     Name: Gary V. Klinefelter
                                     Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.73
<SEQUENCE>72
<FILENAME>p68936exv3w73.txt
<DESCRIPTION>EXHIBIT 3.73
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.73

                                State of Florida
                                     [LOGO]
                              Department of State

I certify the attached is a true and correct copy of the Articles of
Incorporation, as amended to date, of U-HAUL CO. OF FLORIDA, a corporation
organized under the laws of the State of Florida, as shown by the records of
this office.

The document number of this corporation is 361143.

                                          Given under my hand and the
                                      Great Seal of the State of Florida
                                     at Tallahassee, the Capitol, this the
                                           Fifth day of August, 2003

                                       /s/ Blenda E. Hood
                                           ----------------
[GREAT SEAL OF THE STATE OF FLORIDA]      Blenda E. Hood
            CR2E022 (2-03)              Secretary of State

<PAGE>

               CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Florida

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is U-HAUL CO., a corporation
         organized and existing under the laws of the State of Florida/

2.       The name of the corporation to which this consent is given and
         which is about to be organized under the laws of this State is:
         U-Haul Company of [ILLEGIBLE]. The West Coast of Florida

         IN WITNESS WHEREOF, this corporation has caused this consent to be
         executed this 27 day of January 1970.

                                     U-HAUL CO.
                                            Arthur W. Mier

                                     By: /s/ Arthur W. Mier
                                         ---------------------------------
                                                     President

ATTEST:

    E. L. Miller
   /s/ E. L. Miller
  --------------------------
           Secretary

STATE OF Florida        )           Arthur W. Mier 1/27/70
                        )ss.        E.L. Miller
COUNTY OF Broward       )

         Before me, a Notary Public, personally appeared

         known to me to be the person who executed the foregoing instrument, and
acknowledged that he executed the same for the purpose therein contained and
that the statements therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
4 day of February 1970.

                                             /s/ John Edwards
                                             ---------------------------
                                                    Notary Public
                                                     [ILLEGIBLE]

<PAGE>

                           ARTICLES OF INCORPORATION

                                       of

                    U-HAUL CO. OF THE WEST COAST OF FLORIDA

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a corporation
under the laws of the State of Florida.

                                   ARTICLE I

   The name of the corporation is U-HAUL CO. OF THE WEST COAST OF FLORIDA.

                                   ARTICLE II

         The period of duration of the corporation is perpetual.

                                  ARTICLE III

          The purpose or purposes for which the corporation is organized are to
 rent and lease to the general public trailers, semi-trailers, trucks, passenger
 automobiles and other equipment, tools, machinery, vehicles and property of any
 and every kind and description, and to purchase or otherwise acquire and
 operate any facilities useful for the conduct of the business enterprises of
 this corporation.

           In general, to carry on any other business in connection with the
  foregoing, and to have and exercise all powers conferred by the laws of the
  State of Florida upon corporations, and to engage in any lawful activity
  within the purposes for which corporations may be organized under the laws of
  the State of Florida.

                                   ARTICLE IV

           The aggregate number of shares which the corporation shall have
   authority to issue are two thousand five hundred (2,500) shares of common
   stock with a par value of Ten ($10.00) Dollars each, or a total
   capitalization of Twenty Five Thousand ($25,000.00) Dollars.

                                   ARTICLE V

           The corporation will not commence business until the consideration







  Page one of three pages
<PAGE>

of at least One Thousand ($1,000.00) Dollars has been received for the issuance
of shares.

                                   ARTICLE VI

         The address of its principal office shall be 6050 West Hillsboro
 Avenue, Tampa, Florida 33614.

                                  ARTICLE VII

         The initial Board of Directors shall consist of three (3) members, and
the initial Board who shall act until the first annual meeting of stockholders
and their successors have been elected and qualified are:

       Carl Koch            6050 West Hillsboro Avenue
                            Tampa, Florida 33614

       Desmond Shuert       6050 West Hillsboro Avenue
                            Tampa, Florida 33614

       Joe Reinka           6050 West Hillsboro Avenue
                            Tampa, Florida 33614

                                  ARTICLE VIII

         The name and address of each incorporator is as follows:

       David L. Helsten     2727 North Central Avenue
                            Phoenix, Arizona 85004

       John A. Lorentz      2727 North Central Avenue
                            Phoenix, Arizona 85004

       Arthur G. Seifert    2727 North Central Avenue
                            Phoenix, Arizona 85004

         IN WITNESS WHEREOF, we have hereunto set our hand and seal this 12th
day of February, 1970.

                                 /s/ David L. Helsten
                                 -----------------------------
                                 David L. Helsten

                                 /s/ John A. Lorentz
                                 -----------------------------
                                 John A. Lorentz

                                 /s/ Arthur G. Seifert
                                 ----------------------------
                                 Arthur G. Seifert








  Page two of three pages
<PAGE>

 STATE OF ARIZONA      )
                       ) ss:
 COUNTY OF MARICOPA    )

         On this 12th Day of February, 1970, before me, a Notary Public for the
State of Arizona, personally appeared David L. Helsten, John A. Lorent and
Arthur G. Seifert, known to me to be the persons named in and who executed the
foregoing instrument, and who acknowledged that they had executed the same and
that the matters therein contained are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal this 12th day of February, 1970.

                                  /s/ Helen H. Delamater
                                  ----------------------------------------------
                                  Helen H. Delamater
                                  Notary Public for the State of Arizona
                                  Residing at Tampa, Arizona
                                  My Commission expires   August 13, 1972

      (NOTARIAL SEAL)

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Florida

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the concenting corporation is [ILLEGIBLE], a corporation
         organized and existing under the laws of the State of Arizona.
         [ILLEGIBLE]

2.       The name of the corporation to which this consent is given and
         [ILLEGIBLE] to be organized under the laws of this state [ILLEGIBLE] of
         THE WEST COAST OF FLORIDA.

         In Witness whereof, this corporation has [ILLEGIBLE] this consent to
         be executed this 12 day of August, 1970.

                                           [ILLEGIBLE], an Arizona corporation

                                           By: [ILLEGIBLE]
                                               ---------------------------
                                               [ILLEGIBLE], President

STATE OF ARIZONA     )
                     ) ss.
COUNTY OF MARICOPA   )

                       [ILLEGIBLE]

                       [ILLEGIBLE]


                                                 Helen H. Delamater
                                            ----------------------------
                                                   Notary Public

                                 My commission expires Aug [ILLEGIBLE]
<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

                     U-HAUL CO. OF THE WEST COAST OF FLORIDA

STATE OF FLORIDA         )
                         ) ss.
COUNTY OF HILLSBOROUGH   )

     Bill Robinson and Joe Reinke, being first duly sworn, upon their oath
depose and say:

1.   That they are the President and the Secretary respectively of U-HAUL CO. OF
     THE WEST COAST OF FLORIDA, a Florida corporation.

2.   That at a meeting of the board of directors of said corporation, duly held
     at Tampa, Florida on August 12, 1970, the following resolution was adopted:

     "RESOLVED: That Article I of the Articles of Incorporation of this
     corporation be amended to read as follows:

     The name of this corporation is AMERCO MARKETING CO. OF THE WEST COAST OF
     FLORIDA."

3.   That the shareholders have adopted said amendment by resolution at a
     meeting held at Tampa, Florida on August 12, 1970. That the wording of the
     amended article, as set forth in the shareholders' resolution in the same
     as that set forth in the directors' resolution in Paragraph 2 above.

4.   That the number of shares which voted affirmatively for the adoption of
     said resolution is 500, and that the total number of shares entitled to
     vote on or consent to said amendment is 500.

                                           /s/ Bill Robinson
                                          -----------------------------------
                                          Bill Robinson, President

                                           /s/ Joe Reinke
                                          -----------------------------------
(CORPORATE SEAL)                          Joe Reinke, Secretary

Page 1 of 2 Pages

<PAGE>


STATE OF FLORIDA           )
                           ) ss.
COUNTY OF HILLSBOROUGH     )

     On this 14th day of August, 1970, before me, a Notary Public personally
appeared Bill Robinson and Joe Reinke, known by me to be the persons whose
signatures are subscribed to the within instrument and who acknowledged that
they executed the same as their free act for the purposes therein contained.

     IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                                        /s/ Etta Jean Smith
                                                     ---------------------------
                                                            Notary Public

                           Residing at  Tampa, Florida
                                        ----------------------------------------
                 My Commission expires  Notary Public, State of Florida at Tampa
                                        ----------------------------------------
                                        My Commission Expires Apr. 11, 1973

(NOTARIAL SEAL)

Page 2 of 2 Pages

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

     The undersigned corporation hereby consents to the use of a similar name:

     1.   The name of the consenting corporation is U-HAUL CO., a corporation
          organized and existing under the laws of the State of Florida.

     2.   The name of the corporation to which this consent is given and
          which is about to amend its corporate name is:

          THE AMERCO MARKETING CO. OF THE WEST COAST FLORIDA.

     3.   The name the corporation shall adopt by amending its Articles of
          Incorporation is:

          U-HAUL CO. OF THE WEST COAST OF FLORIDA

     In Witness Whereof, this corporation has caused this consent to be executed
this 26 day of February, 1973.

                                  U-HAUL CO., a(an) Florida corporation

                                  BY: /s/ Arthur G. Seifert
                                      ---------------------------------------
                                           Assistant Secretary
                                           Arthur G. Seifert

STATE OF ARIZONA     )
                     ) ss.
COUNTY OF MARICOPA   )

     Before me, a Notary Public, personally appeared Arthur G. Seifert, known to
me to be the person who executed the foregoing instrument, and acknowledged that
he executed the same for the purpose therein contained and that the statements
therein contained are truly set forth.

     In Witness Whereof, I have hereunto set my hand and official seal this 26
day of February, 1973.

        (SEAL)                    /s/ Helen H. Delamater
                                ---------------------------------------------
                                  Notary Public           State of Arizona

                          My commission expires 8-13-76
<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                           ARTICLES OF INCORPORATION

                                       of

                AMERCO MARKETING CO. OF THE WEST COAST OF FLORIDA

 STATE OF FLORIDA            )
                             ) ss.
 COUNTY OF HILLSBORO         )

     William L. Robinson and Ronald Campbell being first duly sworn upon their
oath depose and say:

1.   That they are the President and the Secretary respectively of AMERCO
     MARKETING CO. OF THE WEST COAST OF FLORIDA, a Florida corporation.

2.   That at a meeting of the Board of Directors of said corporation, duly held
     at Tampa, Florida on February 21, 1973, the following resolution was
     adopted:

          "RESOLVED: That Article I of the Articles of Incorporation of this
          corporation be amended to read as follows:

          The name of this corporation is U-HAUL CO. OF THE WEST COAST OF
          FLORIDA."

3.   That the shareholders have adopted said amendment by resolution at a
     meeting held at Pompano Beach, Florida on February 21, 1973. That the
     wording of the amended article, as set forth in the shareholders'
     resolution is the same as that set forth in the directors' resolution in
     Paragraph 2 above.

4.   That the number of shares which voted affirmatively for the adoption of
     said resolution is 500, and that the total number of shares entitled to
     vote on or consent to said amendment is 500.

                                  /s/ William L. Robinson
                                  --------------------------------------
                                  William L. Robinson, President

                                  /s/ Ronald Campbell
                                  ---------------------------------------
                                  Ronald Campbell, Secretary

Page One of Two Pages

<PAGE>

STATE OF FLORIDA        )
                        ) ss.
COUNTY OF Hillsboro     )

     On this 28 day of February, 1973, before me, a Notary Public personally
appeared William L. Robinson and Ronald Campbell, known by me to be the persons
whose signatures are subscribed to the within instrument and who acknowledged
that they executed the same as their free act for the purposes therein
contained.

     IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                /s/ Stephanie Karsten
                                --------------------------------
                                NOTARY PUBLIC

                  Residing at /s/ 5481 Jetport Industrial Blvd   Tampa Florida
                              -------------------------------------------------
                My commission expires July 12, 1975
                                      -------------
(NOTARIAL SEAL)

















Page Two of Two Pages
<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 9th day of May, 1989,
entered into by U-HAUL CO. of the West Coast of Florida, a Florida corporation,
the surviving corporation and Kar-Go Service Center of Tampa, Inc. a Florida
corporation, the Absorbed Corporation, and together referred to as the
Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Florida which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 8751 West Broward Blvd., Plantation, Florida 33324.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

               (1)  All issued and outstanding shares of stock of the
                    Constituent Corporation shall be absorbed.

               (2)  On the effective date of the merger and when the
                    aforementioned cancellation has been effected, the
                    outstanding shares of stock of the Surviving Corporation
                    shall be deemed for all corporate purposes to evidence the
                    ownership of the Constituent Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                        NUMBER OF
      COMPANY             NUMBER OF     SHARES OF   NUMBER    NUMBER
       NAME                SHARES       ENTITLED     VOTED     VOTED
                         OUTSTANDING     TO VOTE     FOR      AGAINST
- ---------------------------------------------------------------------
<S>                      <C>            <C>         <C>       <C>
U-HAUL CO. OF THE
WEST COAST OF FLORIDA         500           500        500      -0-

KAR-GO SERVICE
CENTER OF TAMPA, INC.       6,000         6,000      6,000      -0-
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Florida, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Florida.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorents, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                                    Surviving Corporation: U-HAUL. CO. OF THE
                                                           WEST COAST OF
                                                           FLORIDA, a Florida
                                                           Corporation

                                      By: /s/ David Vogt
                                          ----------------------------
                                           David Vogt, President

Verified

By:  /s/ Rolando Rodriguez
     -----------------------------
     Rolando Rodriguez, Secretary

                                Absorbed Corporation:  KAR-GO SERVICE CENTER
                                                        OF TAMPA, INC.
                                                        A Florida Corporation

                                 By: /s/ David J. Fette
                                     ------------------------------------
                                     David J. Fette, President

Verified

By: /s/ Linda Rowe
    ------------------------
    Linda Rowe, Secretary

<PAGE>

STATE OF FLORIDA

COUNTY OF HILLSBOROUGH

     On this 9th day of May, 1989, before me, the undersigned Notary Public,
personally appeared David Vogt, known to me to be the President of U-HAUL CO. of
the West Coast Florida, a Florida Corporation that he is the person who executed
this instrument on behalf of said corporation, and acknowledged to me that such
corporation executed the same.

                                  /s/ [ILLEGIBLE]
                                  --------------------------------
                                  NOTARY PUBLIC [ILLEGIBLE]

      (NOTARY SEAL)

STATE OF FLORIDA

COUNTY OF HILLSBOROUGH

     On this 9th day of May, 1989, before me, the undersigned Notary Public,
personally appeared David J. Fette, known to me to be the President of Kar-Go
Service Center of Tampa, Inc. a Florida Corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                  /s/ [ILLEGIBLE]
                                  --------------------------------
                                  NOTARY PUBLIC [ILLEGIBLE]

(NOTARY SEAL)
<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF                                (STAMP)

                            ARTICLES OF INCORPORATION

                                       OF

                    U-HAUL CO. OF THE WEST COAST OF FLORIDA

STATE OF ARIZONA

COUNTY OF MARICOPA

John A. Lorentz and Gary V. Klinefelter being first duly sworn, upon their oath
depose and say:

1.       That they are the President and Secretary respectively of U-HAUL CO. OF
         THE WEST COAST OF FLORIDA, a Florida corporation.

2.       That at a meeting of the Board of Directors of said corporation, duly
         held at Phoenix, Arizona on October 25, 1990, they following resolution
         was adopted.

"RESOLVED: That Article I of the Articles of Incorporation of this corporation
be amended to read as follows:

The name of the corporation is U-HAUL CO. FLORIDA.

3.       That the shareholders have adopted said amendment by resolution at a
         meeting held at Phoenix, Arizona on October 25, 1990. That the wording
         of the amended article, as set forth in the shareholder's resolution is
         the same as the set forth in the directors' resolution in Paragraph 2
         above.

4.       That the number of shares which voted affirmatively for the adoption of
         said resolution is 500 and that the total number of shares entitled to
         vote on or consent to said amendment is 500.

                                        /s/ JOHN A. LORENTZ
                                        ---------------------------------
                                        John A. Lorentz, President

                                        /s/ GARY V. KLINEFELTER
                                        ---------------------------------
                                        Gary V. Klinefelter, Secretary

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

On this 25th day of October, 1990, before me, a Notary Public personally
appeared John A. Lorentz and Gary V. Klinefelter, know by me to be the persons
whose signatures are subscribed to the within instrument and who acknowledged
that they executed the same as their free act for the purposes therein
contained.

IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                        /s/ BLANCHE I. PASSOLT
                                        ----------------------------------
                                                  Notary Public

(NOTARIAL SEAL)
    (STAMP)
<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 14th day of January,
1991, entered into by U-Haul Co. of Florida, the Surviving Corporation, and
U-Haul Co. of Central Florida, U-Haul Co. of Eastern Florida, U-Haul Co. of
Northern Florida and U-Haul Co. of Southern Florida, the Absorbed Corporations,
all corporations of the State of Florida and together referred to as the
Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Florida, which laws permit such merger. The
written adoption by the Shareholder and Directors was January 14, 1991.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporations's principal office. The location of that office is 2721
N. Central Avenue, Phoenix, Arizona 85004, c/o John A. Lorentz.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         (1)      All issued and outstanding shares of stock of the Constituent
Corporation shall be cancelled.

         (2)      On the effective date of the merger and when the
aforementioned cancellation has been effected, the outstanding shares of stock
of the Surviving Corporation shall be deemed for all corporate purposes to
evidence the ownership of the Constituent Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                      NUMBER OF      NUMBER OF            NUMBER   NUMBER
                       SHARES          SHARES             VOTED     VOTED
    COMPANY NAME     OUTSTANDING  ENTITLED TO VOTE         FOR     AGAINST
- --------------------------------------------------------------------------
<S>                  <C>          <C>                     <C>      <C>
U-HAUL CO. OF
FLORIDA                  500            500                 500      -0-

U-HAUL CO. OF
CENTRAL FLORIDA          500            500                 500      -0-

U-HAUL CO. OF
EASTERN FLORIDA          500            500                 500      -0-

U-HAUL CO. OF
NORTHERN FLORIDA         500            500                 500      -0-

U-HAUL CO. OF
SOUTHERN FLORIDA         500            500                 500      -0-
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Florida, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Florida.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C. T. Corporation
System as its agent to accept service of process on any suit or other proceeding
and to enforce against the Surviving Corporation any obligation of any
Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation.

<PAGE>

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                                      VIII

         The effective date of the merger shall be January 1, 1991.

         IN WITNESS WHEREOF the corporate parties hereto executes this
PLAN/AGREEMENT/ARTICLES OF MERGER this 14th day of January, 1991.

         SURVIVING CORPORATION        U-HAUL CO. OF FLORIDA,
                                      a Florida Corporation

                                      By: /s/ John A. Lorentz
                                          ----------------------------
                                          John A. Lorentz, President

Verified

BY: /s/ Gary V. Klinefelter
    -------------------------------
    Gary V. Klinefelter, Secretary

         ABSORBED CORPORATIONS        U-HAUL CO. OF CENTRAL FLORIDA
                                      U-HAUL CO. OF EASTERN FLORIDA
                                      U-HAUL CO. OF NORTHERN FLORIDA
                                      U-HAUL CO. OF SOUTHERN FLORIDA

                                      BY: /s/ John A. Lorentz
                                          ----------------------------
                                          John A. Lorentz, President

Verified

By: /s/ Gary V. Klinefelter
    --------------------------------
     Gary V. Klinefelter, Secretary

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 14th day of January, 1991, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, know to me to be the President of
U-Haul Co. of Florida, a Florida corporation that he is the person who executed
this instrument on behalf of said corporation, and acknowledged to me that such
corporation executed the same.

                                           /s/ [ILLEGIBLE]
                                           --------------------------
                                                 NOTARY  PUBLIC

STATE OF ARIZONA

COUNTY OF MARICOPA

         on this 14th day of January, 1991, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the President of
U-Haul Co. of Central Florida, U-Haul Co. of Eastern Florida, U-Haul Co. of
Northern Florida and U-Haul Co. of Southern Florida, all Florida corporations,
that he is the person who executed this instrument on behalf of said
corporation, and acknowledged to me that such corporation executed the same.

                                            /s/ [ILLEGIBLE]
                                            -------------------------
                                                  NOTARY PUBLIC

(NOTARY SEAL)

<PAGE>

                              ARTICLES OF AMENDMENT

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

                               U-HAUL CO. FLORIDA

STATE OF ARIZONA

COUNTY OF MARICOPA

George R. olds and John A. Lorentz being first duly sworn, upon their oath
depose and say:

1.           That they are the Secretary and Assistant Secretary respectively of
         U-HAUL CO. FLORIDA, a Florida corporation.

2.       That at a meeting of the Board of Directors of said corporation, duly
         held at Phoenix, Arizona on May 2, 1994, the following resolution was
         adopted.

"RESOLVED" that Article I of the Articles of Incorporation of this corporation
be amended to read as follows:

         The name of the corporation shall be U-HAUL CO. OF FLORIDA.

3.       That the shareholders have adopted said amendment by resolution at a
         meeting held at Phoenix, Arizona on May 2, 1994. That the wording of
         the amended article, as set forth in the shareholder's resolution is
         the same as set forth in the director's resolution in Paragraph 2
         above.

4.       That the number of shares which voted affirmatively for the adoption of
         said resolution is 500 and that the total number of shares entitled to
         vote on or consent to said amendment is 500.

                                           /s/ George R. olds
                                           ------------------------------
                                           George R. olds, Secretary

                                           /s/ John A. Lorentz
                                           ------------------------------
                                           John A. Lorentz, Assistant
                                                            Secretary

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

On this 6th day of MAY, 1994, before me, a Notary Public personally appeared
George R. Olds and John A. Lorentz, known by me to be the persons whose
signatures are subscribed to the within instrument and who acknowledged that
they executed the same as their free act for the purposes therein contained.

IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                        /s/ Blanche I. Passolt
                                        -----------------------------
                                                NOTARY PUBLIC

(NOTARIAL SEAL)


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.74
<SEQUENCE>73
<FILENAME>p68936exv3w74.txt
<DESCRIPTION>EXHIBIT 3.74
<TEXT>
<PAGE>

                                                                    Exhibit 3.74

                                   BY-LAWS OF

                    U-HAUL CO. OF THE WEST COAST OF FLORIDA

                             A Florida Corporation

                                   ARTICLE I

                                                            DATE: March 23, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Florida shall be located
in the city of Tampa. The corporation may have such other offices either
within or without the state of Florida as the Board of Directors may designate
or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
third Friday of February of each year, at the office of the corporation in the
state of Florida or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as my be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shell be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                      -1-
<PAGE>

may be held within or without the state of Florida. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                      -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Florida.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Florida.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                      -3-
<PAGE>

         1st.     Roll Call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

     1.   To purchase, lease, and acquire, in any lawful manner any and all real
          or personal property including franchises, stocks, bonds and
          debentures of other companies, business and good will, patents,
          trade-marks in contracts, and interests thereunder, and other rights
          and proprieties which in their Judgment may be beneficial for the
          purpose of this corporation, and to issue shares of stock of this
          corporation in payment of such property, and in payment for services
          rendered to this corporation, when they deem it advisable.

     2.   To fix and determine and to vary, from time to time, the amount or
          amounts to be set aside or retained as reserve funds or as working
          capital of this corporation.

     3.   To issue notes and other obligations or evidences of the debt of this
          corporation, and to secure the same, If deemed advisable, and endorse
          and guarantee the notes, bonds, stocks, and other obligations of other
          corporations with or without compensation for so doing, and from time
          to time to sell, assign, transfer

                                      -4-
<PAGE>

          or otherwise dispose of any of the property of this corporation,
          subject, however, to the laws of the State of Florida, governing the
          disposition of the entire assets and business of the corporation as a
          going concern.

     4.   To declare and pay dividends, both in the form of money and stock, but
          only from the surplus or from the net profit arising from the business
          of this corporation, after deducting therefrom the amounts, at the
          time when any dividend is declared which shall have been set aside by
          the Directors as a reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorised by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Florida statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. Be shall have general charge of the affairs of the corporation. Be
shall supervise over and direct all officer and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign end execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with

                                      -5-
<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements
of its funds. He shall give such bond for the faithful performance of his duties
as the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President, Vice-
President or Secretary's office, provided the Board of Directors indicates the
combination of these offices.

                                      -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-president, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Florida, the number and par value. If any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferrable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorata to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                      -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholder are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF THE WEST COAST OF FLORIDA, are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                        ____________________________________
                                        President - Carl W. Koch

ATTEST:

___________________________________
Secretary - Joe Reinke

(CORPORATE SEAL)

                                      -8-
<PAGE>

                  MINUTES OF A SPECIAL SHAREHOLDERS MEETING OF

     AMERCO MARKETING CO. OF THE WEST COAST OF FLORIDA, A FLORIDA CORPORATION

                                     HELD BY

                     U-HAUL CO., INC., A FLORIDA CORPORATION

                               AS SOLE SHAREHOLDER

                                                                   June 24, 1971

         U-HAUL CO., INC., a Florida corporation, being the sole stockholder of
AMERCO MARKETING CO. OF THE WEST COAST OF FLORIDA, a Florida corporation, hereby
waives any and all notice of this special Stockholders meeting, and
consents to and agrees that said meeting be held at Pompano Beach,
Florida at the hour of 10:00 o'clock a.m. on June 24, 1971, for the purpose of
amending the By-Laws of AMERCO MARKETING CO. OF THE WEST COAST OF
FLORIDA.

         The meeting was called to order and U-HAUL CO., INC., a Florida
corporation, as sole stockholder of AMERCO MARKETING CO. OF THE WEST COAST OF
FLORIDA, thereupon adopted the following resolution :

         RESOLVED: That the following Articles of the By-Laws of
         AMERCO MARKETING CO. OF THE WEST COAST OF FLORIDA, a Florida
         corporation, be amended to read as follows:

                                   ARTICLE II

                                  STOCKHOLDERS

                  SECTION 1. Annual Meeting:

                  The annual meeting of the shareholders of the corporation
                  shall be held on the Third Friday in May each year, at the
                  office of the corporation in the state of Florida or otherwise
                  as provided in the notice of said meeting. The purpose of said
                  annual meeting shall be for the election of directors and for
                  the purpose of transacting such other business as may be
                  brought before said meeting. The Board of Directors may change
                  the time and place of the annual meeting providing such change
                  of time and place be preceded by a notice of such change to
                  all stockholders of record. If said day of the annual meeting
                  is a legal holiday, then said meeting shall be held on the
                  next ensuing day not a holiday.

<PAGE>

                                  ARTICLE VIII

                                   FISCAL YEAR

                  SECTION 1. Fiscal Year:

                  The fiscal year of the corporation shall commence with the
                  opening of business on the first day of April of each calendar
                  year and shall close on the 31st day of March of the year.

         There being no further business to come before the meeting, it was upon
a motion duly made and seconded, adjourned.

                                          U-HAUL CO., INC.
                                          a Florida corporation

                                       BY: /s/ William McMurray
                                           -----------------------------------
                                           William McMurray, President

<PAGE>

                             U-HAUL CO. OF FLORIDA,
                              A FLORIDA CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Florida, a
Florida corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                          SHAREHOLDER:

                                          U-Haul International, Inc., a Nevada
                                          Corporation

                                          By: /s/ Gary V. Klinefelter
                                              --------------------------------
                                          Name: Gary V. Klinefelter
                                          Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.75
<SEQUENCE>74
<FILENAME>p68936exv3w75.txt
<DESCRIPTION>EXHIBIT 3.75
<TEXT>
<PAGE>


                                                                    EXHIBIT 3.75

     SECRETARY OF STATE                      DOCKET NUMBER          : 032170128
   CORPORATIONS DIVISION                     CONTROL NUMBER         : H001630
       315 WEST TOWER                        DATE INC /AUTH /FILED  : 03/23/1970
#2 MARTIN LUTHER KING, JR. DR.               JURISDICTION           : GEORGIA
 ATLANTA, GEORGIA 30334-1530                 PRINT DATE             : 08/05/2003
                                             FORM NUMBER            : 215

PATTIE HARDY
CT CORPORATION SYSTEM
1201 PEACHTREE STREET, N.E.
ATLANTA, GA 30361

                                 CERTIFIED COPY

I, Cathy Cox, the Secretary of State of the State of Georgia, do hereby certify
under the seal of my office that the attached documents are true and correct
copies of documents filed under the name of

                              U-HAUL CO. OF GEORGIA
                         A DOMESTIC PROFIT CORPORATION

Said entity was formed in the jurisdiction set forth above and has filed in the
Office of Secretary of State on the date set forth above its certificate of
limited partnership, articles of incorporation, articles of association,
articles of organization or application for certificate of authority to transact
business in Georgia.

This certificate is issued pursuant to Title 14 of the Official Code of Georgia
Annotated and is prima-facie evidence of the existence or nonexistence of the
facts stated herein.

                                                     /s/ Cathy Cox
                                                     ------------------
[SEAL]                                                  Cathy Cox
                                                    Secretary of State

<PAGE>

      SECRETARY OF STATE                        DOCKET NUMBER     : 941800367
BUSINESS SERVICES AND REGULATION                CONTROL NUMBER    : 7001630
     SUITE 315, WEST TOWER                      EFFECTIVE DATE    : 06/28/1994
  2 MARTIN LUTHER KING JR. DR.                  REFERENCE         : 0045
 ATLANTA, GEORGIA   30334-1530                  PRINT DATE        : 07/11/1994
                                                FORM NUMBER       : 611

U-HAUL INTERNATIONAL
BLANCHE I. PASSOLT
P. O. BOX 21502
PHOENIX AZ 85036-1502

                      CERTIFICATE OF NAME CHANGE AMENDMENT

I, MAX CLELAND, Secretary of State and the Corporation Commissioner of the State
of Georgia, do hereby certify under the seal of my office that

                               U-HAUL CO. GEORGIA
                         A DOMESTIC PROFIT CORPORATION

has filed articles of amendment in the office of the Secretary of State changing
its name to

                             U-HAUL CO. OF GEORGIA

and has paid the required fees as provided by Title 14 of the Official Code of
Georgia Annotated. Attached hereto is a true and correct copy of said articles
of amendment.

WITNESS my hand and official seal in the City of Atlanta and the State of
Georgia on the date set forth above.

                                                      /s/ Max Cleland
                                                      MAX CLELAND
                                                      SECRETARY OF STATE

                                                      /s/ Verley J. Spivey
                                                      VERLEY J. SPIVEY
[SEAL]                                                DEPUTY SECRETARY OF STATE

SECURITIES         CEMETERIES        CORPORATIONS         CORPORATIONS HOT LINE
 656-2894           656-3079           656-2817               4O4-656-2222
                                                          Outside Metro-Atlanta

<PAGE>

                              ARTICLES OF AMENDMENT

                                       OF

                           ARTICLES OF INCORPORATION

                                       OF

                               U-HAUL CO. GEORGIA

Gary V. Klinefelter and John A. Lorentz being first duly sworn, upon their oath
depose and say:

1.       That they are the Secretary and Assistant Secretary respectively of
U-Haul Co. Georgia, a Georgia corporation.

2.       That at a meeting of the Board of Directors of said corporation, duly
held at Phoenix, Arizona on June 20, 1994, the following resolution was adopted.

         "RESOLVED, that Article I of the Articles of Incorporation of this
         corporation be amended to read as follows:

         The name of the corporation is: U-HAUL CO. OF GEORGIA.

3.       That the shareholders have adopted said amendment by resolution at a
meeting held at Phoenix, Arizona on June 20, 1994. That the wording of the
amended article, as set forth in the shareholder's resolution is the same as the
set forth in the directors resolution in Paragraph 2 above.

4.       That the number of shares which voted affirmatively for the
adoption of said resolution is 500 and the total number of shares entitled to
vote on or consent to said amendment is 500.

                                                /s/ Gary V. Klinefelter
                                                --------------------------------
                                                Gary V. Klinefelter,  Secretary

                                                /s/ John A. Lorentz
                                                --------------------------------
                                                John A. Lorentz,  Assistant
                                                Secretary

                                                            (STAMP)

<PAGE>

      SECRETARY OF STATE                 TRANSACTION NUMBER : 91045040
BUSINESS SERVICES AND REGULATION         CHARTER NUMBER     : 7001630
     SUITE 315, WEST TOWER               DATE INCORPORATED  : 05/09/[ILLEGIBLE]
  2 MARTIN LUTHER KING JR. DR.           EFFECTIVE DATE     : 01/24/91
 ATLANTA, GEORGIA 30334-1530             EXAMINER           : SANDRA [ILLEGIBLE]
                                         TELEPHONE          : 404-656-0624

         REQUESTED BY

         U-HAUL INTERNATIONAL
         BLANCHE I. PASSOLT
         P.O. BOX 21502
         PHOENIX, AZ 85036

                             CERTIFICATE OF MERGER

         I, MAX CLELAND, Secretary of State and the Corporations Commissioner of
the State of Geogia do hereby certify, under the seal of my office; that
articles of merger have been duly filed on the effective date set forth above,
merging

                                  [ILLEGIBLE]

<PAGE>

                       PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 17th day of January,
1991, entered into by U-Haul Co. of Georgia, a Georgia corporation, the
surviving corporation and Atlanta Mfg. Co. Inc. Georgia GRI Mfg. Co., and U-Haul
Co. of Southern Georgia, all Georgia corporations, and the absorbed
Corporations, and together referred to as the Constituent Corporations hereby
witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Georgia which laws permit such merqers.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is John A.
Lorentz, 2721 N. Central Avenue, Phoenix, Arizona 85004.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Absorbed corporation shall be cancelled.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Surviving
                           Corporation.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                 NUMBER OF
                   NUMBER OF       SHARES       NUMBER   NUMBER
    COMPANY         SHARES        ENTITLED      VOTED     VOTED
      NAME        OUTSTANDING     TO VOTE        FOR     AGAINST
- ----------------  -----------    ---------      ------   -------
<S>               <C>            <C>            <C>      <C>
U-HAUL CO. OF
GEORGIA               500           500           500       -0-

ATLANTIA MFG.
CO., INC.              50            50            50       -0-

GEORGIA GRI MFG.
CO.                    50            50            50       -0-

U-HAUL CO. OF
SOUTHERN GEORGIA      500           500           500       -0-
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Georgia to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Georgia.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C. T. Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic corporation. A copy of any such process
may be mailed to John A. Lorentz, P. O. Box 21502, Phoenix, Arizona 85036.

<PAGE>

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                                      VIII

         The effective date of the merger shall be January 1, 1991.

                               Surviving Corporation: U-HAUL CO. OF
                                                      GEORGIA, a Georgia
                                                      Corporation

                               By:    /s/ John A. Lorentz
                                   ---------------------------------------------
                                      John A. Lorentz, President

Verified

By:    /s/ Gary V. Klinefelter
    ---------------------------------------------
       Gary V. Klinefelter, Secretary

                         Absorbed Corporations: ATLANTA MFG. CO. INC.
                                                GEORGIA GRI MFG. CO.
                                                U-HAUL CO. OF SOUTHERN
                                                GEORGIA, all Georgia
                                                Corporations

                               By:    /s/ John A. Lorentz
                                   ---------------------------------------------
                                      John A. Lorentz, President

Verified

By:    /s/ Gary V. Klinefelter
    ---------------------------------------------
       Gary V. Klinefelter, Secretary

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this [ILLEGIBLE] day of January, 1991, before me, the undersigned
Notary Public, personally appeared John A. Lorentz, known to me to be the
President of U-Haul Co. of Georgia, a Georgia Corporation, that he is the person
who executed this instrument on behalf of said corporation, and acknowledged to
me that such corporation executed the same.

                                                 /s/ [ILLEGIBLE]
                                      ------------------------------------------
                                                    NOTARY PUBLIC

        (NOTARY SEAL)

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this [ILLEGIBLE] day of January, 1991 before me, the undersigned
Notary Public, personally appeared John A. Lorentz known to me to be the
President of Atlanta Mfg. Co. Inc., Georgia GRI Mfg. Co., and U-Haul Co. of
Southern Georgia, all Georgia Corporations, that he is the person who executed
this instrument on behalf of said corporation, and acknowledged to me that such
corporation executed the same.

                                                 /s/ [ILLEGIBLE]
                                      ------------------------------------------
                                                    NOTARY PUBLIC

        (NOTARY SEAL)

<PAGE>

                                NOTICE OF MERGER

         Notice is given that articles or a certificate of merger which will
effect a merger by and between U-Haul Co. of Georgia and Atlanta Mfg. Co., Inc.,
Georgia GRI Mfg. Co., and U-Haul Co. of Southern Georgia, all Georgia
corporations will be delivered to the Secretary of State for filing in
accordance with the Georgia Business Corporation Code. The name of the surviving
corporation in the merger will be U-Haul Co. of Georgia, a corporation
incorporated in the state of Georgia. The registered office of such corporation
is located at 2 Peachtree street, N. W., Atlanta, Georgia and its registered
agent at such address is C. T. Corporation System.

                                          /s/ John A. Lorentz
                                      ------------------------------------------
                                          John A. Lorentz, President

<PAGE>

       SECRETARY OF STATE                     TRANSACTION NUMBER  : 90324181
BUSINESS SERVICES AND REGULATION              CONTROL NUMBER      : 7001630
     SUITE 315, WEST TOWER                    DATE INCORPORATED   : 05/09/73
  2 MARTIN LUTHER KING JR. DR.                DATE AMENDED        : 11/19/90
  ATLANTA, GEORGIA 30334-1530                 EXAMINER            : JACKIE SLATE
                                              TELEPHONE           : 404-656-2640

         REQUESTED BY:

         BLANCHE I. PASSOLT
         U-HAUL INTERNATIONAL
         2727 N. CENTRAL AVE.,POB 21502
         PHOENIX, AZ 85036-1502

                            CERTIFICATE OF AMENDMENT

                  I, MAX CLELAND, Secretary of State and Corporations
         Commissioner of the State of Georgia do hereby certify, under the seal
         of my office, that the articles of incorporation of

                         "U-HAUL CO. OF WESTERN GEORGIA"

         have been duly amended under the laws of the State of Georgia, changing
         its name to

                              "U-HAUL CO. GEORGIA"

         by the filing of articles of amendment in the office of the Secretary
         of State and the fees therefor paid, as provided by law, and that
         attached hereto is a true and correct copy of said articles of
         amendment.

                  WITNESS, my hand and official seal, in the City of Atlanta and
         the State of Georgia on the date set forth below.

         DATE: DECEMBER 11, 1990

                                                  /s/ Max Cleland
                                                  ---------------------
[SEAL]                                            MAX CLELAND
                                                  SECRETARY OF STATE

SECURITIES         CEMETERIES          CORPORATIONS        CORPORATIONS HOT-LINE
 656-2894           656-3079             656-2817               404-656-2222
                                                           Outside Metro-Atlanta

<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                           ARTICLES OF INCORPORATION

                                       OF

                         U-HAUL CO. OF WESTERN GEORGIA

STATE OF ARIZONA

COUNTY OF MARICOPA

John A. Lorentz and Gary V. Klinefelter being first duly sworn, upon their oath
depose and say:

1.       That they are the President and Secretary respectively of U-HAUL CO. OF
         WESTERN GEORGIA, a Georgia corporation.

2.       That at a meeting of the Board of Directors of said corporation, duly
         held at Phoenix, Arizona on October 25, 1990, they following resolution
         was adopted.

"RESOLVED: That Article I of the Articles of Incorporation of this corporation
be amended to read as follows:

The name of the corporation is U-HAUL CO. GEORGIA.

3.       That the shareholders have adopted said amendment by resolution at a
         meeting held at Phoenix, Arizona on October 25, 1990. That the wording
         of the amended article, as set forth in the shareholder's resolution is
         the same as the set forth in the directors' resolution in Paragraph 2
         above.

4.       That the number of shares which voted affirmatively for the adoption of
         said resolution is 500 and that the total number of shares entitled to
         vote on or consent to said amendment is 500.

                                               /s/ John A. Lorentz
                                              ----------------------------------
                                               John A. Lorentz, President

                                               /s/ Gary V. Klinefelter
                                              ----------------------------------
                                               Gary V. Klinefelter, Secretary


(STAMP)
<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

On this 25th day of October, 1990, before me, a Notary Public personally
appeared John A. Lorentz and Gary V. Klinefelter, know by me to be the persons
whose signatures are subscribed to the within instrument and who acknowledged
that they executed the same as their free act for the purposes therein
contained.

IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                          /s/ BLANCHE L. PASSOLT
                                      ------------------------------------------
                                              Notary Public

(NOTARIAL SEAL)

<PAGE>

                                  CERTIFICATION

         I, John A. Lorentz, being the duly elected and acting President of
U-Haul Co. of Western Georgia, a Georgia corporation, hereby certify that the
Notice of Amendment was sent to Fulton County Daily Report, at 190 Prior Street,
S.W., Atlanta, Georgia 30303 along with our $60.00 check.

DATE: December 4, 1990

                                               /s/ John A. Lorentz
                                            ------------------------------------
                                               John A. Lorentz, President

<PAGE>

       SECRETARY OF STATE                    FORM NUMBER        : NR
BUSINESS SERVICES AND REGULATION             CERTIFICATE DATE   : 11/08/90
     SUITE 315, WEST TOWER                   DOCKET NUMBER      : 90312211
  2 MARTIN LUTHER KING JR. DR.               EXAMINER           : STACY GILLEY
   ATLANTA,GEORGIA 30334-1530                TELEPHONE          : 404-656-3173

         REQUESTED BY:

         BLANCHE I. PASSOLT/UHAUL INTER
         P.O. BOX 21502
         PHOENIX        AZ 25036

                          NAME RESERVATION CERTIFICATE

                  THE RECORDS OF THE SECRETARY OF STATE HAVE BEEN REVIEWED AND
         THE FOLLOWING NAME IS NOT IDENTICAL TO, AND APPEARS TO BE
         DISTINGUISHABLE FROM, THE NAME OF ANY OTHER EXISTING CORPORATION
         PROFESSIONAL ASSOCIATION, OR LIMITED PARTNERSHIP ON FILE PURSUANT TO
         THE APPLICABLE PROVISIONS OF GEORGIA LAW. (TITLE 14 OF THE OFFICIAL
         CODE OF GEORGIA ANNOTATED).

                             "U-HAUL CO. OF GEORGIA"

                  THIS CERTIFICATE SHALL BE VALID FOR A NONRENEWABLE PERIOD OF
         NINETY (90) DAYS FOR PROFIT AND NONPROFIT CORPORATIONS, PROFESSIONAL
         ASSOCIATIONS (DP, FP, DN, FN, & PA), OR LIMITED PARTNERSHIPS
         ([ILLEGIBLE] OR 7F), FROM THE DATE OF THIS CERTIFICATE. PLEASE SUBMIT
         THE ORIGINAL CERTIFICATE (WHITE COPY) WITH THE ARTICLES OF
         INCORPORATION, CERTIFICATE OF LIMITED PARTNERSHIP, APPLICATION FOR
         PROFESSIONAL ASSOCIATION OR CERTIFICATE OF AUTHORITY TO TRANSACT
         BUSINESS

                  NAME RESERVATIONS ARE NOT RENEWABLE AFTER EXPIRATION OF THE
         STATUTORY RESERVATION PERIOD SET OUT ABOVE.

                                               /s/ Max Cleland
                                               ---------------
[SEAL]                                         MAX CLELAND
                                               SECRETARY OF STATE

SECURITIES        CEMETERIES         CORPORATIONS         CORPORATIONS HOT-LINE
 656-2894          656-3079            656-2817                404-656-2222
                                                          Outside Metro-Atlanta

<PAGE>

     SECRETARY OF STATE                      TRANSACTION NUMBER   : 89139461
BUSINESS SERVICES AND REGULATION             CHARTER NUMBER       : 7001630
    SUITE 306, WEST TOWER                    DATE INCORPORATED    : 05/09/73
 2 MARTIN LUTHER KING JR. DR.                EFFECTIVE DATE       : 04/24/89
 ATLANTA, GEORGIA [ILLEGIBLE]                EXAMINER             : JACKIE SLATE
                                             TELEPHONE            : 404/656-2811


         MAILED TO:
         U-HAUL INTERNATIONAL
         P.O. BOX 21502
         PHOENIX, AZ 84036

                              CERTIFICATE OF MERGER

                  I, MAX CLELAND, Secretary of State and Corporations
         Commissioner of the State of Georgia do hereby certify, under the seal
         of my office, that articles of merger have been duly filed on the
         effective date set forth above, merging

                  "ATLANTA RENTAL EQUIPMENT REPAIR SHOP, INC."
                             a Georgia Corporation
                                  with and into
             "U-HAUL CO. OF WESTERN GEORGIA", a Georgia corporation

         and the fees therefor paid as provided by law, and that attached hereto
         is a true and correct copy of said articles of merger.

                  WITNESS, my hand and official seal, in the City of Atlanta and
         the State of Georgia on the date set forth below.

         DATE: MAY 30, 1989

                                                    /s/ Max Cleland
                                                    ---------------
                                                    MAX CLELAND
                                                    SECRETARY OF STATE

[SEAL]                                              /s/ H. Wayne Howell
                                                    -------------------
                                                    H. WAYNE HOWELL
                                                    DEPUTY SECRETARY OF STATE

SECURITIES         CEMETERIES       CORPORATIONS          CORPORATIONS HOT-LINE
 656-2894           656-3079        [ILLEGIBLE]               404-656-2222

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

                  This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 18th day of
         January, 1989, entered into by U-Haul Co. of Western Georgia, the
         Surviving corporation and Atlanta Rental Equipment Repair Shop, Inc.,
         the Absorbed Corporation, both corporations of the State of Georgia and
         together referred to as the Constituent Corporations hereby witnesseth
         that:

                  The respective Boards of Directors and the Sole Shareholder by
         resolution have determined it to be advisable that the Absorbed
         Corporation be merged into the Surviving Corporation under the terms
         and conditions hereinafter set forth in accordance with the applicable
         provisions of the General Corporation Law of the state of Georgia,
         which laws permit such merger.

                  NOW THEREFORE, the parties hereto do agree as follows:

                                        I

                  The Articles of Incorporation of the Surviving Corporation
         shall continue to be its Articles of Incorporation, unless altered or
         amended below, following the effective data of the merger.

                                       II

                  The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file
         at the Surviving Corporation's principal office. The location of that
         office is 300 Peters St. S.W., Atlanta, GA [ILLEGIBLE].

                                      III

                  The provisions for handling the shares of stock of the
         Constituent Corporations are as follows:

                           (1)      All issued and outstanding shares of stock
                                    of the Constituent Corporation shall be
                                    absorbed.

                           (2)      On the effective date of the merger and when
                                    the aforementioned cancellation has been
                                    effected, the outstanding shares of stock of
                                    the Surviving Corporation shall be deemed
                                    for all corporate purposes to evidence the
                                    ownership of the Constituent Corporations.

<PAGE>

                                       IV

                  The number of shares outstanding and the number of shares
         entitled to vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the
         number of shares voted for and against such PLAN/AGREEMENT/ ARTICLES OF
         MERGER as to each corporation was as follows:

<TABLE>
<CAPTION>
                    NUMBER OF    NUMBER OF  NUMBER  NUMBER
    COMPANY          SHARES       SHARES    VOTED    VOTED
     NAME          OUTSTANDING   ENTITLED    FOR    AGAINST
                                  TO VOTE
- -----------------  -----------   ---------  ------  -------
<S>                <C>           <C>        <C>     <C>
Atlanta Rental        4000         4000      4000      0
Equipment
Repair Shop, Inc.

U-Haul Co. of         2500         2500      2500      0
Western Georgia
</TABLE>

                                        V

                  The Constituent Corporations shall take or cause to be taken
         all action or do or cause to be done, all things necessary, proper or
         advisable under the laws of the State of Georgia, to consummate and
         make effective this merger, subject, however to the appropriate vote or
         consent to the stockholders of the Constituent Corporation in
         accordance with the requirements of the State of Georgia.

                                       VI

                  The Surviving Corporation hereby irrevocable appoints C T
         Corporation System, as its agent to accept service of process in any
         suit or other proceeding and to enforce against the surviving
         Corporation any obligation of any Constituent Domestic Corporation or
         enforce the rights of a dissenting shareholder of any Constituent
         Domestic Corporation. A copy of any such process may be mailed to John
         A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

                  The Surviving Corporation shall pay all expenses of
         accomplishing the merger, and assumes the responsibility for all tax
         liabilities of the Absorbed Corporation.

         Effective date of Merger March 31, 1989.

<PAGE>

                     Surviving Corporation:  U-HAUL CO. OF WESTERN GEORGIA
                                             A Georgia Corporation

                               By: /s/ Gary B. Curtis
                                   ---------------------------------------------
                                   Gary B. Curtis, President

Verified

By: /s/ Trudy Scott
    -----------------------------------------
    Trudy Scott, Secretary

                     Absorbed Corporation:   Atlanta Mfg. Co., Inc.
                                             A Georgia Corporation

                               By: /s/ Russell E. Collins
                                   ---------------------------------------------
                                   Russell E. Collins, President

Verified

By: /s/ Dorthea J. Burnam
    -----------------------------------------
    Dorthea J. Burnam, Secretary

<PAGE>


STATE OF GEORGIA
COUNTY OF [ILLEGIBLE]

         On this 9 day of March 1989, before me, the undersigned Notary Public,
personally appeared Gary Curtis, known to me to be the President of U-Haul Co.
of Western Georgia, a Georgia corporation, that he is the person who executed
this instrument on behalf of said corporation, and acknowledged to me that such
corporation executed the same.

                                         /s/ [ILLEGIBLE]
                                         ---------------------------------------
                                         NOTARY PUBLIC

         (NOTARY SEAL)

STATE OF ARIZONA
COUNTY OF MARICOPA

         On this    day of    , 1989, before me, the undersigned Notary public,
personally appeared Russell E. Collins, known to me to be the President of
Atlanta Rental Equipment Repair Shop, Inc. a Georgia corporation, that he is the
person who executed this instrument behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                         _______________________________________
                                         NOTARY PUBLIC

         [NOTARY SEAL]

<PAGE>

                        UNANIMOUS CONSENT OF THE MEMBERS

                          OF THE BOARD OF DIRECTORS OF

                          U-HAUL CO. OF WESTERN GEORGIA

                              A GEORGIA CORPORATION

                                                        January 18, 1989

         The undersigned, constituting all the members of the Board of Directors
of U-Haul Co. of Western Georgia, a Georgia corporation, hereby consent to and
adopt the following resolutions:

         RESOLVED: That this corporation does hereby agree to and approve the
         Plan of Merger between this corporation and Atlanta Rental Equipment
         Repair Shop, Inc., whereby this corporation shall be the surviving
         corporation, all in accordance with the copy of the Plan of Merger
         attached hereto, and be it further

         RESOLVED: That the President and Secretary of this corporation be and
         they hereby are authorized and directed to execute on behalf of this
         corporation said Plan of Merger and to do all and everything necessary
         to complete said merger, and

         RESOLVED: That said Plan be submitted to the sole shareholder of this
         corporation for the purpose of considering the approval of said plan.

                                                /s/ Gary Curtis
                                                --------------------------------
                                                Gary Curtis, Director

                                                /s/ Russell Collins
                                                --------------------------------
                                                Russell Collins, Director

                                                /s/ Mike Sweeney
                                                --------------------------------
                                                Mike Sweeney, Director

<PAGE>


                        UNANIMOUS CONSENT OF THE MEMBERS

                          OF THE BOARD OF DIRECTORS OF

                   ATLANTA RENTAL EQUIPMENT REPAIR SHOP, INC.

                              A GEORGIA CORPORATION

                                                        January 18, 1989

         The undersigned, constituting all the members of the Board of Directors
of Atlanta Rental Equipment Repair Shop, Inc., a Georgia corporation, hereby
consent to and adopt the following resolutions:

         RESOLVED: That Atlanta Rental Equipment Repair Shop, Inc., does hereby
         agree to and approve the Plan of Merger between this corporation and
         U-Haul of Western Georgia, whereby this corporation shall be absorbed
         into U-Haul Co. of Western Georgia, all in accordance with the copy of
         the Plan of Merger attached hereto, and be it further

         RESOLVED: That the President and Secretary of this corporation be and
         they hereby are authorized and directed to execute on behalf of this
         corporation said Plan of Merger and to do all and everything necessary
         to complete said merger, and be it further

         RESOLVED: That said Plan be submitted to the [ILLEGIBLE] shareholder of
         this corporation for the purpose of considering the approval of said
         Plan.

                                              /s/ Russell E. Collins
                                              ----------------------------------
                                              Russell E. Collins, Director

                                              /s/ Gary B. Curtis
                                              ----------------------------------
                                              Gary B. Curtis, Director

                                              /s/ Diane Sweeney
                                              ----------------------------------
                                              Diane Sweeney, Director

<PAGE>

                         CONSENT OF THE SOLE STOCKHOLDER

                                       OF

                         U-HAUL CO. OF WESTERN GEORGIA

                                       AND

                   ATLANTA RENTAL EQUIPMENT REPAIR SHOP, INC.

                            BOTH GEORGIA CORPORATIONS

                                                        January 18, 1988

         AMERCO, a Nevada corporation, the sole shareholder of the above named
corporations, acting through John M. Dodds, on authority of the Executive
Management Team, the group designated by the Board of Directors of AMERCO to
vote the stock of all of its subsidiaries, hereby consents to and adopts the
following:

         RESOLVED: That this corporation, the sole shareholder of U-Haul Co. of
         Western Georgia, Inc., and Atlanta Rental Equipment Repair Shop, Inc.,
         does hereby approve and adopt the Plan of Merger between said
         corporations, whereby Atlanta Rental Equipment Repair Shop, Inc., shall
         be absorbed into U-Haul Co. of Western Georgia, the surviving
         corporation, all in accordance with the Plan of Merger, and be it
         further

         RESOLVED: That the Board of Directors and Officers of said merging
         corporations be and they hereby are, authorized and directed to all
         further action and to execute all documents they deem necessary or
         advisable to consummate the said merger and to amend any of the terms
         of the said Plan of Merger, and further

         BE IT RESOLVED: That the Secretary of each said corporation is hereby
         authorized to certify as to the Consent of the sole shareholder of the
         Plan of Merger, or within the Articles of Merger.

                                                    AMERCO, a Nevada Corporation

                                                    BY: /s/ John M. Dodds
                                                        ------------------------
                                                        John M. Dodds

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 28th day of June,
1988, entered into by U-Haul Co. of Western Georgia, the Surviving Corporation,
and Mover World of Georgia, Inc., the Absorbed Corporation, both corporations of
the State of Georgia, and together referred to as the Constituent Corporations
hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Georgia, which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                       I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporations's principal office. The location of that office is 300
Peters St. S.W., Atlanta, GA. 30313.

                                       1

<PAGE>

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1) All issued and outstanding shares of stock of the
                  Constituent Corporation shall be absorbed.

                  (2) On the effective date of the merger and when the
                  aforementioned cancellation has been effected, the outstanding
                  shares of stock of the Surviving Corporation shall be deemed
                  for all corporate purposes to evidence the ownership of the
                  Constituent Corporations.

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                          NUMBER OF     NUMBER OF    NUMBER     NUMBER
    COMPANY                SHARES        SHARES      VOTED       VOTED
     NAME                OUTSTANDING    ENTITLED      FOR       AGAINST
                                         TO VOTE
- ----------------         -----------    ---------    ------     -------
<S>                      <C>            <C>          <C>        <C>
Movers World of
   Georgia                   100           100         100         0

U-Haul Co. of
Western Georgia              500           500         500         0
</TABLE>

                                       2

<PAGE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Georgia, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Georgia.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                      VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                                       3
<PAGE>

                  Surviving Corporation:     U-HAUL CO. OF WESTERN GEORGIA
                                             a Georgia Corporation

                                        By:  /s/ Gary Curtis
                                             ----------------------------------
                                             Gary Curtis, President

Verified

By: /s/ Patricia Curtis
   -------------------------------------
   Patricia Curtis, Secretary

                  Absorbed Corporation:      MOVERS WORLD OF GEORGIA, INC.
                                             a Georgia Corporation

                                         BY: /s/ John M. Dodds
                                             -----------------------------------
                                             John M. Dodds, President

Verified

By: /s/ John A. Lorentz
    ------------------------------------
    John A. Lorentz, Secretary

STATE OF  GEORGIA
COUNTY OF FULTON

         On this 11th day of August, 1988, before me, the undersigned Notary
Public, personally appeared Gary Curtis, known to me to be the President of
U-Haul Co. of Western Georgia, a Georgia corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

         (NOTARY SEAL)                  /s/ [ILLEGIBLE]
                                        ---------------------------
                                        NOTARY PUBLIC

STATE OF ARIZONA
COUNTRY OF MARICOPA

         On this 3rd day of August, 1988, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the Secretary of
Movers World of Georgia, Inc., a Georgia corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

         (NOTARIAL SEAL)                /s/ [ILLEGIBLE]
                                        ---------------------------
                                        NOTARY PUBLIC

                                              My Commission Expires Feb. 6, 1990

                                       4
<PAGE>

                         CONSENT OF THE SOLE STOCKHOLDER

                                       OF

                          U-HAUL CO. OF WESTERN GEORGIA

                                       AND

                          MOVERS WORLD OF GEORGIA, INC.

                            BOTH GEORGIA CORPORATIONS

                                                       June 28, 1988

         AMERCO, a Nevada corporation, the sole shareholder of the above named
corporations, acting through John M. Dodds, on authority of the Executive
Management Team, the group designated by the Board of Directors of AMERCO to
vote the stock of all of its subsidiaries, hereby consents to and adopts the
following:

                           RESOLVED: That this corporation, the sole shareholder
                           of U-Haul Co. of Western Georgia, and Movers World of
                           Georgia, does hereby approve and adopt the Plan of
                           Merger between said corporations, whereby Movers
                           World of Georgia, shall be absorbed into U-Haul Co.
                           of Western Georgia [ILLEGIBLE] surviving corporation,
                           all in accordance with the Plan of Kerger, and be it
                           further

                           RESOLVED: That the Board of Directors and Officers of
                           said merging corporations be and they hereby are,
                           authorized and directed to all further action and to
                           execute all documents they deem necessary or
                           advisable to consummate the said merger and to amend
                           any of the terms of the said Plan of Merger, and
                           further

                           BE IT RESOLVED: That the Secretary of each said
                           corporation is hereby authorized to certify as to the
                           Consent of the sole Shareholder of the plan of
                           Merger, or within the Articles of Merger.

                                           AMERCO, a Nevada corporation

                                           By: /s/ John M. Dodds
                                              ---------------------------------
                                                John M. Dodds

<PAGE>

STATE OF GEORGIA

COUNTY OF FULTON

         I, BARBARA J. PRICE, Clerk of the Superior Court of Fulton County.
Georgia, do hereby certify that the within and foregoing is a true and correct
copy of petition of

U-HAUL CO. OF EASTERN GEORGIA and U-HAUL CO. OF WESTERN GEORGIA

for      ARTICLES OF MERGER OF U-HAUL CO. OF EASTERN GEORGIA into U-HAUL
         CO. OF WESTERN GEORGIA with surviving corporation to be U-HAUL CO. OF
         WESTERN GEORGIA.

and the Order of Court thereon allowing same, all of which appears of file

[ILLEGIBLE]                      Given under my hand and seal of Office

                                 This the 20th day of October, 1975.

                                 /s/ BARBARA J. PRICE
                                 ----------------------------------------------
                                      CLERK OF SUPERIOR COURT
                                      FULTON COUNTY, GEORGIA

<PAGE>

                             PUBLISHER'S AFFIDAVIT

STATE OF GEORGIA-------County of Fulton.

Before me, the undersigned, a Notary Public, this day Personally came Becky
Busby, who, being first duly sworn, according to law, says that she is an agent
of the Atlanta Newspapers Inc., publishers of the Atlanta Constitution, a
newspaper of general circulation, with its principal place of business in said
County, and that there has been deposited with said newspaper the cost of
publishing four (4) insertions of a notice pursuant to Ga. Business Corporation
Code of the granting of Articles of Incorporation Articles of Amendment Articles
of Merger Articles of Intent to Dissolve to merge the U-Haul Company of Eastern
Georgia with the U-Haul Company of Western Georgia.

                                 /s/ Becky Busby
                                 -------------------------------------
                                 Becky Busby

Subscribed and sworn to before me this 26th day of October, 1975

                                  [ILLEGIBLE]

<PAGE>

IN THE MATTER OF THE MERGER       )
                                  )
OF U-HAUL CO. OF EASTERN GEORGIA  )
                                  )            ORDER
(ABSORBED CORPORATION) AND U-HAUL )
                                  )
CO. OF WESTERN GEORGIA (SURVIVOR) )
                                  )

         The application to merge the within corporations incorporated under the
names U-Haul Co. of Eastern Georgia and U-Haul Co. of Western Georgia, both
Georgia corporations, having been read and considered; it appearing that said
application is within the purview and intention of the laws applicable thereto
and that all said laws have been fully complied with in accordance with the
applicable provisions of the Georgia Business Corporation Code;

         IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that said application be,
and the same is hereby granted, and U-Haul Co. of Western Georgia, the Surviving
Corporation, is hereby granted the issuance of a Certificate of Merger in
accordance with the terms and conditions contained in said application.

Dated: This 20th day of October, 1975.

                                 /s/ [ILLEGIBLE]
                                 -------------------------------------------
                                 Judge,________________Superior Court
                                        _______________County

<PAGE>

to vest or perfect such rights in the surviving Corporation and otherwise to
carry out the provisions hereof and, the Absorbed Corporation hereby assigns to
the Surviving Corporation all right, title and interest in any and all U-Haul
Dealership Contracts.

                                       IV

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation until altered or amended.

                                        V

         Each of the Constituent Corporations shall take or cause to be taken
all action or all things necessary, proper or advisable under the laws of State
of Georgia to consummate and make effective the merger subject, however, to the
consent of their sole stockholder, and the directors of each Constituent
Corporation are authorised and directed to perform all actions required for
accomplishing and filing this Plan of Merger.

         IN WITNESS WHEREOF the corporate parties hereto, pursuant to authority
given by their respective Boards of Directors and sole shareholder, hereby enter
into this Plan of Merger executed and sealed this 20th day of October, 1975.

                  Surviving Corporation: U-Haul Co. of Western Georgia,
                                         a Georgia corporation

                                 By: /s/ [ILLEGIBLE]
                                     ------------------------------------------
(CORPORATE SEAL)                     President

Attest:

/s/ [ILLEGIBLE]
- -----------------------------
Secretary

                  Absorbed Corporation:  U-Haul Co. of Eastern Georgia,
                                         a Georgia corporation

                                 By: /s/ [ILLEGIBLE]
                                     ------------------------------------------
(CORPORATE SEAL)                     President

Attest:

<PAGE>

                                   DUPLICATE

                            [STATE OF GEORGIA LOGO]

                          OFFICE OF SECRETARY OF STATE

I, BEN W. FORTSON, JR. SECRETARY OF STATE OF THE STATE OF GEORGIA, DO HEREBY
CERTIFY THAT
"U-HAUL CO. OF WESTERN GEORGIA" AND "U-HAUL CO. OF EASTERN GEORGIA", BOTH
CORPORATIONS OF THE STATE OF GEORGIA, WERE ON THE 20TH DAY OF OCTOBER, 1975,
DULY MERGED UNDER THE LAWS OF THE STATE OF GEORGIA BY THE SUPERIOR COURT OF
FULTON COUNTY INTO "U-HAUL CO. OF WESTERN GEORGIA", THE RESULTING CORPORATION,
IN ACCORDANCE WITH THE CERTIFIED COPY HERETO ATTACHED AND THAT THE ORIGINAL
ARTICLES OF MERGER HAVE BEEN DULY FILED IN THE OFFICE OF THE SECRETARY OF STATE
AND THE FEES PAID THEREFOR, AS PROVIDED BY LAW.

                           IN TESTIMONY WHEREOF, I have hereunto set my hand
                           and affixed the seal of my office, at the Capital, in
                           the City of Atlanta, this 20th day of OCTOBER in the
                           year of our Lord One Thousand Nine Hundred and
                           Seventy FIVE and of the Independence of the United
                           States of America the Two Hundredth.

                                 /s/ Ben W. Fortson Jr.
                                 ----------------------------------------------
                                 SECRETARY OF STATE, EX-[ILLEGIBLE] CORPORATION
                                 COMMISSIONER OF THE STATE OF GEORGIA.

<PAGE>

                               ARTICLES OF MERGER

                                       OF

                          U-HAUL CO. OF EASTERN GEORGIA

                                      INTO

                          U-HAUL CO. OF WESTERN GEORGIA

                              GEORGIA CORPORATIONS

                                        I

         The name of the Surviving Corporation is U-Haul Co. of Western Georgia.

                                       II

         The name of the Absorbed Corporation is U-Haul Co. of Eastern Georgia.

                                      III

         The plan of merger attached hereto and by reference incorporated herein
was approved by the Boards of Directors and the sole shareholder of each of the
corporations in the manner provided under the laws of the State of Georgia.

                                       IV

         The number of shares outstanding, the number of shares entitled to vote
for the Plan of Merger and the number of shares voted for and against the Plan
as to each corporation was as follows:

         U-Haul Co. of Western Georgia:

<TABLE>
<CAPTION>
NUMBER OF SHARES      NUMBER OF SHARES       NUMBER             NUMBER
 OUTSTANDING          ENTITLED TO VOTE      VOTED FOR        VOTED AGAINST
- ----------------      ----------------      ---------        -------------
<S>                   <C>                   <C>              <C>
      500                  500                 500               -0-
</TABLE>

         U-Haul Co,. of Eastern Georgia:

<TABLE>
<CAPTION>
Number of Shares      Number of Shares       Number             Number
  Outstanding         Entitled to Vote      Voted For        Voted Against
- ----------------      ----------------      ---------        -------------
<S>                   <C>                   <C>              <C>
      500                  500                 500              -0-
</TABLE>

         IN WITNESS WHEREOF the corporate parties hereto, pursuant to authority
given by their respective Boards of Directors and their sole shareholder, hereby
execute the Articles of Merger this 20th day of October, 1975.

<PAGE>

                  Surviving Corporation:    U-Haul Co. of Western Georgia,
                                            a Georgia corporation

                                 By: /s/ [ILLEGIBLE]
                                     ------------------------------------------
(Corporate Seal)                     President

Attest:

/s/ [ILLEGIBLE]
- -----------------------------
Secretary

                  Absorbed Corporation:  U-Haul Co. of Eastern Georgia,
                                         a Georgia corporation

                                 By: /s/ [ILLEGIBLE]
                                     ------------------------------------------
(Corporate Seal)                     President

Attest:

/s/ [ILLEGIBLE]
- -----------------------------
Secretary

STATE OF GEORGIA                  )
                                  )    ss.
COUNTY OF [ILLEGIBLE]             )

         On this 20 day of October, 1975, did appear before me [ILLEGIBLE]
[ILLEGIBLE] and [ILLEGIBLE] who are known by me to be the duly elected
President and Secretary respectively of U-Haul Co. of Western Georgia, a Georgia
corporation, and who did subscribe and acknowledge under penalties of perjury
the within instruments for the purposes intended.

                                 /s/ [ILLEGIBLE]
                                 ---------------------------
                                 Notary Public

                                 My commission expires [ILLEGIBLE]

(NOTARIAL SEAL)

<PAGE>

STATE OF GEORGIA                  )
                                  )   ss.
COUNTY OF [ILLEGIBLE]             )

         On this 20 day of October, 1975, did appear before me [ILLEGIBLE]
 and [ILLEGIBLE] who are known by me to be the duly elected President and
Secretary respectively of U-Haul Co. of Eastern Georgia, a Georgia corporation,
and who did subscribe and acknowledge under penalties of perjury the within
instruments for the purposes intended.

                                 /s/ [ILLEGIBLE]
                                 ---------------------------
                                 Notary Public

                                 My commission expires [ILLEGIBLE]

(NOTARIAL SEAL)
<PAGE>

                                 PLAN OF MERGER

         THIS PLAN OF MERGER dated this 12th day of September, 1975, entered
into by U-Haul Co. of Eastern Georgia, a Georgia corporation, the Absorbed
Corporation, and U-Haul Co. of Western Georgia, a Georgia corporation, Surviving
Corporation and together with Absorbed Corporation referred to as Constituent
Corporations, hereby WITNESSETH THAT:

WHEREAS:

         A majority of the respective Boards of Directors and the sole
shareholder of the Constituent Corporations have determined it is advisable that
the Absorbed Corporation be merged into Surviving Corporation under the terms
and conditions hereinafter set forth in accordance with the applicable
provisions of the State of Georgia which permit such a merger:

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The provisions for handling the shares of stock at the Constituent
Corporations are as follows:

         1.       All issued and outstanding shares of stock of Absorbed
Corporation shall be cancelled.

         2.       On the effective date of the merger and when the
aforementioned cancellation has been effected, the outstanding stock of the
Surviving Corporation shall be deemed for all corporate purposes to evidence the
ownership of the Constituent Corporations.

                                       II

         The Surviving Corporation shall pay all expenses of accomplishing the
merger.

                                       III

         If the Surviving Corporation shall consider or be advised that any
assignment or assurances in law are necessary or desirable to vest or to perfect
or confirm of record in the Surviving Corporation the title to any property or
rights of the Absorbed Corporation, or to otherwise carry out the provisions
hereof, the proper officers and directors of the Absorbed Corporation as of the
effective date of the merger shall execute and deliver any assignments and
assurances in law, and do all things necessary or proper

<PAGE>


                            (STATE OF GEORGIA LOGO)

                          OFFICE OF SECRETARY OF STATE

I, BEN W. FORTSON, JR., "Secretary of State of the State of Georgia, do hereby
certify that

The articles of incorporation of "AMERCO MARKETING COMPANY OF WESTERN GEORGIA"
were duly amended changing its name to "U-HAUL CO. OF WESTERN GEORGIA" as set
forth in the annexed articles of amendment, dated the 9th day of May, 1973,
granted by the Superior Court of Fulton County and filed with the Clerk of that
Court on the 9th day of May, 1973; that the original articles of amendment have
been duly filed in the office of the Secretary of State and the fees paid
therefor, as provided by law.

                           IN TESTIMONY WHEREOF, I have hereunto set my hand and
                           affixed the seal of office, at the Capitol, in the
                           City of Atlanta, this 9th day of May in the year of
                           our Lord One Thousand Nine Hundred and Seventy three
                           and of the Independence of the United States of
                           America the One Hundred and Ninety-seventh.

                                 /s/ BEN W. FORTSON, JR.
                                 -----------------------------------------------
                                     SECRETARY OF STATE, EX-OFFICIO CORPORATION
                                     COMMISSIONER OF THE STATE OF GEORGIA.


(SEAL)
<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

                     AMERCO MARKETING CO. OF WESTERN GEORGIA

STATE OF GEORGIA )
                 ) ss:
COUNTY OF DEKALB )

         Carlton Dale Fontenot and Mary Watkins being first duly sworn, upon
their oath depose and say:

         1.       That they are the President and the Secretary respectively of
                  AMERCO MARKETING CO. OF WESTERN GEORGIA.

         2.       That at a meeting of the Board of Directors of said
                  corporation, duly held at Stone Mountain, Georgia on February
                  21, 1973, the following resolution was adopted:

                           "RESOLVED: That Article I of the Articles of
                           Incorporation of this corporation be amended to read
                           as follows:

                           The name of this corporation is U-HAUL CO. OF WESTERN
                           GEORGIA."

         3.       That the shareholders of said corporation have adopted said
                  amendment by resolution at a meeting held at Stone Mountain,
                  Georgia on February 21, 1973. That the wording of the amended
                  article, as set forth in the shareholders' resolution, is the
                  same as that set forth in the directors' resolution in
                  Paragraph 2 above.

         4.       That the number of shares which voted affirmatively for the
                  adoption of said amendment is 500, and that the total number
                  of shares entitled to vote on or consent to said amendment is
                  500.

                                 /s/ CARLTON DALE FONTENOT
                                 ----------------------------------------
     (CORPORATE SEAL)                Carlton Dale Fontenot, President

ATTEST:

/s/ MARY WATKINS
- ---------------------------------
    Mary Watkins, Secretary

Page One of Two Pages

<PAGE>

STATE OF GEORGIA )
                 ) ss:
COUNTY OF DEKALB )

         On this 11 day of April, 1973, before me, a Notary Public
personally appeared Carlton Dale Fontenot and Mary Watkins known by me to be the
persons whose signatures are subscribed to the within instrument and who
acknowledged that they executed the same as their free act for the purposes
therein contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                 /s/ Nancy Ellen Monk
                                 --------------------------------
                                     Notary Public

                                 My commission Expires  1977
                                                       ------

(NOTARIAL SEAL)



                                 Notary Public, Georgia, State at Large
                                 My Commission Expires Jan. 25, 1977




Page Two of Two Pages
<PAGE>

                     IN THE SUPERIOR COURT OF FULTON COUNTY

                                STATE OF GEORGIA

                  The petition of the President of Amerco Marketing Company of
Western Georgia shows the Court as follows:

                                       1.

                  The Amendment of the Articles of Incorporation of Amerco
Marketing Company of Western Georgia, executed by the President, is attached
hereto.

                                       2.

                  The certificate of the Secretary of State that the name of
U-Haul Company of Western Georgia is available is  hereto attached.

                  WHEREFORE, the President prays that the Amendment to the
Articles of Incorporation be granted.

                  This 12th day of April, 1973.

                                 /s/ Carlton Dale Fontenot
                                 ------------------------------
                                     CARLTON DALE FONTENOT
                                     President

<PAGE>

                                      ORDER

                  The Amendment of the Articles of Incorporation of Amerco
Marketing Company of Western Georgia and the certificate of the Secretary of
State of Georgia that the name U-Haul Co. of Western Georgia is available having
been examined and found lawful;

                  IT IS HEREBY ORDERED that Amerco Marketing Company of Western
Georgia is hereby changed to U-Haul Co. of Western Georgia under the laws of the
State of Georgia.

                  This 9th day of May, 1973.

                           /s/ [ILLEGIBLE] B. Moore
                           -----------------------------------------------------
                           Judge, Ameritus A.J.C Superior Court of Fulton County



[ILLEGIBLE]

<PAGE>

                              PUBLISHER'S AFFIDAVIT

STATE OF GEORGIA
COUNTY OF FULTON

         Before me, the undersigned, a Notary Public, this day personally came
JOHN HARRISON, who, being first duly sworn, according to law, says that he is
an Agent of the Daily Report Company, publishers of the Fulton County Daily
Report, the official newspaper in which the Sheriff's advertisements in and for
said County are published, and a newspaper of general circulation, with its
principal place of business in said County, and that there has been deposited
with said newspaper the cost of publishing four (4) insertions of a notice
pursuant to Ga. Business Corporation Code of the granting of Articles of
Amendment to [ILLEGIBLE]

                                                                     [ILLEGIBLE]

Subscribed and sworn to before me this day of May 09, 1973

                                 /s/ [ILLEGIBLE]
                                 ----------------------------------
                                     NOTARY PUBLIC, STATE AT LARGE

<PAGE>

                            [STATE OF GEORGIA LOGO]

                          OFFICE OF SECRETARY OF STATE

I, Ben W. Forston, Jr. Secretary of State of the State of Georgia, do hereby
certify that

based on a diligent search of the records on file in this office, I find that
the name of the following proposed domestic corporation to wit

                        "U-HAUL, CO. OF WESTERN GEORGIA"

is not identical with or confusingly similar to the name of any other existing
domestic or domesticated or foreign corporation registered in the records on
file in this office or to the name of any other proposed domestic or
domesticated, or foreign corporation as shown by a certificate of the Secretary
of State heretofore issued and presently effective.

         This certificate is in full force and effective for a period of 4
calendar months from date of issuance. After such period of time, this
certificate is void.

                           IN TESTIMONY WHEREOF, I have hereunto set my hand and
                           affixed the seal of office, at the Capitol, in the
                           City of Atlanta, this 12th day of March, in the year
                           of our Lord One Thousand Nine Hundred and Seventy
                           three and of the Independence of the United States of
                           America the One Hundred and Ninety-Seventh.

                                 /s/ Ben W. Fortson Jr.
[SEAL]                           -----------------------------------------------
                                     Secretary of State, Ex-Officio Corporation
                                     Commissioner of the State of Georgia

<PAGE>
                                STATE OF GEORGIA

                         (SEAL OF THE STATE OF GEORGIA)

                          OFFICE OF SECRETARY OF STATE

I, BEN W.. FORTSON, JR., SECRETARY OF STATE OF THE STATE OF GEORGIA, DO HEREBY
CERTIFY THAT

The articles of incorporation of U-HAUL CO. OF WESTERN GEORGIA, were duly
amended and changed its name to "AMERCO MARKETING CO. OF WESTERN GEORGIA", as
set forth in the annexed articles of amendment, dated the 26th day of October,
1970, granted by the Superior Court of Fulton County and filed with the Clerk
of that Court on the 27th day of October, 1970, that the original articles of
amendment have been duly filed in the office of the Secretary of State and the
fees paid  therefor, as provided by law.



(SEAL)                   IN TESTIMONY WHEREOF, I have hereunto set my hand and
                         affixed the seal of office, at the Capitol, in the City
                         of Atlanta, this 28th day of October, in the year of
                         our Lord One Thousand Nine Hundred and Seventy and of
                         the Independence of the United States of America the
                         One Hundred and Ninety-Fifth.


                         /s/ BEN W. FORTSON, JR.
                         ----------------------------------------------
                          SECRETARY OF STATE, EX-OFFICIO CORPORATION
                              COMMISSIONER OF THE STATE OF GEORGIA

<PAGE>
                            CERTIFICATE OF AMENDMENT

                                       OF

                           ARTICLES OF INCORPORATION

                                       OF

                         U-HAUL CO. OF WESTERN GEORGIA


STATE OF GEORGIA )
                 ) ss.
COUNTY OF DEKALB )

         PHIL SCHNEE and IVA SUE SCHNEE being first duly sworn, upon their oath
depose and say;

         1. That they are the President and the Secretary respectively of
            U-HAUL CO. OF WESTERN GEORGIA.

         2. That at a meeting of the Board of Directors of said corporation,
            duly held at Stone Mountain, Georgia on August 12, 1970, the
            following resolution was adopted:

                  "RESOLVED: That Article I of the Articles of Incorporation of
                   this corporation be amended to read as follows:

         3. That the shareholders have adopted said amendment by resolution at
            a meeting held at Stone Mountain, Georgia on August 12, 1970. That
            the wording of the amended article, as set forth in the
            shareholders' resolution, is the same as that set forth in the
            directors' resolution in Paragraph 2 above.

         4. That the number of shares which voted affirmatively for the
            adoption of said resolution is 500, and that the total number of
            shares entitled to vote on or consent to said amendment is 500.


                                             /s/ PHILLIP SCHNEE
                                             ---------------------------
                                                 President


(CORPORATE SEAL)


ATTEST:

/s/ IVA SUE SCHNEE
- ----------------------------
    Secretary


Page 1 of Two Pages
<PAGE>
STATE OF GEORGIA )
                 ) ss.
COUNTY OF DEKALB )


         On this 30th day of September, 1970, before me, a Notary Public,
personally appeared PHIL SCHNEE and IVA SUE SCHNEE known by me to be the persons
whose signatures are subscribed to the within instrument and who acknowledged
that they executed the same as their free act for the purposes therein
contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.



                                                 /s/ MARY EMERSON
                                       -----------------------------------------
                                                   Notary Public


                                       My commission expires
                                                             -------------------

(NOTARIAL SEAL)





Page 2 of Two Pages
<PAGE>
                                     ORDER
                                     -----

         It appearing that the foregoing application of U-Haul Co. of Western
Georgia to amend its charter in the particulars described therein is within the
purview of the law and its further appearing to the Court that the name "Amerco
Marketing Co. Of Western Georgia" is not the name of any other existing
corporation now registered in the office of the Secretary of State;

         IT IS CONSIDERED, ORDERED AND ADJUDGED that this application to amend
the charter of said corporation so as to change its name to

                    AMERCO MARKETING CO. OF WESTERN GEORGIA

         This 26 day of October 1970.


                                              /s/ CLAUDE D. SHAW
                                  ---------------------------------------------
                                  Judge Superior Court Atlanta Judicial Circuit


<PAGE>
STATE OF GEORGIA

COUNTY OF FULTON


         I J. W. SIMMONS, Clerk of the Superior Court of Fulton County,
Georgia, do hereby certify that the within and foregoing is a true and correct
copy of petition of U-HAUL CO. OF WESTERN GEORGIA for Charter for Articles of
Amendment, Changing Name to: "AMERCO MARKETING CO. OF WESTERN GEORGIA" and the
Order of Court thereon allowing same, all of which appears of file and record in
this Office.


(SEAL)                                 Given under my hand and seat of Office,
                                       This the 27th day of Oct., 1970.


                                                /s/  J. W. SIMMONS
                                       ---------------------------------------
                                              CLERK OF SUPERIOR COURT
                                              FULTON COUNTY, GEORGIA

<PAGE>
                                STATE OF GEORGIA

                            (STATE OF GEORGIA SEAL)

                          OFFICE OF SECRETARY OF STATE

I, Ben W. Fortson, Jr., Secretary of State of the State of Georgia, do hereby
certify that

                        "U-HAUL CO., OF WESTERN GEORGIA"

was on the 23rd day of March, 1970, duly incorporated under the laws of the
State of Georgia by the Superior Court of Fulton County for a period of
Perpetual years from said date, in accordance with the certified copy hereto
attached, and that the original articles of incorporation of said corporation
has been duly filed in the office of the Secretary of State and the fees
therefor paid, provided by law.


         (SEAL)            IN TESTIMONY WHEREOF, I have hereunto set my hand
                           and affixed the seal of office, at the Capitol, in
                           the City of Atlanta, this 26th day of March in the
                           year of our Lord One Thousand Nine Hundred and
                           Seventy and of the Independence of the United States
                           of America the One Hundred and Ninety-Fourth.



                                         /s/ BEN W. FORTSON, JR.
                           -----------------------------------------------------
                                SECRETARY OF STATE, EX-OFFICIO CORPORATION
                                   COMMISSIONER OF THE STATE OF GEORGIA
<PAGE>
                             PUBLISHER'S AFFIDAVIT

STATE OF GEORGIA,--County of Fulton.

         Before me, the undersigned, a Notary Public, this day personally came
Earl Higgins, who, being first duly sworn, according to law, says that he is an
Agent of the Daily Report Company, publishers of the Fulton County Daily
Report, the official newspaper in which the Sheriff's advertisements in and for
said County are published, and a newspaper of general circulation, with its
principal place of business in said County, and that there has been deposited
with said newspaper the cost of publishing four (4) insertions of a notice
pursuant to Ga. Business Corporation Code of the granting of Articles of
Incorporation to "U-Haul Co. of Western Georgia."


                                                  /s/ EARL HIGGINS
                                          ----------------------------------


Subscribed and sworn to before
me this 23rd day of March, 1970

      /s/ GEORGE C. POPE
- --------------------------------
 Notary Public, State at Large.
<PAGE>

[ILLEGIBLE]
<PAGE>

[ILLEGIBLE]
<PAGE>

                                   DUPLICATE

                                STATE OF GEORGIA

                          OFFICE OF SECRETARY OF STATE

I, Ben W. Fortson, Jr., Secretary of State of the State of Georgia, do hereby
certify that

                        "U-HAUL CO. OF WESTERN GEORGIA"

was on the 23rd day of March, 1970, duly incorporated under the laws of the
State of Georgia by the Superior Court of Fulton County for a period of
Perpetual years from said date, in accordance with the certified copy hereto
attached, and that the original articles of incorporation of said corporation
has been duly filed in the office of the [ILLEGIBLE]

                                    IN TESTIMONY WHEREOF, I have hereunto set my
                                    hand and affixed the seal of office, at the
                                    Capitol, in the City of Atlanta, this 26th
                                    day of March in the year of our Lord One
                                    Thousand Nine Hundred and Seventy and
                                    of the Independence of the United States of
                                    America the One Hundred and Ninety-Fourth.

                                     /s/ Ben W. Fortson. Jr.
                                     ---------------------------------------
                                     SECRETARY OF STATE, Ex-OFFICIO CORPORATION
                                     COMMISSIONER OF THE STATE OF GEORGIA.

<PAGE>

                           ARTICLES OF INCORPORATION

                                       of

                         U-HAUL CO. OF WESTERN GEORGIA

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a corporation
under the laws of the State of Georgia.

                                   ARTICLE I

         The name of the corporation is U-HAUL CO. OF WESTERN GEORGIA.

                                   ARTICLE II

         The period of duration of the corporation is perpetual.

                                  ARTICLE III

         The purpose or purposes for which the corporation is organized are to
rent and lease to the general public trailers, semi-trailers, trucks,
passenger automobiles and other equipment, tools, machinery, vehicles,
and property of any and every kind and description, and to purchase or
otherwise acquire and operate any facilities useful for the conduct of the
business enterprises of this corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of Georgia upon corporations, and to engage in any lawful activity within
the purposes for which corporations may be organized under the laws of the
State of Georgia.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue are two thousand five hundred (2,500) shares of common stock
with a par value of Ten ($10.00) Dollars each, or a total capitalization of
Twenty Five Thousand ($25,000.00) Dollars.

                                   ARTICLE V

         The corporation will not commence business until the consideration

Page one of two pages
<PAGE>

of at least One Thousand ($1,000.00) Dollars has been received for the issuance
of shares.

                                   ARTICLE VI

         The address of its registered office shall be c/o. The C.T. Corporation
System, First National Bank Tower, Atlanta, Georgia 30303, and the name of the
registered agent at said address is The C. T. Corporation System.

                                  ARTICLE VII

         The initial Board of Directors shall consist of three (3) members, and
the initial Board who shall act until the first annual meeting of stockholders
and their successors have been elected and qualified are:

              Phil J. Schnee                  1640 Roadhaven Drive
                                              Stone Mountain, Georgia 30083

              Ken Holland                     1640 Roadhaven Drive
                                              Stone Mountain, Georgia 30083

              William Martin                  1640 Roadhaven Drive
                                              Stone Mountain, Georgia 30083

                                  ARTICLE VIII

         The name and address of each incorporator is as follows:

              David L. Helsten                2727 North Central Avenue
                                              Phoenix, Arizona 85004

         IN WITNESS WHEREOF, I have hereunto set my hand and seal this 12th day
of February, 1970.

                                         /s/ DAVID L. HELSTEN
                                         -------------------------------------
                                         David L. Helsten

STATE OF ARIZONA          )
                          )  ss:
COUNTY OF MARICOPA        )

         On this 12th Day of February, 1970, before me, a Notary Public for the
State of Arizona, personally appeared David L. Helsten, known to me to be the
person named in and who executed the foregoing instrument, and who acknowledged
that he had executed the same and that the matters therein contained are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal this 12th day of February, 1970.

                                        /s/ Helen H. Delamater
                                        ---------------------------------------
                                        Helen H. Delamater
                                        Notary Public for the State of Arizona
                                        Residing at Tempe, Arizona
(NOTARIAL SEAL)                         My Commission expires August 13, 1972

Page two of two pages

<PAGE>

STATE OF GEORGIA

COUNTY OF FULTON

                                     ORDER

         The application of the within named incorporators to be incorporated
under the name of U-HAUL CO. OF WESTERN GEORGIA, read and considered; it
appearing that said application is within the purview and intention of the laws
applicable thereto and that all said laws have been fully complied with,
including the presentation of the certificate from the Secretary of State as
required by law;

         IT IS HEREBY ORDERED, ADJUDGED AND DECREED that said application be,
and the same is hereby granted, and the incorporator is hereby granted the
issuance of a corporate charter under the name and style of U-HAUL CO. OF
WESTERN GEORGIA with no limitation as to period of duration, and with all
rights, powers, privileges and immunities mentioned in said application and with
such additional rights, powers, privileges and immunities that are provided by
the laws of Georgia as they now exist or may hereafter exist.

         This the 23rd day of March, 1970.


                                                    /s/ CHARLES R. WOFFORD
                                                --------------------------------
                                                Judge, Superior Courts
                                                Atlanta Judicial Circuit

<PAGE>

                             PUBLISHER'S AFFIDAVIT

STATE OF GEORGIA--County of Fulton.

         Before me, the undersigned a Notary Public, this day personally
came Earl Higgins, who, being first duly sworn, according to law says that he is
an Agent of the Daily Report Company, publishers of the Fulton County Daily
Report, the official newspaper in which the Sheriff's advertisements in and for
said County are published, and a newspaper of general circulation, with its
principal place of business in said County, and that there has been deposited
with said newspaper the cost of publishing four (4) insertions of a notice
pursuant to Ga. Business Corporation Code of the granting of Article of
Incorporation [ILLEGIBLE] U-Haul Co. of Western Georgia

[ILLEGIBLE]

Subscribed and sworn to before me this 23rd
day of March, 1970

/s/ George C. Pope

                       Notary Public, State at Large.

<PAGE>

                                State of Georgia

                                     [LOGO]

                          OFFICE OF SECRETARY OF STATE
[ILLEGIBLE]

                        "U-HAUL CO. OF WESTERN GEORGIA"

is not identical with or confusingly similar to the name of any other existing
domestic or domesticated or foreign corporation registered in the records on
file in this office or to the name of any other proposed domestic or
domesticated, or foreign corporation as shown by a certificate of the Secretary
of State heretofore issued and

[ILLEGIBLE]

(SEAL)

                                    In TESTIMONY WHEREOF, I have hereunto set my
                                    hand and affixed the seal of office, at the
                                    Capital, [ILLEGIBLE] the City of Atlanta
                                    [ILLEGIBLE] 9th day of February in the year
                                    of our [ILLEGIBLE] One Thousand Nine Hundred
                                    and Seventy and of the Independence of the
                                    United States of America the One Hundred and
                                    Ninety-fourth.

                                      /s/ [ILLEGIBLE]
                                      -----------------------------------------
                                      Secretary of State, Ex-Officio Corporation
                                      Commissioner of the State of Georgia.

<PAGE>

                                   DUPLICATE

                                State of Georgia

                                     [LOGO]

                          OFFICE OF SECRETARY OF STATE
[ILLEGIBLE]

                        "U-HAUL CO. OF WESTERN GEORGIA"

is not identical with or confusingly similar to the name of any other existing
domestic or domesticated or foreign corporation registered in the records on
file in this office or to the name of any other proposed domestic or
domesticated, or foreign corporation as shown by a certificate of the Secretary
of State heretofore issued and

[ILLEGIBLE]

(SEAL)

                                    In TESTIMONY WHEREOF, I have hereunto set my
                                    hand and affixed the seal of office, at the
                                    Capital, [ILLEGIBLE] the City of Atlanta
                                    this 9th day of February in the year of our
                                    [ILLEGIBLE] One Thousand Nine Hundred and
                                    Seventy and of the Independence of the
                                    United States of America the One Hundred and
                                    Ninety-fourth.

                                      /s/ [ILLEGIBLE]
                                      ------------------------------------------
                                      Secretary of State, Ex-Officio Corporation
                                      Commissioner of the State of Georgia.

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Georgia

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is U-HAUL CO., a corporation
         organized and existing under the laws of the State of Georgia.

2.       The name of the corporation to which this consent is given and which
         [ILLEGIBLE] about to be organized under the laws of this State is:

         U-HAUL CO. of Western Georgia.

         IN WITNESS WHEREOF, this corporation has caused this consent to be
[ILLEGIBLE] this 4th day of February, 1970.

                                               U-HAUL CO.

                                               By: /s/ Ralph C. Shivers
                                                   -----------------------------
                                                    Ralph C. Shivers, President

STATE OF ARIZONA

[ILLEGIBLE]

         Before me, a Notary Public, personally appeared Ralph C. Shivers, known
to [ILLEGIBLE] to be the person who executed the foregoing [ILLEGIBLE] and
acknowledged that he executed [ILLEGIBLE] therein contained and that the
statements therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
4th day of February, 1970.

                                           [ILLEGIBLE]
                                           -----------------------------
                                           Notary Public

                                           My Commission Expires Aug. 13, 1972

<PAGE>

STATE OF GEORGIA

COUNTY OF FULTON

         I BARBARA J. PRICE, Clerk of the Superior Court of Fulton County,
Georgia, do hereby certify that the within and foregoing is a true and correct
copy of petition of AMERCO MARKETING COMPANY OF WESTERN GEORGIA

for ARTICLES OF AMENDMENT: CHANGING NAME TO:

U-HAUL CO. OF WESTERN GEORGIA

and the Order of Court thereon allowing same, all of which
appears of file and record in this Office.

                  Given under my hand and seal of Office.

                  This the 9th day of MAY, 1973.

                                /s/ [ILLEGIBLE]
                                -------------------------
                                CLERK OF SUPERIOR COURT
(SEAL)                          FULTON COUNTY, GEORGIA





</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.76
<SEQUENCE>75
<FILENAME>p68936exv3w76.txt
<DESCRIPTION>EXHIBIT 3.76
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.76

                                   BY-LAWS OF

                          U-HAUL CO. OF WESTERN GEORGIA

                              A GEORGIA CORPORATION

                                    ARTICLE I

                                                             DATE: April 8, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Georgia shall be located
in the city of Stone Mountain. The corporation may have such other offices
either within or without the state of Georgia as the Board of Directors may
designate or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Thursday in January of each year, at the office of the corporation in the
state of Georgia or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                       -1-
<PAGE>

may be held within or without the state of Georgia. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers
who shall act as inspectors of elections and determine the validity of the
proxies and press upon the qualifications of all persons offering to vote at
each meeting and count the ballots. The election shall be by secret ballot, or
in case there is only one nomination for a certain office, the election may be
by [ILLEGIBLE]. Each shareholder of record shall be entitled to one vote for
each share of stock held by him.

SECTION 7. Order of Business:

         1st. All persons claiming to hold proxies shall present then to the
              tellers for verification.

         2nd. Proof of due notice of meeting when applicable.

         3rd. Reading and disposal of all unapproved minutes.

         4th. Reports of officers and committees.

         5th. Election of Directors.

         6th. Unfinished business.

         7th. New business.

         8th. Adjournment.

                                       -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less then a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Georgia.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Georgia.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                       -3-
<PAGE>

         1st. Roll call; a quorum being present.

         2nd. Reading of minutes of preceding meeting and action thereon.

         3rd. Consideration of communications of the Board of Directors.

         4th. Reports of officials and committees.

         5th. Unfinished business.

         6th. Miscellaneous business.

         7th. New business.

         8th. Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.   To purchase, lease, and acquire, in any lawful manner any and all
              real or personal property including franchises, stocks, bonds and
              debentures of other companies, business and good will, patents,
              trade-marks in contracts, and interests thereunder, and other
              rights and proprieties which in their judgment may be beneficial
              for the purpose of this corporation, and to issue shares of stock
              of this corporation in payment of such property, and in payment
              for services rendered to this corporation, when they deem it
              advisable.

         2.   To fix and determine and to vary, from time to time, the amount or
              amounts to be set aside or retained as reserve funds or as working
              capital of this corporation.

         3.   To issue notes and other obligations or evidences of the debt of
              this corporation, and to secure the same, if deemed advisable, and
              endorse and guarantee the notes, bonds, stocks, and other
              obligations of other corporations with or without compensation for
              so doing, and from time to time to sell, assign, transfer

                                       -4-
<PAGE>

              or otherwise dispose of any of the property of this corporation,
              subject, however, to the laws of the State of Georgia, governing
              the disposition of the entire assets and business of the
              corporation as a going concern.

         4.   To declare and pay dividends, both in the form of money and stock,
              but only from the surplus or from the net profit arising from the
              business of this corporation, after deducting therefrom the
              amounts, at the time when any dividend is declared which shall
              have been set aside by the Directors as a reserve fund or as a
              working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Georgia statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President, Vice-
President, Secretary and Treasurer, and such other officers as shall from time
to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign end execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with

                                       -5-
<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                       -6-
<PAGE>

                                     ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Georgia, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferrable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                       -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF WESTERN GEORGIA, are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                        ______________________________________
                                        President - Phil J. Schnee

ATTEST:

_____________________________________
Secretary - Ivasue E. Schnee

         (CORPORATE SEAL)

                                       -8-
<PAGE>

                 MINUTES OF A SPECIAL SHAREHOLDERS MEETING OF

         AMERCO MARKETING CO. OF WESTERN GEORGIA, A GEORGIA CORPORATION

                                     HELD BY

                       U-HAUL CO., AN ALABAMA CORPORATION

                               AS SOLE SHAREHOLDER

                                                               June 24, 1971

         U-HAUL CO., an Alabama corporation, being the sole stockholder of
AMERCO MARKETING CO. OF WESTERN GEORGIA, a Georgia corporation, hereby waives
any and all notice of this special Stockholders meeting, and consents to and
agrees that said meeting be held at Phoenix, Arizona at the hour of 10:00
o'clock a.m. on June 24, 1971, for the purpose of amending the By-Laws of AMERCO
MARKETING CO. OF WESTERN GEORGIA.

         The meeting was called to order and U-HAUL CO., a Georgia corporation,
as sole stockholder of AMERCO MARKETING CO. OF WESTERN GEORGIA, thereupon
adopted the following resolution:

         RESOLVED: That the following Articles of the By-Laws of AMERCO
         MARKETING CO. OF WESTERN GEORGIA, a Georgia corporation, be amended to
         read as follows:

                                   ARTICLE II

                                  STOCKHOLDERS

                  SECTION 1. Annual Meeting:

                  The annual meeting of the shareholders of the corporation
                  shall be held on the Third Thursday in April each year, at the
                  office of the corporation in the state of Georgia or otherwise
                  as provided in the notice of said meeting. The purpose of said
                  annual meeting shall be for the election of directors and for
                  the purpose of transacting such other business as may be
                  brought before said meeting. The Board of Directors may change
                  the time and place of the annual meeting providing such change
                  of time and place be preceded by a notice of such change to
                  all stockholders of record. If said day of the annual meeting
                  is a legal holiday, then said meeting shall be held on the
                  next ensuing day not a holiday.

<PAGE>

                                  ARTICLE VIII

                                   FISCAL YEAR

         SECTION 1. Fiscal Year:

         The fiscal year of the corporation shall commence with the opening of
         business on the first day of April of each calendar year and shall
         close on the 31st day of March of the year.

     There being no further business to come before the meeting, it was upon a
motion duly made and seconded, adjourned.

                                       U-HAUL CO.
                                       an Alabama corporation

                                       BY: /s/ Ralph C. Shivars
                                           ----------------------------------
                                           Ralph C. Shivars, President
<PAGE>

                              U-HAUL CO. OF GEORGIA,
                              A GEORGIA CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Georgia, a
Georgia corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                            SHAREHOLDER:

                                            U-Haul International, Inc., a Nevada
                                            Corporation

                                            By: /s/ Gary V. Klinefelter
                                                --------------------------------
                                            Name: Gary V. Klinefelter
                                            Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.77
<SEQUENCE>76
<FILENAME>p68936exv3w77.txt
<DESCRIPTION>EXHIBIT 3.77
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.77

LINDA LINGLE                                                 MARK E. RECKTENWALD
 GOVERNOR                                                          DIRECTOR

JAMES R. AIONA, JR.                                         RYAN S. USHIJIMA
 LT. GOVERNOR                                         COMMISSIONER OF SECURITIES

                                 STATE OF HAWAII
                         BUSINESS REGISTRATION DIVISION
                   DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
                        1010 RICHARDS STREET, P.O. Box 40
                             HONOLULU, HAWAII 96810

                          WWW.BUSINESSREGISTRATIONS.COM

         I, THE UNDERSIGNED DIRECTOR OF COMMERCE AND CONSUMER AFFAIRS OF THE
STATE OF HAWAII, HEREBY CERTIFY THAT THE ATTACHED IS A TRUE AND EXACT COPY OF:

The entire corporate file excluding corporate reports of U-HAUL OF HAWAII, INC.,
as the same appears on file and of record in this Department.

                                    IN WITNESS WHEREOF, I HAVE HEREUNTO SET MY
                                    HAND AND AFFIXED THE SEAL OF THE DEPARTMENT
                                    OF COMMERCE AND CONSUMER AFFAIRS, AT
                                    HONOLULU, HAWAII.

                                    DATED: August 6,2003

                                        /s/ Mark E. Rechtenwald
                                        -----------------------

                                    DIRECTOR OF COMMERCE AND CONSUMER AFFAIRS

<PAGE>

File No. 57197D1                                      INTERNET FILING     *AGD*
Work Item ID. 0826200244272

                                STATE OF HAWAII
                   DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
              Mailing Address: P.O. Box 113600, Honolulu, HI 96810
                              Phone: (808) 586-2727
                               Fax: (808) 586-2733

                                 August 15 2002

U-HAUL OF HAWAII, INC.
LEGAL DEPT
2721 N CENTRAL AVE
PHOENIX ARIZONA 85004

Effective July 1, 2002, your type of business entity is required to have a
registered agent. The registered agent may be an individual who resides in the
State of Hawaii, a domestic or foreign entity authorized to transact business or
conduct affairs in Hawaii. If the registered agent is an individual, it may be
an officer, director or partner of your entity. See Act 130, 2002 Hawaii Session
Laws.

You can designate a registered agent and provide the street address of its
office by completing and filing this form or save time and postage by filing
ONLINE (see instructions below), or faxing to the number above. The filing fee
for the designation of registered agent shall be waived if filed on or before
December 31,2002.

Designation of registered agent                     [X]   BUSINESS ENTITY (check
- -------------------------------                           this box, if the
INFORMATION MUST BE TYPED                                 registered agent is a
                                                          business and not an
                                                          individual)


1.       Name of registered agent:

         THE CORPORATION COMPANY, INC.*       HAWAII UNITED STATES
         ------------------------------       ----------------------------------
         (Type name of registered agent)      (State or Country of incorporation
                                              or formation, if registered agent
                                              is an entity)

2.       Hawaii street address of registered agent's office:

         1000 BISHOP STREET, 15TH FLOOR, HONOLULU, HAWAII, 96813, USA

3.       The address of the registered agent and address of the registered
         agent's office shall be identical.

I certify that I have read the above statements and that the same are true and
correct to the best of my knowledge and belief.

GARY V. KLINEFELTER, SECRETARY                            08/26/2002 11:44:09 AM
- ------------------------------                            ----------------------
 Name/Signature and title of authorized officer or partner          Date

<PAGE>

                                 STATE OF HAWAII

                   DEPARTMENT OP COMMERCE AND CONSUMER AFFAIRS

                                    Honolulu

                              CERTIFICATE OF MERGER

         I, ROBERT A. ALM, Director of Commerce and Consumer Affairs of the
State of Hawaii, do hereby certify that pursuant to the Articles of Merger and
Plan of Merger of U-HAUL OF HAWAII, INC., a Hawaii corporation, filed in this
Department on October 2, 1989, in accordance with the provisions of Section
415-75 of the Hawaii Revised Statutes, VAL'S U-DRIVE, INCORPORATED, a Hawaii
corporation, was merged with and into U-HAUL OF HAWAII, INC. on October 2, 1989
at 11:37 a.m.

                                    IN WITNESS WHEREOF, I have hereunto set my
                                    hand and affixed the seal of the Department
                                    of Commerce and Consumer Affairs, at
                                    Honolulu, State of Hawaii, this 9th day of
                                    October, 1989.

                                       /s/ [ILLEGIBLE]

                                    Director of Commerce and Consumer Affairs

                                    By  /s/ [ILLEGIBLE]
                                        -----------------------------
                                         Commissioner of Securities
                                         Business Registration Division

<PAGE>
                                                                 DOMESTIC PROFIT

                                 STATE OF HAWAII
                  DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
                         BUSINESS REGISTRATION DIVISION
                              1010 Richards Street
             Mailing Address: P. 0. Box 40, Honolulu, Hawaii 96810

                               ARTICLES OF MERGER
                            (Subsidiary into Parent)
                   (Section 415-75. Hawaii Revised Statutes)

                  The undersigned, duly authorized officers of the corporation
submitting these Articles of Merger, certify as follows:

1.       The name and state of incorporation of the parent or surviving
         corporation is:

             U-HAUL OF HAWAII, INC.                                  Hawaii
             ----------------------                                  ------
         (TYPE/PRINT CORPORATE NAME)                                (STATE)

2.       The name and state of incorporation of the merging or subsidiary
         corporation is:

     VAL'S  U-DRIVE, INCORPORATED                                    Hawaii
     ----------------------------                                    ------
    (TYPE/PRINT CORPORATE NAME)                                      (STATE)

3.       The surviving corporation owns at least 90% of the issued and
         outstanding shares of the merging corporation.

4.       The Plan of Merger is attached.

5.       A copy of the Plan of Merger was mailed to all of the shareholders of
         the subsidiary corporation on

             June                  28                    1989.
            --------------------------------------------------
            (Month                Day                    Year)

6.

<TABLE>
<CAPTION>
                                                               Number of Outstanding Shares
 Number of Outstanding Shares                                  of the Subsidiary, owned by
of the Subsidiary Corporation        Class/Series                 the Parent Corporation
- ------------------------------------------------------------------------------------------
<S>                                  <C>                      <C>
           5,000                      COMMON/None                         5,000
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
</TABLE>

We certify under the penalties of Section 415-136. Hawaii Revised Statutes, that
we have read the above statements and that the same are true and correct.

Witness our hands this 26th day of September, 1989.

Parent or Surviving corporation: U-Haul of Hawaii, Inc.
- ------------------------------------------------------------
                                 (TYPE/PRINT CORPORATE NAME)

  Edward J. Arreola, President                           Ellen Heu, Secretary
  ----------------------------                         -------------------------
    (TYPE/PRINT NAME & TITLE)                          (TYPE/PRINT NAME & TITLE)

         [ILLEGIBLE]                                           [ILLEGIBLE]
   (SIGNATURE OF OFFICER)                               (SIGNATURE  OF OFFICER)

                       (SEE REVERSE SIDE FOR INSTRUCTIONS)

<PAGE>

                                 PLAN OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 27th day of
September, 1989, entered into by U-Haul of Hawaii, Inc., a Hawaii corporation,
the surviving corporation and Val's U-Drive, Incorporated, a Hawaii corporation,
the Absorbed Corporation, and together referred to as the Constituent
Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Hawaii which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is The
Corporation Company, Inc., 1000 Bishop Streets, Honolulu, Hawaii 96813.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Absorbed Corporation shall be cancelled.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Surviving
                           Corporation.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                                                NUMBER OF
                                            NUMBER OF             SHARES            NUMBER          NUMBER
          COMPANY                            SHARES              ENTITLED            VOTED           VOTED
           NAME                            OUTSTANDING           TO VOTE              FOR           AGAINST
- -----------------------------------------------------------------------------------------------------------
<S>                                        <C>                  <C>                 <C>             <C>
U-HAUL OF HAWAII, INC.                         100                   100                100             -0-

VAL'S U-DRIVE, INCORPORATED                  5,000                 5,000              5,000             -0-
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Hawaii to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Hawaii.

                                       VI

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all liabilities and obligations of
the Absorbed Corporation.

<PAGE>

         We certify under the penalties of section 415-136, Hawaii Revised
Statues, that we have read the above statements & that the same are true and
correct.

                           Surviving Corporation:     U-HAUL OF HAWAII
                                                      a Hawaii Corporation

                           By: /s/ Edward J. Arreola
                               -------------------------------------------------
                               Edward J. Arreola, President & Director

                           By: /s/ Ellen C. Heu
                               -------------------------------------------------
                               Ellen C. Heu, Secretary & Director

         We certify under the penalties of section 415-136, Hawaii Revised
Statues, that we have read the above statements & that the same are true and
correct.

                           Absorbed Corporation:    VAL'S U-DRIVE,
                                                    INCORPORATED, a Hawaii
                                                    Corporation

                           By: /s/ Edward J. Arreola
                               -------------------------------------------------
                               Edward J. Arreola, President & Director

                           By: /s/ Ellen C. Heu
                               -------------------------------------------------
                               Ellen C. Heu, Secretary & Director

<PAGE>

                                 STATE OF HAWAII

              DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS

                                    Honolulu

                              CERTIFICATE OF MERGER

         I, ROBERT A. ALM, Director of Commerce and Consumer Affairs of the
State of Hawaii, do hereby certify that MOVERS WORLD OF HAWAII, INC., a Hawaii
corporation has been merged with and into U-HAUL OF HAWAII, INC., a Hawaii
corporation; that the name of the surviving corporation is U-HAUL OF HAWAII,
INC., that the Articles of Merger and Plan of Merger in conformity with Chapter
415, Hawaii Revised Statutes, were filed in the Department of Commerce and
Consumer Affairs on December 29, 1988, and that the merger became effective on
December 29, 1988 at 8:30 a.m.

                                    IN WITNESS WHEREOF, I have hereunto set my
                                    hand and affixed the seal of the Department
                                    of Commerce and Consumer Affairs, at
                                    Honolulu, State of Hawaii, this 17th day of
                                    January, 1989.

                                       /s/ [ILLEGIBLE]

                                    Director of Commerce and Consumer Affairs

                                    By /s/ [ILLEGIBLE]
                                       ---------------------------------------
                                         Commissioner of Securities
                                         Business Registration Division

<PAGE>
                                                                          PROFIT

                                 STATE OF HAWAII
                   DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
                         BUSINESS REGISTRATION DIVISION
                              1010 Richards Street
                 Mailing Address: P. O. Box 40. Honolulu. Hawaii 96810

                               ARTICLES OF MERGER
                    (Section 415-74, Hawaii Revised Statutes)

                  The undersigned, duly authorized officers of the corporations
submitting these Articles of Merger, certify as follows:

1.       The names and state of incorporation of the corporations proposing to
         merge are:

                         MOVERS WORLD OF HAWAII, INC.              Hawaii
                         ----------------------------              ------
                         (TYPE/PRINT CORPORATE NAME)              (STATE)

                         U-HAUL OF HAWAII, INC.                    Hawaii
                         ----------------------------              ------
                         (TYPE/PRINT CORPORATE NAME)              (STATE)

2.       The name and state of incorporation of the surviving corporation is:

                U-HAUL OF HAWAII, INC.                            Hawaii
            ----------------------------                          ------
            (TYPE/PRINT CORPORATE NAME)                          (STATE)

3.       The Plan of Merger is attached.

4.       Vote of the shareholders of the surviving corporation:

<TABLE>
<CAPTION>
Number of Shares                                             Number Voting For       Number Voting
  Outstanding                         Class/Series              the Merger         Against the Merger
- -----------------------------------------------------------------------------------------------------
<S>                                   <C>                    <C>                   <C>
     100                              COMMON                        100                     0
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
</TABLE>

5.       Vote of the shareholders of the merging corporation:

<TABLE>
<CAPTION>
Number of Shares                                             Number Voting For       Number Voting
  Outstanding                         Class/Series              the Merger         Against the Merger
- -----------------------------------------------------------------------------------------------------
<S>                                   <C>                    <C>                   <C>
     100                              COMMON                        100                     0
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
</TABLE>

6.       The effective date of this Merger shall be upon the date of filing with
         the Department of Commerce and Consumer Affairs.
<PAGE>

We certify under the penalties of Section 415-138, Hawaii Revised Statutes, that
we have read the above statements and that they are true and correct.

Witness our hands this 20th day of December, 1988.

Surviving Corporation: U-HAUL OF HAWAII, INC.
- -------------------------------------------------
                      (TYPE/PRINT CORPORATE NAME)

__________________________________             _________________________________
    (TYPE/PRINT NAME & TITLE)                      (TYPE/PRINT NAME & TITLE)

/s/ Richard Theye                              /s/ Hellen Heu
- ----------------------------------             ---------------------------------
 (SIGNATURE OF OFFICER)                          (SIGNATURE OF OFFICER)
Richard Theye, President & Director            Hellen Heu, Secretary & Director

Merging Corporation: MOVERS WORLD OF HAWAII, INC.
- -------------------------------------------------
                     (TYPE/PRINT CORPORATE NAME)

/s/ John M. Dodds                               /s/ John A. Lorentz
- -----------------------------------            -----------------------------
(TYPE/PRINT NAME & TITLE)                      (TYPE/PRINT NAME & TITLE)
John M. Dodds, President & Director             John A. Lorentz, Secretary &
                                               Director

_____________________________________          _________________________________
        (SIGNATURE OF OFFICER)                       (SIGNATURE OF OFFICER

                       (SEA REVERSE SIDE FOR INSTRUCTIONS)

                                      -2-

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 29st day of July,
1988, entered into by U-HAUL OF HAWAII, INC. the Surviving Corporation, and
MOVERS WORLD OF HAWAII, INC., the Absorbed Corporation, both corporations of the
State of Hawaii, and together referred to as the Constituent Corporations hereby
witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Hawaii, which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporations's principal office. The location of that office is 1000
Bishop Streets, Honolulu, Hawaii 96813.

                                       1
<PAGE>

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         (1)      All issued and outstanding shares of stock of the Absorbed
Constituent Corporation shall be cancelled.

         (2)      On the effective date of the merger and when the
aforementioned cancellation has been effected, the outstanding shares of stock
of the Surviving Corporation shall be deemed for all corporate purposes to
evidence the ownership of the Constituent Corporations. The surviving
corporations stock remains the same.

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to Each Corporation
Was as Follows:

<TABLE>
<CAPTION>
                                   NUMBER OF                    NUMBER OF            NUMBER      NUMBER
                                    SHARES                       SHARES               VOTED      VOTED
        COMPANY NAME              OUTSTANDING                ENTITLED TO VOTE          FOR       AGAINST
- ---------------------------------------------------------------------------------------------------------
<S>                               <C>                        <C>                     <C>         <C>
U-HAUL OF HAWAII, INC.                 100                          100                100          0

MOVERS WORLD OF HAWAII, INC.           100                          100                100          0
</TABLE>

                                       2

<PAGE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Hawaii, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Hawaii.

                                       VI

         The Surviving Corporation hereby irrevocable appoints The Corporation
Company as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P. O. Box 21502, Phoenix, Arizona 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                                       3

<PAGE>

IN WITNESS WHEREOF the corporate parties hereto execute this AGREEMENT/ARTICLES
OF MERGER this 29th day of July, 1988.

               Surviving Corporation:         U-HAUL OF HAWAII, INC.

                                              a-Hawaii corporation

                                              BY: /s/ Richard Theye
                                                  --------------------------
                                                      Richard Theye, President
                                                                     Director
Verified

BY: /s/ Ellen Heu                             BY:
    -------------                                 ------------------------------
    Ellen Heu, Secretary                          Joe Glidden, Director
              & Director

               Absorbed Corporation:          MOVERS WORLD OF HAWAII, INC.,
                                              a Hawaii/corporation

                                              BY: /s/ John M. Dodds
                                                  ------------------------------
                                                  John M. Dodds, President &
                                                                  Director

Verified

BY : /s/ John A. Lorentz
     -------------------
    John A. Lorentz,
    Secretary

STATE OF HAWAII
COUNTY OF HONOLULU

         The undersigned, a Notary Public duly commissioned to take
acknowledgment and administer oaths in the above captioned State, hereby certify
that the abc signed officers of the above-named corporation personally appeared
before me; acknowledged their execution of the foregoing Articles of Merger; and
swore or attested to the facts therein stated.

         WITNESS my hand and Notarial Seal this 15th day of November, 1988.

                     (NOTARIAL SEAL)              /s/ [ILLEGIBLE]
                                                  ------------------------------
                                                  NOTARY PUBLIC

                                                  MY COMMISSION EXPIRES. 5/13/90

                                       4

<PAGE>

STATE OP ARIZONA

COUNTY OF MARICOPA

         The undersigned, a Notary Public duly commissioned to take
acknowledgments and administer oaths in the above captioned State, hereby
certify that the above signee officers of the above-named corporation personally
appeared before me; acknowledged their execution of the foregoing Articles of
Merger; and swore or attested to the facts therein stated.

         WITNESS my hand and Notarial Seal this 29th day of July, 1988.

                                                 /s/ [ILLEGIBLE]
                                                 ------------------------------
                                                 NOTARY PUBLIC

     (NOTARIAL SEAL)

                                       5

<PAGE>

                        CONSENT TO USE OF SIMILAR NAME .

         The undersigned corporation hereby consents to the use of a similar
name:

         1.       The name of the consenting corporation is U-HAUL CO. OF
OREGON, a corporation organized and existing under the laws of the State of
Oregon and which is qualified to do business in the State of Hawaii.

         2.       The name of the corporation to which this Consent is being
given which is about to be organized under the laws of the State of Hawaii is:

                             U-HAUL OF HAWAII, INC.

         IN WITNESS WHEREOF, this corporation has caused this Consent to be
executed this 7th day of May, 1984.

                                             U-HAUL CO. OF OREGON, an Oregon
                                             corporation

                                             BY: /s/ John A. Lorentz
                                                 -------------------------------
                                                 John A. Lorentz,  Assistant
                                                                       Secretary

STATE OF ARIZONA    )
                    ) ss.
COUNTY OF MARICOPA  )

         Before me, a Notary Public, personally appeared John A. Lorentz known
to me to be the person who executed the foregoing instrument, and acknowledged
that he executed the same for the purpose therein contained and that the
statements are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
7th day of May, 1984.

                                                      /s/ [ILLEGIBLE]
                                                      --------------------------
                                                         NOTARY PUBLIC

                                             MY COMMISSION EXPIRES APRIL 5, 1988

        (NOTARIAL SEAL)

<PAGE>

                                 STATE OF HAWAII
                   DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
                         Business Registration Division
                                    Honolulu

                                  -----------

In the Matter of the Incorporation    )
                                      )
                    of                )
                                      )
U-HAUL OF HAWAII, INC.                )
                                      )

                            ARTICLES OF INCORPORATION

5719701
CASE, KAY & LYNCH
(William W. L. Yuen)
Grosvenor Center,
Mauka Tower, Suite 2600
737 Bishop Street
Honolulu, Hawaii 96813

052384/0740A
<PAGE>

                                STATE OF HAWAII

                   DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
                         Business Registration Division
                                    Honolulu

In the Matter of the Incorporation          )
                                            )
                     of                     )
                                            )
U-HAUL OF HAWAII, INC.                      )
                                            )
____________________________________________)

                            ARTICLES OF INCORPORATION

         BE IT KNOWN THAT the undersigned, desiring to form a corporation under
the laws of the State of Hawaii, hereby execute(s) the following Articles of
Incorporation:

                                   ARTICLE I.

         The name of the corporation shall be:

                             U-HAUL OF HAWAII, INC.

                                   ARTICLE II.

         The location of the principal office of the corporation shall be
Honolulu, State of Hawaii, and the specific address of its initial office shall
be at 2722 Kilihau Street, Honolulu, Hawaii, 96819, or at such other location in
the State of Hawaii as the Board of Directors may designate.

                                  ARTICLE III.

         Section 1. The purposes for which this corporation is organized and its
powers in connection therewith are as follows:

         (a)      To engage in the business of leasing and renting trucks,
trailers, vans and automobiles to business enterprises and the general public;

<PAGE>

         (b)      To undertake and carry on any business, investment,
transaction, venture or enterprise which may be lawfully undertaken or carried
on by a corporation under the law of the State of Hawaii from time to time and
the rules and regulations of the regulating board concerned.

         Section 2. And in furtherance of said purposes, the corporation shall
have all powers, rights, privileges and immunities, and shall be subject to all
of the liabilities conferred or imposed by law upon corporations of this nature,
and shall be subject to and have all the benefits of all general laws with
respect to corporations. Subject to and without limiting the generality of the
foregoing, the corporation shall have the following powers:

         (a)      To have succession by its corporate name perpetually;

         (b)      To sue and be sued in any court;

         (c)      To make and use a common seal, and alter it at its pleasure;

         (d)      To hold, purchase, and convey such property as the purposes of
the corporation require, without limit, and to mortgage, pledge, and hypothecate
the same to secure any debt of the corporation;

         (e)      To appoint such subordinate officers and agents as the
business of the corporation requires;

         (f)      To sell, convey, mortgage, pledge, lease, exchange, transfer,
and otherwise dispose of all or any part of its property and assets;

         (g)      To lend money to its employees, officers, and directors, and
otherwise assist its employees, officers, and directors;

         (h)      To purchase, take, receive, subscribe for, or otherwise
acquire, own, hold, vote, use, employ, sell, mortgage, lend, pledge, or
otherwise dispose of, and otherwise use and deal in and with, shares or other
interests in, or obligations of, other domestic or foreign corporations,
associations, partnerships, or individuals, or direct or indirect obligations of
the United States or of any other government, state, territory, governmental
district or municipality, or of any instrumentality thereof;

                                      -2-
<PAGE>

         (i)      To make contracts and guarantees and incur liabilities, borrow
money at such rates of interest as the corporation may determine, issue its
notes, bonds, and other obligations, and secure any of its obligations by
mortgage or pledge of all or any of its property, franchises, and income;

         (j)      To lend money for its corporate purposes, invest and reinvest
its funds, and take and hold real and personal property as security for the
payment of funds so loaned or invested;

         (k)      To conduct its business, carry on its operations, and have
offices and exercise the powers granted by this section in any state, territory,
district, or possession of the United States, or in any foreign country;

         (l)      To elect or appoint officers and agents of the corporation,
and define their duties and fix their compensation;

         (m)      To make and alter bylaws, not inconsistent with these Articles
of Incorporation or with the laws of the State of Hawaii; provided, however,
that the power to alter, amend, or repeal the bylaws or to adopt new bylaws
shall be reserved to the shareholders;

         (n)      To make donations for the public welfare or for charitable,
scientific, or educational purposes;

         (o)      In time of war to transact any lawful business;

         (p)      To indemnify any person who was or is a party or is threatened
to be made a party to any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative, (other
than an action by or in the right of the corporation) by reason of the fact that
such person is or was a director, officer, employee or other agent of the
corporation, or is or was serving at the request of the corporation as a
director, officer, employee or agent of another foreign or domestic corporation,
partnership, joint venture, trust or other enterprise, or was a director,
officer, employee or agent of a foreign or domestic corporation which was a
predecessor corporation of the corporation or of another enterprise at the
request of such predecessor corporation, against expenses (including attorneys'
fees), judgments, fines, settlements and other amounts actually and reasonably
incurred in connection with such proceeding if such person acted in good faith
and in a manner such person reasonably believed to be in or not opposed to the
best interests of the corporation, and, with respect to any criminal proceeding,
had no reasonable cause to believe the conduct of such person was unlawful. The

                                      -3-
<PAGE>

termination of any proceeding by judgment, order, settlement, conviction, or
upon a plea of nolo contendere or its equivalent, shall not, of itself, create a
presumption that the person did not act in good faith and in a manner which the
person reasonably believed to be in or not opposed to the best interests of the
corporation or that the person had reasonable cause to believe that the person's
conduct was unlawful;

         (q)      To indemnify any person who was or is a party or is threatened
to be made a party to any threatened, pending or completed action by or in the
right of the corporation to procure a judgment in its favor by reason of the
fact that such person is or was a director, officer, employee or other agent of
the corporation, or is or was serving at the request of the corporation as a
director, officer, employee or agent of another foreign or domestic corporation,
partnership, joint venture, trust or other enterprise, or was a director,
officer, employee or agent of a foreign or domestic corporation which was a
predecessor corporation of the corporation or of another enterprise at the
request of such predecessor corporation, against expenses (including attorneys'
fees) actually and reasonably incurred by such person in connection with the
defense or settlement of such action if such person acted in good faith and in a
manner such person reasonably believed to be in or not opposed to the best
interests of the corporation and, except that no indemnification shall be made
in respect of any claim, issue or matter as to which such person shall have been
adjudged to be liable for negligence or misconduct in the performance of such
person's duty to the corporation unless and only to the extent that the court in
which such action or suit was brought shall determine upon application that,
despite the adjudication of liability but in view of all circumstances of the
case, such person is fairly and reasonably entitled to indemnity for such
expenses which such court shall deem proper;

         (r)      To purchase and maintain insurance on behalf of any person who
is or was a director, officer, employee or other agent of the corporation, or is
or was serving at the request of the corporation as a director, officer,
employee or agent of another foreign or domestic corporation, partnership, joint
venture, trust or other enterprise, or was a director, officer, employee or
agent of a foreign or domestic corporation which was a predecessor corporation
of the corporation or of another enterprise at the request of such predecessor
corporation, against any liability asserted against or incurred by such person
in any such capacity or arising out of such person's status as such, whether or
not the corporation would have the power to indemnify such person against such
liability under the provisions of this Article.

                                      -4-
<PAGE>

         (s)      To pay pensions and establish pension plans, pension trusts,
profit-sharing plans, stock bonus plans, stock option plans, and other incentive
or benefit plans for any of its directors, officers, and employees; and, to the
extent permitted by applicable federal law, to indemnify and purchase and
maintain insurance on behalf of any fiduciary of any employee benefit plan or
trust maintained for the benefit of employees of the corporation or another
corporation in which it owns shares;

         (t)      To cease its corporate activities and surrender its corporate
franchise;

         (u)      To have and exercise all powers necessary or convenient to
effect any or all, of the purposes for which the corporation is organized.

                                  ARTICLE IV.

         Section 1. The authorized capital stock of the corporation shall be
FIFTY THOUSAND AND NO/100 DOLLARS ($50,000.00), divided into FIVE THOUSAND
(5,000) shares of common stock of the par value of TEN AND NO/100 DOLLARS
($10.00) a share. The corporation shall have the privilege of subsequent
extension of its capital stock from time to time in the manner provided by law
by the issuance of either common or preferred stock to an amount not exceeding
ONE MILLION AND NO/100 DOLLARS ($1,000,000.00) in the aggregate.

         The names of the subscribers for shares, the number of shares
subscribed for by each subscriber, the subscription price for the shares
subscribed for by each subscriber and the amount of the capital paid in cash by
each subscriber are as follows:

<TABLE>
<CAPTION>
                             No. of            Subscription            Amt. of
                             Shares             Price for              Capital
                           Subscribed           Each Share             Paid in
                            for by             Subscribed              Cash by
   Names of                  Each              for by Each            Each Sub-
  Subscriber               Subscriber           Subscriber             scriber
  ----------               ----------           ----------             -------
<S>                        <C>                 <C>                    <C>
AMERCO, a Nevada
corporation                   100                 $10.00              $1,000.00
</TABLE>

         Section 2. The corporation shall have power from time to time to create
an additional class or additional classes of stock, with or without par value.
Such additional class or

                                      -5-
<PAGE>

classes of stock may have such terms, preferences, voting powers, restrictions
and qualifications thereof as shall be fixed by these Articles or by the
resolution of the shareholders authorizing the issue thereof in accordance with
law. The Board of Directors is authorized to issue authorized and unissued
shares of any class. If, whenever, and as often as shares of stock of the
corporation without par value shall be authorized as permitted by law, the Board
of Directors is authorized to determine what portion of the consideration for
which such shares shall be issued shall constitute capital and what portion, if
any, paid-in surplus, subject to the applicable provisions of these Articles and
the provisions of law. Any and all shares of stock, bonds, debentures or other
securities or obligations of the corporation, whether or not convertible into
stock or carrying warrants entitling the holder thereof to subscribe to stock,
may be issued, optioned, sold and/or disposed of from time to time by the Board
of Directors to such persons, entities, firms or corporations, and for such
consideration (so far as may be permitted by law) as the Board of Directors
shall from time to time in its absolute discretion determine.

         Section 3. No holder of stock of the corporation of any class shall, as
such holder, have any preemptive right to subscribe to, purchase, or otherwise
acquire, any shares of any class of stock of the corporation, whether now or
hereafter authorized, or obligations convertible into any class or classes of
stock or stock of any class convertible into stock of any other class or classes
or of any other series of the same class, and/or obligations, stock or other
securities carrying warrants or rights to subscribe to stock of the corporation
of any class or classes, whether now or hereafter authorized.

                                   ARTICLE V.

         The corporation shall have a Board of Directors of at least one but not
more than fifteen members if the corporation has only one stockholder. If the
corporation has two stockholders, the Board of Directors shall have at least two
but not more than fifteen members. If the corporation has three or more
stockholders, the Board of Directors shall have at least three but not more than
fifteen members. The members of the Board of Directors shall be elected or
appointed at such times, in such manner and for such terms as may be prescribed
by the Bylaws. The Bylaws may provide for the removal of directors and the
filling of vacancies and may contain provisions that the remaining members of
the Board of Directors (although less than a majority thereof) may fill
vacancies in the Board of Directors, including temporary vacancies caused by

                                      -6-
<PAGE>

the illness of any director or the absence of any director from the State of
Hawaii. No director need be a shareholder of the corporation.

         The Board of Directors shall have full power to control and direct the
business and affairs of the corporation and to provide for any and every lawful
act, whether in the ordinary course of business of the corporation or otherwise,
including specifically, but without limitation to the generality of the
foregoing, the power to provide for the purchase by the corporation of such
property as the purposes of the corporation shall require, without limit as to
amount, the power to provide for the incurring by the corporation of debts,
without limit as to amount, and in excess of the capital stock of the
corporation, and the issuance of notes, bonds, and other evidences of such
debts, the power to provide for the mortgage, pledge and/or hypothecation of all
or any part of the assets of the corporation, including after-acquired assets,
as security for any debt or debts of the corporation, the power to create such
committees (including an executive committee or committees) and to designate as
members of such committees such persons as it shall determine, and to confer
upon such committees, such powers and authorities as may by resolution be set
forth for the purpose of carrying on or exercising any of the powers of the
corporation, and the power to remove or suspend any officer.

                                  ARTICLE VI.

         The officers of the corporation shall be a President, one or more Vice
Presidents, a Treasurer, a Secretary and such other officers and subordinate
officers as may be provided for in the Bylaws. The officers shall be appointed
at such times, in such manner and for such terms as may be prescribed by the
Bylaws. No officer or subordinate officer need be a shareholder of the
corporation.

         The persons who are the first officers and directors of the
corporation, together with their residence addresses, are as follows:

         JIM LEE MARTIN                 President
         4441 So. East 302d Street      Director
         Route 2, Box 1020B
         Troutdale, Oregon 97060

         JOHN A. LORENZ                 Vice-President
         2049 E. La Jolla Drive         Secretary
         Temple, Arizona 85282          Treasurer
                                        Director

                                      -7-
<PAGE>

         WILLIAM W. L. YUEN             Assistant Secretary
         962 Uwao Street                Director
         Honolulu, Hawaii 96825

                                  ARTICLE VII.

         No contract or other transaction between the corporation and one or
more of its directors, or between the corporation and any corporation, firm or
association in which one or more of its directors are directors or are
financially interested, shall be either void or voidable by reason of the fact
that such director or directors are present at the meeting of the Board of
Directors, or committee thereof, which authorizes or approves such contract or
transaction, or that his or her or their votes are counted for such purpose if
(a) the fact of such common directorship or financial interest be disclosed or
known to the Board of Directors or committee, and the Board of Directors or
committee authorize, approve or ratify such contract or transaction in good
faith by a vote sufficient for such purpose, without counting the vote or votes
of such director or directors; or (b) the fact of such common directorship or
financial interest be disclosed or known to the shareholders and they approve or
ratify such contract or transaction in good faith by the affirmative vote or
written consent of two-thirds of the shareholders entitled to vote; or (c) if it
be affirmatively shown that the contract or transaction be just and reasonable
as to the corporation at the time it was authorized or approved. Such common or
interested directors may be counted in determining the presence of a quorum at
such meeting.

                                  ARTICLE VIII.

         The corporation shall have succession by its corporate name in
perpetuity and shall have all the powers herein enumerated or implied herefrom
and the powers now provided (or which may be hereafter provided) by law for
incorporated companies.

                                  ARTICLE IX.

         Service of legal process may be made upon the corporation in the manner
provided by law.

                                      -8-
<PAGE>

                                   ARTICLE X.

         No shareholder shall be liable for the debts of the corporation beyond
the amount which may be due or unpaid upon any share or shares of stock of said
corporation owned by him or her.

                                         /s/ WILLIAM W. L. YUEN
                                         ----------------------------------
                                         WILLIAM W. L. YUEN

                                      -9-
<PAGE>

STATE OF HAWAII                         )
                                        ) SS:
CITY AND COUNTY OF HONOLULU             )

         On this 23rd day of May, 1981, before me personally appeared WILLIAM
W. L. YUEN, to me personally known to be the person described in and who
executed the foregoing instrument, and acknowledged that the same was executed
as the free act and deed of said person.

                                        /s/ [ILLEGIBLE]
                                        ----------------------------------------
                                        Notary Public,  State of Hawaii

                                        My commission expires: 8/30/85

                                      -10-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.78
<SEQUENCE>77
<FILENAME>p68936exv3w78.txt
<DESCRIPTION>EXHIBIT 3.78
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.78

                                     BYLAWS

                                       OF

                             U-HAUL OF HAWAII, INC.

                               ARTICLE I. OFFICES

         The principal office of the corporation shall be in the State of Hawaii
at 2722 Kilihau Street, Honolulu, Hawaii, 96819. The corporation may have such
other offices, either within or without the State of Hawaii, as the board of
directors may designate or as the business of the corporation may require from
time to time.

                            ARTICLE II. SHAREHOLDERS

         Section 1. Annual Meeting. The annual meeting of the shareholders shall
be held on the first Wednesday in the month of May in each year, at the hour of
10:00 o'clock A.M., or at such other time on such other day within such month as
shall be fixed by the board of directors, for the purpose of electing directors
and for the transaction of such other business as may come before the meeting.
If the day fixed for the annual meeting shall be a legal holiday in the State of
Hawaii, such meeting shall be held on the next succeeding business day. If the
election of directors shall not be held on the day designated herein for any
annual meeting of the shareholders, or at any adjournment thereof, the board of
directors shall cause the election to be held at a special meeting of the
shareholders as soon thereafter as conveniently may be.

         Section 2. Special Meetings. Special meetings of the shareholders, for
any purpose or purposes, unless otherwise prescribed by statute, may be called
by the president or by the board of directors, and shall be called by the
president at the request of the holders of not less than one-tenth of all
outstanding shares of the corporation entitled to vote at the meeting.

         Section 3. Place of Meeting. The board of directors may designate any
place, either within or without the State of Hawaii, as the place of meeting for
any annual meeting or for any special meeting called by the board of directors.
If no designation is made, or if a special meeting be otherwise called, the
place of meeting shall be the principal office of the corporation in the State
of Hawaii.

<PAGE>

         Section 4. Notice of Meeting. Written notice stating the place, day and
hour of the meeting and, in case of a special meeting, the purpose or purposes
for which the meeting is called, shall, unless otherwise prescribed by statute,
be delivered not less than ten nor more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the president,
or the secretary, or the officer or other persons calling the meeting, to each
shareholder of record entitled to vote at such meeting. If mailed, such notice
shall be deemed to be delivered when deposited in the United States mail,
addressed to the shareholder at his or her address as it appears on the stock
transfer books of the corporation, with postage thereon prepaid. Any shareholder
may waive notice of any meeting. The attendance of a shareholder at a meeting
shall constitute a waiver of notice of such meeting, except where a shareholder
attends a meeting for the express purpose of objecting to the transaction of any
business on the grounds that the meeting is not lawfully called or convened.
Subject to such limitations, if any, as may expressly be contained in any
statutory provision applicable to any particular action, when three-fourths of
the shareholders entitled to vote at any meeting sign by themselves or their
proxies or other authorized representatives a written consent or approval on the
record of the meeting, the doings of the meeting, however called or notified,
shall be valid.

         Section 5. Closing of Transfer Books or Fixing of Record Date. For the
purpose of determining shareholders entitled to notice of or to vote at any
meeting of shareholders or any adjournment thereof, or shareholders entitled to
receive payment of any dividend, or in order to make a determination of
shareholders for any other proper purpose, the board of directors of the
corporation may provide that the stock transfer books shall be closed for a
stated period but not to exceed, in any case, fifty days. If the stock transfer
books shall be closed for the purpose of determining shareholders entitled to
notice of or to vote at a meeting of shareholders, such books shall be closed
for at least ten days immediately preceding such meeting. In lieu of closing the
stock transfer books, the board of directors may fix in advance a date as the
record date for any such determination of shareholders, such date in any case to
be not more than fifty days and, in case of a meeting of shareholders, not less
than ten days prior to the date on which the particular action, requiring such
determination of shareholders, is to be taken. If the stock transfer books are
not closed and no record date is fixed for the determination of shareholders
entitled to notice of or to vote at a meeting of shareholders, or shareholders
entitled to receive payment of a dividend, the date on which notice of the
meeting is mailed or the date on which the resolution of the

                                      -2-

<PAGE>

board of directors declaring such dividend is adopted, as the case may be, shall
be the record date for such determination of shareholders. When a determination
of shareholders entitled to vote at any meeting of shareholders has been made as
provided in this section, such determination shall apply to any adjournment
thereof.

         Section 6. Voting Record. The officer or agent having charge of the
stock transfer books for shares of the corporation shall make a complete record
of the shareholders entitled to vote at each meeting of shareholders or any
adjournment thereof, arranged in alphabetical order, with the address of and the
number of shares held by each. Such record shall be produced and kept open at
the time and place of the meeting and shall be subject to the inspection of any
shareholder during the whole time of the meeting for the purposes thereof.

         Section 7. Quorum. A majority of the outstanding shares of the
corporation entitled to vote, represented in person or by proxy, shall
constitute a quorum at a meeting of shareholders. If less than a majority of the
outstanding shares are represented at a meeting, a majority of the shares so
represented may adjourn the meeting from time to time without further notice. At
such adjourned meeting at which a quorum shall be present or represented, any
business may be transacted which might have been transacted at the meeting as
originally noticed. The shareholders present at a duly organized meeting may
continue to transact business until adjournment, notwithstanding the withdrawal
of enough shareholders to leave less than a quorum.

         Section 8. Proxies. At all meetings of shareholders, a shareholder may
vote in person or by proxy executed in writing by the shareholder or by his or
her duly authorized attorney-in-fact. Such proxy shall be filed with the
secretary of the corporation before or at the time of the meeting. No proxy
shall be valid after eleven months from the date of its execution, unless
otherwise provided in the proxy.

         Section 9. Voting of Shares. Subject to the provisions of Section 12 of
this Article II, each outstanding share entitled to vote shall be entitled to
one vote upon each matter submitted to a vote at a meeting of shareholders.

         Section 10. Voting of Shares by Certain Holders. Shares standing in the
name of another corporation may be voted by such officer, agent or proxy as the
Bylaws of such corporation may prescribe, or, in the absence of such provision,
as the board of directors of such other corporation may determine.

                                      -3-

<PAGE>

         Shares held by a personal representative, administrator, executor,
guardian or conservator may be voted by him or her, either in person or by
proxy, without a transfer of such shares into his or her name. Shares standing
in the name of a trustee may be voted by him or her, either in person or by
proxy, but no trustee shall be entitled to vote shares held by him or her
without a transfer of such shares into his or her name.

         Shares standing in the name of a receiver may be voted by such
receiver, and shares held by or under the control of a receiver may be voted by
such receiver without the transfer thereof into his or her name if authority so
to do be contained in an appropriate order of the court by which such receiver
was appointed.

         A shareholder whose shares are pledged shall be entitled to vote such
shares until the shares have been transferred into the name of the pledgee, and
thereafter the pledgee shall be entitled to vote the shares so transferred.

         Neither treasury shares of its own stock held by the corporation, nor
shares held by another corporation if a majority of the shares entitled to vote
for the election of directors of such other corporation are held by the
corporation, shall be voted at any meeting or counted in determining the total
number of outstanding shares at any given time for purposes of any meeting.

         Section 11. Consent of Shareholders in Lieu of Meeting. Whenever the
vote of shareholders at a meeting thereof is required or permitted to be taken
in connection with any corporate action permitted by Chapter 416 or Chapter 417
of the Hawaii Revised Statutes, or any successor statutes, the meeting and vote
of shareholders may be dispensed with if all of the shareholders who would have
been entitled to vote upon the action if the meeting were held, consent in
writing to the corporate action being taken.

         Section 12. Cumulative Voting. If not less than forty-eight (48) hours
prior to any shareholders' meeting for the election of directors a shareholder
delivers to the president, vice-president, secretary, or treasurer of the
corporation a written request that such election be held by cumulative voting,
then the directors to be elected at the meeting shall be chosen as follows: each
shareholder present in person or represented by proxy at the meeting shall have
a number of votes equal to the number of shares of capital stock of the
corporation owned by the shareholder multiplied by the number of directors to be
elected at the meeting, and each

                                      -4-

<PAGE>

shareholder shall be entitled to cumulate his votes and give all thereof to one
nominee or to distribute his votes in such manner as the shareholder determines
among any or all of the nominees, and the nominees receiving the highest number
of votes on the foregoing basis, up to the total number of directors to be
elected at the meeting, shall be the successful nominees.

                         ARTICLE III. BOARD OF DIRECTORS

         Section 1. General Powers. The business and affairs of the corporation
shall be managed by its board of directors.

         Section 2. Number, Tenure and Qualifications. The number of directors
of the corporation shall be fixed from time to time by the shareholders provided
that there shall be at least one director and no more than fifteen directors,
provided, however, that if the corporation has two stockholders, it shall have
at least two directors, and if it has three stockholders, it shall have at least
three directors. Each director shall hold office until the next annual meeting
of shareholders and until his or her successor shall have been elected and
qualified. At least one member of the board of directors shall be a resident of
the State of Hawaii. Directors need not be shareholders of the corporation.

         Section 3. Removal. Any director may be removed from office at any time
with or without cause by the affirmative vote of the holders of a majority of
all the shares of capital stock of the corporation outstanding and entitled to
vote at any special meeting of shareholders called for that purpose. Any vacancy
so created may be filled by the shareholders at such special meeting, or by the
board of directors as provided in Section 11 of this Article III.

         Section 4. Regular Meetings. A regular meeting of the board of
directors shall be held without other notice than this bylaw immediately after,
and at the same place as, the annual meeting of shareholders. The board of
directors may provide, by resolution, the time and place, either within or
without the State of Hawaii, for the holding of additional regular meetings
without other notice than such resolution.

         Section 5. Special Meetings. Special meetings of the board of directors
may be called by or at the request of the president or any two directors. The
person or persons authorized to call special meetings of the board of directors
may fix any place, either within or without the State of Hawaii, as the place
for holding any special meeting of the board of directors called by them.

                                      -5-

<PAGE>

         Section 6. Notice. Notice of any special meeting shall be given at
least two days previously thereto by written notice delivered personally or
mailed to each director at his or her business address or by telegram. If
mailed, such notice shall be deemed to be delivered when deposited in the United
States mail, so addressed, with postage thereon prepaid. If notice be given by
telegram, such notice shall be deemed to be delivered when the telegram is
delivered to the telegraph company. Any director may waive notice of any
meeting. The attendance of a director at a meeting shall constitute a waiver of
notice of such meeting, except where a director attends a meeting for the
express purpose of objecting to the transaction of any business on the grounds
that the meeting is not lawfully called or convened. Neither the business to be
transacted at, nor the purpose of, any regular or special meeting of the board
of directors need be specified in the notice or waiver of notice of such
meeting.

         Section 7. Quorum. A majority of the number of directors fixed by
Section 2 of this Article III shall constitute a quorum for the transaction of
business at any meeting of the board of directors, but if less than such
majority is present at a meeting, a majority of the directors present may
adjourn the meeting from time to time without further notice.

         Section 8. Manner of Acting. The act of the majority of the directors
present at a meeting at which a quorum is present shall be the act of the board
of directors.

         Section 9. Action Without A Meeting. Any action required or permitted
to be taken at any meeting of the board of directors or of a committee of the
directors may be taken without a meeting if all of the directors or all of the
members of the committee, as the case may be, sign a written consent setting
forth the action taken or to be taken at any time before or after the intended
effective date of such action. Such consent shall be filed with the minutes of
the directors' meetings or committee meetings, as the case may be, and shall
have the same effect as a unanimous vote.

         Section 10. Meetings By Telephone. Members of the board of directors or
any committee designated thereby, may participate in a meeting of such board or
committee by means of a conference telephone or similar communication equipment
by means of which all persons participating in the meeting can hear each other
at the same time, and participation by such means shall constitute presence in
person at a meeting.

                                      -6-

<PAGE>

         Section 11. Vacancies. Any vacancy occurring in the board of directors
may be filled by the affirmative vote of a majority of the remaining directors
though less than a quorum of the board of directors. A director elected to fill
a vacancy shall be elected for the unexpired term of his or her predecessor in
office. Any directorship to be filled by reason of an increase in the number of
directors may be filled by election by the board of directors for a term of
office continuing only until the next election of directors by the shareholders.

         Section 12. Compensation. By resolution of the board of directors, each
director may be paid his or her expenses, if any, of attendance at each meeting
of the board of directors, and may be paid a stated salary as director or a
fixed sum for attendance at each meeting of the board of directors or both. No
such payment shall preclude any director from serving the corporation in any
other capacity and receiving compensation therefor.

         Section 13. Presumption of Assent. A director of the corporation who is
present at a meeting of the board of directors at which action on any corporate
matter is taken shall be presumed to have assented to the action taken unless
his or her dissent shall be entered in the minutes of the meeting or unless he
or she shall file his or her written dissent to such action with the person
acting as the secretary of the meeting before the adjournment thereof or shall
forward such dissent by registered mail to the secretary of the corporation
immediately after the adjournment of the meeting. Such right to dissent shall
not apply to a director who voted in favor of such action.

                              ARTICLE IV. OFFICERS

         Section 1. Number. The officers of the corporation shall be a
president, one or more vice presidents (the number thereof to be determined by
the board of directors), a secretary, and a treasurer, each of whom shall be
elected by the board of directors. Such other officers and assistant officers as
may be deemed necessary may be elected or appointed by the board of directors.

         Section 2. Election and Term of Office. The officers of the corporation
to be elected by the board of directors shall be elected annually by the board
of directors at the first meeting of the board of directors held after each
annual meeting of the shareholders. If the election of officers shall not be
held at such meeting, such election shall be held as soon thereafter as
conveniently may be. Each officer shall

                                      -7-

<PAGE>

hold office until his or her successor shall have been duly elected and shall
have qualified or until his or her death or until he or she shall resign or
shall have been removed in the manner hereinafter provided.

         Section 3. Removal. Any officer or agent may be removed by the board of
directors whenever in its judgment the best interests of the corporation will be
served thereby, but such removal shall be without prejudice to the contract
rights, if any, of the person so removed. Election or appointment of an officer
or agent shall not of itself create contract rights.

         Section 4. Vacancies. A vacancy in any office because of death,
resignation, removal, disqualification or otherwise, may be filled by the board
of directors for the unexpired portion of the term.

         Section 5. President. The president shall be the principal executive
officer of the corporation and, subject to the control of the board of
directors, shall in general supervise and control all of the business and
affairs of the corporation. He or she shall, when present, preside at all
meetings of the shareholders and of the board of directors. He or she may sign,
with the secretary or any other proper officer of the corporation thereunto
authorized by the board of directors, certificates for shares of the corporation
and deeds, mortgages, bonds, contracts, or other instruments which the board of
directors has authorized to be executed, except in cases where the signing and
execution thereof shall be expressly delegated by the board of directors or by
these Bylaws to some other officer or agent of the corporation, or shall be
required by law to be otherwise signed or executed; and in general shall perform
all duties incident to the office of president and such other duties as may be
prescribed by the board of directors from time to time.

         Section 6. The Vice Presidents. In the absence of the president or in
the event of his or her death, inability or refusal to act, the vice president
(or in the event there be more than one vice president, the vice presidents in
the order designated at the time of their election, or in the absence of any
designation, then in the order of their election) shall perform the duties of
the president, and when so acting, shall have all the powers of and be subject
to all the restrictions upon the president. Any vice president may sign, with
the secretary or an assistant secretary, certificates for shares of the
corporation; and shall perform such other duties as from time to time may be
assigned to him or her by the president or by the board of directors.

                                      -8-

<PAGE>

         Section 7. The Secretary. The secretary shall: (a) keep the minutes of
the proceedings of the shareholders and of the board of directors in one or more
books provided for that purpose; (b) see that all notices are duly given in
accordance with the provisions of these Bylaws or as required by law; (c) be
custodian of the corporate records and of the seal of the corporation and see
that the seal of the corporation is affixed to all documents the execution of
which on behalf of the corporation under its seal is duly authorized; (d) keep a
register of the post office address of each shareholder which shall be furnished
to the secretary by such shareholder; (e) sign with the president, or a vice
president, certificates for shares of the corporation, the issuance of which
shall have been authorized by resolution of the board of directors; (f) have
general charge of the stock transfer books of the corporation; and (g) in
general perform all duties incident to the office of secretary and such other
duties as from time to time may be assigned to him or her by the president or by
the board of directors.

         Section 8. The Treasurer. The treasurer shall: (a) have charge and
custody of and be responsible for all funds and securities of the corporation;
(b) receive and give receipts for moneys due and payable to the corporation from
any source whatsoever, and deposit all such moneys in the name of the
corporation in such banks, trust companies or other depositaries as shall be
selected in accordance with the provisions of Article V of these Bylaws; and (c)
in general perform all of the duties incident to the office of treasurer and
such other duties as from time to time may be assigned to him or her by the
president or by the board of directors. If required by the board of directors,
the treasurer shall give a bond for the faithful discharge of his or her duties
in such sum and with such surety or sureties as the board of directors shall
determine.

         Section 9. Assistant Secretaries and Assistant Treasurers. The
assistant secretaries, when authorized by the board of directors, may sign with
the president or a vice president certificates for shares of the corporation the
issuance of which shall have been authorized by a resolution of the board of
directors. The assistant treasurers shall respectively, if required by the board
of directors, give bonds for the faithful discharge of their duties in such sums
and with such sureties as the board of directors shall determine. The assistant
secretaries and assistant treasurers, in general, shall perform such duties as
shall be assigned to them by the secretary or the treasurer, respectively, or by
the president or the board of directors.

                                      -9-

<PAGE>

         Section 10. Salaries. The salaries of the officers shall be fixed from
time to time by the board of directors and no officer shall be prevented from
receiving such salary by reason of the fact that he or she is also a director of
the corporation.

     ARTICLE V. CONTRACTS, LOANS, CHECKS AND DEPOSITS

         Section 1. Contracts. The board of directors may authorize any officer
or officers, agent or agents, to enter into any contract or execute and deliver
any instrument in the name of and on behalf of the corporation, and such
authority may be general or confined to specific instances.

         Section 2. Loans. No loans shall be contracted on behalf of the
corporation and no evidences of indebtedness shall be issued in its name unless
authorized by a resolution of the board of directors. Such authority may be
general or confined to specific instances.

         Section 3. Checks, Drafts, etc. All checks, drafts or other orders for
the payment of money, notes or other evidences of indebtedness issued in the
name of the corporation shall be signed by such officer or officers, agent or
agents of the corporation and in such manner as shall from time to time be
determined by resolution of the board of directors.

         Section 4. Deposits. All funds of the corporation not otherwise
employed shall be deposited from time to time to the credit of the corporation
in such banks, trust companies or other depositaries as the board of directors
may select.

         Section 5. Facsimile Signature. The board of directors may from time to
time by resolution provide for the execution of any corporate instrument or
document by a mechanical device or machine, or by use of facsimile signatures,
under such terms as shall be set forth in the resolution of the board of
directors.

     ARTICLE VI. CERTIFICATES FOR SHARES AND THEIR TRANSFER

         Section 1. Certificates for Shares. Certificates representing shares of
the corporation shall be in such form as shall be determined by the board of
directors and as may be required by applicable law. Such certificates shall be
signed by the president or a vice president and by the secretary or the
treasurer or an assistant secretary or an assistant treasurer of the corporation
and sealed with the corporate seal; provided, that if any certificate is signed
by a duly authorized transfer agent or registrar, any or all of the

                                      -10-

<PAGE>

required officers' signatures, as well as the corporate seal, may be facsimiles.
In case any officer who has signed or whose facsimile signature has been placed
upon the certificate ceases to be such officer before the certificate is issued,
it may be issued by the corporation with the same effect as if the officer had
not ceased to be such at the date of its issue. Each certificate for shares
shall be consecutively numbered or otherwise identified. The name and address of
the person to whom the shares represented thereby are issued, with the number of
shares and date of issue, shall be entered on the stock transfer books of the
corporation. All certificates surrendered to the corporation for transfer shall
be cancelled and no new certificate shall be issued until the former certificate
for a like number of shares shall have been surrendered and cancelled, except
that in case of a lost, destroyed or mutilated certificate a new one may be
issued therefor upon such terms and indemnity to the corporation as the board of
directors may prescribe.

         Section 2. Transfer of Shares. Transfer of shares of the corporation
shall be made only on the stock transfer books of the corporation by the holder
of record thereof or by his or her legal representative, who shall furnish
proper evidence of authority to transfer, or by his or her attorney thereunto
authorized by power of attorney duly executed and filed with the secretary of
the corporation, and on surrender for cancellation of the certificate for such
shares. The person in whose name shares stand on the books of the corporation
shall be deemed by the corporation to be the owner thereof for all purposes.

                            ARTICLE VII. FISCAL YEAR

         The first fiscal year of the corporation shall begin upon the
organization of the corporation and end on March 31, 1985. Each succeeding
fiscal year shall begin on April 1.

                             ARTICLE VIII. DIVIDENDS

         The board of directors may, from time to time, declare and the
corporation may pay dividends on its outstanding shares in the manner and upon
the terms and conditions provided by law and its Articles of Incorporation.

                           ARTICLE IX. CORPORATE SEAL

         The board of directors may provide for a corporate seal which, if
provided for, shall be circular in form and shall have inscribed thereon the
name of this corporation and the state of incorporation and the word
"Incorporated" followed by the date of incorporation.

                                      -11-

<PAGE>

                           ARTICLE X. WAIVER OF NOTICE

         Whenever any notice is required to be given to any shareholder or
director of the corporation under the provisions of these Bylaws or under the
provisions of the Articles of Incorporation, a waiver thereof in writing signed
by the person or persons entitled to such notice, whether before or after the
time stated therein, shall be deemed equivalent to the giving of such notice.

                             ARTICLE XI. AMENDMENTS

         The Bylaws may be altered, amended or repealed and new Bylaws may be
adopted by the shareholders at any regular or special meeting.

                        ARTICLE XII. EXECUTIVE COMMITTEE

         Section 1. Appointment. The board of directors by resolution adopted by
a majority of the full board, may designate two or more of its members to
constitute an executive committee. The designation of such committee and the
delegation thereto of authority shall not operate to relieve the board of
directors, or any member thereof, of any responsibility imposed by law.

         Section 2. Authority. The board of directors may create and appoint an
executive committee and define its authority and duties from time to time;
provided, however, that the Board shall delegate to the executive committee only
such powers as are permitted by law. Specifically without limitation, the Board
shall not delegate to the executive committee and it shall not have authority
to: (i) declare dividends or distributions, (ii) approve or recommend to the
shareholders actions or proposals to be approved by the shareholders, (iii)
designate candidates for the office of director, for purposes of proxy
solicitation or otherwise, or fill vacancies on the board of directors or any
committee thereof, (iv) amend the Bylaws, (v) recommend to the shareholders the
sale, lease or other disposition of all or substantially all of the property and
assets of the corporation otherwise than in the usual and regular course of its
business, (vi) approve a plan of merger not requiring shareholder approval,
(vii) reduce earned or capital surplus, (viii) authorize or approve the
reacquisition of shares unless pursuant to a general formula or method specified
by the board of directors, (ix) authorize or approve the issuance or sale of, or
any contract to issue or sell, shares or designate the terms of a series of a
class of shares, or (x) recommend to the shareholders a voluntary dissolution of
the corporation or a revocation thereof, or amending the Bylaws of the
corporation.

                                      -12-

<PAGE>

         Section 3. Tenure and Qualifications. Each member of the executive
committee shall hold office until the next regular annual meeting of the board
of directors following his or her designation and until his or her successor is
designated as a member of the executive committee and is elected and qualified.

         Section 4. Meetings. Regular meetings of the executive committee may be
held without notice at such times and places as the executive committee may fix
from time to time by resolution. Special meetings of the executive committee may
be called by any member thereof upon not less than one day's notice stating the
place, date and hour of the meeting, which notice may be written or oral, and if
mailed, shall be deemed to be delivered when deposited in the United States mail
addressed to the member of the executive committee at his or her business
address. Any member of the executive committee may waive notice of any meeting
and no notice of any meeting need be given to any member thereof who attends in
person. The notice of a meeting of the executive committee need not state the
business proposed to be transacted at the meeting.

         Section 5. Quorum. A majority of the members of the executive committee
shall constitute a quorum for the transaction of business at any meeting
thereof, and action of the executive committee must be authorized by the
affirmative vote of a majority of the members present at a meeting at which a
quorum is present.

         Section 6. Action Without a Meeting. Any action required or permitted
to be taken by the executive committee at a meeting may be taken without a
meeting if a consent in writing, setting forth the action so taken, shall be
signed by all of the members of the executive committee.

         Section 7. Vacancies. Any vacancy in the executive committee may be
filled by a resolution adopted by a majority of the full board of directors.

         Section 8. Resignations and Removal. Any member of the executive
committee may be removed at any time with or without cause by resolution adopted
by a majority of the full board of directors. Any member of the executive
committee may resign from the executive committee at any time by giving written
notice to the president or secretary of the corporation, and unless otherwise
specified therein, the acceptance of such resignation shall not be necessary to
make it effective.

                                      -13-

<PAGE>

         Section 9. Procedure. The executive committee shall elect a presiding
officer from its members and may fix its own rules of procedure which shall not
be inconsistent with these Bylaws. It shall keep regular minutes of its
proceedings and report the same to the board of directors for its information at
the meeting thereof held next after the proceedings shall have been taken.

     ARTICLE XIII. INDEMNIFICATION OF OFFICERS AND DIRECTORS

         Section 1. The corporation shall indemnify each person who was or is a
party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the corporation) by
reason of the fact that such person is or was a director or officer of the
corporation, against expenses (including attorneys' fees), judgments, fines and
amounts paid in settlement actually and reasonably incurred by such person in
connection with such action, suit or proceeding if such person acted in good
faith and in a manner such person reasonably believed to be in or not opposed to
the best interests of this corporation, and, with respect to any criminal action
or proceeding, had no reasonable cause to believe the conduct of such person was
unlawful. The termination of any action, suit or proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its equivalent,
shall not, of itself, create a presumption that the person did not act in good
faith and in a manner which the person reasonably believed to be in or not
opposed to the best interests of this corporation and, with respect to any
criminal action or proceeding, had reasonable cause to believe that the person's
conduct was unlawful.

         Section 2. The corporation shall indemnify each person who was or is a
party or is threatened to be made a party to any threatened, pending or
completed action or suit by or in the right of the corporation to procure a
judgment in its favor by reason of the fact that such person is or was a
director or officer of the corporation, against expenses (including attorneys'
fees) actually and reasonably incurred by him in connection with the defense or
settlement of such action or suit if such person acted in good faith and in a
manner such person reasonably believed to be in or not opposed to the best
interests of this corporation and except that no indemnification shall be made
in respect of any claim, issue or matter as to which such person shall have been
adjudged to be liable for negligence or misconduct in the performance of such
person's duty to this corporation unless and only to the extent that the court
in which such action or suit was brought shall

                                      -14-

<PAGE>

determine upon application that, despite the adjudication of liability but in
view of all the circumstances of the case, such person is fairly and reasonably
entitled to indemnity for such expenses which such court shall deem proper.

         Section 3. To the extent that a director or officer of the corporation
has been successful on the merits or otherwise in defense of any action, suit or
proceeding referred to in Sections 1 and 2 of this Article, or in defense of any
claim, issue or matter therein, such person shall be indemnified against
expenses (including attorneys' fees) actually and reasonably incurred by such
person in connection therewith.

         Section 4. Any indemnification under Sections 1 and 2 of this Article
(unless ordered by a court) shall be made by the corporation only if authorized
in the specific case upon a determination that indemnification of the director
or officer is proper in the circumstances because the director or officer has
met the applicable standard of conduct set forth in Sections 1 or 2. Such
determination shall be made (a) by the board of directors by a majority vote of
a quorum consisting of directors who were not parties to such action, suit or
proceeding, or (b) if such a quorum is not obtainable, or, even if obtainable if
a quorum of disinterested directors so directs, by independent legal counsel in
a written opinion to the corporation, or (c) by a majority vote of the
shareholders.

         Section 5. Expenses incurred in defending a civil or criminal action,
suit or proceeding may be paid by the corporation in advance of the final
disposition of such action, suit or proceeding as authorized by the board of
directors in a particular case upon receipt of an undertaking by or on behalf of
the director or officer to repay such amount unless it shall ultimately be
determined that the director or officer is entitled to be indemnified by the
corporation as authorized in this Article.

         Section 6. The indemnification provided by this Article shall not be
deemed exclusive of any other rights to which those indemnified may be entitled
and shall continue as to a person who has ceased to be a director or officer and
shall inure to the benefit of the heirs and personal representatives of such a.
person.

                                      -15-

<PAGE>

                               ADOPTION OF BYLAWS

         I, the undersigned, on this 23rd day of May, 1984, having executed the
Articles of Incorporation of the above-named corporation, do hereby adopt the
foregoing provisions as the Bylaws of said corporation.

                                        /s/ William W. L. Yukn
                                        ----------------------------------------
                                        William W. L. Yukn

                                      -16-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.79
<SEQUENCE>78
<FILENAME>p68936exv3w79.txt
<DESCRIPTION>EXHIBIT 3.79
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.79

                                 STATE OF IDAHO

                        Office of the Secretary of State

         I, BEN YSURSA, Secretary of State of the State of Idaho, hereby certify
that I am the custodian of the corporation records of this State.

         I FURTHER CERTIFY That the annexed is a full, true and complete
duplicate of articles of incorporation of U-HAUL CO. OF IDAHO, INC., an Idaho
corporation, received and filed in this office on 29 October 1970, under file
number C 42971, including all amendments filed thereto, as appears of record in
this office as of this date.

Dated: 4 August 2003

                                            /s/ BEN YSURSA
                                            ------------------
                                            SECRETARY OF STATE

                                            By: [ILLEGIBLE]

<PAGE>

                                 STATE OF IDAHO
                                     [SEAL]
                              DEPARTMENT OF STATE.

                          CERTIFICATE OF INCORPORATION

         I, PETE T. CENARRUSA, Secretary of State of the State of Idaho, and
legal custodian of the corporation records of the State of Idaho, do hereby
certify that the original of the articles of incorporation of

                   AMERCO MARKETING CO. OF IDAHO-MONTANA, INC.

was filed in the office of the Secretary of State on the 29TH day of OCTOBER
A.D., One Thousand Nine Hundred SEVENTY and will be duly recorded on microfile
of Record of Domestic Corporations, of the State of Idaho, and that the said
articles contain the statement of facts required by Section 30-103, Idaho Code.

         I FURTHER CERTIFY, That the persons executing the articles and their
associates and successors are hereby constituted a corporation, by the name
hereinbefore stated, for PERPETUAL EXISTENCE from the date hereof, with its
registered office in this State located at BOISE, IDAHO in the County of ADA

                                    IN TESTIMONY WHEREOF, I have hereunto set my
                                    hand and affixed the Great Seal of the
                                    State. Done at Boise City, the Capital of
                                    Idaho, this 29TH day of OCTOBER A,D.,1970.

                                                Pete T. Cenarrusa
                                                          Secretary of State.

                                                ________________________________
                                                          Corporation Clerk.

                                    DOMESTIC

<PAGE>

                            ARTICLES OF INCORPORATION
                                       OF
                  AMERCO MARKETING CO. OF IDAHO-MONTANA, INC.

         KNOW ALL MEN BY THESE PRESENTS, that we, the undersigned all of whom
are of full age and citizens of the United States of America, have this day
voluntarily associated ourselves together for the purpose of forming a
corporation under the laws of the state of Idaho.

                                    ARTICLE I

         The name of the corporation shall be AMERCO MARKETING CO. OF
IDAHO-MONTANA, INC.

                                   ARTICLE II

         The purpose or purposes for which the corporation is organized are to
rent and lease to the general public trailers, semi-trailers, trucks, passenger
automobiles and other equipment, tools, machinery, vehicles and property of any
and every kind and description, and to purchase or otherwise acquire and operate
any facilities useful for the conduct of the business enterprises of this
corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of Idaho upon corporations, and to engage in any lawful activity within
the purposes for which corporations may be organized under the laws of the State
of Idaho.

                                   ARTICLE III

         This corporation is to have perpetual existence.

                                   ARTICLE IV

         The location and post office address of its registered office in the
State of Idaho shall be c/o T. H. Eberle or D. O. Morgan, 711 1/2 Bannock
Street, Bosie, Idaho.

                                   ARTICLE V

         The total authorized capital stock of this corporation is Twenty five
Thousand ($25,000.00) Dollars, divided into two thousand five hundred (2,500)
shares of common stock having a par value of Ten ($10.00) Dollars per share.

Page One of Two Pages

<PAGE>

                                   ARTICLE VI

         The names and addresses of the incorporators and the number of shares
of common stock subscribed for by each are:

<TABLE>
<CAPTION>
     NAME                     ADDRESS              NO. OF SHARES
<S>                   <C>                          <C>
Arthur G. Seifert     2727 North Central Ave.            2
                      Phoenix, Arizona 85004

John A. Lorentz       2727 North Central Ave.            2
                      Phoenix, Arizona 85004

David L. Helsten      2727 North Central Ave.            2
                      Phoenix, Arizona 85004
</TABLE>

         IN WITNESS WHEREOF, we do make and execute this certificate in
triplicate this 19th day of October, 1970.

                                                /s/ Arthur G. Seifert
                                                --------------------------------
                                                Arthur G. Seifert

                                                /s/ John A. Lorentz
                                                --------------------------------
                                                John A. Lorentz

                                                /s/ David L. Helsten
                                                --------------------------------
                                                David L. Helsten

STATE OS ARIZONA      )
                      ) ss:
COUNTY OF MARICOPA    )

         On this 19th day of October, 1970, before me, a Notary Public,
personally appeared Arthur G. Seifert, John A. Lorentz and David L. Helsten,
known by me to be the persons whose signatures are subscribed to the within
instrument and who acknowledged that they executed the same as their free act
for the purposes therein contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                    /s/ [ILLEGIBLE]
                                    --------------------------------------------
                                    Notary Public for the State of Arizona
                                    Residing at Phoenix, Arizona
                                    My Commission expires 6-13-72

         (NOTARIAL SEAL)

Page Two of Two Pages

<PAGE>

                          CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1.       The name of the consenting corporation is U-HAUL CO., a
                  corporation organized and existing under the laws of the
                  State of IDAHO.

         2.       The name of the corporation to which this consent is given and
                  which is about to amend its corporate name is:

                           AMERCO MARKETING CO. OF IDAHO-MONTANA, INC.

         3.       The name the corporation shall adopt by amending its Articles
                  of Incorporation is:

                           U-HAUL CO. OF IDAHO-MONTANA, INC.

         In Witness Whereof, this corporation has caused this consent to be
executed this 26 day of February, 1973.

                                             U-HAUL CO., a(an) IDAHO corporation

                                             By: /s/ [ILLEGIBLE]
                                                --------------------------------
                                                      Assistant Secretary

STATE OF ARIZOMA    )
                    ) ss.
COUNTY OF MARICOPA  )

         Before me, a Notary Public, personally appeared ARTHUR G. SEIFERT,
known to me to be the person who executed the foregoing instrument, and
acknowledged that he executed the same for the purpose therein contained and
that the statements therein contained are truly set forth.

         In Witness Whereof, I have hereunto set my hand and official seal this
26 day of February, 1973.

         (SEAL)

                                  /s/ [ILLEGIBLE]
                                  ----------------------------------------------
                                  Notary Public                 State of Arizona
                                  My commission expires         8-13-76

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1.       The name of the consenting corporation is U-HAUL CO., a
                  corporation organized and existing under the laws of the State
                  of IDAHO.

         2.       The name of the corporation to which this consent is given and
                  which is about to amend its corporate name is:

                           AMERCO MARKETING CO. OF IDAHO-MONTANA, INC.

         3.       The name the corporation shall adopt by amending its Articles
                  of Incorporation is:

                           U-HAUL CO. OF IDAHO-MONTANA, INC.

         In Witness Whereof, this corporation has caused this consent to be
executed this 26 day of February, 1973.

                                            U-HAUL CO., a (an) IDAHO corporation

                                            By: /s/ [ILLEGIBLE]
                                               ---------------------------------
                                                      Assistant Secretary

STATE OF ARIZONA      )
                      ) ss.
COUNTY OF MARICOPA    )

         Before me, a Notary Public, personally appeared ARTHUR G. SEIFERT,
known to me to be the person who executed the foregoing instrument, and
acknowledged that he executed the same for the purpose therein contained and
that the statements therein contained are truly set forth.

         In Witness Whereof, I have hereunto set my hand and official seal this
26 day of February, 1973.

          (SEAL)

                                     /s/ [ILLEGIBLE]
                                     -------------------------------------------
                                     Notary Public              State of Arizona
                                     My commission expires      8-13-76

<PAGE>

                                 STATE OF IDAHO

                              DEPARTMENT OF STATE

                           CERTIFICATE OF AMENDMENT OF
                            ARTICLES OF INCORPORATION

         I, PETE T. CENARRUSA, Secretary of State of the State of Idaho, and
legal custodian of the corporation records of the State of Idaho, do hereby
certify that the

                   AMERCO MARKETING CO. OF IDAHO-MONTANA, INC.

a corporation organized and existing under and by virtue of the laws of the
State of Idaho, filed in this office on the Eighth day of March 1973, original
articles of amendment, as provided by Sections 30-146 and 30-147, Idaho Code,
changing the corporate name to U-HAUL CO. OF IDAHO-MONTANA, INC.

and that the said articles of amendment contain the statement of facts required
by law, and are/will be recorded on microfilm of Record of Domestic
Corporations of the State of Idaho.

         I THEREFORE FURTHER CERTIFY, That the Articles of Incorporation have
been amended accordingly.

                                 IN TESTIMONY WHEREOF, I have hereunto set my
                                 hand and affixed the Great Seal of the
                                 State. Done at Boise City, the Capital of
                                 Idaho, this 8th day of March     , A. D., 1973.

                                                              Secretary of State

                                       BY

<PAGE>

                     AMENDMENT TO ARTICLES OF INCORPORATION

         We, the undersigned, being the President and Secretary of AMERCO
MARKETING CO. OF IDAHO-MONTANA, INC., do hereby agree as follows:

         That on October 29, 1970, the Secretary of State of Idaho did issue a
certificate of incorporation of aforesaid corporation, and

         That 500 shares of common stock of said corporation have been issued
with a par value of $10.00 per share, and

         That the said officers of AMERCO MARKETING CO. OF IDAHO-MONTANA, INC.,
as authorized by resolution of the shareholders at a meeting held February 21,
1973 desire to amend the name of said corporation.

         NOW THEREFORE, the name of said corporation is hereby amended to read
as follows:

                       U-HAUL. CO. OF IDAHO-MONTANA, INC.

         IN WITNESS WHEREOF, we do make and execute this instrument in
triplicate this 1st day of March, 1973.

                                       /s/ Dale L. Graves
                                       -----------------------------------------
                                       Dale L. Graves, President

                                       /s/ Geri C. Graves
                                       -----------------------------------------
                                       Geri C. Graves, Secretary

STATE OF IDAHO         )
                       ) ss.
COUNTY OF BONNEVILLE   )

         On this 1 day of March, 1973, before me, a Notary Public, personally
appeared Dale L. Graves and Geri C. Graves, known to me to be the President and
Secretary whose signatures are subscribed to the within instrument and who
acknowledged that they executed the same as their free act for the purposes
therein contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal the
day and year first above written.

         (NOTARIAL SEAL)

                                            /s/ [ILLEGIBLE]
                                            ------------------------------------
                                            Notary Public for the State of Idaho
                                            My Commission Expires  2/2/76

<PAGE>

                                 STATE OF IDAHO
                                     [SEAL]
                              DEPARTMENT OF STATE.
                          CERTIFICATE OF AMENDMENT OF
                           ARTICLES OF INCORPORATION

         I, PETE T. CENARRUSA, Secretary of State of the State of Idaho, and
legal custodian of the corporation records of the State of Idaho, do hereby
certify that the

                  U-HAUL CO. OF IDAHO-MONTANA, INC.

a corporation organized and existing under and by virtue of the laws of the
State of Idaho, filed in this office on the 21st day of March 1977,original
articles of amendment, as provided by Section 30-146 & 30-147 Idaho Code
Amendment changing name to

                  U-Haul Co. of Idaho, Inc.

and that the said articles of amendment contain the statement of facts required
by law, and are/will be recorded on microfilm of Record of Domestic
Corporations of the State of Idaho.

         I THEREFORE FURTHER CERTIFY, That the Articles of Incorporation have
been amended accordingly.

                              IN TESTIMONY WHEREOF, I have hereunto set my
                              hand and affixed the Great Seal of the
                              State. Done at Boise City, the Capital of
                              Idaho, this 21st day of March      , A. D., 1977.

                                                   Secretary of State
<PAGE>

                     AMENDMENT TO ARTICLES OF INCORPORATION

         We, the undersigned, being the President and Secretary of U-Haul Co. of
Idaho-Montana, Inc., do hereby agree as follows:

         That on October 29, 1970, the Secretary of State of Idaho did issue a
certificate of incorporation of aforesaid corporation, and

         That 500 shares of common stock of said corporation have been issued
with a par value of $10.00 per share, and

         That the said officers of U-Haul Co. of Idaho-Montana, Inc., as
authorized by resolution of the shareholders at a meeting held February 10, 1977
desire to amend the name of said corporation.

         NOW THEREFORE, the name of said corporation is hereby amended to read
as follows:

                            U-Haul Co. of Idaho, Inc.

         IN WITNESS WHEREOF, we do make and execute this instrument in
triplicate this 9th day of March, 1977.

                                       U-Haul Co.  of Idaho-Montana, Inc.,
                                       an Idaho corporation

                                     By: /s/ Gary G. Hellweg
                                         --------------------------------------
                                         Gary G. Hellweg - President

                                     By: /s/ Brenda L. Laing
                                         --------------------------------------
                                         Brenda L. Laing - Secretary

STATE OF IDAHO      )
                    )    ss.
COUNTY OF ADA       )

         On this 9th day of March, 1977, before me, a Notary Public, personally
appeared Gary G. Hellweg and known to me to be the President and whose
signatures is subscribed to the within instrument and who acknowledged that
he executed the same as his free act for the purposes therein contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal the
day and year first above written.

                                            /s/ [ILLEGIBLE]
                                            ------------------------------------
(NOTARIAL SEAL)                             Notary Public for the State of Idaho
                                            My Commission Expires 11-28-77

<PAGE>

                            U-Haul Co. of Idaho, Inc.

         IN WITNESS WHEREOF, we do make and execute this instrument in
triplicate this 11th day of March, 1977.

                                            U-Haul Co. of Idaho-Montana, Inc.,
                                            an Idaho corporation

                                            By: /s/ Brenda L. Laing
                                                --------------------------------
                                                Brenda L. Laing - Secretary

STATE OF IDAHO     )
                   )   ss.
COUNTY OF ADA      )

         On this 11th day of March, 1977, before me, a Notary Public, personally
appeared Brenda L. Laing, known to me to be the Secretary whose signature is
subscribed to the within instrument and who acknowledged that he executed the
same as her free act for the purposes therein contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal the
day and year first above written.

(NOTARIAL SEAL)                          /s/ [ILLEGIBLE]
                                         ---------------------------------------
                                         Notary Public for the State of Idaho
                                         My Commission Expires 11-28-77

<PAGE>

                           CERTIFICATE OF APPOINTMENT
                               OF REGISTERED AGENT

KNOW ALL MEN BY THESE PRESENTS:

That U-HAUL CO. OF IDAHO, INC.,
     --------------------------
       (NAME OF CORPORATION)
an Idaho corporation, pursuant to section 30-1-12, IDAHO CODE, and by authority
of its Board of Directors, does hereby appoint, C T CORPORATION SYSTEM
                                                ----------------------
                                              (NAME OF REGISTERED AGENT)
of 300 NORTH 6TH STREET , BOISE , Idaho as its Registered Agent in the State
- -----------------------   -----
       (STREET ADDRESS)  (CITY)
of Idaho, upon whom process issued by authority of or under any law of the State
of Idaho may be served.

         IN WITNESS WHEREOF the corporation has caused this certificate to be
executed and verified by its President [ILLEGIBLE] on this_______________day of
May, 1979.

                                  U-HAUL CO. OF IDAHO, INC.
                                  ----------------------------------------------
                                                     (NAME OF CORPORATION)

                                  By: /s/ Phillip Schnee
                                      ------------------------------------------
                                      Phillip Schnee (PRESIDENT ILLEGIBLE)

                                                    President
                                  ----------------------------------------------
                                                     (TITLE)

                                  _________________

STATE OF IDAHO          )
                        )    ss.
County of [ILLEGIBLE]   )

         Subscribed and sworn to before me this 31 day of May, 1979.

                          IN WITNESS WHEREOF. I have hereunto set my hand and
                          affixed my seal.

                          /s/ [ILLEGIBLE]
                          ------------------------------------------------------
                                Notary Public          (Title)

<PAGE>
                                 STATE OF IDAHO

                              DEPARTMENT OF STATE.

                     CERTIFICATE OF MERGER OR CONSOLIDATION

         I, PETE T. CENARRUSA, Secretary of State of the State of Idaho hereby
certify that duplicate originals of Articles of Merger of MOVERS WORLD OF IDAHO,
INC., an Idaho corporation into U-HAUL CO. OF IDAHO, INC., an Idaho corporation,
duly signed and verified pursuant to the provisions of the Idaho Business
Corporation Act, have been received in this office and are found to conform to
law.

         ACCORDINGLY and by virtue, of the authority vested in me by law, I
issue this certificate of merger, and attach hereto a duplicate original of the
Articles of Merger.

         Dated September 14, 1988.

                                                /s/ [ILLEGIBLE]
                                                --------------------------------
                                                SECRETARY OF STATE

[SEAL]                                          /s/ [ILLEGIBLE]
                                                --------------------------------
                                                       Corporation Clerk

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 29th day of
July,1988, entered into by U-HAUL CO. OF IDAHO, Inc., the Surviving Corporation,
and MOVERS WORLD OF IDAHO, INC. the Absorbed Corporation, both corporations of
the State of Idaho, and together referred to as the Constituent Corporations
hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Idaho, which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporations's principal office. The location that office is 300 North
6th Street, Boise, Idaho 83701.

                                       1
<PAGE>

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         (1) All issued and outstanding shares of stock of the Absorbed
Constituent Corporation shall be cancelled.

         (2) On the effective date of the merger and when the aforementioned
cancellation has been effected, the outstanding shares of stock of the Surviving
Corporation shall be deemed for all corporate purposes to evidence the ownership
of the Constituent Corporations.

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such
PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation was as follows:

<TABLE>
<CAPTION>
                     NUMBER OF        NUMBER OF      NUMBER   NUMBER
                      SHARES           SHARES        VOTED     VOTED
   COMPANY NAME     OUTSTANDING   ENTITLED TO VOTE    FOR     AGAINST
- ------------------  -----------   ----------------   ------   -------
<S>                 <C>           <C>                <C>      <C>
U-HAUL OF CO.
OF IDAHO, INC.          500             500           500        0

MOVERS WORLD OF
IDAHO, INC.             100             100           100        0
</TABLE>

                                       2
<PAGE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Idaho, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Idaho.

                                       VI

         The Surviving Corporation hereby irrevocable appoints The Corporation
Company as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                                       3
<PAGE>

IN WITNESS WHEREOF the corporate parties hereto execute hereto execute this
AGREEMENT/ARTICLES OF MERGER this 12th day of August, 1988.

         Surviving Corporation: U-HAUL CO. OF IDAHO, INC.
                              an Idaho corporation

                                By: /s/ Phillip Schnee
                                    --------------------------------------
                                    Phillip Schnee, President

                                By: /s/ Jim Peterson
                                    --------------------------------------
                                    Jim Peterson, Secretary

         Absorbed Corporation: MOVERS WORLD OF IDAHO, INC.
                              an Idaho corporation

                                By: /s/ John M. Dodds
                                    --------------------------------------
                                    John M. Dodds, President

                                By: /s/ John A. Lorentz
                                    --------------------------------------
                                    John A. Lorentz, Secretary

         STATE OF IDAHO

         COUNTY OF [ILLEGIBLE]

                  On this 12th day of August, 1988, before me, the undersigned
Notary Public, personally appeared Phillip Schnee, known to me to be the
President of U-Haul Co. of Idaho, Inc., an Idaho corporation, that he is the
person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                    /s/ [ILLEGIBLE]
                                    --------------------------------------
         (NOTARIAL SEAL)                        NOTARY PUBLIC

         STATE OF ARIZONA

         COUNTY OF MARICOPA

                  On this 29th day of July, 1988, before me, the undersigned
Notary Public, personally appeared John A. Lorentz, known to me to be the
Secretary of Movers World of Idaho, Inc., an Idaho corporation, that he is the
person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                    /s/ [ILLEGIBLE]
                                    --------------------------------------
         (NOTARIAL SEAL)                        NOTARY PUBLIC

                                    My Commission Expires Nov. 20, 1989

                                       4
<PAGE>

STATE OF IDAHO
                         SS
COUNTY OF [ILLEGIBLE]

         I [ILLEGIBLE], a notary public, do hereby certify that on this 12th day
of August, 1988, personally appeared before me Phillip Schnee, who, being
by me first duly sworn, declared that he is the President of U-Haul Co. of
Idaho, Inc., that he signed the foregoing document as President of the
corporation, and that the statements therein contained are true.

                                    [ILLEGIBLE]
                                    ---------------------------------------
                                    Notary Public for Idaho
(Notarial Seal)                     Residing at: [ILLEGIBLE]
                                    My Commission Expires: 4/15/94

<PAGE>

                                 STATE OF IDAHO

                              DEPARTMENT OF STATE.

                     CERTIFICATE OF MERGER OR CONSOLIDATION

         I, PETE T. CENARRUSA, Secretary of State of the State of Idaho hereby
certify that duplicate originals of Articles of MERGER of BOISE RENTAL EQUIPMENT
REPAIR SHOP, INC., AN IDAHO CORPORATION, into U-HAUL CO. OF IDAHO, INC., AN
IDAHO CORPORATION, duly signed and verified pursuant to the provisions of the
Idaho Business Corporation Act, have been received in this office and are found
to conform to law.

         ACCORDINGLY and by virtue, of the authority vested in me by law, I
issue this certificate of MERGER, and attach hereto a duplicate original of the
Articles of MERGER.

         Dated July 27, 1989.

                                    /s/ [ILLEGIBLE]
                                    SECRETARY OF STATE

                                    /s/ [ILLEGIBLE]
[SEAL]                              ---------------------------
                                    Corporation Clerk

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 7th day of June,
1989, entered into by U-Haul Co, of Idaho, Inc., an Idaho corporation, the
surviving corporation and Boise Rental Equipment Repair Shop, Inc. an Idaho
corporation, the Absorbed Corporation, and together referred to as the
Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Idaho which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 300 North 6th Street, Boise Idaho 83701.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         (1)      All issued and outstanding shares of stock of the Constituent
                  Corporation shall be absorbed.

         (2)      On the effective date of the merger and when the
                  aforementioned cancellation has been effected, the outstanding
                  shares of stock of the Surviving Corporation shall be deemed
                  for all corporate purposes to evidence the ownership of the
                  Constituent Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                               NUMBER OF
                   NUMBER OF    SHARES    NUMBER  NUMBER
    COMPANY          SHARES    ENTITLED    VOTED   VOTED
      NAME        OUTSTANDING   TO VOTE    FOR    AGAINST
- ----------------  -----------  ---------  ------  -------
<S>               <C>          <C>        <C>     <C>
U-HAUL CO. OF
IDAHO, INC.           500         500      500      -0-

BOISE RENTAL
EQUIPMENT REPAIR      100         100      100      -0-
SHOP, INC.
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Idaho, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Idaho.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                                        Surviving Corporation: U-HAUL CO. OF
                                                               IDAHO, INC., an
                                                               Idaho Corporation

                                        By: /s/ Terry M. Huston
                                            -----------------------------------
                                            Terry M. Huston, President

Verified

By: /s/ Jim Peterson
    ----------------------------
    Jim Peterson, Secretary

                                        ABSORBED CORPORATION: BOISE RENTAL
                                                              EQUIPMENT REPAIR
                                                              SHOP, INC. an
                                                              Idaho Corporation

                                        By: /s/ Gary Whaley
                                            ---------------------------------
                                            Gary Whaley, President

Verified.

By: /s/ Rodger K. Gillmore
    ------------------------------
    Rodger K. Gillmore, Secretary

<PAGE>

STATE OF IDAHO

COUNTY OF

         On this 26th day of June, 1989, before me, the undersigned Notary
Public, personally appeared Terry M. Huston, known to me to be the President of
U-Haul Co. of Idaho, Inc., an Idaho corporation that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                    [ILLEGIBLE]
                                    ------------------------------------
                                    NOTARY PUBLIC

        (NOTARY SEAL)

STATE OF IDAHO

COUNTY OF

         On this 26th day of June, 1989, before me, the undersigned Notary
Public, personally appeared Gary Whaley, known to me to be the President of
Boise Rental Equipment Repair Shop, Inc. an Idaho corporation, that he is the
person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                    [ILLEGIBLE]
                                    ------------------------------------
                                    NOTARY PUBLIC

        (NOTARY SEAL)

<PAGE>

                         CONSENT OF THE SOLE STOCKHOLDER

                                       OF

                            U-HAUL CO. OF IDAHO, INC.

                                       AND

                    BOISE RENTAL EQUIPMENT REPAIR SHOP, INC.

                             BOTH IDAHO CORPORATIONS

         AMERCO, a Nevada corporation, the sole shareholder of the above named
corporations, acting through John M. Dodds, on authority of the Executive
Management Team, the group designated by the Board of Directors of AMERCO to
vote the stock of all of its subsidiaries, hereby consents to and adopts the
following:

         RESOLVED: That this corporation, the sole shareholder of U-Haul Co. of
         Idaho, Inc., an Idaho corporation & Boise Rental Equipment Repair Shop,
         Inc., does hereby approve & adopt the Plan of Merger between said
         corporations, whereby Boise Rental Equipment Repair Shop, Inc., an
         Idaho corporation, shall be absorbed into shall be absorbed into U-Haul
         Co. of Idaho, being the surviving corporation, all in accordance with
         the Plan of Merger, and be it further

         RESOLVED: That the Board of Directors and Officers of said merging
         corporations be and they hereby are, authorized and directed to all
         further action and to execute all documents they deem necessary or
         advisable to consummate the said merger and to amend any of the terms
         of the said Plan of Merger, and further

         BE IT RESOLVED: That the Secretary of each said corporation is hereby
         authorized to certify as to the Consent of the sole shareholder of the
         Plan of Merger, or within the Articles of Merger.

                                        AMERCO, a Nevada corporation

                                        By: /s/ John M. Dodds
                                            ---------------------------------
                                            John M. Dodds

<PAGE>

STATE OF IDAHO    )
                  ) SS
COUNTY OF ________)

I, [ILLEGIBLE], a notary public, do hereby certify that on this 26th day of
June, 1989, personally appeared before me Gary Whaley, who, being by me first
duly sworn, declared that he is the President of Boise Rental Equipment Repair
Shop, Inc., that he signed the foregoing document as President of the
corporation, and that the statements therein contained are ture.

 (Notarial Seal)                        /s/ [ILLEGIBLE]
                                        --------------------------------------
                                        Notary Public for Idaho
                                        Residing at: [ILLEGIBLE]
                                        My Commission Expires:
                                                              ----------

<PAGE>

STATE OF IDAHO    )
                  ) SS
COUNTY OF         )
         ---------

I, [ILLEGIBLE], a notary public, do hereby certify that on this 26th day of
June, 1989, personally appeared before me Terry M. Huston, who, being by me
first duly sworn, declared that he is the President of U-Haul Co. of Idaho,
Inc., that he signed the foregoing document as President of the corporation, and
that the statements therein contained are ture.

 (Notarial Seal)                        /s/ [ILLEGIBLE]
                                        --------------------------------------
                                        Notary Public for Idaho
                                        Residing at: [ILLEGIBLE]
                                        My Commission Expires: [ILLEGIBLE]

<PAGE>

                                 STATE OF IDAHO

                              DEPARTMENT OF STATE.

                     CERTIFICATE OF MERGER OR CONSOLIDATION

         I, PETE T. CENARRUSA, Secretary of State of the State of Idaho hereby
certify that duplicate originals of Articles of MERGER of IDAHO FALLS RENTAL
EQUIPMENT REPAIR SHOP, INC., AN IDAHO CORPORATION into U-HAUL CO. OF IDAHO,
INC., AN IDAHO CORPORATION, duly signed and verified pursuant to the provisions
of the Idaho Business Corporation Act, have been received in this office and are
found to conform to law.

         ACCORDINGLY and by virtue, of the authority vested in me by law, I
issue this certificate of MERGER, and attach hereto a duplicate original of the
Articles of MERGER.

         Dated July 27, 1989.

       [SEAL]                       /s/ [ILLEGIBLE]
                                    SECRETARY OF STATE

                                    /s/  [ILLEGIBLE]
                                    ------------------------------------
                                    Corporation Clerk

CMC 779
<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 19th day of June,
1989, entered into by U-Haul Co. of Idaho, Inc., an Idaho corporation, the
surviving corporation and Idaho Falls Rental Equipment Repair Shop, Inc. an
Idaho corporation, the Absorbed Corporation, and together referred to as the
Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Idaho which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 300 North 6th Street, Boise Idaho 83701.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                  NUMBER OF
                     NUMBER OF     SHARES     NUMBER   NUMBER
     COMPANY          SHARES      ENTITLED    VOTED    VOTED
      NAME          OUTSTANDING    TO VOTE     FOR     AGAINST
- ------------------  -----------   ---------   ------   -------
<S>                 <C>           <C>         <C>      <C>
U-HAUL CO. OF
IDAHO, INC.             500          500       500       -0-

IDAHO FALLS RENTAL
EQUIPMENT REPAIR
SHOP, INC.              500          500       500       -0-
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Idaho, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Idaho.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                                Surviving Corporation: U-HAUL CO. OF
                                                       IDAHO, INC., an
                                                       Idaho Corporation

                                By: /s/ Terry M. Huston
                                    -----------------------------------
                                    Terry M. Huston, President

Verified

By: /s/ Jim Peterson
    -----------------------------------
    Jim Peterson, Secretary

                                Absorbed Corporation: IDAHO FALLS RENTAL
                                                      EQUIPMENT REPAIR SHOP,
                                                      INC., an Idaho Corporation

                                By: /s/ John M. Dodds
                                    ----------------------------
                                    John M. Dodds, President

Verified

By: /s/ John A. Lorentz
    -----------------------------
    John A. Lorentz, Secretary

<PAGE>

STATE OF IDAHO

COUNTY OF

         On this 26th day of June, 1989, before me, the undersigned Notary
Public, personally appeared Terry M. Huston, known to me to be the President of
U-Haul Co. of Idaho, Inc., an Idaho corporation that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                  /s/ [ILLEGIBLE]
                                  -----------------------------
                                  NOTARY PUBLIC

         (NOTARY SEAL)

STATE OF ARIZONA

COUNTY OF  MARICOPA

         On this 19th day of June, 1989, before me, the undersigned Notary
Public, personally appeared John M. Dodds, known to me to be the President of
Idaho Falls Rental Equipment Repair Shop, Inc. an Idaho corporation, that he is
the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                  /s/ [ILLEGIBLE]
                                  -----------------------------
                                  NOTARY PUBLIC

         (NOTARY SEAL)

<PAGE>

                         CONSENT OF THE SOLE STOCKHOLDER

                                       OF

                            U-HAUL CO. OF IDAHO, INC.

                                       AND

                 IDAHO FALLS RENTAL EQUIPMENT REPAIR SHOP, INC.

                             BOTH IDAHO CORPORATIONS

                                                                   June 19, 1989

         AMERCO, a Nevada corporation, the sole shareholder of the above named
corporations, acting through John M. Dodds, on authority of the Executive
Management Team, the group designated by the Board of Directors of AMERCO to
vote the stock of all of its subsidiaries, hereby consents to and adopts the
following:

         RESOLVED: That this corporation, the sole shareholder of U-Haul Co. of
         Idaho, Inc., an Idaho corporation & Idaho Falls Rental Equipment Repair
         Shop, Inc., does hereby approve & adopt the Plan of Merger between said
         corporations, whereby Idaho Falls Rental Equipment Repair Shop, Inc.,
         an Idaho corporation, shall be absorbed into shall be absorbed into
         U-Haul Co. of Idaho, being the surviving corporation, all in accordance
         with the Plan of Merger, and be it further

         RESOLVED: That the Board of Directors and Officers of said merging
         corporations be and they hereby are, authorized and directed to all
         further action and to execute all documents they deem necessary or
         advisable to consummate the said merger and to amend any of the terms
         of the said Plan of Merger, and further

         BE IT RESOLVED: That the Secretary of each said corporation is hereby
         authorized to certify as to the Consent of the sole shareholder of the
         Plan of Merger, or within the Articles of Merger.

                                               AMERCO, a Nevada corporation
                                               By: /s/ John M. Dodds
                                                   ---------------------------
                                                   John M. Dodds

<PAGE>

STATE OF ARIZONA   )
                   ) SS
COUNTY OF MARICOPA )

I, Blanche I. Passolt, a notary public, do hereby certify that on this 19th day
of June, 1989 , personally appeared before me John M. Dodds, who, being by me
first duly sworn, declared that he is the President of Idaho Falls Rental
Equipment Repair Shop, Inc., that he signed the foregoing document as President
of the corporation, and that the statements therein contained are ture.

(Notarial Seal)
                                           /s/ [ILLEGIBLE]
                                           --------------------------------
                                            Notary Public for Idaho
                                           Residing at: Tempe, Arizona
                                           My Commission Expires :
                                                                   ---------

<PAGE>

STATE OF IDAHO    )
                  ) SS
COUNTY OF         )
          --------

I, [ILLEGIBLE] a notary public, do hereby certify that on this 19th day of June,
1989 , personally appeared before me Terry M. Huston , who, being by me first
duly sworn, declared that he is the President of U-Haul Co. of Idaho, Inc. that
he signed the foregoing document as President of the corporation, and that the
statements therein contained are ture.

(Notarial Seal)
                                           /s/      [ILLEGIBLE]
                                           --------------------------------
                                            Notary Public for Idaho
                                           Residing at: [ILLEGIBLE]
                                           My Commission Expires :[ILLEGIBLE]

<PAGE>

                                 STATE OF IDAHO

                              DEPARTMENT OF STATE.

                     CERTIFICATE OF MERGER OR CONSOLIDATION

         I, PETE T. CENARRUSA, Secretary of State of the State of Idaho hereby
certify that duplicate originals of Articles of MERGER of BILLINGS RENTAL
EQUIPMENT REPAIR SHOP, INC., A MONTANA CORPORATION, into U-HAUL CO. OF IDAHO,
INC., AN IDAHO CORPORATION, duly signed and verified pursuant to the provisions
of the Idaho Business Corporation Act, have been received in this office and are
found to conform to law.

         ACCORDINGLY and by virtue, of the authority vested in me by law, I
issue this certificate of merger , and attach hereto a duplicate original of the
Articles of Merger.

         Dated September 20, 1989.

                                                  /s/ [ILLEGIBLE]

                                                  SECRETARY OF STATE

                                                  /s/ [ILLEGIBLE]
                                                  ---------------------
                                                    Corporation Clerk
<PAGE>

                       PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 28th day of August,
1989, entered into By U-Haul Co. of Idaho, Inc., an Idaho corporation, the
surviving corporation and Billings Rental Equipment Repair Shop, Inc., a Montana
corporation, the Absorbed Corporation, and together referred to as the
Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Idaho and Montana which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 300 North 6th Street, Boise, Idaho 83701.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Absorbed Corporation shall be cancelled.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Surviving
                           Corporation.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                NUMBER OF
                   NUMBER OF     SHARES      NUMBER    NUMBER
     COMPANY         SHARES     ENTITLED     VOTED     VOTED
      NAME        OUTSTANDING   TO VOTE       FOR     AGAINST
- -------------------------------------------------------------
<S>               <C>           <C>          <C>      <C>
U-HAUL CO.
OF IDAHO, INC.        500          500        500       -0-

BILLINGS RENTAL
EQUIPMENT REPAIR
SHOP, INC.             50           50         50       -0-
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Idaho and Montana, to consummate and make effective this
merger, subject, however to the appropriate vote or consent to the stockholders
of the Constituent Corporation in accordance with the requirements of the State
of Idaho and Montana.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                                Surviving Corporation:  U-HAUL CO. OF
                                                        IDAHO, INC., an Idaho
                                                        Corporation

                                By: /s/ Terry M. Huston
                                    --------------------------------------------
                                    Terry M. Huston, President

Verified

By: /s/ Jim Peterson
    --------------------------------------------
    Jim Peterson, Secretary

                                Absorbed Corporation:   BILLINGS RENTAL
                                                        EQUIPMENT REPAIR
                                                        SHOP, INC., a
                                                        Montana Corporation

                                By: /s/ John M. Dodds
                                    --------------------------------------------
                                    John M. Dodds, President

Verified

By: /s/ John A. Lorentz
    --------------------------------------------
    John A. Lorentz, Secretary

<PAGE>

STATE OF IDAHO          )
                         ss
COUNTY OF --------------)

I, ---------------------------------------------, a notary public, do hereby
certify that on this 28th day of August 1989, personally appeared before me
Terry M. Huston, who, being by me first duly sworn, declared that he is the
President of U-Haul Co. of Idaho, Inc. ---------------------------- , that he
signed the foregoing document as President of the corporation, and that the
statements therein contained are true.

                                                     /s/ [ILLEGIBLE]
                                             ------------------------------
                                                 Notary Public for Idaho
(Notarial Seal)                                  Residing at: [ILLEGIBLE]
                                             My Commission Expires: 4/15/1994

<PAGE>


STATE OF ARIZONA   )
                    ss
COUNTY OF MARICOPA )

I, Blanche I. Passolt, a notary public, do hereby certify that on this 28 day of
August 1989, personally appeared before me John M. Dodds, who, being by me
first duly sworn, declared that he is the President of Billings Rental Equipment
Repair Shop, Inc., that he signed the foregoing document as President of the
corporation, and that the statements therein contained are true.

                                                  /s/ Blanche I. Passolt
                                             --------------------------------
                                               Notary Public for [ILLEGIBLE]
(Notarial Seal)                                Residing at: Tempe, Arizona
                                             My Commission Expires: ---------


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.80
<SEQUENCE>79
<FILENAME>p68936exv3w80.txt
<DESCRIPTION>EXHIBIT 3.80
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.80

                                   BY-LAWS OF

                   AMERCO MARKETING CO. OF IDAHO-MONTANA, INC.

                              AN IDAHO CORPORATION

                                    ARTICLE I

                                                          DATE: November 6, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Idaho shall be located
in the city of Idaho Falls. The corporation may have such other offices either
within or without the state of Idaho as the Board of Directors may designate or
as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Fourth Friday of February of each year, at the office of the corporation in the
state of Idaho or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed, notice stating the place, day and hour of the meeting and,
in case of special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                      -1-

<PAGE>

may be held within or without the state of Idaho. Notice of the special meetings
will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which night have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Idaho.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Idaho.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                      -3-

<PAGE>

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trade-marks in contracts, and interests
                  thereunder, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer
<PAGE>

              or otherwise dispose of any of the property of this corporation,
              subject, however, to the laws of the State of Idaho, governing the
              disposition of the entire assets and business of the corporation
              as a going concern.

         4.   To declare and pay dividends, both in the form of money and
              stock, but only from the surplus or from the net profit arising
              from the business of this corporation, after deducting therefrom
              the amounts, at the time when any dividend is declared which shall
              have been set aside by the Directors as a reserve fund or as a
              working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Idaho statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with

                                       -5-
<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements
of its funds. He shall give such bond for the faithful performance of his duties
as the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                      -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Idaho, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                       -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of AMERCO MARKETING CO. OF IDAHO-MONTANA, INC., are hereby
accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                            ____________________________________
                                            President - Dale L. Graves

ATTEST:

_____________________________
Secretary - Geri C. Graves

         (CORPORATE SEAL)

<PAGE>

                               U-HAUL CO. OF IDAHO
                              An Idaho corporation

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Idaho, an
Idaho corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1, of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the Shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2, to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the President, Secretary, Treasurer, Assistant Secretary
and/or Assistant Treasurer of Company (collectively, the "Authorized Officers")
be, and each of them hereby is, authorized and empowered to certify to the
passage of the foregoing resolutions under the seal of Company or otherwise.

<PAGE>

Dated: August 15, 2003.

                                           SHAREHOLDER:

                                           U-Haul International, Inc.
                                           a Nevada Corporation

                                           By: /s/ Gary V. Klinefelter
                                               ------------------------
                                           Name: Gary V. Klinefelter
                                           Its: Secretary


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.81
<SEQUENCE>80
<FILENAME>p68936exv3w81.txt
<DESCRIPTION>EXHIBIT 3.81
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.81

                               STATE OF ILLINOIS

                                   OFFICE OF
                             THE SECRETARY OF STATE
                                     [LOGO]

WHEREAS, ARTICLES OF INCORPORATION OF
                          U-HAUL CO. OF ILLINOIS, INC.
INCORPORATED UNDER THE LAWS OF THE STATE OF ILLINOIS HAVE BEEN FILED IN THE
OFFICE OF THE SECRETARY OF STATE AS PROVIDED BY THE BUSINESS CORPORATION ACT OF
ILLINOIS, IN FORCE JULY 1, A.D. 1984.

Now Therefore, I, Jim Edgar, Secretary of State of the State of Illinois, by
virtue of the powers vested in me by law, do hereby issue this certificate and
attach hereto a copy of the Application of the aforesaid corporation.

                  IN TESTIMONY WHEREOF, I, hereto set my hand and cause to be
                  affixed the Great Seal  of the State of Illinois, at the City
                  of Springfield, this 15th day of November AD. 1990 and of the
                  Independence of the United States the two hundred and 15th.

                                                         /s/  Jim Edgar
                                                        ------------------------
                                                         SECRETARY OF STATE

<PAGE>

[ILLEGIBLE]

TO JIM EDGAR, Secretary of State

I/We, the incorporator(s), being one or more natural persons of the age of
twenty-one years or more or a corporation for the purpose of forming a
corporation under "The Business Corporation Act" of the State of Illinois, do
hereby adopt the following Articles of Incorporation:

ARTICLE ONE       The name of the corporation is: U-Haul Co. of Illinois, Inc.

ARTICLE TWO       The name and address of the initial registered agent and
                  registered office are:
                  Registered Agent  C.T. Corporation System
                                  ---------------------------------------
                                  First Name   Middle Name    Last Name
                  Registered Office  208     S. LaSalle Street
                                  ---------------------------------------
                                  Number   Street   (Do not use P.O. Box)
                                   Chicago, IL 60604
                                  ---------------------------------------
                                   City      Zip Code   County
ARTICLE THREE     The duration of the corporation is [X] perpetual OR __________
                  years.
ARTICLE FOUR      The purposes for which the corporation is organized are:

                        The rental of trucks and trailers

ARTICLE FIVE      Paragraph 1: The class, number of shares, the par value, if
                  any, of each class which the corporation is authorized to
                  issue, the number the corporation proposes to issue without
                  further report to the Secretary of State, and the
                  consideration (expressed in dollars ) to be received by the
                  corporation therefor, are:

<TABLE>
<CAPTION>
                    Par Value    Number of shares   Number of shares     Total consideration
 Class     Series   per share      authorized         to be issued     to be received therefor
- -------   -------   ----------   ----------------   ----------------   -----------------------
<S>       <C>       <C>          <C>                <C>                <C>
COMMON     None     $    10.00              5,000             10,000   $           10,000.00
- -------   -------   ----------   ----------------   ----------------   ---------------------
=======   =======   ==========   ================   ================   =====================
                   [ILLEGIBLE] (Use [ILLEGIBLE] if no Par Value) Total $           10,000.00
</TABLE>

                  Paragraph 2: The preferences, qualifications, limitations,
                  restrictions and the special or relative rights in respect of
                  the shares of each class are:

                                      None

ARTICLE SIX       The corporation will not commence business until at lease one
                  thousand dollars has been received as consideration for the
                  issuance of shares.

<PAGE>

ARTICLE SEVEN    [ILLEGIBLE]
ARTICLE EIGHT    (Complete EITHER A or B)

         [X]      A. All the property of the corporation is to be located in
                  this State and [ILLEGIBLE] business is to be transacted at or
                  from places of business in this State, or the incorporator(s)
                  elect to pay the initial franchise tax on the basis of the
                  entire consideration to be received for the issuance of
                  shares.

         [ ]      B. Paragraph 1: It is estimated that the value of all property
                  to be owned by the corporation for the following year
                  wherever located will be     $____________________

                     Paragraph 2: It is estimated that the value of the property
                  to be located within the State of Illinois during the
                  following year will be:      $____________________

                     Paragraph 3: It is estimated that the gross amount of
                  business which will be transacted by the corporation during
                  the following year will be   $____________________

                     Paragraph 4: It is estimated that the gross amount of
                  business which will be transacted at or from places of
                  business in the State of Illinois during the following year
                  will be                      $____________________

I/WE the incorporator(s) declare that I/we have examined the foregoing Articles
of Incorporation and that the statements contained therein are, to the best of
my/our knowledge and belief, true, correct and complete. Executed this 19th day
of October, 1990.

(Signatures must be in ink. Carbon copy, xerox or rubber stamp signatures are
not acceptable.)

NOTE:    If a corporation acts as incorporator the name of the corporation and
the state of incorporation shall be shown and the execution must be by its
President or Vice-President and verified by him, and the corporate seal shall be
affixed and attested by its Secretary or an Assistant Secretary.

       Signature and Names                        Post Office Address

1.    /s/ John A. Lorentz                        1. 2721 N. Central Avenue
     ---------------------                          ----------------------------
     Signature                                      Street
                                                    Phoenix, Arizona 85004
     John A. Lorentz                                ----------------------------
     ---------------------                          City/Town    Sate     Zip
     Name (please print)

2.                                                 2.
     ---------------------                          ----------------------------
     Signature                                      Street

     ---------------------                          ----------------------------
     Name (please print)                            City/Town  State     Zip

3.                                                3.
     ---------------------                          ----------------------------
     Signature                                       Street

     ---------------------                          ---------------------------
     Name (please print)                            City/Town  State     Zip


<PAGE>

                               STATE OF ILLINOIS

                                   OFFICE OF
                             THE SECRETARY OF STATE
                                     [LOGO]


WHEREAS, ARTICLES OF MERGER OF
                          U-HAUL CO. OF ILLINOIS, INC.
INCORPORATED UNDER THE LAWS OF THE STATE OF ILLINOIS HAVE BEEN FILED IN THE
OFFICE OF THE SECRETARY OF STATE AS PROVIDED BY THE BUSINESS CORPORATION ACT OF
ILLINOIS, IN FORCE JULY 1, A.D. 1984.

Now Therefore, I, George H. Ryan, Secretary of State of the State of Illinois,
by virtue of the powers vested in me by law, do hereby issue this certificate
and attach hereto a copy of the Application of the aforesaid corporation.

                  IN TESTIMONY WHEREOF, I hereto set my hand and cause to be
                  affixed the Great Seal of the State of Illinois, at the City
                  of Spring field, this 21st day of February A.D. 1991 and of
   [SEAL]         the Independence of the United States the [ILLIGIBLE] hundred
                  and 15th.

                                                          /s/ George H. Ryan
                                                          -------------------
                                                          SECRETARY OF STATE

<PAGE>

                       PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 19th day of January,
1991, entered into by U-Haul Co. of Illinois, Inc., a Illinois corporation, the
surviving corporation and Tap-A-Lite, Inc., U-Haul Co. of Chicago Metroplex and
U-Haul Redistribution Center, Inc. all Illinois corporations, and the absorbed
Corporations, and together referred to as the Constituent Corporations hereby
witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Illinois which laws permit such mergers.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is John A.
Lorentz, 2721 N. Central Avenue, Phoenix, Arizona 85004.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows :

                           (1)      All issued and outstanding shares of stock
                                    of the Absorbed Corporation shall be
                                    cancelled.

                           (2)      On the effective date of the merger and when
                                    the aforementioned cancellation has been
                                    effected, the outstanding shares of stock of
                                    the Surviving Corporation shall be deemed
                                    for all corporate purposes to evidence the
                                    ownership of the Surviving Corporation.

<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                                          NUMBER OF
                                           NUMBER OF        SHARES     NUMBER    NUMBER
           COMPANY                          SHARES         ENTITLED     VOTED     VOTED
            NAME                          OUTSTANDING      TO VOTE       FOR     AGAINST
- -----------------------------             -----------    ------------   ------   -------
<S>                                       <C>            <C>           <C>       <C>
U-HAUL CO. OF ILLINOIS, INC.                    1,000           1,000    1,000       -0-

TAP-A-LITE,                                    15,000          15,000   15,000       -0-

U-HAUL CO. OF CHICAGO                             500             500      500       -0-
METROPLEX

U-HAUL REDISTRIBUTION CENTER,                     100             100      100       -0-
INC.
</TABLE>

                                       V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Illinois to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Illinois.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C.T. Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona 85036.

<PAGE>

                                      VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes and responsibility for all tax liabilities of the Absorbed
Corporation.

                                      VIII

         The effective date of the merger shall be January 1, 1991, for
         accounting purposes only.

                       Surviving Corporation :  U-HAUL CO. ILLINOIS,
                                                INC., a Illinois
                                                Corporation

                       By: /s/ John A. Lorentz
                           --------------------------------------------
                            John A. Lorentz, President

Verified

By: /s/ Gary V. Klinefelter
    ------------------------------
    Gary V. Klinefelter, Secretary

                       Absorbed Corporations :        TAP-A-LITE, INC.
                                                      U-HAUL CO. OF CHICAGO
                                                      METROPLEX
                                                      U-HAUL REDISTRIBUTION
                                                      CENTER, INC.
                                                      All Illinois Corps.

                      By: /s/ John A. Lorentz
                          -----------------------------------------
                             John A. Lorentz, President

Verified

By: /s/ Gary V. Klinefelter
    -------------------------------------
      Gary V. Klinefelter, Secretary

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 19th day of January, 1991, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the President of
U-Haul Co. of Illinois, Inc., a Illinois Corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                                      /s/ Blanche I. Passolt
                                                     ---------------------------
(NOTARY SEAL)                                             NOTARY PUBLIC

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 19th day of January, 1991 before me, the undersigned Notary
Public, personally appeared John A. Lorentz known to me to be the President of
Tap-A-Lite, Inc., U-Haul Co. of Chicago Metroplex and U-Haul Redistribution
Center, Inc., all Illinois Corporations, that he is the person who executed this
instrument on behalf of said corporation, and acknowledged to me that such
corporation executed the same.

(NOTARY SEAL)                                         /s/ Blanche I. Passolt
                                                     ---------------------------
                                                          NOTARY PUBLIC


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.82
<SEQUENCE>81
<FILENAME>p68936exv3w82.txt
<DESCRIPTION>EXHIBIT 3.82
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.82

                                   BY-LAWS OF

                          U-HAUL CO. OF ILLINOIS, INC.

                             AN ILLINOIS CORPORATION

                                    ARTICLE I

                                                         DATE: November 16, 1990

SECTION 1. Offices:

The principal office of the corporation in the State of Second Thursday in July
shall be located at such place as the Board of Directors may front time to time
select. The corporation may have such other offices either within or without the
State of Illinois as the Board of Directors may designate or as the business of
the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Second Thursday in July of each year, at the office of the corporation in the
State of Illinois or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for election of directors and for the
purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

                                      -1-
<PAGE>

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Illinois. Notice of the special meeting will be
had as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. TELLERS:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as Inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                      -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Office:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the term of office of all or any of the Directors by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Illinois.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of Illinois.

SECTION 5. Quorom:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

                                      -3-
<PAGE>

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

SECTION 7. Meetings By Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

                                      -4-
<PAGE>

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trademarks in contracts, and interests
                  thereunder, and other judgment may be beneficial for the
                  purpose of this corporation, and to issue shares of stock of
                  this corporation in payment of such property, and in payment
                  for services rendered to this corporation, when they deem it
                  advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  State of Illinois, governing the disposition of the entire
                  assets and business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                      ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statues regulating the appointment of
committees.

                                   ARTICLE VI

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided

                                      -5-
<PAGE>

for by the Board of Directors. Such officers shall be elected by ballot or
unanimous acclamation at the meeting of the Board of Directors after the annual
election of Directors. In order to hold any election there shall be a quorum
present, and any officer receiving a majority vote shall be declared elected and
shall hold office for one year and until his or her respective successor shall
have been duly elected and qualified; provided, however, that all officers,
agents and employees of the corporation shall be subject to removal from office
pre-emptorily by vote of the Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held Immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                      -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Illinois, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferable only upon the books of the corporation and upon the signing of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the name of
the person owning the shares thereby represented, with the number of such shares
and the date of issue. The transfer of any share or shares of stock in the
corporation may be made by surrender of the certificate issued therefore, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of each year.

                                      -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-Haul Co. of Illinois, Inc. are hereby accepted and
adopted as the By-Laws of said corporation, and we, the undersigned, do hereby
certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                             /s/ John A. Lorentz
                                             -----------------------------------
                                             John A. Lorentz, President

ATTEST:

/s/ Gary V. Klinefelter
- ----------------------------------
Gary V. Klinefelter, Secretary

(CORPORATE SEAL)

                                      -8-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.83
<SEQUENCE>82
<FILENAME>p68936exv3w83.txt
<DESCRIPTION>EXHIBIT 3.83
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.83

Corporate Certificate No. 151
(Sept. 1969)

                                STATE OF INDIANA
                        OFFICE OF THE SECRETARY OF STATE

                          CERTIFICATE OF INCORPORATION

                                       OF

                  U-HAUL CO. OF INDIANAPOLIS, INC.

         I, WILLIAM N. SALIN, Secretary of State of the State of Indiana, hereby
certify that Articles of Incorporation of the above Corporation, in the form
prescribed by my office, prepared and signed in duplicate by the
incorporator(s), and acknowledged and verified by the same before a Notary
Public, have been presented to me at my office accompanied by the fees
prescribed by law; that I have found such Articles conform to law; that I have
endorsed my approval upon the duplicate copies of such Articles; that all fees
have been paid as required by law; that one copy of such Articles has been filed
in my office; and that the remaining copy of such Articles bearing the
endorsement of my approval and filing has been returned by me to the
incorporator(s) or his (their) representatives; all as prescribed by the
provisions of the Indiana General Corporation Act, as amended.

         Wherefore, I hereby issue to such Corporation this Certificate of
Incorporation, and further certify that its corporate existence has begun.

                  In Witness Whereof, I have hereunto set my hand and affixed
                  the seal of the State of Indiana, at the City of Indianapolis,
                  this 3rd day of March, 1970.
                  _____________________________________________________________
                         WILLIAM N. SALIN, Secretary of State.

                  By____________________________________________________________
                                                                     Deputy

<PAGE>

                            ARTICLES OF INCORPORATION

                                       of

                        U-HAUL CO. OF INDIANAPOLIS, INC.

         The undersigned incorporator or incorporators, desiring to form a
corporation (hereinafter referred to as the "Corporation") pursuant to the
provisions of The Indiana General Corporation Act, as amended (hereinafter
referred to as the "Act"), execute the following Articles of Incorporation.

                                    ARTICLE I

                                      Name

         The name of the Corporation is U-HAUL CO. OF INDIANAPOLIS, INC..

                                   ARTICLE II

                                    Purposes

         The purposes for which the Corporation is formed are: to engage in any
lawful act or activity for which corporations may be organized under the General
Corporation Law of Indiana. Said purposes shall include, but in no way be
limited to renting and leasing to the general public trailers, semi-trailers,
trucks, passenger automobiles and other equipment, tools, machinery, vehicles
and property of any and every kind and description, and purshasing or otherwise
acquiring and operating any facilities useful for the conduct of the business
enterprises of this corporation; and doing or carrying out all acts or
activities and exercising all lawful corporate powers necessary or proper to
accomplish any of the foregoing purposes.

                                   ARTICLE III

                                Term of Existence

         The period during which the Corporation shall continue is perpetual.

<PAGE>

                                   ARTICLE IV

                       Principal Office and Resident Agent

         The post office address of the principal office of the Corporation is
1511 Merchants Bank Building, c/o C. T. Corporation System, Indianapolis,
Indiana 46204 and the name and post office address of its Resident Agent in
charge of such office is C. T. Corporation System, 1511 Merchants Bank Building,
Indianapolis, Indiana 46204.

                                    ARTICLE V

                                Number of Shares

         The total number of shares which the Corporation shall have authority
to issue is 2,500 shares consisting of 2,500 shares with the par value of $10.00
per share, and No shares without par value.

                                   ARTICLE VI

                             Initial Stated Capital

         The Corporation will not commence business until consideration of the
value of at least $1,000.00 has been received for the issuance of shares.

                                   ARTICLE VII

                                    Directors

         The initial Board of Directors shall be composed of 3 members. The
number of directors may from time to time be fixed by the by-laws of the
Corporation at any number, not less than three. In the absence of a by-law
fixing the number of directors, the number shall be 3.

                                  ARTICLE VIII

                           Initial Board of Directors

         Names and Post Office Addresses. The names and post office addresses

Page two of three pages

<PAGE>

of the first Board of Directors of the Corporation are as follows:

                 Rayburn N. Lawrence           7025 East 86th Street
                                               Indianapolis, Indiana 46256

                 Marvin Zuelly                 7025 East 86th Street
                                               Indianapolis, Indiana 46256

                 Sharon B. Lawrence            7025 East 86th Street
                                               Indianapolis, Indiana 46256

                                   ARTICLE IX

                                  Incorporator

Section 1. Name and Post Office Address. The name and post office address of the
incorporator of the Corporation is as follows:

                 Arthur G. Seifert             2727 North Central Avenue
                                               Phoenix, Arizona 85004

Section 2. Age. The incorporator is of lawful age.

         IN WITNESS WHEREOF, the undersigned, being the incorporator designated
in Article IX, execute these Articles of Incorporation and certify to the truth
of the facts herein stated, this 9th day of February, 1970.

                                          /s/ Arthur G. Seifert
                                          --------------------------------------
                                          Arthur G. Seifert

STATE OF ARIZONA     )
                     )  ss:
COUNTY OF MARICOPA   )

         I, the undersigned, a Notary Public duly commissioned to take
acknowledgments and administer oaths in the State of Arizona, certify that
Arthur G. Seifert, being the incorporator, referred to in Article IX of the
foregoing Articles of Incorporation, personally appeared before me; acknowledged
the execution thereof; and swore to the truth of the facts therein stated.

         WITNESS my hand and Notarial Seal this 9th day of February, 1970.

                                          /S/ Helen H. Delamater
                                          --------------------------------------
                                          Helen H. Delamater
                                          Notary Public for the State of Arizona
                                          My Commission expires August 13, 1972

This instrument was prepared by David L. Helsten

Page three of three pages
<PAGE>
Corporate Certificate No. 152
  Nov. 1969

                                STATE OF INDIANA
                        OFFICE OF THE SECRETARY OF STATE

                            CERTIFICATE OF AMENDMENT
                                       OF

                        U-HAUL CO. OF INDIANAPOLIS, INC.

         I, WILLIAM N. SALIN, Secretary of State of the State of Indiana, hereby
certify that Articles of Amendment for the above Corporation, in the form
prescribed by my office, prepared and signed in duplicate in accordance with "An
Act concerning domestic and foreign corporations for profit, providing penalties
for the violation hereof, and repealing all laws or parts of laws in conflict
herewith," approved March 16, 1929, and Acts supplemental thereto.

                         THE AMENDMENT
         The exact text of Article I. The name of the corporation is

                   AMERCO MARKETING CO. OF INDIANAPOLIS, INC.

         Whereas, upon due examination, I find that the Articles of Amendment
conform to law, and have endorsed my approval upon the duplicate copies of such
Articles; that all fees have been paid as required by law; that one copy of such
Articles has been filed in my office; and that the remaining copy of such
Articles bearing the endorsement of my approval and filing has been returned by
me to the Corporation.

                            In Witness Whereof, I have hereunto set my hand
                            and affixed the seal of the State of Indiana, at the
                            City of Indianapolis, this 1st day of October, 1970

                                   _____________________________________________
                                    WILLIAM N. SALIN, Secretary of State

                                   By __________________________________________
                                                       Deputy

<PAGE>

                                 Corporate Form No. 4 (Sept. 1967) -- Page One

                                 ARTICLES OF AMENDMENT (Amending Individual
                                   Articles Only)

                                 Prescribed by the Secretary of State of Indiana

                                 Filing Requirements -- Present 3 Executed
                                   Copies to Secretary of state

                                 Recording Requirements -- Before Exercising any
                                   Authority under Amendment, Record 1 of such
                                   3 Executed Copies, as Approved and Returned
                                   by Secretary of State, with Recorder of
                                   County where Principal Office is Located.

                              ARTICLES OF AMENDMENT
                                     OF THE
                            ARTICLES OF INCORPORATION
                                       OF

                        U-HAUL CO. OF INDIANAPOLIS, INC.

         The undersigned officers of U-HAUL CO. OF INDIANAPOLIS, INC.
(hereinafter referred to as the "Corporation"), existing pursuant to the
provisions of The Indiana General Corporation Act, as amended (hereinafter
referred to as the "Act"), desiring to give notice of corporate action
effectuating amendment of certain provisions of its Articles of Incorporation,
certify the following facts:

                                  SUBDIVISION A
                                 THE AMENDMENTS

         The exact text of Article I of the Articles of Incorporation of the
Corporation, as amended (hereinafter referred to as the "Amendments"), now is as
follows:

                                 "NAME

                                 The name of the corporation is AMERCO MARKETING
                                 CO. OF INDIANAPOLIS, INC."

<PAGE>

                                   Corporate Form No. 4 (Sept. 1967) -- Page Two

                                  SUBDIVISION B
                           MANNER OF ADOPTION AND VOTE

         1.       Action by Directors (select appropriate paragraph)

         (a)      The Board of Directors of the Corporation, at a meeting
thereof, duly called, constituted and held on August l2, 1970, at which a
quorum of such Board of Directors was present, duly adopted a resolution
proposing to the Shareholders of the Corporation entitled to vote in respect of
the Amendments that the provisions and terms of Article I of its Articles of
Incorporation be amended so as to read as set forth in the Amendments; and
called a meeting of such Shareholders, to be held August 12, 1970, to adopt or
reject the Amendments, unless the same were so approved prior to such date by
unanimous written consent.

         (b)      By written consent executed on August 12, 1970, signed by all
of the members of the Board of Directors of the Corporation, a resolution was
adopted proposing to the Shareholders of the Corporation entitled to vote in
respect of the Amendments, that the provisions and terms of Article I of its
Articles of Incorporation be amended so as to read as set forth in the
Amendments, and a meeting of such shareholders was called to be held August 12,
1970, to adopt or reject the Amendments, unless the same were so approved prior
to such date by unanimous written consent.

         2.       Action by Shareholders (select appropriate paragraph)

         (a)      The Shareholders of the Corporation entitled to vote in
respect of the Amendments, at a meeting thereof, duly called, constituted and
held on August 12, 1970, at which all were present in person or by proxy,
adopted the Amendments.

         The holders of the following classes of shares were entitled to vote as
a class in respect of the Amendments:

         (1)

         (2)      N/A

         (3)

<PAGE>

                                 Corporate Form No. 4 (Sept. 1967) -- Page Three

         The number of shares entitled to vote in respect of the Amendments, the
number of shares voted in favor of the adoption of the Amendments, and the
number of shares voted against such adoption are as follows:

<TABLE>
<CAPTION>
                                                   Shares Entitled To Vote as A Class
                                Total                (as listed immediately above)
                                -----           ---------------------------------------
                                                 (1)              (2)               (3)
<S>                             <C>             <C>              <C>               <C>
Shares entitled to vote:         500            -----             N/A              -----
Shares voted in favor:           500            -----             -----            -----
Shares voted against:            -0-            -----             -----            -----
</TABLE>

         (b)      By written consent executed on August 12, 1970, signed by the
holders of 500 shares of the Corporation, being all of the shares of the
Corporation entitled to vote in respect of the Amendments, the Shareholders
adopted the Amendments.

         3.       Compliance with Legal Requirements

         The manner of the adoption of the Amendments, and the vote by which
they were adopted, constitute full legal compliance with the provisions of the
Act, the Articles of Incorporation, and the By-Laws of the Corporation.

                                  SUBDIVISION C
                  STATEMENT OF CHANGES MADE WITH RESPECT TO THE
                          SHARES HERETOFORE AUTHORIZED

                                      None

<PAGE>

                                  Corporate Form No. 4 (Sept. 1967) -- Page Four

         IN WITNESS WHEREOF, the undersigned officers execute these Articles of
Amendment of the Articles of, Incorporation of the Corporation, and certify to
the truth of the facts herein stated, this 15th day of September, 1970.

                                            /s/ Rayburn N. Lawrence
                                            ------------------------------------
                                                   (Written Signature)

                                            /s/ Rayburn N. Lawrence
                                            ------------------------------------
                                                    (Printed Signature)

                                            President of

                                            U-HAUL CO. OF INDIANAPOLIS,  INC.
                                            ------------------------------------
                                              (Name of Corporation)

                                            /s/ Sharon B. Lawrence
                                            ------------------------------------
                                                  (Written Signature)

                                            /s/ Sharon B. Lawrence
                                            ------------------------------------
                                                  (Printed Signature)

                                            Secretary of

                                            U-HAUL CO. OF INDIANAPOLIS, INC.
                                            ------------------------------------
                                               (Name of Corporation)

STATE OF INDIANA)
                ) SS:
COUNTY OF MARION)

         I, the undersigned, a Notary Public duly commissioned to take
acknowledgments and administer oaths in the State of Indiana, certify that
Rayburn N. Lawrence, the ___________ President, and Sharon B. Lawrence , the
___________ Secretary, of U-HAUL CO. OF INDIANAPOLIS, INC , the officers
executing the foregoing Articles of Amendment of Articles of Incorporation,
personally appeared before me; acknowledged the execution thereof; and swore to
the truth of the facts therein stated.

         WITNESS my hand and Notarial Seal this 15th day of September, 1970

                                                 /s/ Dwight W. Trueblood
                                            ------------------------------------
                                                    (Written Signature)

                                                   Dwight W. Trueblood
                                            ------------------------------------
                                                   (Printed Signature)

                                                       Notary Public

My commission expires
              4-17-74

This instrument was prepared by ------------------------------------------

<PAGE>


Corporate Certificate No. 152
  Nov. 1969

                                STATE OF INDIANA
                        OFFICE OF THE SECRETARY OF STATE

                            CERTIFICATE OF AMENDMENT
                                       OF

                   AMERCO MARKETING CO. OF INDIANAPOLIS, INC.

         I LARRY A. CONRAD, Secretary of State of the State of Indiana, hereby
certify that Articles of Amendment for the above Corporation, in the form
prescribed by my office, prepared and signed in duplicate in accordance with "An
Act concerning domestic and foreign corporations for profit, providing penalties
for the violation hereof, and repealing all laws or parts of laws in conflict
herewith," approved March 16, 1929, and Acts supplemental thereto.

                                  THE AMENDMENT
                Article I: The name of the Corporation shall be:
                         AMERCO MARKETING CO. OP CENTRAL
                                  INDIANA, INC.

         Whereas, upon due examination, I find that the Articles of Amendment
conform to law, and have endorsed my approval upon the duplicate copies of such
Articles; that all fees have been paid as required by law; that one copy of such
Articles has been filed in my office; and that the remaining copy of such
Articles bearing the endorsement of my approval and filing has been returned by
me to the Corporation.

                                 In Witness Whereof, I have hereunto set my hand
                                 and affixed the seal of the State of Indiana,
                                 at the City of Indianapolis, this 4th. day of
                                 March, 1971.
                                 _____________________________________________
                                 LARRY A. CONRAD, Secretary of State

                                 By___________________________________________
                                                  Deputy

<PAGE>

                                 Corporate Form No. 4 (Sept. 1967) -- Page One
                                 ARTICLES OF AMENDMENT (Amending Individual
                                    Articles Only)

                                 Prescribed by the Secretary of State of Indiana

                                 Filing Requirements Present 3 Executed Copies
                                    to Secretary of State

                                 Recording Requirements -- Before Exercising any
                                    Authority under Amendment. Record 1 of such
                                    3 Executed Copies, as Approved and Returned
                                    by Secretary of State, with Recorder of
                                    County where Principal Office is Located.

                              ARTICLES OF AMENDMENT
                                     OF THE
                            ARTICLES OF INCORPORATION
                                       OF

                  AMERCO MARKETING CO. OF INDIANAPOLIS, INC.

         The undersigned officers of AMERCO MARKETING CO. OF INDIANAPOLIS, INC.
(hereinafter referred to as the "Corporation"), existing pursuant to the
provisions of The Indiana General Corporation Act, as amended (hereinafter
referred to as the "Act"), desiring to give notice of corporate action
effectuating amendment of certain provisions of its Articles of Incorporation,
certify the following facts:

                                  SUBDIVISION A
                                 THE AMENDMENTS

         The exact text of Article I of the Articles of Incorporation of the
Corporation, as amended (hereinafter referred to as the "Amendments"), now is as
follows:

                  "NAME -

                  The name of the corporation is AMERCO MARKETING CO. OF CENTRAL

                  INDIANA, ING."

                                       8
<PAGE>

                                   Corporate Form No. 4 (Sept. 1967) -- Page Two

                                  SUBDIVISION B
                           MANNER OF ADOPTION AND VOTE

         1.       Action by Directors (select appropriate paragraph)

         (a)      The Board of Directors of the Corporation, at a meeting
thereof, duly called, constituted and held on February 24, 1971, at which a
quorum of such Board of Directors was present, duly adopted a resolution
proposing to the Shareholders of the Corporation entitled to vote in respect of
the Amendments that the provisions and terms of Article I of its Articles of
Incorporation be amended so as to read as set forth in the Amendments; and
called a meeting of such Shareholders, to be held February 24, 1971, to adopt or
reject the Amendments, unless the same were so approved prior to such date by
unanimous written consent.

         (b)      By written consent executed on February 24, 1971, signed by
all of the members of the Board of Directors of the Corporation, a resolution
was adopted proposing to the Shareholders of the Corporation entitled to vote in
respect of the Amendments, that the provisions and terms of Article I of its
Articles of Incorporation he amended so as to read as set forth in the
Amendments, and a meeting of such shareholders was called to be
held________19__, to adopt or reject the Amendments, unless the same were so
approved prior to such date by unanimous written consent.

         2.       Action by Shareholders (select appropriate paragraph)

         (a)     The Shareholders of the Corporation entitled to vote in
respect of the Amendments, at a meeting thereof, duly called, constituted and
held on February 24, 1971, at which all shareholders were present in person or
by proxy, adopted the Amendments.

         The holders of the following classes of shares were entitled to vote as
a class in respect of the Amendments:

         (1)

         (2)      N/A

         (3)

                                       9
<PAGE>

                                                  Corporate Form No. [ILLEGIBLE]

         The number of shares entitled to vote in respect of the Amendments, the
number of shares voted in favor of the adoption of the Amendments, and the
number of shares voted against such adoption are as follows:

<TABLE>
<CAPTION>
                                                Shares Entitled To Vote as A Class
                                 Total            (as listed immediately above)
                                 -----        -------------------------------------
                                                (1)             (2)            (3)
<S>                              <C>          <C>             <C>            <C>
Shares entitled to vote:          500         ------            N/A          -----
Shares voted in favor:            500         ------            -----        -----
Shares voted against:             -0-         ------            -----        -----
</TABLE>

         (b)      By written consent executed on February 24, 1971, signed by
the holders of 500 shares of the Corporation, being all of the shares of the
Corporation entitled to vote in respect of the Amendments, the Shareholders
adopted the Amendments.

         3.       Compliance with Legal Requirements

         The manner of the adoption of the Amendments, and the vote by which
they were adopted, constitute full legal compliance with the provisions of the
Act. the Articles of Incorporation, and the By - Laws of the Corporation.

                                  SUBDIVISION C
                  STATEMENT OF CHANGES MADE WITH RESPECT TO THE
                          SHARES HERETOFORE AUTHORIZED

                                      NONE

                                       10
<PAGE>

                                   Corporate Form No. 4 (Sept. 1967) Page Four

         IN WITNESS WHEREOF, the undersigned officers execute these Articles of
Amendment of the Articles of Incorporation of the Corporation, and certify to
the truth of the facts herein stated, this 2nd day of March, 1971.

                                                   /s/ David L. Helsten
                                            -----------------------------------
                                                    (Written Signature)

                                                   /s/ David L. Helsten
                                            ------------------------------------
                                                   (Printed Signature)

                                       Vice-President of

                                            AMERCO MARKETING CO. OF
                                            INDIANAPOLIS, INC.
                                            ------------------------------------
                                            (Name of Corporation)

                                                    /s/ John A. Lorentz
                                            ------------------------------------
                                                    (Written Signature)

                                                    /s/ John A. Lorentz
                                            ------------------------------------
                                                    (Printed Signature)

                                       Assistant Secretary of
                                            AMERCO MARKETING CO. OF
                                            INDIANAPOLIS, INC.
                                            ------------------------------------
                                            (Name of Corporation)

STATE OF ARIZONA  )
COUNTY OF MARICOPA) SS:

         I, the undersigned, a Notary Public duly commissioned to take
acknowledgments and administer oaths in the State of Indiana, certify that David
L. Helsten, the Vice-President and John A. Lorentz, the Assistant Secretary, of
AMERCO MARKETING CO. OF INDIANAPOLIS, INC., the officers executing the foregoing
Articles of Amendment of Articles of Incorporation, personally appeared before
me; acknowledged the execution thereof; and swore to the truth of the facts
therein stated.

         WITNESS my hand and Notarial Seal this 2nd day of March, 1971.

                                                /s/ Helen H. Delamater
                                            ------------------------------------
                                                   (Written Signature)

                                                /s/ Helen H. Delamater
                                            ------------------------------------
                                                   (Printed Signature)

                                                     Notary Public

My commission expires

                8-13-72
- -------------------------------

This instrument was prepared by
                               ------------------------------------------------


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.84
<SEQUENCE>83
<FILENAME>p68936exv3w84.txt
<DESCRIPTION>EXHIBIT 3.84
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.84

                                   BY-LAWS OF

                         U-HAUL CO. OF INDIANAPOLIS, INC.

                             An Indiana Corporation

                                    ARTICLE I

                                                            DATE: March 16, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Indiana shall be located
in the city of Indianapolis. The corporation may have such other offices either
within or without the state of Indiana as the Board of Directors may designate
or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Second Thursday in January of each year, at the office of the corporation in the
state of Indiana or otherwise as provided in the notice of said Meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, than said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than tan or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                       -1-
<PAGE>

may be held within or without the state of Indiana. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders Meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorised
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shell act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st. All persons claiming to hold proxies shall present them to the
              tellers for verification.

         2nd. Proof of due notice of meeting when applicable.

         3rd. Reading and disposal of all unapproved minutes.

         4th. Reports of officers and committees.

         5th. Election of Directors.

         6th. Unfinished business.

         7th. New business.

         8th. Adjournment.

                                       -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the Majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though lass than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organisation, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Indiana.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Indiana,

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                       -3-
<PAGE>

         1st. Roll call; a quorum being present.

         2nd. Reading of minutes of preceding meeting and action thereon.

         3rd. Consideration of communications of the Board of Directors.

         4th. Reports of officials and committees.

         5th. Unfinished business.

         6th. Miscellaneous business.

         7th. New business.

         8th. Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.   To purchase, lense, and acquire, in any lawful manner any and all
              real or personal property including franchises, stocks, bonds and
              debentures of other companies, business and good will, patents,
              trade-marks in contracts, and interests thereunder, and other
              rights and proprieties which in their judgment may be beneficial
              for the purpose of this corporation, and to issue shares of stock
              of this corporation in payment of such property, and in payment
              for services rendered to this corporation, when they deem it
              advisable.

         2.   To fix and determine and to vary, from time to time, the amount or
              amounts to be set aside or retained as reserve funds or as working
              capital of this corporation.

         3.   To issue notes and other obligations or evidences of the debt of
              this corporation, and to secure the same, if deemed advisable, and
              endorse and guarantee the notes, bonds, stocks, and other
              obligations of other corporations with or without compensation for
              so doing, and from time to time to sell, assign, transfer

                                       -4-
<PAGE>

              or otherwise dispose of any of the property of this corporation,
              subject, however, to the laws of the State of Indiana, governing
              the disposition of the entire assets and business of the
              corporation as a going concern.

         4.   To declare and pay dividends, both in the form of money and stock,
              but only from the surplus or from the net profit arising from the
              business of this corporation, after deducting therefore the
              amounts, at the time when any dividend is declared which shall
              have been set aside by the Directors as a reserve fund or as a
              working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committee shall have and may exercise such
powers as shall be conferred or authorised by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorised by the Indiana statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to bold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligation in the name of the corporation, and with

                                       -5-
<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. Ha shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorised by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

the Treasurer shall have the cars and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign cheeks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements
of its funds. He shall give such bond for the faithful performance of his duties
as the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                       -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organised under the
laws of Indiana, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calender year and shall close on the 31st
day of December of the year.

                                       -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-laws may be emended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF INDIANAPOLIS, INC., are hereby
accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                           _____________________________________
                                           President - Rayburn N. Lawrence

ATTEST:

___________________________________
Secretary - Sharon B, Lawrence

         (CORPORATE SEAL)

                                       -8-
<PAGE>

                  MINUTES OF A SPECIAL SHAREHOLDERS MEETING OF

      AMERCO MARKETING CO. OF CENTRAL INDIANA, INC., AN INDIANA CORPORATION

                                     HELD BY

                    U-HAUL CO., INC., AN INDIANA CORPORATION

                               AS SOLE SHAREHOLDER

                                                           June 26, 1971

         U-HAUL CO., INC., an Indiana corporation, being the sole stockholder of
AMERCO MARKETING CO. OF CENTRAL INDIANA, INC., an Indiana corporation, hereby
waives any and all notice of this special stockholders meeting, and consents to
and agrees that said meeting be held at Indianapolis, Indians at the hour of
10:00 o"clock a.m. on June 26, 1971, for the purpose of amending the By-Laws of
AMERCO MARKETING CO. OF CENTRAL INDIANA, INC.

         The meeting was called to order and U-HAUL CO., INC., an Indiana
corporation, as sole stockholder of AMERCO MARKETING CO. OF CENTRAL INDIANA,
INC., thereupon adopted the following resolution:

         RESOLVED: That the following Articles of the By-Laws of AMERCO
         MARKETING CO. OF CENTRAL INDIANA, INC., an Indiana corporation, be
         amended to read as follows:

                                   ARTICLE II

                                  STOCKHOLDERS

                  SECTION 1. Annual Meeting:

                  The annual meeting of the shareholders of the corporation
                  shall be held on the Second Thursday in May each year, at the
                  office of the corporation in the state of Indiana or otherwise
                  as provided in the notice of said meeting. The purpose of said
                  annual meeting shall be for the election of directors and for
                  the purpose of transacting such other business as may be
                  brought before said meeting. The Board of Directors may change
                  the time and place of the annual meeting providing such change
                  of time and place be preceded by a notice of such change to
                  all stockholders of record. If said day of the annual meeting
                  is a legal holiday, then said meeting shall be held on the
                  next ensuing day not a holiday.

<PAGE>

                                  ARTICLE VIII

                                   FISCAL YEAR

                  SECTION 1. Fiscal Year

                  The fiscal year of the corporation shall commence with the
                  opening of business on the first day of April of each calendar
                  year and shall close on the 31st day of March of the year.

         There being no further business to come before the meeting, it was upon
a motion duly made and seconded, adjourned.

                                           U-HAUL CO., INC.
                                           an Indiana corporation

                                       By: /s/ Dala Webber
                                           -----------------------------
                                           Dala Webber, President
<PAGE>

                          U-HAUL CO. OF INDIANA, INC.,
                             AN INDIANA CORPORATION

                            SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Indiana, Inc.,
an Indiana corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                            SHAREHOLDER:

                                            U-Haul International, Inc., a Nevada
                                            Corporation

                                            By: /s/ Gary V. Klinefelter
                                                -----------------------
                                            Name: Gary V. Klinefelter
                                            Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.85
<SEQUENCE>84
<FILENAME>p68936exv3w85.txt
<DESCRIPTION>EXHIBIT 3.85
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.85

                            ARTICLES OF INCORPORATION

                                       FOR

                            U-HAUL CO. OF IOWA, INC.

                               AN IOWA CORPORATION

(1)  The name of the corporation is: U-Haul Co. of Iowa, Inc.

(2)  The number of shares the corporation is authorized to issue is 5,000 with a
     par value of $10.00 per share.

(3)  The address of the registered office is 2222 Grand Avenue, Des Moines, Iowa
     50312, and the name is C. T. Corporation System.

(4)  The name and address of the incorporator is: John A. Lorentz, 2721 N.
     Central Ave. Phx. Az.

(5)  The name and address of the sole director is: John A. Lorentz, 2721 N.
     Central Ave. Phx. Az.

(6)  The purpose for which the corporation is organized is the rental of trucks
     and trailers.

DATED: October 18, 1990

                                   BY: /s/ John A. Lorentz
                                       -----------------------------------------
                                           John A. Lorentz, Incorporator

STATE OF ARIZONA

COUNTY OF MARICOPA

On this 18th day of October, 1990, before me, the undersigned, a notary public
in and for said county in said State, personally appeared John A. Lorentz to me
known to be the person named in and who executed the foregoing articles of
incorporation, and acknowledged that he executed the same as his voluntary act &
deed.

                                  /s/ [ILLEGIBLE]
                                  ----------------------------------------------
                                      Notary Public in and for said County

     (NOTARIAL SEAL)

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

     The undersigned corporation hereby consents to the use of a similar name:

     1. The name of the consenting corporation is: U-Haul Co. of Minnesota, a
Minnesota corporation, and U-Haul Co. of Nebraska, a Nebraska corporation, both
are qualified to do business in the State of Iowa.

     2. The name of the corporation to which this Consent is being given and
which is about to be organized under the laws of the State of Iowa is:

                            U-HAUL CO. OF IOWA, INC.

     IN WITNESS WHEREOF, this corporation has caused this Consent to be executed
this October 18, 1990.

                                    U-Haul Co. of Minnesota
                                    U-Haul Co. of Nebraska

                                    By: /s/ John A. Lorentz
                                        ----------------------------------------
                                    John A. Lorentz, Assistant Secretary

STATE OF ARIZONA

COUNTY OF MARICOFA

     Before me, a Notary Public, personally appeared John A. Lorentz, known to
me to be the person who executed and attested the foregoing instrument
respectively, and acknowledged that he executed and attested the same for the
purposes therein contained and that the statements are truly set forth.

     In Witness Whereof,I have hereunto set my hand and official seal this 18th
day of October, 1990.

                                                /s/ [ILLEGIBLE]
                                    --------------------------------------------
                                                   NOTARY PUBLIC

     (NOTARIAL SEAL)

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.86
<SEQUENCE>85
<FILENAME>p68936exv3w86.txt
<DESCRIPTION>EXHIBIT 3.86
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.86

                                   BY-LAWS OF

                            U-HAUL CO. OF IOWA, INC.

                               AN IOWA CORPORATION

                                   ARTICLE I

                                                   DATE: October 24, 1990

SECTION 1. Offices:

The principal office of the corporation in the State of Third Wednesday in May
shall be located at such place as the Board of Directors may from time to time
select. The corporation may have such other offices either within or without the
State of Iowa as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Wednesday in May of each year, at the office of the corporation in the
State of Iowa or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for election of directors and for the
purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

                                      -1-
<PAGE>

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Iowa. Notice of the special meeting will be had
as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                       -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Office:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the term of office of all or any of the Directors by a
vote at a meeting called for such purposes. Such removal shall be effective
Immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Iowa.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of an the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of Iowa.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

                                       -3-
<PAGE>

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

SECTION 7. Meetings By Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

                                      -4-
<PAGE>

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trademarks in contracts, and interests
                  thereunder, and other judgment may be beneficial for the
                  purpose of this corporation, and to issue shares of stock of
                  this corporation in payment of such property, and in payment
                  for services rendered to this corporation, when they deem it
                  advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  State of Iowa, governing the disposition of the entire assets
                  and business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statues regulating the appointment of
committees.

                                   ARTICLE VI

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided

                                       -5-
<PAGE>

for by the Board of Directors. Such officers shall be elected by ballot or
unanimous acclamation at the meeting of the Board of Directors after the annual
election of Directors. In order to hold any election there shall be a quorum
present, and any officer receiving a majority vote shall be declared elected and
shall hold office for one year and until his or her respective successor shall
have been duly elected and qualified; provided, however, that all officers,
agents and employees of the corporation shall be subject to removal from office
pre-emptorily by vote of the Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                       -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Iowa, the number and par value, if any, of each share represented by it,
the name of the person owning the shares represented thereby, with the number of
each share and the date of issue, and the stock thereby represented is
transferable only upon the books of the corporation and upon the signing of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the name of
the person owning the shares thereby represented, with the number of such shares
and the date of issue. The transfer of any share or shares of stock in the
corporation may be made by surrender of the certificate issued therefore, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the First day of April of each year and shall close on the 31st day of March
of each year.

                                       -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-Haul Co. of Iowa, Inc. are hereby accepted and
adopted as the By-Laws of said corporation, and we, the undersigned, do hereby
certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                            /s/ John A. Lorentz
                                            ------------------------------------
                                            John A. Lorentz, President

ATTEST:

/s/ Gary V. Klinefelter
- -----------------------------------
Gary V. Klinefelter, Secretary

(CORPORATE SEAL)

                                       -8-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.87
<SEQUENCE>86
<FILENAME>p68936exv3w87.txt
<DESCRIPTION>EXHIBIT 3.87
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.87

                            ARTICLES OF INCORPORATION

                                       of

                         U-HAUL CO. OF KANSAS CITY, INC.

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a corporation
under the laws of the State of Kansas.

                                    ARTICLE I

         The name of the corporation is U-HAUL CO. OF KANSAS CITY, INC.

                                   ARTICLE II

         The period of duration of the corporation is 100 years.

                                  ARTICLE III

         The purpose or purposes for which the corporation is organized are to
rent and lease to the general public trailers, semi-trailers, trucks, passenger
automobiles and other equipment, tools, machinery, vehicles and property of any
and every kind and description, and to purchase or otherwise acquire and operate
any facilities useful for the conduct of the business enterprises of this
corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of Kansas upon corporations, and to engage in any lawful activity within
the purposes for which corporations may be organized under the laws of the State
of Kansas.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue are two thousand five hundred (2,500) shares of common stock
with a par value of Ten ($10.00) Dollars each, or a total capitalization of
Twenty Five Thousand ($25,000.00) Dollars.

                                    ARTICLE V

         The corporation will not commence business until the consideration

Page one of three pages

<PAGE>

of at least One Thousand ($1,000.00) Dollars has been received for the issuance
of shares.

                                   ARTICLE VI

         The address of its registered office shall be c/o The Corporation
Company, Inc., First National Bank Building, Topeka, Kansas, and the name of the
resident agent at said address is The Corporation Company, Inc..

                                   ARTICLE VII

         The initial Board of Directors shall consist of three (3) members, and
the initial Board who shall act until the first annual meeting of stockholders
and their successors have been elected and qualified are:

             Douglas W. Ledbetter     401 South 42nd Street
                                      Kansas City, Kansas      66106

             Donald L. Stubbs         401 South 42nd Street
                                      Kansas City, Kansas      66106

             Richard D. Ludlow        401 South 42nd Street
                                      Kansas City, Kansas      66106

                                  ARTICLE VIII

         The name and address of each incorporator is as follows:

             David L. Helsten         2727 North Central Avenue
                                      Phoenix, Arizona  85004

             Richard Rink             2727 North Central Avenue
                                      Phoenix, Arizona  85004

             Arthur G. Seifert        2727 North Central Avenue
                                      Phoenix, Arizona  85004

         IN WITNESS WHEREOF, we have hereunto set our hand and seal this 12th
day of February, 1970.

                                        /s/ David L. Helsten
                                        --------------------------
                                            David L. Helsten

                                        /s/ Richard Rink
                                        --------------------------
                                            Richard Rink

                                        /s/ Arthur G. Seifert
                                        --------------------------
                                            Arthur G. Seifert

Page two of three pages
<PAGE>

STATE OF ARIZONA     )
                     )ss:
COUNTY OF MARICOPA   )

         On this 12th Day of February, 1970, before me, a Notary Public for the
State of Arizona, personally appeared David L. Helsten, Richard Rink and Arthur
G. Seifert, known to me to be the persons named in and who executed the
foregoing instrument, and who acknowledged that they had executed the same and
that the matters therein contained are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal this 12th day of February, 1970.

                                        Helen H. Delamater
                                        --------------------------
                                        Helen H. Delamater
                                        Notary Public for the State of Arizona
                                        Residing at Tempe, Arizona
                                        My Commission expires August 13, 1972

         (NOTARIAL SEAL)

Pages three of three pages

<PAGE>

Topeka, Kansas               .                                 February 16, 1970
                                                               -----------------
                                                                      Date

                          OFFICE OF SECRETARY OF STATE

RECEIVED OF U-HAUL OF KANSAS CITY, INC.

and deposited in the state Treasury, fees on these Articles of Incorporation as
follows:

<TABLE>
<S>                                       <C>
Application Fee ........................  $ 25.00
                                          -------
Filing and Recording Fee ...............  $  2.50

Capitalization Fee .....................  $ 25.00
                                          -------
</TABLE>

                                          /s/ [ILLEGIBLE]
                                          ------------------------
                                          Secretary of State

By: /s/ [ILLEGIBLE]
    ----------------------------
    Assistant Secretary of State

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Kansas

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is U-HAUL Co., INC., a
         corporation organized and existing under the laws of the State of
         Kansas.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

                            U-HAUL CO. OF KANSAS CITY

         IN WITNESS WHEREOF, this corporation has caused this consent to be
executed this 26 day of January, 1970.

                                        U-HAUL CO., INC

                  (SEAL)

                                        By: /s/ Theodore R. Fore
                                            -------------------------------
                                            Theodore R. Fore      President

By: /s/ Winifred F. Shop
    -----------------------------
    Winifred F. Shop   Secretary

STATE OF Kansas      )
                     ) ss.
COUNTY OF Wyandotte  )

         Before me, a Notary Public, personally appeared Theodore R. Fore &
Winifred F. Shop known to me to be the person who executed the foregoing
instrument, and acknowledged that he executed the same for the purpose therein
contained and that the statements therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
26 day of January, 1970.

                                          /s/ [ILLEGIBLE]
                                          -------------------------------
                                                            Notary Public

                                          My Commission Expires Sept. 17, 1972

                  (SEAL)

<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

                        U-HAUL CO. OF KANSAS CITY, INC.

STATE OF KANSAS       )
                      )ss.
COUNTY OF WYANDOTTE   )

         Douglas W. Ledbetter and Mary R. Ledbetter being first duly sworn upon
their oath depose and say:

         1.       That they are the President and the Secretary respectively of
                  U-HAUL, CO. OF KANSAS CITY, INC.

         2.       That at a meeting of the Board of Directors of said
                  corporation, duly held at Kansas City, Kansas on August 12,
                  1970, the following resolution was adopted:

                           "RESOLVED: That Article I of the Articles of
                           Incorporation be amended to read as follows:

                           The name of this corporation is AMERCO MARKETING CO.
                           OF KANSAS CITY, INC.."

         3.       That the shareholders have adopted said amendment by
                  resolution at a meeting held at Kansas City, Kansas on August
                  12, 1970. That the wording of the amended article, as set
                  forth in the shareholders' resolution, is the same as that set
                  forth in the directors' resolution in Paragraph 2 above.

         4.       That the number of shares which voted affirmatively for the
                  adoption of said resolution is 500, and that the total number
                  of shares entitled to vote on or consent to said amendment is
                  500.

                                                 /s/ [ILLEGIBLE]
                                                 -------------------------------
                                                           President

ATTEST:

        /s/ [ILLEGIBLE]
        --------------------------
                Secretary

Page One of Two Pages

<PAGE>

STATE OF KANSAS        )
                       )  ss.
COUNTY OF WYANDOTTE    )

         On this 14th day of August, 1970, before me a Notary Public, personally
appeared Douglas W. Ledbetter and Mary R. Ledbetter known by me to be the
persons whose signatures are subscribed to the within instrument and who
acknowledged that they executed the sane as their free act for the purpose
therein contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                                 /s/ [ILLEGIBLE]
                                                 -------------------------------
                                                          Notary Public

                        My commission expires My Commission Expires MAY 16, 1974

(NOTARIAL SEAL)

Page Two of Two Pages

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1.       The name of the consenting corporation is U-HAUL CO., INC., a
                  corporation organized and existing under the laws of the
                  State of Kansas.

         2.       The name of the corporation to which this consent is given and
                  which is about to amend its corporate name is:

                   AMERCO MARKETING CO. OF KANSAS CITY, INC.

         3.       The name the corporation shall adopt by amending its Articles
                  of Incorporation is:

                        U-HAUL CO. OF KANSAS CITY, INC.

         In Witness Whereof, this corporation has caused this consent to be
executed this 28th day of February, 1973.

                                      U-HAUL CO. INC., a Kansas corporation

                                      By: /s/ Arthur G. Seifert
                                          --------------------------------------
                                          Arthur G. Seifert Assistant Secretary

STATE OF ARIZONA      )
                      ) ss.
COUNTY OF MARICOPA    )

         Before me, a Notary Public, personally appeared Arthur G. Seifert,
known to me to be the person who executed the foregoing instrument, and
acknowledged that he executed the same for the purpose therein contained and
that the statements therein contained are truly set forth.

         In Witness Whereof, I have hereunto set my hand and official seal this
28th day of February, 1973.

                  (SEAL)

                                          /s/ [ILLEGIBLE]
                                          --------------------------------------
                                          Notary Public    -    State of Arizona

                                           My commission expires August 13, 1976

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Kansas

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is AMERCO, a corporation
         organized and existing under the laws of the State of Arizona.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

                    AMERCO MARKETING CO. OF KANSAS CITY, INC.

         In Witness Whereof, this corporation has caused this consent to be
executed this 12 day of August, 1970.

                                          AMERCO, an Arizona corporation

                                        BY: /s/ L. S. Shoen
                                            ------------------------------------
                                                   L. S. Shoen - President

STATE OF ARIZONA      )
                      ) ss.
COUNTY OF MARICOPA    )

         Before me, a Notary Public, personally appeared L. S. Shoen known to me
to be the person who executed the foregoing instrument, and acknowledged that he
executed the same for the purpose therein contained and that the statements
therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
12th day of August, 1970.

                                            /s/ [ILLEGIBLE]
                                            ------------------------------------
                                                         Notary Public

                                            My Commission Expires Aug. 13, 1972.

<PAGE>

                                 State of Kansas
                               Secretary of State
                           State House - Topeka 66612

Date: September 18, 1970

Received of  AMERCO MARKETING CO. OF KANSAS CITY, INC.

Two and 50/100                                                          Dollars,

fee for filing the within amendment.

                                            /s/ [ILLEGIBLE]
                                            ------------------------------------
                                                Secretary of State

By /s/ [ILLEGIBLE]
   -------------------------------------
       Assistant Secretary of State

<PAGE>

              CERTIFICATE OF AMENDMENT TO ARTICLES OF INCORPORATION

                                       OF

                   AMERCO MARKETING CO. OF KANSAS CITY, INC.

County of STATE OF KANSAS,     )ss.

         We, Douglas W. Ledbetter, President, and Mary Ruth Ledbetter, Secretary
of AMERCO MARKETING CO. OF KANSAS CITY, INC., a corporation organized and
existing under the laws of the State of Kansas, and whose registered office is

<TABLE>
<S>                            <C>                        <C>
The Corporation Company, Inc., First National Bank Bldg., Topeka, Kansas, Shawnee
_________________________________________________________________________________
     (Street and Number)            (Town or City)               (County)
</TABLE>

                                          special
Kansas, do hereby certify that at the___________________  meeting of the Board
                                     (Regular or Special)
of Directors of said corporation held on the 21st day of February, 1973, said
board adopted a resolution setting forth the following amendment to the Articles
of Incorporation and declared its advisability, to wit:

                                    ARTICLE I

         THE NAME OF THE CORPORATION IS U-HAUL CO. OF KANSAS CITY, INC.

         That thereafter, pursuant to said resolution and in accordance with the
by-laws and the laws of the State of Kansas, said directors called a meeting of
stockholders for the consideration of said amendment, and thereafter, pursuant
to said notice and in accordance with the statutes of the State of Kansas, on
the 21st day of February, 1973, said stockholders met and convened and
considered said proposed amendment.

         That at said meeting the stockholders entitled to vote did vote upon
said amendment, and the majority of voting stockholders of the corporation had
voted for the proposed amendment certifying that the votes were
       500 Common Stock
_________________________________shares in favour of the proposed amendment and
     (By class of classes)
        NONE
__________________________________shares against the amendment.
     (By class or classes)

         That said amendment was duly adopted in accordance with the provisions
of Chapter 52, 1972 Session Laws.

         That the capital of said corporation will not be reduced under or by
reason of said amendment.

                                    IN WITNESS WHEREOF we have hereunto set our
                                    hands and affixed the seal of said
                                    corporation this 3 day of March, 1973

                                            /s/ Douglas W. Ledbetter
                                            ____________________________________
                                                Douglas W. Ledbetter President

                                            /s/ Mary Ruth Ledbetter
                                            ____________________________________
                                                Mary Ruth Ledbetter Secretary

STATE OF KANSAS,            )
                            ) ss.
County of Wyandotte         )

         Be it remembered, that before me  [ILLEGIBLE] a Notary Public in and
for the County and State aforesaid, came Douglas W. Ledbetter President, and
Mary Ruth Ledbetter Secretary, of AMERCO MARKETING CO. OF KANSAS CITY, INC. a
corporation, personally known to me to be the persons who executed the foregoing
instrument of writing as President and Secretary respectively, and duly
acknowledged the execution of the same this 5th day of March, 1973.

                                            /s/ [ILLEGIBLE]
                                            ------------------------------------
                                                                  Notary Public.

         My commission expires [ILLEGIBLE], 19 [ILLEGIBLE]

Submit to the office in duplicate.
A fee of $20.00 must accompany this form.

                                  [ILLEGIBLE]
<PAGE>

                               AGREEMENT OF MERGER

         THIS AGREEMENT OF MERGER dated this 12th day of September, 1975, made
by and between U-Haul Co. of Kansas, Inc., a Kansas corporation, Absorbed, and
U-Haul Co. of Kansas City, Inc., a Kansas corporation, Surviving Corporation and
together with Absorbed referred to as Constituent Corporations, hereby
WITNESSETH THAT:

WHEREAS:

         The respective Boards of Directors and the sole shareholder of the
Constituent Corporations have determined it is advisable that Absorbed be merged
into Surviving Corporation under the terms and conditions hereinafter set forth
in accordance with the applicable provisions of the State of Kansas which permit
such a merger:

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         1.       All issued and outstanding shares of stock of Absorbed shall
be cancelled.

         2.       On the effective date of the merger and when the
aforementioned cancellation has been effected, the outstanding stock of the
Surviving Corporation shall be deemed for all corporate purposes to evidence the
ownership of the Constituent Corporations.

                                       II

         The Surviving Corporation shall pay all expenses of accomplishing the
merger.

                                      III

         If the Surviving Corporation shall consider or be advised that any
assignment or assurances in law are necessary or desirable to vest or to perfect
or confirm of record in the Surviving Corporation the title to any property or
rights of Absorbed, or to otherwise carry out the provisions hereof, the proper
officers and directors of Absorbed as of the effective date of the merger shall
execute and deliver any assignments and assurances

<PAGE>

in law and do all things necessary or proper to vest or perfect such rights in
the Surviving Corporation and otherwise to carry out the provisions hereof.

                                       IV

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation until altered or amended following
the effective date of the merger.

                                        V

         Each of the Constituent Corporations shall take or cause to be taken
all action or all things necessary, proper or advisable under the laws of the
State of Kansas to consummate and make effective the merger subject, however, to
the consent of their sole stockholder, and the directors of each Constituent
Corporation are authorized and directed to perform all actions required for
accomplishing and filing this Agreement of Merger.

         IS WITNESS WHEREOF the corporate parties hereto certify as to the
shareholder vote by the Certificate of Corporate Resolution which is attached
hereto and by reference incorporated herein, and pursuant to authority given by
their respective Boards of Directors and sole shareholder, hereby enter into
this Agreement of Merger, executed and sealed this 3rd day of October, 1975.

                           Absorbed Corporation: U-Haul Co. of Kansas, Inc.,
                                                 a Kansas corporation

                                        By: /s/ [ILLEGIBLE]
                                            ------------------------------------
                                            President

         (CORPORATE SEAL)

                                        By: /s/ [ILLEGIBLE]
                                            ------------------------------------
                                            Secretary

                         Surviving Corporation: U-Haul Co. of Kansas City, Inc.,
                                                a Kansas Corporation

                                        By: /s/ [ILLEGIBLE]
                                            ------------------------------------
                                            President

         (CORPORATE SEAL)

                                        By: /s/ [ILLEGIBLE]
                                            ------------------------------------
                                            Secretary

<PAGE>

                       CERTIFICATE OF CORPORATE RESOLUTION

         I, John A. Lorentz, do hereby certify that I am the duly elected and
acting Secretary of AMERCO, a Nevada corporation, and that the following is a
true and accurate copy of the resolutions adopted by the Board of Directors at a
meeting duly called and held on the 12th day of September, 1975, as the same
appears on the books and records of this corporation:

                  RESOLVED: That this corporation, being the sole owner of all
                  of the outstanding stock of U-Haul Co. of Kansas, Inc. and
                  U-Haul Co. of Kansas City, Inc., both Kansas corporations,
                  hereby authorizes and directs that the respective Boards of
                  Directors of said corporations proceed with such actions as
                  will accomplish the merger of said corporations, with U-Haul
                  Co. of Kansas City, Inc. being the survivor corporation, and
                  be it further

                  RESOLVED: That the Secretary of this corporation be and hereby
                  is directed to execute a Certificate of Corporate Resolution
                  to be submitted to the Office of the Secretary of State of
                  Kansas, attesting to the aforesaid Resolution and certifying
                  that this corporation does hereby vote all of the outstanding
                  stock of said corporation in favor of such merger.

         In Witness Whereof, I have set my hand and affixed the seal of this
corporation this 12th day of September, 1975.

                                            /s/ [ILLEGIBLE]
                                            ------------------------------------
                                                          Secretary

         (CORPORATE SEAL)

<PAGE>

State of Kansas        )
                       ) ss.
County of Wyandotte    )

         On this the 3rd day of October, 1975, before me, the undersigned Notary
Public, appeared [ILLEGIBLE] and Patricia Rawlings who, being duly sworn, did
say that they are the President and the Secretary respectively of U-Haul Co. of
Kansas City, Inc., a Kansas corporation, that they are the persons whose names
are subscribed to the foregoing instrument on behalf of said corporation in the
above-stated capacities, that the seal is the corporate seal of the said
corporation, that said instrument was signed and sealed on behalf of said
corporation by authority of its Board of Directors and its sole shareholder as
the free act and deed of said corporation for the purposes therein stated;
further, that the facts therein stated are true to the best of their knowledge,
information and belief.

         IN WITNESS WHEREOF, I set my hand and official seal.

                                            /s/ [ILLEGIBLE]
                                            ------------------------------------
                                                       Notary Public
My commission
expires: January 5, [ILLEGIBLE]

         (NOTARIAL SEAL)

<PAGE>

State of Kansas      )
                     ) ss.
County of Wyandotte  )

         On this the 3rd day of October, 1975 before me, the undersigned Notary
Public, appeared [ILLEGIBLE] and [ILLEGIBLE] who, being duly sworn, did say
that they are the President and the Secretary respectively of U-Haul Co. of
Kansas, Inc., a Kansas corporation, that they are the persons whose names are
subscribed to the foregoing instrument on behalf of said corporation in the
above-stated capacities, that the seal is the corporate seal of the said
corporation, that said instrument was signed and sealed on behalf of said
corporation by authority of its Board of Directors and its sole shareholder as
the free act and deed of said corporation for the purposes therein stated;
further, that the facts therein stated are true to the best of their knowledge,
information and belief.

         IN WITNESS WHEREOF, I set my hand and official seal.

                                            /s/ [ILLEGIBLE]
                                            ------------------------------------
                                                       Notary Public

My Commission
Expires: January 5, 1978

(NOTARIAL SEAL)

<PAGE>

                               CERTIFICATE OF VOTE

State of Kansas        )
                       ) ss.
County of Wyandotte    )

         I, Patricia Rawlings, Secretary of U-Haul Co. of Kansas City, Inc., a
Kansas corporation, do hereby certify that on the 12th day of September, 1975
at a special meeting of the sole shareholder of said corporation, held at 9:00
a.m. at 2727 N. Central Avenue, Phoenix, Arizona, the vote for this Agreement of
Merger between this corporation and U-Haul Co. of Kansas, Inc. was as follows:

         Number of shares outstanding and entitled to vote        - 500

         Number of shares voted for said Agreement of Merger      - 500

         Number of shares voted against said Agreement of Merger  - - 0-

                                            /s/ Patricia Rawligns
                                            ------------------------------------
                                            [ILLEGIBLE] Secretary

         Subscribed and sworn to before me this 30th day of October, 1975.

                                            /s/ [ILLEGIBLE]
                                            ------------------------------------
                                                       Notary Public

My Commission
Expires January 5, 1978

<PAGE>

                            CERTIFICATE OF VOTE

State of Kansas       )
                      ) ss.
County of Wyandotte   )

         I, Patricia Rawlings ass't, Secretary of U-Haul Co. of Kansas Inc., a
Kansas corporation, do hereby certify that on the 12th day of September, 1975 at
a special meeting of the sole shareholder of said corporation, held at 9:00 a.m.
at 2727 N. Central Avenue, Phoenix, Arizona, the vote for this Agreement of
Merger between this corporation and U-Haul Co. of Kansas City, Inc. was as
follows:

         Number of Shares outstanding and entitled to vote        - 500

         Number of shares voted for said Agreement of Merger      - 500

         Number of shares voted against said Agreement of Merger  - -0-

                                            /s/ Patricia Rawlings
                                            ------------------------------------
                                            Assistant Secretary

         Subscribed and sworn to before me this 30th day of October, 1975.

                                            /s/ [ILLEGIBLE]
                                            ------------------------------------
                                                       Notary Public

My Commission
Expires January 5, 1978

<PAGE>

                       PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 28th day of April,
1989, entered into by U-Haul Co. of Kansas City, Inc., the surviving corporation
and Kansas City Rental Equipment Repair Shop, Inc., the Absorbed Corporation,
both corporations of the State of Kansas and together referred to as the
Constituent Corporations hereby witnesseth that :

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the States of Kansas, which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is 5200
state Ave., Kansas  City, KS 66102.

                                       III

         The provisions for handling the shares of stock of the constituent
corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the surviving
                           corporation shall be deemed for all corporate
                           [ILLEGIBLE] to evidence the ownership of the
                           constituent corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for the against such PLAN/AGREEMENT/ARTICLES OF MERGER to each corporation was
as follows:

<TABLE>
<CAPTION>
                                    NUMBER OF
                       NUMBER OF     SHARES    NUMBER   NUMBER
      COMPANY           SHARES      ENTITLED   VOTED     VOTED
       NAME           OUTSTANDING    TO VOTE    FOR     AGAINST
- ---------------------------------------------------------------
<S>                   <C>           <C>        <C>      <C>
Kansas, City Rental,       11,700      11,700  11,700         0
Equipment Repair
Shop, Inc.

U-Haul Co, of                 500         500     500         0
Kansas City, Inc.
</TABLE>

                                        V

         The constituent corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the state of Kansas, to consummate and make effective this merger,
subject, however to be appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Kansas.

                                       VI

         The Surviving Corporation hereby irrevocable appoints. The Corporation
Company, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

         Surviving Corporation: U-HAUL CO. OF KANSAS CITY,
                                INC.
                                A Kansas corporation

                                        By: /s/ Aubrey E. Rawlings
                                            ------------------------------------
                                            Aubrey E. Rawlings, President

By : /s/ Patricia S. Rawlings
     -----------------------------------
     Patricia S. Rawlings, Secretary

                           Absorbed Corporation: Kansas City Rental Equipment
                                                 Repair Shop, Inc.
                                                 A Kansas Corporation

                                        By: /s/ John M. Dodds
                                            ------------------------------------
                                            John M. Dodds, President

By: /s/ John A. Lorentz
    ------------------------------------
    John A. Lorentz, Secretary

<PAGE>

STATE OF Kansas
COUNTY OF Wyandotte

         On this 19 day of May, 1989, before me, the undersigned Notary Public,
personally appeared Aubrey E. Rawlings, President and Patricia Rawlings,
Secretary of U-Haul Co. of Kansas City, Inc., a Kansas corporation, that they
are the individuals who executed this instrument on behalf of said corporation,
and acknowledged to me that such corporation executed the same.

          (NOTARY SEAL)

                                            /s/ [ILLEGIBLE]
                                            ------------------------------------
                                            NOTARY PUBLIC

STATE OF ARIZONA
COUNTRY OF MARICOPA

         On this 30th day of May, 1989, before me, the undersigned Notary
Public, personally appeared John M. Dodds, President and John A. Lorentz,
Secretary of Kansas City Rental Equipment Repair Shop, Inc. a Kansas
corporation, that they are the individuals who executed this instrument on
behalf of said corporation, and acknowledged to me that such corporation
executed the same.

                                            /s/[ILLEGIBLE]
                                            ------------------------------------
                                            NOTARY PUBLIC

(NOTARY SEAL)

                                          My Commission Expires May 22, 1991

<PAGE>

                         CONSENT OF THE SOLE STOCKHOLDER

                                       OF

                         U-HAUL CO OF KANSAS CITY, INC.

                                       AND

                 KANSAS CITY RENTAL EQUIPMENT REPAIR SHOP, INC.

                            BOTH KANSAS CORPORATIONS

                                                   April 28, 1989

         AMERCO, a Nevada corporation, the sole shareholder of the above named
corporations, acting through John M. Dodds, on authority of the Executive
Management Team, the group designated by the Board of Directors of AMERCO to
vote the stock of all of its subsidiaries, hereby consents to and adopts the
following:

         RESOLVED: That this corporation, the sole shareholder of U-Haul Co. of
         Kansas City, Inc., Kansas City Rental Equipment Repair Shop, Inc., does
         hereby approve and adopt the Plan of Merger between said corporations,
         whereby Kansas City Rental Equipment Repair Shop, Inc., shall be
         absorbed into U-Haul Co. of Kansas City, Inc., the surviving
         corporation, all in accordance with the Plan of Merger, and be it
         further

         RESOLVED: That the Board of Directors and Officers of said merging
         corporations be and they hereby are, authorized and directed to all
         further action and to execute all documents they deem necessary or
         advisable to consummate the said merger and to amend any of the terms
         of the said Plan of Merger, and further

         BE IT RESOLVED: That the Secretary of each said corporation is hereby
         authorized to certify as to the consent of the sole shareholder of the
         Plan of Merger, or within the Articles of Merger.

                                        AMERCO, a Nevada corporation

                                        By: /s/John M. Dodds
                                            ------------------------------------
                                            John M. Dodds

<PAGE>

                        UNANIMOUS CONSENT OF THE MEMBERS

                          OF THE BOARD OF DIRECTORS OF

                            U-HAUL CO. OF KANSAS CITY

                              A KANSAS CORPORATION

                                                    April 2, 1989

         The undersigned, constituting all the members of the Board of Directors
of U-Haul Co. of Kansas City, Inc., a Kansas corporation, hereby consent to and
adopt the following resolutions:

         RESOLVED: That this corporation does hereby agree to and approve the
         Plan of Merger between this corporation and Kansas City Rental
         Equipment Repair Shop, Inc., whereby this corporation shall be the
         surviving corporation, all in accordance with the copy of the Plan of
         Merger attached hereto, and be it further

         RESOLVED: That the President and Secretary of this corporation be and
         they hereby are authorized and directed to executed on behalf of this
         corporation said Plan of Merger and to do all and everything necessary
         to complete said merger, and

         RESOLVED: That said Plan be submitted to the sole shareholder of this
         corporation for the purpose of considering the approval of said Plan.

                                            /s/ Aubrey E. Rawlings
                                            ------------------------------------
                                            Aubrey E. Rawlings, Director

                                            /s/ Jerry Malerich
                                            ------------------------------------
                                            Jerry Malerich, Director

                                            /s/ [ILLEGIBLE]
                                            ------------------------------------
                                            Doug [ILLEGIBLE], Director
<PAGE>

                        UNANIMOUS CONSENT OF THE MEMBERS

                          OF THE BOARD OF DIRECTORS OF

                 KANSAS CITY RENTAL EQUIPMENT REPAIR SHOP, INC.

                              A KANSAS CORPORATION

                                                                  April 28, 1989

         The undersigned, constituting all the members of the Board of Directors
of Kansas City Rental Equipment Repair Shop, Inc., a Kansas corporation, hereby
consents to and adopts the following resolutions:

         RESOLVED: That Kansas City Rental Equipment Repair Shop, Inc. does
         hereby agree to and approve the Plan of Merger between this corporation
         and U-Haul of Kansas City, Inc., whereby this corporation shall be
         absorbed into U-Haul Co. of Kansas City, Inc., all in accordance with
         the copy of the Plan of Mergar attached hereto, and be it further

         RESOLVED: That the President and Secretary of this corporation be and
         they hereby are authorized and directed to execute on behalf of this
         corporation said Plan of Merger and to do all and everything necessary
         to complete said merger, and be it further

         RESOLVED: That said Plan be submitted to the sole Shareholder of this
         corporation for the purpose of considering the approval of said Plan.

                                           /s/ John M. Dodds
                                           -------------------------------------
                                           John M. Dodds, Director

                                           /s/ John A. Lorentz
                                           -------------------------------------
                                           John A. Lorentz, Director

                                           /s/ George R. Olds
                                           -------------------------------------
                                           George R. Olds, Director
<PAGE>

                         MINUTES OF A SPECIAL MEETING OF
                            THE BOARD OF DIRECTORS OF
                         U-HAUL CO. OF KANSAS CITY, INC.
                              A KANSAS CORPORATION

                                                                  April 28, 1989

         On the above date there was held a special meeting of the Board of
Directors of U-Haul Co. of Kansas City, Inc. a Kansas corporation, at its office
in Kansas.

         Aubrey E. Rawlings acted as Chairman and Patricia S. Rawlings acted as
Secretary. Roll call was taken and a quorum being found to be present, the
meeting was called to order.

         The Chairman announced that the purpose of the meeting was to vote upon
the proposed merger and absorption of another corporation into this corporation.

         Upon motion duly made and seconded, the following resolutions were
adopted.

         RESOLVED: That this corporation does hereby agree to and approve the
         Plan of Merger between this corporation and Kansas City Rental
         Equipment Repair Shop, Inc., a Kansas corporation, whereby this
         corporation shall be the surviving corporation, all in accordance with
         the copy of the Plan of Merger attached hereto, and be it further

         RESOLVED: That the President and Secretary of this corporation be and
         they hereby are authorized and directed to execute on behalf of this
         corporation said Plan of Merger and to do all and everything necessary
         to complete said merger, and

         BE IT FURTHER RESOLVED: That said Plan be submitted to the sole
         shareholder of this corporation for the purpose of considering the
         approval of said Plan.

         There being no further business to come before the meeting, it was,
upon motion duly made and seconded, adjourned.

                                            /s/ Patricia S. Rawlings
                                            ------------------------------------
                                            Patricia S. Rawlings, Secretary

<PAGE>

                         MINUTES OF A SPECIAL MEETING OF
                            THE BOARD OF DIRECTORS OF
                 KANSAS CITY RENTAL EQUIPMENT REPAIR SHOP, INC.
                              A KANSAS CORPORATION

                                                                  April 28, 1989

         On the above date there was held a special meeting of the Board of
Directors of Kansas City Rental Equipment Repair Shop, Inc., a Kansas
corporation, at its office in Kansas.

         John M. Dodds acted as Chairman and John A. Lorentz acted as Secretary.
Roll call was taken and a quorum being found to be present, the meeting was
called to order.

         The Chairman announced that the purpose of the meeting was to vote upon
the proposed merger of this corporation.

         Upon motion duly made and seconded, the following resolutions were
unanimously adopted.

         RESOLVED:  That Kansas City Rental Equipment Repair Shop, Inc.,
         a Kansas corporation, does hereby agree to and approve the Plan
         of Merger between this corporation and U-Haul Co. of Kansas
         City, Inc., whereby this corporation shall be absorbed into
         U-Haul Co. of Kansas City, Inc., all in accordance with the copy
         of the plan of Merger attached hereto, and be it further.

         RESOLVED: That the President and Secretary of this Corporation be and
         they hereby are authorized and directed to execute on behalf of this
         corporation said plan of Merger and to do all and everything necessary
         to complete said merger, and be it further.

         RESOLVED: That said plan be submitted to the sole shareholder of this
         corporation for the purpose of considering the approval of said plan.

         There being no further business to come before the meeting, it was upon
motion duly made and seconded, adjourned.

                                                 /s/ John A. Lorentz
                                                 -------------------------------
                                                 John A. Lorentz, Secretary

<PAGE>

             CERTIFICATE OF AMENDMENT TO ARTICLES OF INCORPORATION
                                       OF

                         U-HAUL CO. OF KANSAS CITY, INC.

                             (Name of Corporation)

         We,   John A. Lorentz                    President, [ILLEGIBLE]
             -----------------------------------
                       [ILLEGIBLE]
               Gary V. Klinefelter                Secretary, [ILLEGIBLE] of
             -----------------------------------,
                       [ILLEGIBLE]
                            U-Hall Co. of Kansas City, Inc.
             ------------------------------------------------------------------
                                     [ILLEGIBLE]
a Corporation organized and existing under the laws of the State of Kansas, and
whose [ILLEGIBLE] officer is at

               515 So. KANSAS AVENUE
           -------------------------------------------------------------
                             [ILLEGIBLE]
               TOPEKA        Country of              Shawnee
          ----------------,               ---------------------------  --------
               (City)                                (Country)        (Zip Code)
Kansas, do hereby certify that at the Special meeting of the Board of Directors
- -------------------------------------------------------------------------------
                                 [ILLEGIBLE]
of said corporation held on the 26th day of October 1990, said board adopted a
resolution setting forth the following amendment to the Articles of
Incorporation and declaring its advisability:

                                   ARTICLE I

         That the name of the corporation is:

         U-Haul Co. of Kansas, Inc.

         We further certify that thereafter, pursuant to said resolution, and in
accordance with the by-laws of the corporation and the laws of the State of
Kansas, the Board of Directors called a meeting of stockholders for
consideration of the proposed amendment, and thereafter, pursuant to notice and
in accordance with the statutes of the State of Kansas on the 26th day of
October, 1990, said stockholders convened and considered the proposed amendment.

         We further certify that at said meeting a majority of the stockholders
entitled to vote voted in favor of the proposed amendment, and that the votes
were 500 shares in favor of the proposed amendment and - 0 - shares against the
     ---                                               -----
     [ILLEGIBLE]                                       [ILLEGIBLE]
amendment.

         We further certify that the amendment was duly adopted in accordance
with the provision of K.S.A. 17-6602, as amended.

         We further certify that the capital of said corporation will not be
reduced under or by reason of said amendment.

         IN WITNESS WHEREOF we have hereunto set our hands and affixed the
seal of said corporation this 26th day of October 1990.

    [SEAL]                                   /s/ John A. Lorentz
                                             -----------------------------------
                                             John A. Lorentz, President

                                             /s/ Gary V. Klinefelter
                                             -----------------------------------
                                             Gary V. Klinefelter, Secretary
                                             (over)
<PAGE>

         County of [ILLEGIBLE]

         Be it remembered that before me a Notary Public and for the aforesaid
county and [ILLEGIBLE] personally appeared: John A. Lorentz, President, and Gary
V. Klinefelter, Secretary, U-Haul Co. of Kansas City, Inc., a corporation, who
                        --------------------------------
                                 [ILLEGIBLE]
are known to me to be the same persons who executed the foregoing Certificate of
Amendment of Articles of Incorporation, and duly acknowledged the execution of
the same this 26th day of October, 1990

                                           /s/ [ILLEGIBLE]
                                           -------------------
                                                 Notary Public

         My appointment [ILLEGIBLE] [ILLEGIBLE] 19____

             THIS FORM MUST BE SUBMITTED TO THIS OFFICE IN DUPLICATE.

               THE FILING FEE OF [ILLEGIBLE]20 MUST ACCOMPANY THIS DOCUMENT.

MAIL THIS DOCUMENT, WITH FEE, TO:
Secretary of State
Capitol, 2nd Floor
Topeka, KS 66612

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.88
<SEQUENCE>87
<FILENAME>p68936exv3w88.txt
<DESCRIPTION>EXHIBIT 3.88
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.88

                                   BY-LAWS OF

                         U-HAUL CO. OF KANSAS CITY, INC.

                              A Kansas Corporation

                                    ARTICLE I

                                                         DATE: February 26, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Kansas shall be located
in the city of Kansas City. The corporation may have such other offices either
within or without the state of Kansas as the Board of Directors may designate or
as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Second Friday in January of each year, at the office of the corporation in the
state of Kansas or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                       -1-
<PAGE>

may be held within or without the state of Kansas. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th      Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                       -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Kansas.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefore, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Kansas.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order or business at such meetings shall be as
follows:

                                       -3-
<PAGE>

         1st.     Roll Call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have in addition to its other powers the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trade-marks in contracts, and interests there-
                  under, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when the deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer

                                       -4-
<PAGE>

                  or otherwise dispose of any of the property of this
                  corporation, subject, however, to the laws of the State of
                  Kansas, governing the disposition of the entire assets and
                  business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Kansas statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a president, Vice-
President, Secretary and Treasurer, and such other officers as shall from time
to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
obligations in the name of the corporation, and with

                                       -5-
<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from
time to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements
of its funds. He shall give such bond for the faithful performance of his duties
as the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                       -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Kansas, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferrable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, knows as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION I. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                       -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws
may be altered or amended by a majority vote of the shareholders of said
corporation at any special meeting called for that object and purpose, and
provided all the shareholders are given legal notice of the object and purpose
of said meeting.

The foregoing By-Laws of U-HAUL CO. OF KANSAS CITY, INC., are hereby

accepted add adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                           ________________________________
                                           President - Douglas W. Ledbetter

ATTEST:
_______________________________
Secretary - Mary Ruth Ledbetter

         (CORPORATE SEAL)

                                      -8-
<PAGE>

                           U-HAUL CO. OF KANSAS, INC.,
                              A KANSAS CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Kansas, Inc.,
a Kansas corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amending the
Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 which shall read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August_______, 2003

                                           SHAREHOLDER:

                                           U-Haul International, Inc., a Nevada
                                           Corporation

                                           By: /s/ Gary V. Klinefelter
                                               ------------------------
                                           Name: Gary V. Klinefelter
                                           Its: Secretary


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.89
<SEQUENCE>88
<FILENAME>p68936exv3w89.txt
<DESCRIPTION>EXHIBIT 3.89
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.89

                            COMMONWEALTH OF KENTUCKY

                               DEPARTMENT OF STATE

                          OFFICE OF SECRETARY OF STATE

                             ELMER BEGLEY, SECRETARY

                            ARTICLES OF INCORPORATION

I, ELMER BEGLEY, Secretary of State of the Commonwealth of Kentucky, do hereby
certify that Articles of Incorporation of

                            U-HAUL CO. OF LOUISVILLE
                              Louisville, Kentucky

duly signed and acknowledged according to law, have this day been filed in my
office. I further certify that all taxes, fees and charges payable upon the
filing of said Articles of Incorporation have been paid

                                     Witness my official signature this 27th day
                                     [ILLEGIBLE]

                                        [ILLEGIBLE]
                                      ------------------------------------------
                                             Secretary of  State

                                      ------------------------------------------
                                              Assistant Secretary of State

SECRETARY OF STATE

<PAGE>

                           ARTICLES OF INCORPORATION

                                       of

                            U-HAUL CO. OF LOUISVILLE

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a corporation
under the laws of the State of Kentucky.

                                    ARTICLE I

         The name of the corporation is U-HAUL. CO. OF LOUISVILLE.

                                   ARTICLE II

         The period of duration of the corporation is perpetual.

                                   ARTICLE III

         The purpose or purposes for which the corporation is organized are to
rent and lease to the general public trailers, semi-trailers, trucks, passenger
automobiles and other equipment, tools, machinery, vehicles and property of any
and every kind and description, and to purchase or otherwise acquire and operate
my facilities useful for the conduct of the business enterprises of this
corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of Kentucky upon corporations, and to engage in any lawful activity within
the purposes for which corporations may be organized under the laws of the State
of Kentucky.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue are own thousand (1,000) shares of common stock with a par
value of Fifty ($50.00) Dollars each, or a total capitalisation of Fifty
Thousand ($50,000.00) Dollars.

                                    ARTICLE V

         The corporation will not commence business until the consideration of
at least One Thousand ($1,000.00) Dollars has been received for the issuance of
shares.

Page one of two pages

<PAGE>

         The address of its registered office shall be Kentucky Home Life
Building, c/o The C. T. Corporation System, Louisville, Kentucky and the name of
the resident agent at said address is The C. T. Corporation System.

                                   ARTICLE VII

         The initial Board of Directors shall consist of three (3) members, and
the initial Board who shall act until the first annual meeting of stock-holders
and their successors have been elected and qualified are:

              William L. Branch            4011 Dover Street
                                           Louisville, Kentucky 40216

              Bobby Clemons                4011 Dover Street
                                           Louisville, Kentucky 40216

              Phyllis Branch               4011 Dover Street
                                           Louisville, Kentucky 40216

                                  ARTICLE VIII

         The name and address of the incorporator and the number of shares
subscribed by him are as follows:

              David L. Balaton             2727 North Central Avenue   10 shares
                                           Phoenix, Arizona 85004

         IN WITNESS WHEREOF, I have hereunto set my hand and seal this 24th day
of February, 1970.

                                      /s/ David L. Helsten
                                      ------------------------------------------
                                      David L. Helsten

STATE OF ARIZONA    )
                    )ss:
COUNTY Of MARICOPA  )

         On this 24th Day of February, 1970, before me, a Notary Public for the
State of Arizona, personally appeared David L. Belsten, known to me to be the
person named in and who executed the foregoing instrument, and who acknowledged
that he bad executed the same and that the matters therein contained are true.

         IN WITNESS WHEREOF, I have hereunto set try hand and affixed my
Notarial Seal this 24th day of February, 1970.

                                      /s/ Helen H. Delamater
                                      ------------------------------------------
                                      Helen H. Delamater
                                      Notary Public for the State of Arizona
                                      Residing at Tempe, Arizona
                                      My Commission expires August 13, 1972

     (NOTARIAL SEAL)

Page two of two pages

<PAGE>

                            COMMONWEALTH OF KENTUCKY

                              DEPARTMENT OF STATE
                          OFFICE OF SECRETARY OF STATE
                                LEILA F. BEGLEY

                              ARTICLES OF AMENDMENT

I, LEILA F. BEGLEY, Secretary of State of the Commonwealth of kentucky, do
hereby certify that Articles of Incorporation of U-HAUL CO. OF LOUISVILLE,
louisville, KENTUCKY, CHANGING NAME TO;

[ILLEGIBLE]

AMERCO MARKETING CO. OF LOUISVILLE

have been amended pursuant to Articles of Amendment, duly signed and
acknowledged according to law, this day filed in my office by said corporation,
and that all taxes, fees and charges payable upon the filing of said Articles of
Amendment have been paid.

                                     Witness my official signature this 20th day
                                     Of October___, 1970

                                                   Secretary of State

<PAGE>

                     AMENDMENT OF ARTICLES OF INCORPORATION

         The undersigned, being all of the officers and directors of U-HAUL CO.
OF LOUISVILLE, do hereby certify as follows:

         That on February 27, 1970, Articles of Incorporation of U-HAUL CO OF
         LOUISVILLE were filed in the office of the Secretary of the State of
         Kentucky and

         That at a meeting of the Board of Directors of said corporation, duly
         held at Louisville, Kentucky on August 12, 1970, the following
         resolution was adopted:

                  "RESOLVED: That Article I of the Articles of Incorporation of
                  this corporation be amended to read as follows:

                  "The name of this corporation is AMERCO MARKETING CO. OF
                  LOUISVILLE."

         That the shareholders have adopted said amendment by resolution at a
         meeting held at Louisville, Kentucky on August 12, 1970. That the
         wording of the amended article, as set forth in the shareholders'
         resolution, is the same as that set forth in the directors' resolution
         in Paragraph 2 above.

         That the number of shares which voted affirmatively for the adoption of
         said resolution is 500, and that the total number of shares entitled to
         vote on or consent to said amendment is 500.

         IN WITNESS WHEREOF, we have hereunto set our hands and seals this Day
of Sept 21, 1970.

                                      /s/ William L. Branch
                                      ------------------------------------------
                                      William L. Branch, President and Director.

                                      /s/ Robert Miller
                                      ------------------------------------------
                                      Robert Miller, Vice-President and Director

                                      /s/ Phyllis Branch
                                      ------------------------------------------
                                      Phyllis Branch, Secretary-Treasurer and
                                      Director

(CORPORATE SEAL)

<PAGE>

STATE OF KENTUCKY   )
                    )ss.
COUNTY OF JEFFERSON )

         On this 21st day of September, 1970, before me, a Notary Public,
personally appeared William L. Branch, Robert Miller and Phyllis Branch, known
by me to be the persons whose signatures are subscribed to the within
instrument and who Acknowledged that they executed the same as their free act
for the purposes therein contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                       [ILLEGIBLE]
                                      ------------------------------------------
                                                   Rotary Public

                                      My commission expires Jan 12, 1974

         (NOTARIAL SEAL)
<PAGE>


                            COMMONWEALTH OF KENTUCKY

                                   OFFICE OF
                               SECRETARY OF STATE

                  THELMA L. STOVALL              FRANKFORT
                    SECRETARY                  KENTUCKY

                             ARTICLES OF AMENDMENT

I, THELMA L. STOVALL, Secretary of State of the Commonwealth of Kentucky, do
hereby certify that Articles of Incorporation of

AMERCO MARKETING CO. OF LOUISVILLE                          Louisville, Kentucky

Changing Name To: U-HAUL CO. OF LOUISVILLE

amended pursuant to Kentucky Revised Statutes, 271A, duly signed and
acknowledgment according to law, have been filed in my office by said
corporation, and that all taxes, fees and charges payable upon the filing of
said Articles of Amendment have been paid.

                                    Given under my hand and seal of Office as
                                    Secretary of State, at Frankfort, Kentucky,
                                    this 13th day of March, 1973.

                                                  /S/ Thelma L. Stovall
                                       -----------------------------------------
                                                 SECRETARY OF STATE

                                       _________________________________________
                                             ASSISTANT SECRETARY OF STATE

<PAGE>

         The undersigned, being all of the officers and directors of AMERCO
MARKETING CO. OF LOUISVILLE, do hereby certify as follows:

         That on February 27, 1970, Articles of Incorporation of AMERCO
MARKETING CO. OF LOUISVILLE were filed in the office of the Secretary of
State of Kentucky, and

         That at a meeting of the Board of Directors of said corporation, duly
held at Louisville, Kentucky on February 21, 1973, the following resolution was
adopted:

                  "RESOLVED: That Article I of the Articles of incorporation
                  of this corporation be amended to read as follows:

                  The name of this corporation is U-HAUL CO. OF LOUISVILLE."

         That the shareholders have adopted said amendment by resolution at a
meeting held at Nashville, Tennessee on February 21, 1973. That the wording of
the amended article, as set forth in the shareholders' resolution, is the same
as that set forth in the directors' resolution in Paragraph 2 above.

         That the number of shares which voted affirmatively for the adoption of
said resolution is 100, and that the total number of shares entitled to vote on
or consent to said amendment is 100.

         IN WITNESS WHEREOF, we have hereunto set our hands and seals this 2nd
day of MARCH, 1973.

                                                 /s/ Wm. Branch
                                       -----------------------------------------
                                       Wm. Branch, President and Director

                                                 /s/ Robert Elder
                                       -----------------------------------------
                                       Robert Elder, Vice President and Director

                                                 /s/ Phyllis Branch
                                       -----------------------------------------
                                       Phyllis Branch, Secretary/Treasurer and
                                       Director

CORPORATE SEAL

<PAGE>

STATE OF [ILLEGIBLE]    )
                        ) ss.
COUNTY OF JEFFERSON     )

         On this 2ND day of MARCH, 1973, before me, a Notary Public, personally
appeared, William L. Branch, Robert Elder and Phyllis Branch, known to me to be
the persons whose signatures are subscribed to the within instrument and who
acknowledged that they executed the same as their free act for the purposes
therein contained.

         IN WITNESS WHEREOF, I have hereunto set any hand and official seal.

                                                  /S/ [ILLEGIBLE]
                                       -----------------------------------------
                                                   NOTARY PUBLIC

                                       My Commission Expires Jan, 12, 1974

NOTARIAL SEAL

<PAGE>

                              ARTICLES OF AMENDMENT

                                       OF

                            U-HAUL CO. OF LOUISVILLE

         I, the undersigned, John A. Lorentz, President of the U-Haul Co. of
Louisville, do hereby certify that at a meeting of the shareholder and director
of the corporation, which was held on December 17, 1990, the shareholder voting
in favor, and with the written consent of the shareholder of the corporation,
upon motion duly made and seconded, the Articles of Incorporation were amended
for the purpose of changing the name of the corporation as follows, to wit:

                                    ARTICLE I

         The name of the corporation shall be U-HAUL CO. OF KENTUCKY.

     In Witness Whereof, the undersigned has hereunto set his hand, on this the
7th day of January, 1991.

                                       /s/ John A. Lorentz,
                                       -----------------------------------------
                                       John A. Lorentz, President

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         Be it remembered that before me, a Notary Public in and for the
aforesaid county and state, personally appeared John A. Lorentz, President of
the corporation named in this document, who is known to me to be the same person
who executed the foregoing certificate, and duly acknowledged the execution of
the same this 7th day of January, 1991.

                                                  /s/ [ILLEGIBLE]
                                       -----------------------------------------
                                                   NOTARY PUBLIC

(NOTARIAL SEAL)

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.90
<SEQUENCE>89
<FILENAME>p68936exv3w90.txt
<DESCRIPTION>EXHIBIT 3.90
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.90

                                   BY-LAWS OF

                            U-HAUL CO, OF LOUISVILLE

                             A Kentucky Corporation

                                    ARTICLE I

                                                             DATE: March 2, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Kantucky shall be
located in the city of Louisvilie. The corporation may have such other offices
either within or without the state of Kantucky as the Board of Directors may
designate or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting the shareholders of the corporation shall be held on the
third Thursday of February of each year, the office of the corporation in the
state of Kantucky or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annul
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written of printed notice stating the place, day and hour of the meeting and ,in
case of special meeting, the purposes for which the meeting is called shall be
delivered not less then ten or more then fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each
shareholders of record entitled to vote at such meeting. If mailed, such notice
shall be deemed to be delivered when deposited in the United States mail at
addressed to the shareholder at his address as it appears on the stock transfer
book of the corporation, with postage thereon prepaid. Provided, however, that
notice of any meeting of shareholders whether regular or special, may be waived
either before, at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                      -1-
<PAGE>

may be held within or without the state of Kentucky. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorised
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the Meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at such
meeting and count the ballots. The election shall be by Secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st. All person claiming to hold proxies shall present them to the
              tellers for verification.

         2nd. Proof of due notice of meeting when applicable.

         3rd. Reading and disposal of all unapproved minutes.

         4th. Reports of officers and committees.

         5th. Election of Directors.

         6th. Unfinished business.

         7th. New business.

         8th. Adjournment.

                                       -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation, dis-
qualification or other cause, the remaining Directors though less than a quorum,
shall by vote of a majority of their number elect a successor to hold office for
the unexpired portion of the term of the Director whose place shall be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers and the transaction of such other business as may come
before meeting. No notice shall be required for such meeting. The meeting may
be held within or without the state of Kentucky.

SECTION 4. Special Meeting:

Special meeting of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meeting of the Board of Directors may be held within or
without the state of Kentucky.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                      -3-

<PAGE>

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th      Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trade-marks in contracts, and interests
                  thereunder, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer

                                      -4-

<PAGE>

                  or otherwise dispose of any of the property of this
                  corporation, subject, however, to the laws of the State of
                  Kentucky, governing the disposition of the entire assets and
                  business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after
                  deducting therefrom the amounts, at the time when any
                  dividend is declared which shall have been set aside by the
                  Directors as a reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Kentucky statutes regulating the appointment
of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The president shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with

                                      -5-

<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual Meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of
the corporation, and deposit the same in the name of the corporation in such
bank or banks or other depository the Directors may select. He shall sign
checks, drafts, notices, and orders for the payment of money, and he shall pay
out and dispose of the same under the direction of the Board of Directors, but
checks may be signed as directed by the Board by resolution. It shall be the
duty of the Treasurer at all reasonable time to exhibit his books and accounts
to any Director or stockholder of the corporation upon application at the office
of the corporation during business hours, and generally perform the duties of
and act as the financial agent for the corporation for the receipts and
disbursements of its funds. He shall give such bond for the faithful
performance of his duties as the Board of Directors may determine. The office of
the Treasurer of said corporation, may be held by the same person holding the
President, Vice-President or Secretary's office, provided the Board of
Directors indicates the combination of these offices.

                                      -6-

<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Kentucky, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferrable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                      -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-lAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Law may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF LOUISVILLE, are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                        _____________________________
                                        President - William L. Branch

ATTEST:

________________________________
Secretary - Phyllis Branch

      (CORPORATE SEAL)

                                      -8-

<PAGE>

                             U-HAUL CO. OF KENTUCKY,
                             A KENTUCKY CORPORATION

                            SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Kentucky, a
Kentucky corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amending the
Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 which shall read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation".

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                        SHAREHOLDER:

                                        U-Haul International, Inc., a Nevada
                                        Corporation

                                        By: /s/ Gary V. Klinefelter
                                            -----------------------
                                        Name: Gary V. Klinefelter
                                        Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.91
<SEQUENCE>90
<FILENAME>p68936exv3w91.txt
<DESCRIPTION>EXHIBIT 3.91
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.91

                            UNITED STATES OF AMERICA

DO HEREBY CERTIFY that a copy of the Articles of Incorporation and Initial
Report of

                       U-HAUL CO. OF SOUTHERN LOUISIANA,

Domiciled at New Orleans, Louisiana, Parish of Orleans,

A corporation organized under the provisions of R. S. 1950 Title 12 Chapter 1.
as amended.

By Act executed on February 12, 1970, and acknowledged on February 12, 1970, the
date when corporate existence began,

Was filed and recorded in this Office on February 16, 1970, in the Record of
Charters Book 289,

And the incorporation tax and all other fees having been paid as required by
law, the corporation is authorized to transact business in this State, subject
to the restrictions imposed by law, including the provisions of R. S. 1950,
Title 12, Chapter 1, as amended.

                    [ILLEGIBLE]

                                    In testimony whereof, I have hereunto set
                                    my hand and caused the Seal of my Office
                                    to be affixed at the City of Baton Rouge on,
                                    February 16, 1970.

                                    [ILLEGIBLE]

                                    Secretary of State

<PAGE>

                            ARTICLES OF INCORPORATION

                                       of

                        U-HAUL CO. OF SOUTHERN LOUISIANA

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a corporation
under the laws of the State of Louisiana.

                                    ARTICLE I

         The name of the corporation is U-HAUL CO. OF SOUTHERN LOUISIANA.

                                   ARTICLE II

         The period of duration of the corporation is perpetual.

                                   ARTICLE III

         The purpose or purposes for which the corporation is organized are to
rent and lease to the general public trailers, semi-trailers, trucks, passenger
automobiles and other equipment, tools, machinery, vehicles and property of any
and every kind and description, and to purchase or otherwise acquire and operate
any facilities useful for the conduct of the business enterprises of this
corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of Louisiana upon corporations, and to engage in any lawful activity
within the purposes for which corporations may be organized under the laws of
the State of Louisiana.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue are two thousand five hundred (2,500) shares of common stock
with a par value of Ten($10.00) Dollars each, or a total capitalization of
Twenty Five Thousand ($25,000.00) Dollars.

                                    ARTICLE V

         The name and address of each incorporator is as follows:

            David L. Helsten                  2727 North Central Avenue
                                              Phoenix, Arizona 85004

Page one of two pages

<PAGE>

         IN WITNESS WHEREOF, I have hereunto set my hand and seal this 12th day
of February, 1970.

                                          /s/ David L. Helsten
                                          -------------------------------------
                                          David L. Helsten

STATE OF ARIZONA    )
                    )ss:
COUNTY OF MARICOPA  )

         On this 12th Day of February, 1970, before me, a Notary Public for the
State of Arizona, Personally appeared David L. Helsten, Known to me to be the
person named in and who executed the foregoing instrument, and who acknowledged
that he had executed the same and that the matters therein contained are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal this 12th day of February, 1970.

                                       /s/ Helen H. Delamater
                                       ---------------------------------------
                                       Helen H. Delamater
                                       Notary Public for the State of Arizona
                                       Residing at Tempe, Arizona
                                       My Commission expires August 13, 1972

(NOTARIAL SEAL)

Page two of two pages

<PAGE>

                                 INITIAL REPORT

                                       of

                        U-HAUL CO. OF SOUTHERN LOUISIANA

                             A Louisiana Corporation

1.       The location and post office address of the corporation's registered
         office is 1300 Hibernia Building, New Orleans, Louisiana.

2.       The name of the registered agent at that address is C.T. Corporation
         System.

3.       The names and addresses of the initial Board of Directors Are:

<TABLE>
<CAPTION>
      NAME                        ADDRESS
<S>                     <C>
Charles L. Smith        4449 Michoud Boulevard
                        New Orleans, Louisiana 70121

Maynard J. Forman       4449 Michoud Boulevard
                        New Orleans, Louisiana 70121

Leo J. Trahan           4449 Michoud Boulevard
                        New Orleans, Louisiana 70121
</TABLE>

Signed this 6th day of February, 1970.

                                           /s/ David L. Helsten
                                           -------------------------------------
                                           David L. Helsten

<PAGE>

                            UNITED STATES OF AMERICA

DO HEREBY CERTIFY that a copy of an Amendment to the Charter of

                       U-HAUL CO. OF SOUTHERN LOUISIANA,

A Louisiana corporation domiciled at New Orleans, amending

                  Article I, changing the corporate name to
                  AMERCO MARKETING CO. OF SOUTHERN LOUISIANA,

Said Amendment being by Act before a Notary Public in and for the Parish of St.
Bernard, on September 24, 1970,

Was recorded in this Office on November 4, 1970, the date amendment became
effective, and filed in Record of Charters Book 292.

                                    In testimony whereof, I have hereunto set
                                    my hand and caused the Seal of my Office
                                    to be affixed at the city of Baton Rouge on
                                    November 4, 1970.

                                    [ILLEGIBLE]

                                    Secretary of State

<PAGE>

                              ARTICLES OF AMENDMENT

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

                        U-HAUL CO. OF SOUTHERN LOUISIANA,

                             a Louisiana Corporation

         Pursuant to the provisions of the Louisiana Business Corporation Law,
the undersigned corporation adopts the following Articles of Amendment to its
Articles of Incorporation:

         FIRST:   The name of this corporation is U-HAUL CO. OF SOUTHERN
                  LOUISIANA.

         SECOND:  That at a meeting of the Board of Directors of said
                  corporation, duly held at New Orleans, Louisiana on August 12,
                  1970, the following resolution was adopted:

                           RESOLVED: That Article I of the Articles of this
                           corporation be amended to read as follows: "The name
                           of this corporation is AMERCO MARKETING CO. OF
                           SOUTHERN LOUISIANA.

         THIRD:   That the shareholders adopted said amendment by resolution at
                  a special meeting held on August 12, 1970 at New Orleans,
                  Louisiana.

         FOURTH:  That the number of shares which voted for the adoption of said
                  amendment is five hundred (500) shares, and that the total
                  number of shares entitled to vote on said amendment is five
                  hundred (500) shares.

         IN WITNESS WHEREOF, we, the undersigned, being the President and
Secretary of U-HAUL CO. OF SOUTHERN LOUISIANA, a Louisiana corporation, have
hereunto set our hands and caused the seal of said corporation to be hereunto
affixed this 24 day of September, 1970.

                                    U-HAUL CO. OF SOUTHERN LOUISIANA
                                    a Louisiana corporation

                                    by: /s/ Charles L. Smith
                                        ----------------------------------------
                                        Charles L. Smith, President

(CORPORATE SEAL)

                                and by: /s/ Lois Lestelle
                                        ----------------------------------------
                                        Lois Lestelle, Secretary

Page One of Two Pages

<PAGE>

STATE OF LOUISIANA    )
                      )ss.
COUNTY OF ST. BERNARD )

         On this the 24th day of September, 1970, before me appeared Charles L.
Smith and Lois Lestelle, to me personally known, who, being by me duly sworn,
did say that they are the President and Secretary, respectively, of U-HAUL CO.
OF SOUTHERN LOUISIANA, and that the seal affixed to said instrument is the
corporate seal of said corporation, and that said instrument was signed and
sealed in behalf of said corporation by authority of its board of directors and
said Charles L. Smith and Lois Lestelle, acknowledged said instrument to be the
free act deed of said corporation.

                                  /s/ [ILLEGIBLE]
                                  ---------------------------------------------
                                  Notary Public for State of Louisiana

                                  My Commission expires [ILLEGIBLE]

(NOTARIAL SEAL)

Page Two of Two Pages

<PAGE>

                            UNITED STATES OF AMERICA

DO HEREBY CERTIFY that the annexed and following is a True and Correct copy of
an Amendment to the Articles of Incorporation of AMERCO MARKETING CO. OF
SOUTHERN LOUISIANA, changing the corporate name to

                        U-HAUL CO. OF SOUTHERN LOUISIANA,

A Louisiana corporation domiciled at New Orleans,

As shown by comparison with document filed and recorded in this Office on March
26, 1973.

                                    In testimony whereof, I have hereunto set
                                    my hand and caused the Seal of my Office
                                    to be affixed at the City of Baton Rouge on,
                                    April 3, 1973.

                                    [ILLEGIBLE]

                                    Secretary of State

<PAGE>

                              ARTICLES OF AMENDMENT

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

                   AMERCO MARKETING CO. OF SOUTHERN LOUISIANA

                             A LOUISIANA CORPORATION

         Pursuant to the provisions of the Louisiana Business Corporation Law,
the undersigned corporation adopts the following Articles of Amendment to its
Articles of Incorporation:

         FIRST:   The name of this corporation is AMERCO MARKETING CO. OF
                  SOUTHERN LOUISIANA.

         SECOND:  That at a meeting of the Board of Directors of said
                  corporation, duly held at New Orleans, Louisiana on February
                  21, 1973, the following resolution was adopted:

                           RESOLVED: That Article I of the Articles of this
                           corporation be amended to read as follows: "The name
                           of this corporation is U-HAUL CO. OF SOUTHERN
                           LOUISIANA."

         THIRD:   That the shareholders adopted said amendment by resolution at
                  a special meeting held on February 21, 1973, at New Orleans,
                  Louisiana.

         FOURTH:  That the number of shares which voted for the adoption of said
                  amendment is five hundred (500) shares, and that the total
                  number of shares entitled to vote on said amendment is five
                  hundred (500) shares;

         IN WITNESS WHEREOF, we, the undersigned, being the President and
Secretary of AMERCO MARKETING CO. OF SOUTHERN LOUISIANA, a Louisiana
corporation, have hereunto set our hands and caused the seal of said corporation
to be hereunto affixed this 12th day of March, 1973.

                                    AMERCO MARKETING CO. Of SOUTHERN LOUISIANA
                                    A Louisiana Corporation

                                    by: /s/ Bobbie R. Clemons
                                        ----------------------------------------
                                        Bobbie Clemons President

                                and by: /s/ Nancy D. Clemons
                                        ----------------------------------------
                                        Nancy Clemons Secretary

(CORPORATE SEAL)

<PAGE>

STATE OF LOUISIANA    )
                      ) ss.
COUNTY OF [ILLEGIBLE] )

         On this the 12th day of March, 1973, before me appeared Bobbie Clemons
and Nancy Clemons, to me personally known, who, being by me duly sworn, did say
that they are the President and Secretary respectively of AMERCO MARKETING CO.
SOUTHERN LOUISIANA, and that the seal affixed to said instrument is the
corporate seal of said corporation and that said instrument was signed and
sealed in behalf of said corporation by authority of it's Board of Directors and
said Bobbie Clemons and Nancy Clemons acknowledged said instrument to be the
free act and deed of said corporation.

                                    /s/ Bobbie R. Clemons
                                        ----------------------------
                                        President

                                    /s/ Nancy D. Clemons
                                        ----------------------------
                                        Secretory

                                    /s/ [ILLEGIBLE]
                                    -----------------------------------------
                                    Notary Public for State of Louisiana

                                    My Commission Expires

(NOTARIAL SEAL)

<PAGE>

                            UNITED STATES OF AMERICA

As Secretary of State, of the State of Louisiana, I do hereby certify that a
copy of an Amendment to the Articles of Incorporation of

                        U-HAUL CO. OF SOUTHERN LOUISIANA

A Louisiana corporation domiciled at New Orleans, changing the corporate name to

                             U-HAUL CO. OF LOUISIANA

Said Amendment executed on October 30, 1990, and acknowledged on October 30,
1990, the date Amendment became effective,

Was filed and recorded in this office on November 5, 1990, in the Record of
Charters Book 343,

In testimony whereof, I have hereunto set
my hand and caused the seal of my Office
to be affixed at the city of Baton Rouge on,
November 5, 1990

[ILLEGIBLE]

CH

         Secretary of State

<PAGE>

                              ARTICLES OF AMENDMENT

                                     OF THE

                            ARTICLES OF INCORPORATION

                                       OF

                        U-HAUL CO. OF SOUTHERN LOUISIANA

                             A LOUISIANA CORPORATION

Pursuant to the provisions of the Louisiana Business Corporation Law, the
undersigned corporation adopts the following Articles of Amendment to its
Articles of Incorporation:

         FIRST:   That the name of this corporation is: U-Haul Co. of Southern
         Louisiana.

         SECOND:  That at a meeting of the Board of Directors of said
         corporation, duly held at Phoenix, Arizona on October 30, 1990, the
         following resolution was adopted:

              RESOLVED: That Article I of the Articles of Incorporation be
              amended to read as follows: "The name of the corporation is U-HAUL
              CO. OF LOUISIANA".

         THIRD:   That the shareholders adopted said amendment by resolution at
         a special meeting held on October 30, 1990, at Phoenix, Arizona.

         FOURTH:  That the number of shares which voted for the adoption of said
         amendment is five hundred (500) shares, and that the total number of
         shares entitled to vote on said amendment is five hundred (500) shares.

DATED: October 30, 1990

                                        U-HAUL CO. OF SOUTHERN LOUISIANA,
                                        a Louisiana Corporation

                                        By: /s/ John A. Lorentz
                                            ------------------------------------
                                            John A. Lorentz, President

                                        By: /s/ Gary V. Klinefelter
                                            ------------------------------------
                                            Gary V. Klinefelter, Secretary

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

On this the 30th day of October, 1990, before me appeared John A. Lorentz and
Gary V. Klinefelter, to me personally known, who, being by me duly sworn, did
say that they are the President and Secretary respectively of U-Haul Co. of
Southern Louisiana and the they executed the above instrument to be the free act
and deed of said corporation.

                                        /s/ John A. Lorentz
                                        ------------------------------------
                                        John A. Lorentz, President

                                        Gary V. Klinefelter
                                        ------------------------------------
                                        Gary V. Klinefelter, Secretary

                                        [ILLEGIBLE]
                                        ------------------------------------
         (NOTARIAL SEAL)                        NOTARY PUBLIC

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.92
<SEQUENCE>91
<FILENAME>p68936exv3w92.txt
<DESCRIPTION>EXHIBIT 3.92
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.92

                                   BY-LAWS OF

                        U-HAUL CO. OF SOUTHERN LOUISIANA

                             A Louisiana Corporation

                                    ARTICLE I

                                                         DATE: February 19, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Louisiana shall be
located in the city of New Orleans. The corporation may have such other offices
either within or without the state of Louisiana as the Board of Directors may
designate or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Monday in February of each year, at the office of the corporation in the
state of Louisiana or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than tea or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the

                                      -1-

<PAGE>

shares entitled to vote at the meeting. All meetings of the shareholders may be
held within or without the state of Louisiana. Notice of the special meetings
will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the data of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                      -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION I. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Louisiana.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Beard of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Louisiana.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                      -3-

<PAGE>

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trade-marks in contracts, and interests
                  thereunder, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue, notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  state of Louisiana, governing the disposition of the entire
                  assets and business of the corporation as a going concern.

                                      -4-

<PAGE>

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after
                  deducting therefrom the amounts, at the time when any
                  dividend is declared which shall have been set aside by the
                  Directors as a reserve fund or as a working fund.

                                   ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Louisiana statutes regulating the appointment
of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there shall be a quorum present, and any officer receiving a majority vote shall
be declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all time be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgage, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the

                                      -5-

<PAGE>

annual meeting of the shareholders. The President shall do and perform such
other duties as from time to time may be assigned by the Board of Directors to
him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and
also when requested by a committee, the minutes of such committee, in books
provided for the purpose. He shall attend to the giving and serving of notice of
the corporation. It shall be the duty of the Secretary to sign with the
President, in the name of the corporation, all contracts, notes, mortgages, and
other instruments and other obligations authorized by the Board of Directors,
and when so ordered by the Board of Directors, he shall affix the Seal of
Corporation thereto. The Secretary shall have charge of all books, documents,
and papers properly belonging to his office, and of such other books end papers
as the Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shell sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the

                                      -6-

<PAGE>

corporation is organized under the laws of Louisiana, the number and par value,
if any, of each share represented by it, the name of the person owning the
shares represented thereby, with the number of each share and the date of issue,
and the stock thereby represented is transferrable only upon the books of the
corporation and upon the signer of such certificates. A stock transfer book,
known as the stock register shall be kept, in which shall be entered the number
of each certificate issued and the number of the person owning the shares
thereby represented, with the number of such shares and the date of issue. The
transfer of any share or shares of stock in the corporation may be made by
surrender of the certificate issued therefor, and the written assignment thereof
by the owner or his duly authorized Attorney in Fact. Upon such surrender and
assignment, a new certificate shall be Issued to the assignee as he may be
entitled, but without such surrender and assignment no transfer of stock shall
be recognized by the corporation. The Board of Directors shall have the power
concerning the issue, transfer and registration of certificate for agents and
registrars of transfer, and may require all stock certificates to bear
signatures of either or both. The stock transfer books shall be closed ten days
before each meeting of the shareholders and during such period no stock shall
be transferred.

SECTION 2. Pre-Emptive Eights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

                                      -7-
<PAGE>

The foregoing By-Laws of U-HAUL CO. OF SOUTHERN LOUISIANA, are hereby accepted
and adopted as the By-Laws of said corporation, and we, the undersigned, do
hereby certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the above same do now constitute the By-Laws of this
corporation.

                                            ____________________________________
                                            President - Charles L. Smith

ATTEST:

____________________________________
Secretary - Lois T. Lestelle

(CORPORATE SEAL)

                                       -8-

<PAGE>

                             U-HAUL CO. OF LOUISIANA,
                             A LOUISIANA CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Louisiana, a
Louisiana corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                            SHAREHOLDER:

                                            U-Haul International, Inc., a Nevada
                                            Corporation

                                            By: /s/ Gary V. Klinefelter
                                               ---------------------------------
                                            Name: Gary V. Klinefelter
                                            Its: Secretary


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.93
<SEQUENCE>92
<FILENAME>p68936exv3w93.txt
<DESCRIPTION>EXHIBIT 3.93
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.93

                                 STATE OF MAINE

                                     [LOGO]

                      DEPARTMENT OF THE SECRETARY OF STATE

         I, THE SECRETARY OF STATE OF MAINE, CERTIFY that according to the
provisions of the Constitution and Laws of the State of Maine, the Department of
the Secretary of State is the legal custodian of the Great Seal of the State of
Maine which is hereunto affixed and that the paper to which this is attached is
a true copy from the records of this Department.

                                                 IN TESTIMONY WHEREOF, I have
                                                 caused the Great Seal of the
                                                 State of Maine to be hereunto
                                                 affixed. Given under my hand at
                                                 August, Maine, this fifth day
                                                 of August 2003.

                                                        /s/ Dan Gwadosky
                                                 -------------------------------
                                                           DAN GWADOSKY
                                                        SECRETARY OF STATE

Authentication: 2026-97                                 Tue Aug 05 2003 11:31:29

                                     - 1 -

<PAGE>

         [ILLEGIBLE]                                 File No. 19910794 D Pages 2
based on authorized capital stock                    Fee Paid #105
                                                     DCM 1910000112198 AR
                                                     Filed 11/16/1990
                                STATE OF MAINE

  For Use By The           ARTICLES OF INCORPORATION
Secretary of States
                                      OF                  /s/ [ILLEGIBLE]
File No. 19910794D                                     -------------------------
                           U-Haul Co. of Maine, Inc.   Deputy Secretary of State
Fee Paid $30-$75.                                      A True Copy when Attested
                                                             By Signature
C.B.    --
                                                       Deputy Secretary of State
Date NOV 21, 1990

         Pursuant to 13A MRSA Section 403, the undersigned, acting as
incorporator(s) of a corporation, adopt(s) the following Articles of
Incorporation:

         FIRST:   The name of the corporation is U-Haul Co. of Maine. Inc.

                  and it is located in Marine, at One Portland Square, Portland,
                  ME 04112

         SECOND:  The name of its Clerk, who must be a Maine resident, and the
                  address of its registered office shall be:

                  Name Phillip singer
                  Street & Number 411 Marginal Way
                  City Portland, Maine   041.01
                                       (zip code)

         THIRD:   ("X" one box only)

         a.       The number of directors constituting the initial board of
                  directors of the corporation is One (See Section 703,1.A)

         b.       If the initial directors have been selected, the names and
                  addresses of the persons who are to serve as directors until
                  the first annual meeting of the shareholders or until their
                  successors are elected and shall qualify are:

<TABLE>
<CAPTION>
      NAME                                              ADDRESS
<S>                                           <C>
John A. Lorentz                               2721 N. Central Avenue
                                              Phoenix, Arizona 85004
</TABLE>

[ ] There shall be no directors initially: the shares of the corporation
    will not be sold to more than twenty (20) persons; the business of the
    corporation will be managed by the shareholders. (See Section 703.1.B.)

         FOURTH:  ("X" one box only)

                  The board of directors is [X] is not [ ] authorized to
                  increase or decrease the number of directors.

                  If the board is so authorized, the minimum, if any, shall be
                  one directors, (See Section 703.1.A.) and the maximum number,
                  if any, shall be Three directors.

Authentication: 2026-97                                 Tue Aug 05 2003 11:31:29

                                      - 2 -

<PAGE>

         FIFTH:   ("X" one box only)

         [X]      There shall be only one class of shares, viz,     COMMON
                                                               (Title of Class)

                           Par value of each shares (if none, so state) $10.00.

                           Number of shares authorized 5,000.

         [ ]      There shall be two or more classes or shares.

                  The information required by Section 403 concerning each such
                  class is set out in Exhibit____________ attached hereto and
                  made a part hereof.

                                     SUMMARY

                  The aggregate par value of all authorized shares (of all
                  classes) having a par value is $ 50,000.00.

                  The total number of authorized shares (of all classes) without
                  par value is None shares.

         SIXTH:   ("X" one box only)

                  Meetings of the shareholders may [X] may not [ ] be held
                  outside the State of Maine.

         SEVENTH  ("X" if applicable) There are no preemptive rights.[ ]

         EIGHTH:  Other provisions of these articles, if any, including
                  provisions for the regulation of the internal affairs of the
                  corporation, are set out in Exhibit __________ attached hereto
                  and made a part hereof.

DATED: October 29, 1990

<TABLE>
<CAPTION>
        INCORPORATORS                           RESIDENCE ADDRESSES
<S>                                      <C>
      John A. Lorentz                    Street 2049 E. La Jolla Drive
- ----------------------------------
         (signature)

      /s/ [ILLEGIBLE]                          Tempe, Arizona 85282
_________________________________        ---------------------------------------
     (type or print name)                      (city, state and zip code)

_________________________________        Street ________________________________
         (signature)

_________________________________        _______________________________________
     (type or print name)                      (city, state and zip code)

_________________________________        Street ________________________________
         (signature)

_________________________________        _______________________________________
     (type or print name)                      (city, state and zip code)

For Corporate Incorporators

_________________________________        Street ________________________________

By ______________________________        _______________________________________
        signature                              (city, state and zip code)

_________________________________
(type or print name and capacity)
</TABLE>

         ______________________________________________
         Articles are to be executed as follows:

                  If a corporation is an incorporator ($402), the name of the
                  corporation should be typed and signed on its behalf by an
                  officer of the corporation. The address of the principal place
                  of business of the incorporator corporation should be given.
                  The articles of incorporation must be accompanied by a
                  certificate of an appropriate officer of the corporation
                  certifying that the person executing the articles on behalf of
                  the corporation was duly authorized to do so.

Authentication: 2026-97                                 Tue Aug 05 2003 11:31:29

                                     - 3 -

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.94
<SEQUENCE>93
<FILENAME>p68936exv3w94.txt
<DESCRIPTION>EXHIBIT 3.94
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.94

                                   BY-LAWS OF

                            U-HAUL CO. OF MAINE, INC.

                               A MAINE CORPORATION

                                    ARTICLE I

                                                         DATE: November 16, 1990

SECTION 1. Offices:

The principal office of the corporation in the State of Third Monday in April
shall be located at such place as the Board of Directors may from time to time
select. The corporation may have such other offices either within or without the
State of Maine as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Monday in April of each year, at the office of the corporation in the
State of Maine or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for election of directors and for the
purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

                                       -1-

<PAGE>

SECTION 3. Special Meetings:

Special meetings of the shareholders my be called by the President, the Board of
Directors, or the holders of not less than one-tenth of all the shares entitled
to vote at the meeting. All meetings of the shareholders may be held within or
without the State of Maine. Notice of the special meeting will be had as
provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

                  1st.     All persons claiming to hold proxies shall present
                           them to the tellers for verification.

                  2nd.     Proof of due notice of meeting when applicable.

                  3rd.     Reading and disposal of all unapproved minutes.

                  4th.     Reports of officers and committees.

                  5th.     Election of Directors.

                  6th.     Unfinished business.

                  7th.     New business.

                  8th.     Adjournment.

                                       -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Office:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the term of office of all or any of the Directors by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Maine.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of Maine.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

                                       -3-

<PAGE>

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

                  1st.     Roll call; a quorum being present.

                  2nd.     Reading of minutes of preceding meeting and action
                           thereon.

                  3rd.     Consideration of communications of the Board of
                           Directors.

                  4th.     Reports of officials and committees.

                  5th.     Unfinished business.

                  6th.     Miscellaneous business.

                  7th.     New business.

                  8th.     Adjournment.

SECTION 7. Meetings By Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

                                       -4-

<PAGE>


         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trademarks in contracts, and interests
                  thereunder, and other judgment may be beneficial for the
                  purpose of this corporation, and to issue shares of stock of
                  this corporation in payment of such property, and in payment
                  for services rendered to this corporation, when they deem it
                  advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  State of Maine, governing the disposition of the entire assets
                  and business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statues regulating the appointment of
committees.

                                   ARTICLE VI

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided

                                       -5-


<PAGE>

for by the Board of Directors. Such officers shall be elected by ballot or
unanimous acclamation at the meeting of the Board of Directors after the annual
election of Directors. In order to hold any election there shall be a quorum
present, and any officer receiving a majority vote shall be declared elected and
shall hold office for one year and until his or her respective successor shall
have been duly elected and qualified; provided, however, that all officers,
agents and employees of the corporation shall be subject to removal from office
pre-emptorily by vote of the Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                       -6-

<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Maine, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferable only upon the books of the corporation and upon the signing of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the name of
the person owning the shares thereby represented, with the number of such shares
and the date of issue. The transfer of any share or shares of stock in the
corporation may be made by surrender of the certificate issued therefore, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of each year.

                                       -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAMS

SECTION 1. Amendment of By-laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-Haul Co. of Maine, Inc. are hereby accepted and
adopted as the By-Laws of said corporation, and we, the undersigned, do hereby
certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                            /s/ John A. Lorentz
                                            ---------------------------
                                            John A. Lorentz, President

ATTEST:

/s/ Gary V. Klinefelter
- ------------------------------
Gary V. Klinefelter, Secretary

(CORPORATE SEAL)

                                       -8-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.95
<SEQUENCE>94
<FILENAME>p68936exv3w95.txt
<DESCRIPTION>EXHIBIT 3.95
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.95

                            ARTICLES OF INCORPORATION

                                       OF

                     U-HAUL CO. OF SOUTHERN MARYLAND, INC.

APPROVED AND RECEIVED FOR RECORD BY THE STATE DEPARTMENT OF ASSESSMENTS AND
TAXATION OF MARYLAND March 12, 1970 AT 8:30 O'CLOCK A.M. AS IN CONFORMITY WITH
LAW AND ORDERED RECORDED.

         RECORDED IN LIBER 5795, FOLIO 529 OF THE CHARTER RECORDS OF THE STATE
DEPARTMENT OF ASSESSMENTS AND TAXATION OF MARYLAND.

BONUS TAX PAID $ 20.00 RECORDING FEE PAID $ 15.00

TO THE CLERK OF THE Superior COURT OF Baltimore City

         IT IS HEREBY CERTIFIED, that the within instrument, together with all
indorsements thereon, of Maryland.

         AS WITNESS my hand and seal of the said Department at Baltimore.

                                                                     [ILLEGIBLE]
<PAGE>

                            ARTICLES OF INCORPORATION

                                       of

                     U-HAUL CO. OF SOUTHERN MARYLAND, INC.

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a corporation
under the laws of the State of Maryland.

                                    ARTICLE I

     The name of the corporation is U-HAUL CO. OF SOUTHERN MARYLAND, INC..

                                   ARTICLE II

            The period of duration of the corporation is perpetual.

                                  ARTICLE III

         The purpose or purposes for which the corporation is organized are to
rent and lease to the general public trailers, semi-trailers, trucks, passenger
automobiles and other equipment, tools, machinery, vehicles and property of any
and every kind and description, and to purchase or otherwise acquire and operate
any facilities useful for the conduct of the business enterprises of this
corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
state of maryland upon corporations, and to engage in any lawful activity within
the purposes for which corporations may be organised under the laws of the state
of Maryland.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue are five thousand (5,000) shares of common stock with a par
value of Ten ($10.00) dollars each, or a total capitalization of fifty thousand
(50,000) Dollars.

                                    ARTICLE V

         The corporation will not commence business until the consideration

Page one of two pages

<PAGE>

of at least One Thousand ($1,000.00) Dollars has been received for the issuance
of shares.

                                   ARTICLE VI

         The address of its registered office shall be c/o The Corporation
            David L. Helsten          2727 North Central Avenue

Trust Incorporated, First National Bank Building, Light and Redwood Streets,
Baltimore, Maryland, and the name of the resident agent at said address is The
Corporation Trust Incorporated, a Maryland corporation.

                                   ARTICLE VII

         The initial Board of directors shall consist of three (3) members, and
the initial Board who shall act until the first annual meeting of stockholders
and their successors have been elected and qualified are:

            G. W. Carpenter           2501 Brookdale Drive
                                      Elkridge, Maryland 21227

            Fred Lindholm, Jr.        2501 Brookdale Drive
                                      Elkridge, Maryland 21227

            Nana Mae Carpenter        2501 Brookdale Drive
                                      Elkridge, Maryland 21227

                                  ARTICLE VIII

         The name and address of each incorporator is as follows:

            David L. Helston          2727 North Central Avenue
                                      Phoenix, Arizona 85004

         IN WITNESS WHEREOF, I have hereunto set ray hand and seal this day of
February, 1970.

                                      /s/ David L. Helsten
                                      --------------------------
                                      David L. Helsten
STATE OF ARIZONA    )
                    )ss:
COUNTY OF MARICOPA  )

         On this 27th Day of February, 1970, before me, a Notary Public for
the State of Arizona, personally appeared David L. Helsten, known to me to be
the person named in and who executed the foregoing instrument, and who
acknowledged that he had executed the same and that the matters therein
contained are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
Notarial Seal this 27th day of February, 1970.

                                      /s/ Helen H. Delamater
                                      ------------------------------------------
                                      Helen H. Delamater
                                      Notary Public for the State of Arizona
(NOTARIAL SEAL)                       Residing at Tempe, Arizona
                                      My Commission expires August 13, 1972

Page two of two pages

<PAGE>

                                STATE OF MARYLAND
                  STATE DEPARTMENT OF ASSESSMENTS AND TAXATION
                             301 WEST PRESTON STREET
                            BALTIMORE. MARYLAND 21201

         You are advised that the ARTICLES OF AMENDMENT

                                       OF

                     U-HAUL., Co. OF SOUTHERN MARYLAND, INC.

                              changing its name to

                     AMERCO MARKETING CO. OF SOUTHERN MARYLAND, INC. have been
received and approved by the STATE DEPARTMENT OF ASSESSMENTS AND TAXATION OF
MARYLAND this 23rd day of October 1970 at 2:26 P M. and will be recorded.

                        STATE DEPARTMENT OF ASSESSMENTS AND TAXATION OR MARYLAND

                                      By: [ILLEGIBLE]
                                         ---------------------------------------

<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                           ARTICLES OF INCORPORATION

                                       OF

                      U-HAUL CO. OF SOUTHERN MARYLAND, INC.

STATE OF MARYLAND)
                 ) ss
COUNTY OF HOWARD )

         G. W. Carpenter and Nana Carpenter being first duly sworn, upon their
oath depose and say:

         1.       That they are the President and the Secretary respectively of
                  U-HAUL CO. OF SOUTHERN MARYLAND, INC.

         2.       That at a Meeting of the Board of Directors of said
                  corporation, duly held at Elkridge, Maryland on August 12,
                  1970, the following resolution was adopted:

                           "RESOLVED: That Article I of the Articles of
                           Incorporation of this corporation be amended to read
                           as follows:

                           The name of this corporation is AMERCO MARKETING CO.
                           OF SOUTHERN MARYLAND, INC."

         3.       That the shareholders have adopted said amendment by
                  resolution at a meeting held at Elkridge, Maryland on August
                  12, 1970. That the wording of the amended article, as set
                  forth in the shareholders' resolution, is the same as that set
                  forth in the directors' resolution in Paragraph 2 above.

         4.       That the number of shares which voted affirmatively for the
                  adoption of said resolution is 500, and that the total number
                  of shares entitled to vote on or consent to said amendment is
                  500.

                                      /s/   G. W. Carpenter
                                      ------------------------------------------
                                      G. W. Carpenter, President
                  (CORPORATE SEAL)

ATTEST:

/s/ Nana Carpenter
- -------------------------
Nana Carpenter Secretary

Page one of two pages

<PAGE>

STATE OF MARYLAND      )
                       ) ss.
COUNTY OF HOWARD       )

         On this 30th day of September, 1970, before me, a Notary Public,
personally appeared G. W. Carpenter and Nana Carpenter known by me to be the
persons whose signatures are subscribed to the within Instrument and who
acknowledged that they executed the same as their free act for the purposes
therein contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                      /s/ [ILLEGIBLE]
                                      -----------------------------
                                                     Notary Public

                             My commission expires July 1, 1974

         (NOTARIAL SEAL)

Page two of two pages

<PAGE>

                                STATE OR MARYLAND
                  STATE DEPARTMENT OF ASSESSMENTS AND TAXATION
                             301 WEST PRESTON STREET
                            BALTIMORE, MARYLAND 21201

                     You are advised that the ARTICLES OF AMENDMENT

                                       OF

                AMERCO MARKETING CO. OF SOUTHERN MARYLAND, INC.
                              Changing its name to

                      U-HAUL CO. OF SOUTHERN MARYLAND, INC.

have been received and approved by the STATE DEPARTMENT OF ASSESSMENTS AND
TAXATION OF MARYLAND This 12th day of March, 1973, at 8:30 A.M.
and will be recorded

                        STATE DEPARTMENT OF ASSESSMENTS AND TAXATION or MARYLAND

                                      By [ILLEGIBLE]
                                         ---------------------------------------

<PAGE>

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

                 AMERCO MARKETING CO. OF SOUTHERN MARYLAND, INC.

STATE OF MARYLAND       )
                        )ss.
COUNTY OF [ILLEGIBLE]   )

         G. W. Carpenter and Nana Mae Carpenter being first duly sworn upon
their oath depose and say:

         1.       That they are the President and the Secretary respectively of
                  AMERCO MARKETING CO. OF SOUTHERN MARYLAND, INC.

         2.       That at a meeting of the Board of Directors of said
                  corporation, duly held at Lanham, Maryland on February 21,
                  1973, the following resolution was adopted:

                           "RESOLVED: That Article I of the Articles of
                           Incorporation be amended to read us follows:

                           The name of this corporation is U-HAUL CO. OF
                           SOUTHERN MARYLAND, INC,"

         3.       That the shareholders have adopted said amendment by
                  resolution at a meeting held at Baltimore, Maryland on
                  February 21, 1973. That the wording of the amended article,as
                  set forth in the shareholders' resolution, is the same that
                  set forth in the directors' resolution in Paragraph 2 above.

         4.       That the number of shares which voted affirmatively for the
                  adoption of said resolution is 500, and that the total number
                  of shares entitled to vote on or consent to said amendment is
                  500.

                                      /s/ G. W. Carpenter
                                      ------------------------------------------
                                      G. W. Carpenter

         (CORPORATE SEAL)

ATTEST:

/s/ Nana Mae Carpenter
- ---------------------------
Nana Mae Carpenter

Page one of two pages

<PAGE>

STATE Of MARYLAND     )
                      )ss.
COUNTY OF [ILLEGIBLE] )

         On this 27 day of February, 1973, Before me, a Notary Public,
personally appeared G. W. Carpenter and Nana Mae Carpenter known by me to be the
persons whose signatures are subscribed to the within instrument and who
acknowledged that they executed the same as their free act for the purposes
therein contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                       [ILLEGIBLE]
                                      ------------------------------------------
                                                     NOTARY PUBLIC

                                      My commission expires 7-1-74

         (NOTARIAL SEAL)

Page Two of Two Pages

<PAGE>

                                STATE OF MARYLAND

                  STATE DEPARTMENT OF ASSESSMENTS AND TAXATION
                             301 WEST PRESTON STREET
                            BALTIMORE, MARYLAND 21201

            YOU ARE ADVISED THAT THE        ARTICLES OF AMENDMENT

                                       OF

                      U-HAUL CO. OF SOUTHERN MARYLAND, INC.

                             changing its name to:

                         U-HAUL CO. OF D.C. METRO, INC.

have been received and approved by the STATE DEPARTMENT OF ASSESSMENTS AND
TAXATION OF MARYLAND this 8th day of December, 1975, at 8:30 am and will be
recorded.

                        STATE DEPARTMENT OF ASSESSMENTS AND TAXATION OF MARYLAND

                                      by: /s/ [ILLEGIBLE]
                                          --------------------------------------

<PAGE>

                              ARTICLES OF AMENDMENT

                                       OF

                     U-HAUL CO. OF SOUTHERN MARYLAND, INC.

         U-Haul Co. of Southern Maryland, Inc., a Maryland corporation having
its principal office in Baltimore, Maryland, (hereinafter called the
"Corporation"), hereby certifies to the State Department of Assessments and
Taxation of Maryland that:

                  FIRST: The charter of the Corporation is hereby amended by
                  striking out Article I and inserting in lieu thereof the
                  following:

                                   "ARTICLE I

                  The name of the corporation is U-Haul Co. of D.C. Metro.

                  SECOND: The board of directors of the Corporation, at a
                  meeting duly convened and held on November 3, 1975, adopted a
                  resolution in which was set forth the foregoing amendment to
                  the charter, declaring that the said amendment to the charter
                  was advisable and directing that it be submitted for adoption
                  by unanimous written consent by the sole shareholder of the
                  corporation.

                  THIRD: A consent in writing, setting forth approval of the
                  amendment of the charter of the Corporation hereinabove set
                  forth, was signed by the sole shareholder of the Corporation
                  and such consent and waiver are filed with the records of the
                  Corporation.

                  FOURTH: The amendment of the charter of the Corporation as
                  hereinabove set forth has been duly advised by the board of
                  directors and approved by the sole shareholder of the
                  Corporation.

         IN WITNESS WHEREOF, U-Haul Co. of Southern Maryland, Inc., has caused
these presents to be signed in its name and on it behalf by its President and
its corporation seal to be hereunto affixed and attested by its Secretary on
November 3rd, 1975.

(CORPORATE SEAL)

                                      By: /s/ Warren D. Albers
                                         ---------------------------------------
                                         Warren D. Albers, President

ATTEST:

/s/ Troy D. Ashton
- --------------------------
Troy D. Ashton, Secretary

<PAGE>

STATE OF MARYLAND,
                   ss:
COUNTY OF BALTIMORE,

         I HEREBY CERTIFY that on November 3rd, 1975, before me the subscriber,
a notary public of the State of Maryland in and for the County of Baltimore,
personally appeared Warren D. Albers, President of U-Haul Co. of Southern
Maryland, Inc., a Maryland corporation, and in the name and on behalf of said
corporation acknowledged the foregoing Articles of Amendment to be the corporate
act of said corporation and further made oath in due form of law that the
matters and facts set forth in said Articles of Amendment with respect to the
approval thereof are true to the best of his knowledge, information and belief.

         WITNESS my hand and notarial seal, the day and year last above written.

                                        [ILLEGIBLE]
                                      ------------------------------------------
                                                    Notary Public

    (Notary Seal)

<PAGE>

                              ARTICLES OF AMENDMENT

                                       OF

                      U-HAUL CO. OF SOUTHERN MARYLAND, INC.

                              changing its name to:

                         U-HAUL CO. OF D.C. METRO, INC.

approved and received for record by the State Department of Assessments and
Taxation of Maryland December 3, 1975 at 8:30 O'clock A. M. as in conformity
with law and ordered recorded.

         Recorded in Liber 2234 , folio 649, one of the Charter Records of the
State Department of Assessments and Taxation of Maryland.

Bonus tax paid $___________Recording fee paid $ 15.00.

To the clerk of the Superior Court of Baltimore City

         IT IS HEREBY CERTIFIED, that the within instrument, together with all
endorsements thereon, has been received, approved and recorded by the State
Department of Assessments and Taxation of Maryland.

         AS WITNESS my hand and seal of the said Department at Baltimore.

                                        [ILLEGIBLE]
                                      ------------------------------------------

<PAGE>

                           OFFICE OF RECORDER OF DEEDS
                              Corporation Division
                           Sixth and D Streets, N. W.
                             Washington, D. C, 20001

                                   CERTIFICATE

THIS IS TO CERTIFY that all applicable provisions of the District of Columbia
Business Corporation Act have been complied with and ACCORDINGLY this
Certificate of Amended Authority is hereby issued to U-HAUL CO. OF D. C. METRO,
INC. CHANGED TO U-HAUL CO. METRO D. C., INC.

As of March 4 , 1976.

                                      PETER S. RIDLEY,
                                      Recorder of Deeds, D.C.

                                      BY Margurite C. Stokes
                                      ---------------------------
                                      Margurite C. Stokes
                                      Assistant Superintendent of Corporations

Government of the District of Columbia
Form RD-C 53
Rev. July 1963

<PAGE>

                             APPLICATION FOR AMENDED

                            CERTIFICATE OF AUTHORITY

         Pursuant to the provisions of Title 29, Chapter 9 of the Code of Laws
of the District of Columbia, the undersigned corporation hereby applies for an
Amended Certificate of Authority to transact business in the District of
Columbia, and for that purpose submits to the following statement:

         FIRST    A Certificate of Authority was issued to the corporation by
                  this office on April 14, 1971, authorizing it to transact
                  business in the District of Columbia under the name of AMERCO
                  MARKETING CO. OF SOUTHERN MARYLAND, INC., amending its name to
                  U-HAUL CO. OF SOUTHERN MARYLAND, INC. on June 25, 1973 and
                  amending its name to U-HAUL CO. OF D.C. METRO, INC. on January
                  16, 1976.

         SECOND:  The corporate name of the corporation has been changed to
                  U-Haul Co. of Metro D.C., Inc.

         THIRD:   The name which it elects to use hereafter in the District of
                  Columbia is U-Haul Co. of Metro D.C., Inc.

         FOURTH:  It desires to pursue in the transaction of business in the
                  District of Columbia other or additional purposes than those
                  set forth in its prior application for a Certificate of
                  Authority, as follows: "NO CHANGE".

         Date:    March 13th, 1976.

                                      U-Haul Co. of Metro D.C., Inc.
                                      (formerly U-Haul Co. of D. C. Metro, Inc.)

                                      By: /s/ Warren D. Albers
                                          --------------------------------------
                                      Warren D. Albers - President

(CORPORATE SEAL)

ATTEST:

/s/ Tory D. Ashton
- -------------------------
Tory D. Ashton  - Secretary

<PAGE>

                              ARTICLES OF AMENDMENT
                                       OF
                         U-HAUL CO. OF METRO D. C. INC.
                             CHANGING ITS NAME TO:
                          U-HAUL CO. OF MARYLAND, INC.

APPROVED AND RECEIVED FOR RECORD BY THE STATE DEPARTMENT OF ASSESSMENTS AND
TAXATION OF MARYLAND NOVEMBER 5, 1990 AT 8:41 O'CLOCK A-M. AS IN CONFORMITY WITH
LAW AND ORDERED RECORDED.

                               __________________

  ORGANIZATION AND                    RECORDING                      SPECIAL
CAPITALIZATION FEE PAID:              FEE PAID:                      FEE PAID:

 $________________                    $ 20.00                      $____________

                               __________________
                                      D0312702

TO THE CLERK OF THE COURT OF BALTIMORE CITY

         IT IS HEREBY CERTIFIED, THAT THE WITHIN INSTRUMENT. TOGETHER WITH ALL
INDORSEMENTS THEREON. HAS BEEN RECEIVED. APPROVED AND RECORDED BY THE STATE
DEPARTMENT OF ASSESSMENTS AND TAXATION OF MARYLAND.

                                      RECORDED IN THE RECORDS OF THE

                                      STATE DEPARTMENT OF ASSESSMENTS

                                      AND TAXATION OF MARYLAND IN LIBER, FOLIO.

<PAGE>

                              ARTICLES OF AMENDMENT

                                       FOR

                         U-HAUL CO. OF METRO D.C., INC.

                             A MARYLAND CORPORATION

U-Haul Co. of Metro D.C., Inc., a Maryland corporation having its principal
office in Baltimore County, Maryland (hereinafter called the "Corporation"),
hereby certifies to the State Department of Assessments and Taxation of Maryland
that:

         FIRST: The charter of the Corporation is hereby amended by striking out
         Article I and inserting in lieu thereof the following:

                                    ARTICLE I

                  The name of the corporation is U-HAUL CO. OF MARYLAND, INC.

         SECOND: The amendment of the charter of the Corporation as hereinabove
         set forth has been duly advised by the board of directors and approved
         by the stockholder of the Corporation.

IN WITNESS WHEREOF: U-Haul Co. of Metro D.C., Inc., has caused these presents to
be signed in its name and on its behalf by its President and attested by its
Secretary on November 1, 1990.

                                      U-HAUL CO. OF METRO D.C., INC.

                                      /s/ John A. Lorentz
                                      John A. Lorentz, President

ATTEST:

/s/ Gary V. Klinefelter
- ------------------------
Gary V. Klinefelter, Secretary

THE UNDERSIGNED, President of U-Haul Co. of Metro D.C., Inc., who executed on
behalf of said corporation, the foregoing Articles of Amendment, of which this
certificate is made a part, hereby acknowledges, in the name and on behalf of
said Corporation, the foregoing Articles of Amendment to be the corporate act of
said corporation and further certifies that, to the best of his knowledge,
information and belief, the matters and facts set forth therein with respect to
the approval thereof are true in all material respects,under the penalties of
perjury.

                                      /s/ John A. Lorentz
                                      ------------------------------------------
                                      John A. Lorentz


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.96
<SEQUENCE>95
<FILENAME>p68936exv3w96.txt
<DESCRIPTION>EXHIBIT 3.96
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.96

                                    BY-LAWS OF

                     U-HAUL CO. OF SOUTHERN MARYLAND, INC.

                             A Maryland Corporation

                                    ARTICLE I

                                                            DATE: March 25, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Maryland shall be
located in the city of Elkridge. The corporation may have such other offices
either within or without the state of Maryland as the Board of Directors may
designate or as the business of the corporation may require from time to time.

                                   ARTICLE II
                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
third Friday in February of each year, at the office of the corporation in the
state of Maryland or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for,
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                      -1-
<PAGE>

may be held within or without the state of Maryland. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                       -2-
<PAGE>

                                   ARTICLE III
                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
dis-qualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold,
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Maryland.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the president or by any two members of
the Board giving written notice, thereof to the President of said corporation,
or said special meeting may be called without notice by unanimous written
consent of all the members by the presence of all the members of said board at
any such meeting. The special meetings of the Board of Directors may be held
within or without the state of Maryland.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meeting shall be as follows:

                                       -3-
<PAGE>

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers.

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trade-marks in contracts, and interests
                  thereunder, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered rendered to this corporation, when they deem it
                  advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations, or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer

                                       -4-
<PAGE>

                  or otherwise dispose of any of the property of this
                  corporation, subject, however, to the laws of the State of
                  Maryland, governing the disposition of the entire assets and
                  business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                   ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers an shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Maryland statutes regulating the appointment
of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President, Vice-
President, Secretary and Treasurer, and such other officers as shall from time
to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with

                                      -5-
<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be member and Chairman of the
executive committee if one is appointed. The President shall each year present
an annual report of the preceding year's business to the Board of Directors at a
meeting to be held immediately preceding the annual meeting of the shareholders,
which report shall be read at the annual meeting of the shareholders. The
President shall do and perform such other duties as from time to time may be
assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provide
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                      -6-
<PAGE>

                                  ARTICLE VII

                       STOCK AND CERTIFICATE AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall he
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Maryland, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefore,
and the written assignment thereof by the owner or his duly authorized Attorney
in Fact. Upon such surrender and assignment, a new certificate shall be issued
to the assignee as he may be entitled, but without such surrender and assignment
no transfer of stock shall be recognized by the corporation. The Board of
Directors shall have the power concerning the issue, transfer and registration
of certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calender year and shall close on the 31st
day of December of the year.

                                      -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purposes, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF SOUTHERN MARYLAND, INC., are hereby
accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                                     ___________________________
                                                     President - G. W. Carpenter

ATTEST:

______________________________
Secretary - Nana Mae Carpenter

(CORPORATE SEAL)

                                      -8-
<PAGE>

                          U-HAUL CO. OF MARYLAND, INC.,
                             A MARYLAND CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Maryland, a
Maryland corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                            SHAREHOLDER:

                                            U-Haul International, Inc., a Nevada
                                            Corporation

                                            By: /s/  Gary V. Klinefelter
                                                ------------------------
                                            Name: Gary V. Klinefelter
                                            Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.97
<SEQUENCE>96
<FILENAME>p68936exv3w97.txt
<DESCRIPTION>EXHIBIT 3.97
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.97

                       THE COMMONWEALTH OF MASSACHUSETTS
                 OFFICE OF THE MASSACHUSETTS SECRETARY OF STATE
                       MICHAEL JOSEPH CONNOLLY, SECRETARY
                    ONE ASHBURTON PLACE, BOSTON, MASS. 02108
                            ARTICLES OF ORGANIZATION
                              (UNDER G.L. CH.156B)
                                 INCORPORATORS

NAME                                                         POST OFFICE ADDRESS

Include given name in full in case of natural persons: in case of a corporation,
give state of incorporation.

          John A. Lorentz                      2721 N. Central Avenue
                                               P. O. Box 21502
                                               Phoenix, Arizona 85004

         The above-named incorporator(s) do hereby associate (themselves) with
the intention of forming a corporation under the provisions of General Laws.
Chapter 156B and hereby state(s):

         1.       The Name by which the corporation shall be known is:

[ILLEGIBLE] CO. OF BOSTON, INC.

         2.       The purpose for which the corporation is formed is as follows:

                  To rent and lease to the general public trailers,
         semi-trailers, trucks, passenger automobiles and other equipment,
         tools, machinery vehicles and property of any and every kind and
         description, and to purchase or otherwise acquire and operate any
         facilities useful for the conduct of the business enterprises of this
         corporation.

                  In general, to carry on any other business in connection with
         the foregoing, and to have and exercise all powers conferred by the
         Commonwealth of Massachusetts upon corporation, and to engage in any
         lawful activity within the purposes for which corporations may be
         organized under the laws of the Commonwealth of Massachusetts.

Note: If the space provided under any article or item on this form is
insufficient, additions shall be set forth on separate 8 1/2 x 11 sheets of
paper leaving a left hand margin of at least 1 inch for binding. Additions to
more than one article may be continued on a single sheet so long as each article
requiring each such addition is clearly indicated.


/s/ [ILLEGIBLE]
- ---------------
Examiner

/s/ [ILLEGIBLE]
- ---------------
Name Approved

C    [ ]

P    [ ]

M    [ ]

R.A  [ ]
<PAGE>

3.       The total number of shares and the par value, if any, of each class of
         stock within the corporation is authorized as follow.

<TABLE>
<CAPTION>
                  WITHOUT PAR VALUE                WITH PAR VALUE
                  -----------------    --------------------------------------
                                                            PAR
CLASS OF STOCK    NUMBER OF SHARES     NUMBER OF SHARES    VALUE     AMOUNT
- --------------    -----------------    ----------------    -----    ---------
<S>               <C>                  <C>                 <C>     <C>
  Preferred                                                        $
  Common                                    5,000          $10.     50,000.00
                                            -----          ---     ----------
</TABLE>

*4.      If more than one class is authorized, a description of each of the
         different classes of stock with, if any, the preferences, voting
         powers, qualification, special or relative rights or privileges as to
         each class thereof and any series now established:

                             None

*5.      The restrictions, if any, imposed by the Articles of Organization upon
         the transfer of shares of stock of any class are as follows:

                             None

*6.      Other lawful provisions, if any, for the conduct and regulation of
         business and affairs of the corporation, for its voluntary dissolution,
         or for limiting, defining or regulation the power of the corporation,
         or of its directors or stockholders, or of any class of stockholders:

                             None

* If there are no provision state "None".

<PAGE>

7.       By-laws of the corporation have been duly adopted and the initial
         directors, president, treasurer and clerk, whose names are set out
         below have been duly elected

8.       The effective date of organization of the corporation shall be the date
         of filing with the Secretary of the Commonwealth or if later date is
         desired, specify date. (not more than 30 days after the date of
         filing.)

9        The following information shall not for any purpose be treated as a
         Permanent part of the Articles of Organization of the corporation.

         a.       The pose office address of the initial principal office of the
                  corporation of Massachusetts is:

                  151 Linwood Street, Somerville MA 02143

         b.       The name, residence, and post office address of each
                  of the initial directors and following officers of
                  the corporation are as follows:

<TABLE>
<CAPTION>
           NAME                      RESIDENCE                       POST OFFICE ADDRESS
<S>                              <C>                              <C>
President: Michael D. Grehl      151 Linwood Street,              Somerville, MA 02143-2196
Treasurer: Elaine L. Correia     151 Linwood Street,              Somerville, MA 02143-2196
Clerk:     Elaine L. Correia           Same
Directors: Michael D. Grehl      151 Linwood Street,              Somerville, MA 02143-2196
           Anthony Morganelli    151 Linwood Street,              Somerville, MA 02143-2196
           Eric Aronson          151 Linwood Street,              somerville, MA 02143-2196
</TABLE>

        c.       The date initially adopted on which the corporation's fiscal
                 year ends is: March 31

        d.       The date initially fixed in the by-laws for the annual meeting
                 of stockholders of the corporation is:

                 Third Monday in June

        e.       The name and business address of the resident agent,
                 if any, of the corporation is:

                 C. T. Corporation System, 2 Oliver St., Boston, MA
                 02109

IN WITNESS WHEREOF and under the penalties of perjury the INCORPORATOR(S)
sign(s) these Articles of Organization this 2nd day of May 1990.

                                                   /s/ John A. Lorentz
                                                   -----------------------------
                                                   John A. Lorentz, incorporator

The signature of each incorporator which is not a natural person must be an
individual who shall show the capacity in which he acts and by signing shall
represent under the penalties of perjury that he is duly authorized on its
behalf to sign these Articles of Organization.

<PAGE>

                        THE COMMONWEALTH OF MASSACHUSETTS

                            ARTICLES OF ORGANIZATION
                      GENERAL LAWS, CHAPTER 156B, SECTION 12

         I hereby certify that: upon an examination of the within-written
articles of organization, duly submitted to me, it appears that the provisions
of the General Laws relative to the organization of corporations have been
complied with, and I hereby approve said articles; and the filing fee in the
amount [ILLEGIBLE] having been paid, said articles are deemed have been filed
with me this 5th day of June 1990.

         Effective Date
                                               /s/ MICHAEL JOSEPH CONNOLLY
                                               ---------------------------
                                               MICHAEL JOSEPH CONNOLLY
                                                    Secretary of State

               PHOTO COPY OF ARTICLES OF ORGANIZATION TO BE SENT
                         TO BE FILLED IN BY CORPORATION

         TO:
               John A. Lorentz
               2721. N. Central Avenue
               Phoenix, Arizona 85004
               Telephone (602) 263-6645

FILING FEE: 1/20 of 1% of the total amount of the authorized capital stock with
         par value, and one cent a share for all authorized shares without par
         value, but not less than $125. General Laws, Chapter 156B. Shares of
         stock with a par value less than one dollar. shall be deemed to have
         par value of one dollar per share.

                                                                     Copy Mailed
<PAGE>

Examiner

                        THE COMMONWEALTH OF MASSACHUSETTS

                             MICHAEL JOSEPH CONNOLLY
                                Secretary of State
                    ONE ASHBURTON PLACE, BOSTON, MASS. 02108

                              ARTICLES OF AMENDMENT

                     General Laws Chapter. 156B, Section 72

         This certificate must be submitted to the Secretary of the Commonwealth
within sixty days after the date of the vote of stockholders adopting the
amendment. The fee for filing this certificate is prescribed by General Laws,
Chapter 156B, Section 114. Make check payable to the Commonwealth of
Massachusetts.

We, John A. Lorentz and Gary V. Klinefelter     President/Vice President, and
                                                Clerk/Assistant Clerk of

                            NEW CO. OF BOSTON, INC.
- -------------------------------------------------------------------------------
                              Name of Corporation

           located at 2721 N. Central Avenue, Phoenix, Arizona 85004

do hereby certify that the following amendment to the articles of organization
of the corporation was duly adopted at a meeting held on October 11, 1990, by
vote of

500   shares of   COMMON              out of   500      shares outstanding,
                  (Class of Stock)

      shares of                       out of            shares outstanding, and
                  (Class of Stock)

      shares of                       out of            shares outstanding,
                  (Class of Stock)

being at least a majority of each class outstanding and entitled to vote
thereon:-(2)

CROSS OUT

INAPPLICABLE

CLAUSE

C [ ]
P [ ]
M [ ]

(1)For amendments adopted pursuant to chapter 156B, Section 70.

(2)For amendments adopted pursuant to chapter 156B, Section 71.

Note. If the space provided under any Amendment or item on this form is
insufficient, additions shall be set forth on separate [ILLEGIBLE] sheets of
paper leaving a left hand margin of at least 1 inch for binding. Additions to
more than one Amendment may be continued on a single sheet so long as each
Amendment requiring each such addition is clearly indicated.

/s/
- --------------------
Name Approved

<PAGE>

FOR INCREASE IN CAPITAL FILL IN THE FOLLOWING.

<TABLE>
<S>                                                          <C>
                                                             {______ Shares Preferred }
                                                                                          with par value
                                                             {______ Shares Common    }
The total amount of capital stock already authorized is
                                                             {______ Shares Preferred }
                                                                                          without par value
                                                             {______ Shares Common    }

                                                             {______ Shares Preferred }
                                                                                          with par value
                                                             {______ Shares Common    }
The Amount of Additional Capital Stock Authorized is
                                                             {______ Shares Preferred }
                                                                                          without par value
                                                             {______ Shares Common    }
</TABLE>
<PAGE>

                                    ARTICLE I

The name of the Corporation shall be: U-HAUL CO. OF BOSTON, INC.

         The foregoing amendment will become effective when these articles of
amendment are filed in accordance with Chapter 156B. Section 6 of The General
Laws unless these articles specify, in accordance with the vote adopting the
amendment, a later effective date not more than thirty days after such filing,
in which event the amendment will become effective on such later date.

IN WITNESS WHEREOF AND UNDER THE PENALTIES OF PERJURY, we have hereto signed our
names this 11th day of October, in the year 1990

        /s/ John A. Lorentz                             President/Vice President
        --------------------------------
        John A. Lorentz, President

        /s/ Gary V. Klinefelter                         Clerk/Assistant Clerk
        --------------------------------
        Gary V. Klinefelter, Clerk

<PAGE>

                        THE COMMONWEALTH OF MASSACHUSETTS

                              ARTICLES OF AMENDMENT
                     (General Laws, Chapter 156B, Section 72)

         I hereby approve the within articles of amendment and, the filing fee
in the amount of $ 100.00 having been paid, said articles are deemed to have
been filed with me this 16th day of October, 1990.

                                               /s/ Michael Joseph Connolly
                                               ---------------------------
                                               MICHAEL JOSEPH CONNOLLY
                                                   Secretary of State

         TO BE FILLED IN BY CORPORATION
         PHOTO COPY OF AMENDMENT TO BE SENT

 TO:

         U-Haul International Inc.
         2721 N. Central Avenue
         Phoenix, Arizona 85004
         Attention: Legal Dept. Blanche I. Passolt
         Telephone (602) 263-6645

                                                                     Copy Mailed
<PAGE>

                       THE COMMONWEALTH OF MASSACHUSETTS

                            MICHAEL JOSEPH CONNOLLY              FEDERAL
                               Secretary of State                IDENTIFICATION
                    ONE ASHBURTON PLACE, BOSTON, MASS. 02108     NO [ILLEGIBLE]

                              ARTICLES OF AMENDMENT

                    General Laws, Chapter 156B, Section 72

         This certificate must be submitted to the Secretary of the Commonwealth
within sixty days after the date of the vote of stockholders adopting the
amendment. The fee for filing this certificate is prescribed by General Laws,
Chapter 156B, Section 114 Make check payable to the Commonwealth of
Massachusetts.

We, John A. Lorentz, President, and

Gary V. Klinefelter, Clerk

                           U-Haul Co. of Boston, Inc.
                        -------------------------------
                             (Name of Corporation)

located at 151 Linwood Street, Somerville, MA 02143-2196

do hereby certify that the following amendment to the articles of organization
of the corporation was duly adopted at a meeting held on December 19, 1990, by
vote of

500   shares of   COMMON            out of        500   shares outstanding,
                  (Class of Stock)

      shares of                     out of              shares outstanding, and
                  (Class of Stock)

      shares of                     out of              shares outstanding,
                  (Class of Stock)

      being at least a majority of each class outstanding and entitled to
      vote thereon:-(1)

CROSS OUT            two-thirds of each class outstanding and entitled to
INAPPLICABLE         vote thereon and of each class or series of stock
CLAUSE               whose rights are adversely affected thereby:-(2)

(1)For amendments adopted pursuant to chapter 156B,Section 70.

(2)For amendments adopted pursuant to chapter 156B, Section 71.

C [ ]
P [ ]
M [ ]

Note: If the Space Provided Under Any Amendment or item on this form is
insufficient, additions shall be set forth on separate [ILLEGIBLE] sheets of
paper leaving a left hand margin of at least 1 inch for binding. Additions to
more than one Amendment may be continued on a single sheet so long as each
Amendment requiring each such addition is clearly indicated.

/s/ [ILLEGIBLE]
- ---------------
Examiner

/s/ [ILLEGIBLE]
- ---------------
Name Approved
<PAGE>

FOR INCREASE IN CAPITAL FILL IN THE FOLLOWING:

<TABLE>
<S>                                                     <C>
                                                        {______ Shares preferred }
                                                                                     with par value
                                                        {______ Shares common    }
The total amount of capital stock already authorized is
                                                        {______ Shares preferred }
                                                                                     without par value
                                                        {______ Shares common    }

                                                        {______ Shares preferred }
                                                                                     with par value
                                                        {______ Shares common    }
The amount of additional capital stock authorized is
                                                        {______ Shares preferred }
                                                                                     without par value
                                                        {______ Shares common    }
</TABLE>

<PAGE>

                                   ARTICLE I

The name of the corporation is: U-HAUL CO. OF MASSACHUSETTS, INC.

         The foregoing amendment will become effective when these articles of
amendment are filed in accordance with Chapter 156B, Section 6 of the General
Laws unless these articles specify, in accordance with the vote adopting the
amendment, a later effective date not more than thirty days after such filing,
in which event the amendment will become effective on such later date.

IN WITNESS WHEREOF AND UNDER THE PENALTIES OF PERJURY, we have hereto signed our
names this 19th day of December, in the year 1990.

/s/ John A. Lorentz
- --------------------------------
John A. Lorentz, President

/s/ Gary V. Klinefelter
- --------------------------------
Gary V. Klinefelter, Clerk

<PAGE>


                        THE COMMONWEALTH OF MASSACHUSETTS

                              ARTICLES OF AMENDMENT
                    (General Laws, Chapter 156B, Section 72)

         I hereby approve the within articles of amendment and, the filing fee
in the amount of $ 100.00 having been paid, said articles are deemed to have
been filed with me this 28th day of December, 1990.

                                /s/ Michael Joseph Connolly
                                -----------------------------------------------
                                MICHAEL JOSEPH CONNOLLY
                                   Secretary of State

    TO BE FILLED IN BY CORPORATION
    PHOTO COPY OF AMENDMENT TO BE SENT

TO:
      U-Haul International, Inc.
      2721 N. Central Avenue
      Phoenix, Arizona 85004
      Attention: Legal Dept. Blanche
      Telephone: (602) 263-6645

                                                                     Copy Mailed
<PAGE>

                        The Commonwealth of Massachusetts
                                                          FEDERAL IDENTIFICATION
                            MICHAEL JOSEPH CONNOLLY       NO. 86-0660616
                               Secretary of State            000350001
                              ONE ASHBURTON PLACE         FEDERAL IDENTIFICATION
                              BOSTON, MASS. 02108         NO. 86-0660629
                       ARTICLES OF CONSOLIDATION* MERGER*    000335844
               PURSUANT TO GENERAL LAWS, CHAPTER 156B, SECTION 78

The fee for filing this certificate is prescribed by General Laws, Chapter 156B,
                                  Section 114.
           Make checks payable to the Commonwealth of Massachusetts.

                                    * * * *

 CONSOLIDATION* MERGER* OF

                        [ILLEGIBLE]   Boston Trailer Manufacturing Company, Inc.

                        [ILLEGIBLE]   U-Haul Co. of Massachusetts, Inc.

                                            the constituent corporations

                        into
                              U-Haul Co. of Massachusetts, Inc.

one of the constituent corporations*.

         The undersigned officers of each of the constituent corporations
certify under the penalties of perjury as follows:

         1. An agreement of  merger* has been duly adopted in compliance with
the requirements of subsections (b) and (c) of General Laws. Chapter 156B.
Section 78, and will be kept as provided by subsection (d) thereof. The
resulting* surviving* corporation will furnish a copy of said agreement to any
of its stockholders, or to any person who was a stockholder of any constituent
corporation, upon written request and without charge.

         2. The effective date of the merger* determined pursuant to the
agreement referred to in paragraph I shall be the filing date

         3. (For a merger)

** The following amendments to the articles of organization of the SURVIVING
   corporation have been affected pursuant to the agreement of merger referred
   to in paragraph 1:

            None

*Delete the inapplicable words.

**If there are no provisions state "NONE."

NOTE: If the space provided under article 3 is insufficient, additions shall be
      set forth on separate 8 1/2 x 11 inch sheets of paper leaving a left hand
      margin of at least 1 inch for binding. Additions to more than one article
      may be continued on a single sheet so long as each article requiring each
      such addition it clearly indicated.

/s/ [ILLEGIBLE]
- ------------------
Examiner
<PAGE>

         (For a consolidation)

         (a)      The purposes of the RESULTING corporation are as follows:

         (b)      The total number of shares and the par value, if any, of each
class of stock which the resulting corporation is authorized is as follows:

<TABLE>
<CAPTION>
                  WITHOUT PAR VALUE                WITH PAR VALUE
                  -----------------    --------------------------------------
                                                            PAR
CLASS OF STOCK    NUMBER OF SHARES     NUMBER OF SHARES    VALUE     AMOUNT
- --------------    -----------------    ----------------    -----    ---------
<S>               <C>                  <C>                 <C>      <C>
  Preferred                                                         $
  Common                                    5,000          $10.     50,000.00
</TABLE>

         **(c)    If more than one class is authorized, a description of each of
the different classes of stock with, if any, the preferences, voting powers,
qualifications, special or relative rights or privileges as to each class
thereof and any series now established.

                  none

         **(d)    Other lawful provisions, if any, for the conduct and
regulation of the business and affairs of the corporation, for its voluntary
dissolution, for restrictions upon the transfer of shares of stock of any class,
or for limiting, defining, or regulating the powers of the corporation, or of
its directors or stockholder, or of any class of stockholder:

                  None

*Delete the inapplicable words.

**If there are no provision state "NONE."

 NOTE: If the space provided under article 3 is insufficient, additions shall be
       set forth on separate 8 1/2 x 11 inch sheets of paper, leaving a
       left hand margin of at least 1 inch for binding. Additions to more than
       one article may be continued on a single sheet so long as each article
       requiring each such addition is clearly indicated.

<PAGE>

         4.       The following information shall not for any purpose be treated
as a permanent part of the articles of organization of the surviving*
corporation.

         (a)      The post office address of the initial principal office of the
surviving* corporation in Massachusetts is:

               C. T. Corporation System
               2 Oliver Street, Boston, MA 02109

         (b)      The name, residence and post office address of each of the
initial directors and President, Treasurer and Clerk of the resulting*
surviving* corporation is as follows:

<TABLE>
<CAPTION>
            Name                        Residence             Post Office Address
<S>                              <C>                         <C>
President   John A. Lorentz      2721 N. Central Avenue,     Phoenix, Arizona 85004
Treasurer   Gary V. Klinefelter            "                          "
Clerk       Gary V. Klinefelter
Directors   John A. Lorentz
            Gary V. Klinefelter
            E. J. Shoen                    "                          "
</TABLE>

         (c)      The date initially adopted on which the fiscal year of the
surviving* corporation ends is: March 31

         (d)      The date initially fixed in the by-laws for the Annual Meeting
of stockholder of the surviving* corporation is: Third Monday in June

         The undersigned officers of the several constituent corporations listed
above further state under the penalties of perjury as to their respective
corporations that the agreement of consolidation* merger* referred to in
paragraph I has been duly executed on behalf of such corporation and duly
approved by the stockholders of such corporation in the manner required by
General Laws, Chapter 156B, Section 78.

                                                /s/ John A. Lorentz
                                                --------------------------------
                                                John A. Lorentz President*

                                                /s/ Gary V. Klinefelter
                                                --------------------------------
                                                Gary V. Klinefelter Clerk*

                 of Boston Trailer Manufacturing Company, Inc.
            -----------------------------------------------------------
                       (name of constituent corporation)

                                                /s/ John A. Lorentz
                                                --------------------------------
                                                John A. Lorentz President*

                                                /s/ Gary V. Klinefelter
                                                --------------------------------
                                                Gary V. Klinefelter Clerk*

                      of U-Haul Co. of Massachusetts, Inc.
            -------------------------------------------------------
                       (name of constituent corporation)

*Delete the inapplicable words.

<PAGE>


                        THE COMMONWEALTH OF MASSACHUSETTS

                        ARTICLES OF CONSOLIDATION/ MERGER
                    (General Laws, Chapter l56B, Section 78)

         I hereby approve the within articles of consolidation/merger and, the
filing fee in the amount of $ [ILLEGIBLE] having been paid, said articles are
deemed to have been filed with me this [ILLEGIBLE] day of [ILLEGIBLE], 1991.

                                                /s/ Michael Joseph Connolly
                                                --------------------------------
                                                MICHAEL JOSEPH CONNOLLY
                                                    Secretary of State

                         TO BE FILLED IN BY CORPORATION
                   Photo Copy of Articles of Merger To Be Sent

              TO:
                     U-Haul International, Inc.
                     2721 N. Central Avenue
                     Phoenix, Arizona 85004
                     ATTENTION: Legal Department, Blanche I. Passolt
                     Telephone: (602) 263-6645

                                                                     Copy Mailed
<PAGE>

                    THE COMMONWEALTH OF MASSACHUSETTS
                                                          FEDERAL
                         MICHAEL JOSEPH CONNOLLY          IDENTIFICATION
                           Secretary of State             NO. [ILLEGIBLE]
                           ONE ASHBURTON PLACE            FEDERAL IDENTIFICATION
                           BOSTON, MASS. 02108            NO. [ILLEGIBLE]

                       ARTICLES OF CONSOLIDATION* MERGER*
                PURSUANT TO GENERAL LAWS, CHAPTER 156B, SECTION 78

The fee for filing this certificate is prescribed by General Laws, Chapter 156B.
                                  Section 114.
            Make checks payable to the Commonwealth of Massachusetts

                                 *****

CONSOLIDATION* MERGER* OF  [ILLEGIBLE] U-Haul Co. of Western Massachusetts, Inc.

                           [ILLEGIBLE] U-Haul Co. of Massachusetts, Inc.

                                              the constituent corporations

                      into U-Haul Co. of Massachusetts, Inc.

one of the constituent corporations*.

         The undersigned officers of each of the constituent corporations
certify under the penalties of perjury as follows:

         1.       An agreement of merger* has been duly adopted in compliance
with the requirements of subsections (b) and (c) of General Laws, Chapter 156B,
Section 78, and will be kept as provided by subsection (d) thereof. The
resulting* surviving* corporation will furnish a copy of said agreement to any
of its stockholders, or to any person who was a stockholder of any constituent
corporation, upon written request and without charge.

         2.       The effective date of the merger* determined pursuant to the
agreement referred to in paragraph I shall be

                                 the filing date

         3.       (For a merger)

**       The following amendments to the articles of organization of the
         SURVIVING corporation have been affected pursuant to the agreement of
         merger referred to in paragraph I:

                                      None

*Delete the inapplicable words.

**If there are no provisions state "NONE."

NOTE: If the space provided under article 3 is insufficient, additions shall be
      set forth on separate 8 1/2 x 11 inch sheets of paper leaving a left hand
      margin of at least 1 inch for binding. Additions to more than one article
      may be continued on a single sheet so long as each article requiring each
      such addition is clearly indicated.

<PAGE>

         (For a consolidation)

         (a)      The purposes of the RESULTING corporation are as follows:

         (b)      The total number of shares and the par value, if any, of each
class of stock which the resulting corporation is authorized is as follows:

<TABLE>
<CAPTION>
                  WITHOUT PAR VALUE                WITH PAR VALUE
                  -----------------    --------------------------------------
                                                           PAR
CLASS OF STOCK    NUMBER OF SHARES     NUMBER OF SHARES    VALUE      AMOUNT
- --------------    -----------------    ----------------    -----   ------------
<S>               <C>                  <C>                 <C>     <C>
  Preferred                                                        $
    Common                                  5,000          $10.    $  50,000.00
</TABLE>

         **(c)    If more than one class is authorized, a description of each of
the different classes of stock with, if any, the preferences, voting powers,
qualifications, special or relative rights or privileges as to each class
thereof and any series now established.

                           None

         **(d)    Other lawful provisions, if any, for the conduct and
regulation of the business and affairs of the corporation, for its voluntary
dissolution, for restrictions upon the transfer of shares of stock of any class,
or for limiting, defining, or regulating the powers of the corporation, or of
its directors or stockholders, or of any class of stockholders:

                           None

*Delete the inapplicable words.

**If there are no provisions state "NONE."

NOTE: If the space provided under article 3 is insufficient, additions shall be
      set forth on separate 8 1/2 x 11 inch sheets of paper, leaving left hand
      margin of at least 1 inch for binding. Additions to more than one article
      may be continued on a single sheet to long as each article requiring each
      such addition is clearly indicated.

<PAGE>

         4.       The following information shall not for any purpose be treated
as a permanent part of the articles of organization of the surviving*
corporation.

         (a)      The post office address of the initial principal office of the
resulting* surviving* corporation in Massachusetts is

                                        C. T. Corporation System
                                        2 Oliver Street, Boston, MA 02109

         (b)      The name, residence and post office address of each of the
initial directors and President. Treasurer and Clerk of the resulting*
surviving* corporation is a follows.

<TABLE>
<CAPTION>
            Name                        Residence            Post Office Address
<S>                              <C>                         <C>
President  John A. Lorentz       2049 East [ILLEGIBLE]       DR. TEMPE AZ 85282
Treasurer  Gary V. Klinefelter   1927 EAST WOODMAN           Phoenix   AZ 85004
Clerk      Gary V. Klinefelter                  SAME AS ABOVE
Directors  John A. Lorentz                      SAME AS ABOVE
           Gary V. Klinefelter                  SAME AS ABOVE
           Edward J. Shoen       2727 North Central Ave      Phoenix AZ. 85004
</TABLE>

         (c)      The date initially adopted on which the fiscal year of the
surviving* corporation ends is: March 31

         (d)      The date initially fixed in the by-laws for the Annual Meeting
of stockholders of the surviving* corporation is: Third Monday in June

         The undersigned officers of the several constituent corporations listed
above further state under the penalties of perjury as to their respective
corporations that the agreement of merger* referred to in paragraph I has been
duly executed on behalf of such corporation and duly approved by the
stockholders of such corporation in the manner required by General Laws, Chapter
156B, Section 78.

                                                /s/ John A. Lorentz
                                                --------------------------------
                                                John A. Lorentz President*

                                                /s/  Gary V. Klinefelter
                                                --------------------------------
                                                Gary V. Klinefelter Clerk*

                 of U-Haul Co. of Western Massachusetts, Inc.
               ------------------------------------------------
                       (name of constituent corporation)

                                                /s/ John A. Lorentz
                                                --------------------------------
                                                John A. Lorentz President*

                                                /s/  Gary V. Klinefelter
                                                --------------------------------
                                                Gary V. Klinefelter Clerk*

                      of U-Haul Co. of Massachusetts, Inc.
                    ----------------------------------------
                       (name of constituent corporation)

 *Delete the inapplicable words

<PAGE>


                        THE COMMONWEALTH OF MASSACHUSETTS

                        ARTICLES OF CONSOLIDATION/ MERGER
                    (General Laws Chapter 156B, Section 78)

         I hereby Approve the within articles of consolidation merger and, the
filing fee in the amount of $250 [ILLEGIBLE] paid, said articles are deemed to
have been fixed with me this 7th day of May 1991.

Effective Date

                                                /s/ Michael Joseph Connolly
                                                --------------------------------
                                                    MICHAEL JOSEPH CONNOLLY
                                                      Secretary of State

                         TO BE FILLED IN BY CORPORATION
                   Photo Copy of Articles of Merger To Be Sent

               TO:

                    U-Haul International, Inc.
                    2721 N. Central Avenue
                    Phoenix, Arizona 85004
                    Attention: Legal Dept., Blanche Passolt
                    Telephone: (602)263-6645

                                                                     Copy Mailed
<PAGE>

                     FEDERAL IDENTIFICATION             FEDERAL IDENTIFICATION
                     NO. 31-0788504                     NO. 86-066-0629
                     U-Haul Co. of                      U-Haul Co. of
                     Ohio                               Massachusetts

                        THE COMMONWEALTH OF MASSACHUSETTS
                             WILLIAM FRANCIS GALVIN
                          Secretary of the Commonwealth
              One Ashburton Place, Boston, Massachusetts 02108-1512

                       ARTICLES OF [ILLEGIBLE] / *MERGER
                    (General Laws, Chapter 156B, Section 79)

[ILLEGIBLE]/ *merger of                 U-Haul Co. of Ohio, an
                                        Ohio Corporation
                                        and
                                        U-Haul Co. of Massachusetts, Inc.
                                        a Massachusetts Corporation

                                              the constituent corporations, into

                                        U-Haul Co. of Massachusetts, Inc.
                                        a Massachusetts Corporation

[ILLEGIBLE]/ *one of the constituent corporations organized under the laws of
Massachusetts.

The undersigned officers of each of the constituent corporation certify under
the penalties of perjury as follows.

1. An agreement of [ILLEGIBLE]/ *merger has been duly adopted in compliance with
the requirements of General Laws, Chapter 156B, Section 79, and will be kept as
provided by Subsection (c) thereof. The [ILLEGIBLE]/ *surviving corporation will
furnish a copy of said agreement to any of its stockholders, or to any person
who was a stockholder of any constituent corporation, upon written request and
without charge.

2. The effective date of the [ILLEGIBLE]/ *merger determined pursuant to the
agreement of [ILLEGIBLE]*merger shall be the date approved and filed by the
Secretary of the Commonwealth. If a later effective date is desired, specify
such date which shall not be more than thirty days after the date of filing:

3. (FOR A MERGER)

*The following amendments to the Articles of Organization of the surviving
corporation have been effected pursuant to the agreement of merger:

                                      NONE

(FOR A CONSOLIDATION)

(a) The purpose of the resulting corporation is to engage in the following
business activities.

*Delete the inapplicable words.

Note: If the space provided under any article or item on this form is
insufficient, additions shall be set forth on separate 8 1/2 x 11 sheets of
paper with a left margin of at least 1 inch. Additions to more than one article
may be made on a single sheet as long as each article requiring each addition is
clearly indicated.

<PAGE>

(FOR A CONSOLIDATION)

(b) [ILLEGIBLE] the total number of shares and the par value, if any, of each
class of stock which the resulting corporation is authorized to issue:

<TABLE>
<CAPTION>
        WITHOUT PAR VALUE                       WITH PAR VALUE
- ------------------------------      ------------------------------------------
  TYPE        NUMBER OF SHARES       TYPE       NUMBER OF SHARES     PAR VALUE
- ----------    ----------------      ------      ----------------     ---------
<S>           <C>                   <C>         <C>                  <C>
Common:                             Common:          5,000             $10.00

Preferred:                          Preferred:
</TABLE>

**(c) If more than one class of stock is authorized, state a distinguishing
designation for each class and provide a description of the preferences, voting
powers, qualifications, and special or relative rights or privileges of each
class and of each series then established.

                                      NONE

**(d) The restriction, if any, on the transfer of stock contained in the
agreement of consolidation are:

                                      NONE

**(e) Other lawful provisions, if any for the conduct and regulation of the
business and affairs of the corporation, for its voluntary dissolution, or for
limiting, defining, or regulating the powers of the corporation, or of its
directors or stockholders, or of any class of stockholders:

                                      NONE

Item 4 below may be deleted if the [ILLEGIBLE] surviving corporation is
organized under the laws of a state other than Massachusetts.

4. The information contained in Item 4 is not a permanent part of the Articles
of Organization of the [ILLEGIBLE]/ *surviving corporation.

(a) The street address (post office boxes are not acceptable) of the
[ILLEGIBLE]/ *surviving corporation in Massachusetts is:

            151 Linwood Street, Somerville, Massachusetts 02143-2196

[ILLEGIBLE] if there are no [ILLEGIBLE] state "None"

<PAGE>

 (b) The name, residential address and post office address of each director and
officer of the [ILLEGIBLE]/ *surviving corporation is:

<TABLE>
<CAPTION>
                  NAME                      RESIDENTIAL ADDRESS        POST OFFICE ADDRESS
<S>               <C>                       <C>                        <C>
President:        Gary G. Larivee           25 Stark Road
                                            Derry, NH 03038
Treasurer:        Donald Wm. Murney         2721 N. Central Ave.
                                            Phoenix, Arizona 85012

Clerk:            Gary V. Klinefelter       2721 N. Central Ave.
                                            Phoenix, Arizona 85012
Directors:
                  Edward J. Shoen           2721 N. Central Avenue
                                            Phoenix, Arizona 85012
                  Robert J. Bolton          91 Cook Hill Road
                                            Danielson, CT 06239
                  Gary G. Larivee           25 Stark Road
                                            Derry, NH 03038
</TABLE>

(c) The fiscal year end (i.e. tax year) of the [ILLEGIBLE]/ *surviving
corporation shall end on the last day of the month of and the annual meeting is
on the 3rd Monday in June.              MARCH

(d) The name and business address of the resident agent, if any, of the
[ILLEGIBLE]/ * surviving corporation is:

     CT Corporation System, 101 federal Street, Boston, MA 02109

Item 5 below may be deleted if the surviving corporation is organized under the
laws of Massachusetts.

5. The *resulting [ILLEGIBLE]/ *surviving corporation hereby agrees that it may
be sued in the Commonwealth of Massachusetts for any prior obligation of any
constituent Massachusetts corporation any prior obligation of any constituent
foreign corporation qualified under General Laws, Chapter 181, and any
obligations hereafter incurred by the *resulting / *surviving corporation,
including the obligation created by General Laws, Chapter 156B, Section 85, so
long as any liability remains outstanding against the corporation in the
Commonwealth of Massachusetts, and it hereby irrevocably appoints the Secretary
of the Commonwealth as its agent to accept service of process in any action for
the enforcement of any such obligation, including taxes, in the same manner as
provided in Chapter 181.

FOR MASSACHUSETTS CORPORATIONS

The undersigned *President / [ILLEGIBLE] and *Clerk / [ILLEGIBLE] * of U-Haul
Co. of Massachusetts, Inc. a corporation organized under the laws of
Massachusetts, further state under the penalties of perjury that the agreement
of *consolidation / *merger has been duly executed on behalf of such corporation
and duly approved in the manner required by General Laws, Chapter 156B, Section
78.

/s/ Gary G. Larivee              , *President [ILLEGIBLE]
- ----------------------------------
Gary G. Larivee

/s/ Gary V. Klinefelter       , *Clerk [ILLEGIBLE]
- --------------------------------
Gary V. Klinefelter

FOR CORPORATIONS ORGANIZED IN A STATE OTHER THAN MASSACHUSETTS

The undersigned, + Dean M. Haske, President and ++ Gary V. Klinefelter,
Secretary of U-Haul Co. Ohio, a corporation organized under the laws of Ohio,
further state under the penalties of perjury that the agreement of [ILLEGIBLE]
*merger has been duly adopted by such corporation in the manner required by the
laws of Ohio.

 + /s/ Dean M. Haske
   -----------------------------
   Dean M. Haske

++ /s/ Gary V. Klinefelter
   -----------------------------
   Gary V. Klinefelter

*Delete the inapplicable words.

+Specify the officer having powers and duties corresponding to those of the
president or vice president of a Massachusetts corporation organized under
General Laws Chapter 156B.

++Specify the officer having powers and duties corresponding in the clerk or
assistant clerk of such a Massachusetts corporation.

<PAGE>

                        THE COMMONWEALTH OF MASSACHUSETTS

                        ARTICLES OF [ILLEGIBLE]/ *MERGER
                    (General Laws, Chapter 156B, Section 79)

                  =============================================

I hereby approve the within Articles of [ILLEGIBLE]/ *Merger and, the filing fee
in the amount of $ 250 having been paid, said articles are deemed to have been
filed with me this 18th day of December, 2000.

Effective date _______________________

                                   [ILLEGIBLE]

                             WILLIAM FRANCIS GLAVIN
                          Secretary of the Commonwealth

                         TO BE FILLED IN BY CORPORATION
                      PHOTOCOPY OF DOCUMENT TO BE SENT TO:

                           U-Haul International, Inc.
                              Nancy K. Ventre, CLA
                        2721 N. Central Avenue, 11-South
                                Phoenix, AZ 85012
                             Telephone: 602-263-6195

<PAGE>

                                                         FEDERAL IDENTIFICATION
                                                          NO. 86-0660629

                        THE COMMONWEALTH OF MASSACHUSETTS
                             WILLIAM FRANCIS GALVIN
                          Secretary of the Commonwealth
              One Ashburton Place, Boston, Massachusetts 02108-1512

                              ARTICLES OF AMENDMENT
                     (General Laws, Chapter 156B, Setion 72)

We, Ronald J. Howell, *President/

and Gary V. Klinefelter, *Clerk/

of U-Haul Co. of Massachusetts, Inc.
   ---------------------------------
      (Exact name of corporation)

located at                     151 Linwood Street,
           ---------------------------------------------------------------------
                (Street address of corporation in Massachusetts)

certify that these Articles of Amendment affecting articles numbered:

                                        1
- --------------------------------------------------------------------------------
          (Number those articles 1, 2, 3, 4, 5 and/or 6 being amended)

of the Articles of Organization were duly adopted at a meeting held on July 8,
2002, by vote of:

500 shares of             common stock         of 500 shares outstanding,
             ----------------------------------
               (type, class & series, if any)

____shares of ________________________________ of ______ shares outstanding, and
               (type, class & series, if any)

____shares of _______________________________ of _______ shares outstanding.
              (type, class & series, if any)

(1)**being at least a majority of each type, class or series outstanding and
entitled to vote thereon:

*Delete the inapplicable words.

                                   **Delete the inapplicable clause.

(1) For amendments adopted pursuant to Chapter 156B, Section 70.

(2) For amendments adopted pursuant to Chapter 156B, Section 71.

Note: If the space provided under any article or item on this form is
insufficient, additions shall be set forth on one side only separate 8 1/2 x 11
sheets of paper with a left margin of at least 1 inch. Additions to more than
one article may be made on a single sheet as long as each article requiring each
addition is clearly indicated.

<PAGE>

Article I of the Articles of Incorporation are hereby amended to read as
follows:

        U-Haul Co. of Massachusetts and Ohio, Inc.

The foregoing amendments(s) will become effective when these Articles of
Amendment are filed in accordance with General Laws, Chapter 156B, Section 6
unless these articles specify, in accordance with the vote adopting the
amendment, a later effective date not more than   thirty days after such filing,
in which event the amendment will become effective on such later date.

Later effective date: ___________________.

SIGNED UNDER THE PENALTIES OF PERJURY this 15 day of July, 2002,

/s/ Ronald J. Howell             , *President /
- --------------------------------
Ronald J. Howell, President

/s/ Gary V. Klinefelter          , *Clerk /
- --------------------------------
Gary V. Klinefelter Secretary

*Delete the inapplicable words.

<PAGE>

                        THE COMMONWEALTH OF MASSACHUSETTS

                             ARTICLES OF AMENDMENT
                    (GENERAL LAWS, CHAPTER 156B, SECTION 72)

I hereby approve the within Articles of Amendment and, the filing fee in the
amount of $ 10000 having been paid, said articles are deemed to have been filed
with me this 29th day of July 2002.

Effective date: ____________________________

                                   [ILLEGIBLE]

                             WILLIAM FRANCIS GALVIN
                         Secretary of the Commonwealth

                         TO BE FILLED IN BY CORPORATION
                       PHOTOCOPY OF DOCUMENT TO BE SET TO:
                           U-Hual International, Inc.
                            Attn: Nancy Ventre, Legal
                              2727 N. Central Ave.
                                Phoenix, AZ 85004
                            Telephone: (602) 263-6195

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.98
<SEQUENCE>97
<FILENAME>p68936exv3w98.txt
<DESCRIPTION>EXHIBIT 3.98
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.98

                                   BY-LAWS OF

                      AMERCO MARKETING CO. OF BOSTON. INC.

                           A Massachusetts Corporation

                                    ARTICLE I

                                                         DATE: February 17, 1971

SECTION 1. Offices:

The principal office of the corporation in the state of Massachusetts shall be
located in the city of Bellingham. The corporation may have such other offices
either within or without the state of Massachusetts as the Board of Directors
may designate or as the business of the corporation may require from time to
time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Monday is March of each year, at the office of the corporation in the
state of Massachusetts or otherwise as provided in the notice of said meeting.
The purpose of said annual meeting shall be for the election of directors and
for the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purpose for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall
be deemed to be delivered when deposited in the United States mail addressed to
the shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either
before, at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                       -1-

<PAGE>

may be held within or without the state of Massachusetts. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fast. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without for the notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall set as inspectors of elections and determine the validity of the proxies
and press upon the qualification of all persons offering to vote at each meeting
and count the ballots. The election shall be by secret ballot, or in case there
is only one nomination for a certain office, the election may be by
acclamation. Such shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present
                  then to the tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                       -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders
at their annual meeting. The holders of the majority of the outstanding shares
of stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less then a
quorum, shall by vote of a majority of their number elect a successor to
hold office for the unexpired portion of the term of the Director whose place
shall be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be hold within or without the state of Massachusetts.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof . Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation ,
or said special meeting may be called without notice by unanimous written
consent of all the members by the presence of all the members of said board
at any such meeting. The special meetings of the Board of Directors may be held
within or without the state of Massachusetts.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                       -3-

<PAGE>

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of Communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                              TOWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any
                  and all real or personal property including franchises,
                  stocks, bonds and debentures of other companies, business and
                  good will, patents, trade-marks in contracts, and interests
                  there under, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve
                  funds or as working capital of this corporations.

         3.       To issue notes and other obligations or evidences of the
                  debt of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds,
                  stocks, and other obligations of other corporations with or
                  without compensation for no doing, and from time to time to
                  sell, assign, transfer

                                       -4-

<PAGE>

                  or otherwise dispose of any of the property of this
                  corporation, subject, however, to the laws of the State of
                  Massachusetts, governing the disposition of the entire assets
                  and business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after
                  deducting therefrom the amounts, at the time when any
                  dividend is declared which shall have been set aside by the
                  Directors as a reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Massachusetts statutes regulating the
appointment of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual elections of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, what all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages,
and all other obligations in the name of the corporation, and with

                                       -5-
<PAGE>

the secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements
of its funds. He shall give such bond for the faithful performance of his duties
as the Board of Directors may determine, The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                      -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Massachusetts, the number and par value, if any, of each share
represented by it, the name of the person owning the shares represented thereby,
with the number of each share and the date of issue, and the stock thereby
represented is transferable only upon the books of the corporation and upon the
signer of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the number of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation may be made by surrender of the certificate issued
therefor, and the written assignment thereof by the owner or his duly authorized
Attorney in Fact. Upon such surrender and assignment, a new certificate shall be
issued to the assignee as he may be entitled, but without such surrender and
assignment no transfer of stock shall be recognized by the corporation. The
Board of Directors shall have the power concerning the issue, transfer and
registration of certificate for agents and registrars of transfer, and may
require all stock certificates to bear signatures of either or both. The stock
transfer books shall be closed ten days before each meeting of the shareholders
and during such period no stock Shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorata to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                      -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The by-laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of AMERCO MARKETING CO. OF BOSTON, INC., are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing by-laws are duly adopted
by the Board of directors and that the same do now constitute the By-Laws of
this corporation.

                                                  __________________________
                                                  President - Paul E. Carney

ATTEST:

_________________________
Secretary - Vince Kudirka

         (CORPORATE SEAL)

                                      -8-
<PAGE>

                   U-HAUL CO. OF MASSACHUSETTS AND OHIO, INC.,
                           A MASSACHUSETTS CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Massachusetts
and Ohio, Inc., a Massachusetts corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article EX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                        SHAREHOLDER:

                                        U-Haul International, Inc., a Nevada
                                        Corporation

                                        By: /s/ Gary V. Klinefelter
                                            -----------------------
                                        Name: Gary V. Klinefelter
                                        Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.99
<SEQUENCE>98
<FILENAME>p68936exv3w99.txt
<DESCRIPTION>EXHIBIT 3.99
<TEXT>
<PAGE>

                                                                    EXHIBIT 3.99

                        [UNITED STATES OF AMERICA LOGO]
             MICHIGAN DEPARTMENT OF CONSUMER AND INDUSTRY SERVICES

                               LANSING, MICHIGAN

This is to Certify that the annexed copy has been compared by me with the record
on file in this Department and that the same is a true copy thereof.

This certificate is in due form, made by me as the proper officer, and is
entitled to have full faith and credit given it in every court and office within
the United States.

                                  In testimony whereof, I have hereunto set my
                                  hand, in the City of Lansing, this 5th day
                                  of August, 2003

                                                      /s/ [ILLEGIBLE], Director

                                                   Bureau of Commercial Services

GOLD SEAL APPEARS ONLY ON ORIGINAL
<PAGE>

      MICHIGAN DEPARTMENT OF COMMERCE -- CORPORATION AND SECURITIES BUREAU

(FOR BUREAU USE ONLY)                                     Date Received
                                                           MAY 03 1990
EFFECTIVE DATE:

         CORPORATION IDENTIFICATION NUMBER 399 - 060

                            ARTICLES OF INCORPORATION

                     FOR USE BY DOMESTIC PROFIT CORPORATIONS

   (Please read instructions and Paperwork Reduction Act notice on last page)

         Pursuant to the provisions of Act 284, Public Acts of 1972, as amended,
the undersigned corporation executes the following articles:

ARTICLE 1

The name of the corporation is:

                           NEW-CO. OF WESTERN MICHIGAN

ARTICLE II

The purpose or purposes for which the corporation is organized is to engage in
any activity within the purposes for which corporations may be organized under
the Business Corporation Act of Michigan.

The nature of the business & the objects & purposes to be transacted, promoted,
or carried on by the corporation are to rent & lease to the general public
trailers, semi-trailers, trucks, passenger automobiles & other equipment, tools
machinery, vehicles & property of any & every description, to purchase or
otherwise acquire & operate any facilities useful for the conduct of the
business enterprises of this corporation; and to do or carry out all acts or
activities & exercise all lawful corporate powers necessary or proper to
accomplish the foregoing purposes.

ARTICLE III

The total authorized capital stock is:

1.       Common Shares 2,500 Par Value Per Share $10.00

         Preferred Shares ___________ Par Value Per Share $________

and/or shares without par value as follows:

2.       Common Shares _____________ Stated Value Per Share $________

         Preferred Shares ___________Stated Value Per Share $_______

3.       A statement of all or any of the relative rights, preferences and
         limitations of the shares of each class is as follows:

GOLD SEAL APPEARS ONLY ON ORIGINAL

<PAGE>

ARTICLE IV

1.       The address of the registered office is:

     615 Griswold Street,         Detroit,                  Michigan    48226
- ---------------------------------------------------------,           -----------
   (Street Address)                            (City)                [ILLEGIBLE]

2.       The mailing address of the registered office if different than above:

                                                            Michigan
- ---------------------------------------------------------,           -----------
   [ILLEGIBLE]                          (City)                       [ILLEGIBLE]

3.       The name of the resident agent at the registered office is: The
         Corporation Company

ARTICLE V

The name(s) and address(es) of the incorporator(s) is (are) as follows:

<TABLE>
<CAPTION>
NAME                                 Residence or Business Address
<S>                                 <C>
MR. John A. Lorentz                 2721 N. Central Avenue, Phoenix, Az. 85004
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
</TABLE>

ARTICLE VI (OPTIONAL. DELETE IF NOT APPLICABLE)

When a compromise or arrangement or a plan of reorganization of this corporation
is proposed between this corporation and its creditors or any class of them or
between this corporation and its shareholders or any class of them, a court of
equity jurisdiction within the state, on application of this corporation or of a
creditor or shareholder thereof, or on application of a receiver appointed for
the corporation, may order a meeting of the creditors or class of creditors or
of the shareholders or class of shareholders to be affected by the proposed
compromise or arrangement or reorganization, to be summoned in such manner as
the court directs. If a majority in number representing 3/4 in value of the
creditors or class of creditors, or of the shareholders or class of shareholders
to be affected by the proposed compromise or arrangement or a reorganization,
agree to a compromise or arrangement or a reorganization of this corporation as
a consequence of the compromise or arrangement the compromise or arrangement and
the reorganization, if sanctioned by the court to which the application has been
made, shall be binding on all the creditors or class of creditors, or on all the
shareholders or class of shareholders and also on this corporation.

ARTICLE VII  (OPTIONAL DELETE IF NOT APPLICABLE)

Any action required or permitted by the act to be taken at an annual or special
meeting of shareholders may be taken without a meeting, without prior notice and
without a vote, if a consent in writing, setting forth the action so taken, is
signed by the holders of outstanding stock having not less than the minimum
number of votes that would be necessary to authorize or take the action at a
meeting at which all shares entitled to vote thereon were present and voted.

Prompt notice of the taking of the corporate action without a meeting by less
than unanimous written consent shall be given to shareholders who have not
consented in writing.

GOLD SEAL APPEARS ONLY ON ORIGINAL
<PAGE>

Use space below for additional Articles or for continuation of previous
Articles. Please identify any Article being continued or added. Attach
additional pages if needed.

[ILLEGIBLE] the incorporator sign my [ILLEGIBLE] name this 25th day of April,
1990.

/s/ John A. Lorentz
- ---------------------------------------      -----------------------------------
 John A. Lorentz, Incorporator
- ---------------------------------------      -----------------------------------

- ---------------------------------------      -----------------------------------

- ---------------------------------------      -----------------------------------

GOLD SEAL APPEARS ONLY ON ORIGINAL
<PAGE>

DOCUMENT WILL BE RETURNED TO NAME AND MAILING       Name of person or
ADDRESS INDICATED IN THE BOX BELOW. Include         Organization
name, street and number (or P.O. box), city,        remitting less:
state and ZIP code.
                                                    Blanche I. Passolt

                                                    (602) 263-6645
U-Haul International, Inc.                          Prepare's  name and business
2727 N.  Central Avenue, POB 21502                  telephone number:
Phoenix,  Arizona 85031                             Blanche I.  Passolt

Attention: Legal Department                         (602) 263-6645
           Blanche I.  Passolt

                          INFORMATION AND INSTRUCTIONS

1.       This form is issued under the authority of Act 284, P.A. of 1972, as
         amended. The articles of incorporation cannot be filed until this form,
         or a comparable document, is submitted.

2.       Submit one original copy of this document. Upon filing, a microfilm
         copy will be prepared for the records of the Corporation and Securities
         Bureau. The original copy will be returned to the address appearing in
         the box above as evidence of filing.

         Since this document must be microfilmed, it is important that the
         filing be legible. Documents with poor black and white contrast, or
         otherwise illegible, will be rejected.

3.       This document is to be used pursuant to the provisions of Act 284, P.A.
         of 1972, by one or more persons for the purpose of forming a domestic
         profit corporation.

4.       Article I -- The corporate name of a domestic profit corporation is
         required to contain one of the following words or abbreviations:
         "Corporation", "Company", "Incorporated", "Limited", "Corp.", "Co.",
         "Inc.", or "Ltd.".

5.       Article II -- State, in general terms, the character of the particular
         business to be carried on. Under section 202(b) of the Act. it is
         sufficient to state substantially, alone or without specifically
         enumerated purposes, that the corporation may engage in any activity
         within the purposes for which corporations may be organized under the
         Act. The Act requires, however, that educational corporations state
         their specific purposes.

6.       Article III (2) -- The Act requires the incorporators of a domestic
         corporation having shares without par value to submit in writing the
         amount of consideration proposed to be received for each share which
         shall be allocated to stated capital. Such stated value may be
         indicated either in item 2 of article III or in a written statement
         accompanying the articles of incorporation.

7.       Article IV -- A post office box may not be designated as the address of
         the registered office. The mailing address may differ from the address
         of the registered office only if a post office box address in the same
         city as the registered office is designated as the mailing address.

8.       Article V -- The Act requires one or more incorporators. The
         address(es) should include a street number and name (or other
         designation), city and state.

9.       The duration of the corporation should be stated in the articles only
         if the duration is not perpetual.

10.      This document is effective on the date approved and filed by the
         Bureau. A later effective date, no more than 90 days after the date of
         delivery, may be stated as an additional article.

11.      The articles must be signed in ink by each incorporator. The names of
         the incorporators as set out in article V should correspond with the
         signatures.

<TABLE>
<S>      <C>                                                                                 <C>
12.      FEES: Filing fee.................................................................   $10.00
               Franchise fee -- 1/2 mill (.0005) on each dollar of authorized
               capital stock, with a minimum franchise fee of ............................   $25.00
               Total minimum fees (Make remittance payable to State of Michigan)..........   $35.00
</TABLE>

13.      Mail form and fee to:

                  Michigan Department of Commerce, Corporation and Securities
                  Bureau, Corporation Division, P.O. Box 30054, Lansing. MI
                  48909. Telephone: (517) 373-0493

GOLD SEAL APPEARS ONLY ON ORIGINAL
<PAGE>

                       (For Use by Domestic Corporations)
                            CERTIFICATE OF AMENDMENT
                        TO THE ARTICLES OF INCORPORATION
                          By all of the Incorporators

                                  [ILLEGIBLE]

MICHIGAN DEPARTMENT OF COMMERCE -- CORPORATION AND SECURITIES BUREAU

       Date Received

       OCT 15, 1990

                           CORPORATION NUMBER 399-060

         THE UNDERSIGNED INCORPORATOR(S). For the purpose of amending the
original Articles of Incorporation, does (do) hereby execute the following
Certificate of Amendment, pursuant to the provisions of Sections 611 (1) and 631
(1) of Act 284, Public Acts of 1972, as amended.

1.       The name of the corporation is NEW CO. OF WESTERN MICHIGAN

         The location of the registered office is

     615 Griswold Street          Detroit                      48226
    --------------------      ---------------               -------------
      (No. and Street)        (Town or City)     Michigan    (Zip Code)

2.       Article I of the Articles of Incorporation is hereby amended to read as
         follows:

         (Any article being amended is required to be set forth in its
         entirety.)

                                    ARTICLE I

                  The name of the corporatiaon shall be:

                  U-HAUL CO. OF WESTERN MICHIGAN.

3.       The foregoing amendment was adopted by the unanimous consent of the
         incorporator(s) before the first meeting of the board of directors.

4.       Signed this 11th day of October 1990.

5.       Signatures of (ALL OF) the incorporator(s):

/s/ John A. Lorentz
- ---------------------------------------      -----------------------------------
 John A. Lorentz, Incorporator
- ---------------------------------------      -----------------------------------

- ---------------------------------------      -----------------------------------

- ---------------------------------------      -----------------------------------

                                              (See Instructions on Reverse Side)

GOLD SEAL APPEARS ONLY ON ORIGINAL
<PAGE>

MAIL RETURNED COPY TO:
        (PIN IN NAME AND ADDRESS HERE)
                                                         Telephone:
       U-Haul International, Inc.                            Area Code (602)
       2721 N. Central Avenue                                Number 273-6645
       Phoenix, Arizona 85004

       Attn: Legal Dept., Blanche I. Passolt

                          INFORMATION AND INSTRUCTIONS

                Certificate of Amendment -- Domestic Corporations

1.       Submit one original copy of the Certificate of Amendment. Upon the
         filing, a microfilm copy will be prepared for the records in the
         Corporation and Securities Bureau. The original copy of the document
         will be returned us evidence of the filing. Please complete the box
         above to refelect the name, street and number (or P.O. Box), city,
         state and zip code to which the copy is to be returned.

         Since the corporate documents are microfilmed for the Bureau's files,
         it is imperative that the document submitted for filing be legible so
         that a usable microfilm can be obtained. Corporate documents with poor
         black and white contrast, whether due to the use of a worn typewriter
         ribbon or due to a poor quality of reproduction, will be rejected.

2.       This form may be used by both profit and non-profit corporations.

3.       An effective date, not later than 90 days subsequent to the date of
         filing, may be stated in the Certificate of Amendment.

4.       The Certificate of Amendment is required to be signed in ink by all of
         the incorporators. Please type name under each signature.

5.       FEES: Filling Fee.............................................. $10.00
               Franchise Fee (payable only in case of increase in authorized
               capital stock) -- 1/2 mill (.0005) on each dollar of increase
               over highest previous authorized capital stock ...

6.       Mail form and fee to:

               Michigan Department of Commerce
               Corporation and Securities Bureau
               Corporation Division
               P.O. Box 30054
               Lansing. Michigan 48909
               (Tel. 517-373-0493)

GOLD SEAL APPEARS ONLY ON ORIGINAL
<PAGE>

                       (For Use by Domestic Corporations)
                            CERTIFICATE OF AMENDMENT
                        TO THE ARTICLES OF INCORPORATION
                          By all of the Incorporators

                            [ILLEGIBLE]

MICHIGAN DEPARTMENT OF COMMERCE -- CORPORATION AND SECURITIES BUREAU

       Date Received

       DEC 26 1990

                           CORPORATION NUMBER 399-060

         THE UNDERSIGNED INCORPORATOR(S). for the purpose of amending the
original Articles of Incorporation, does (do) hereby execute the following
Certificate of Amendment, pursuant to the provisions of Sections 611 (1) and 631
(1) of act 284, Public Acts of 1972, as amended.

1.       The name of the corporation is U-Haul Co. of Western Michigan
         The location of the registered office is

     615 Griswold Street          Detroit                      48226
    --------------------      ---------------   Michigan   --------------
      (No. and Street)         (Town or City)                (Zip Code)

2.       Article I of the Articles of Incorporation is hereby amended to read as
         follows:

         (Any article being amended is required to be set forth in its
         entirety.)

                                    ARTICLE I

         The name of the corporation is: U-HAUL CO. OF MICHIGAN.

3.       The foregoing amendment was adopted by the unanimous consent of the
         incorporator before the first meeting of the board of directors.

4.       Signed this 19th day of December, 1990

5.       Signatures of (ALL OF) the incorporator(s):

/s/ John A. Lorentz
- ---------------------------------------      -----------------------------------
 John A. Lorentz, Incorporator
- ---------------------------------------      -----------------------------------

- ---------------------------------------      -----------------------------------

- ---------------------------------------      -----------------------------------

                                              (See Instructions on Reverse Side)

GOLD SEAL APPEARS ONLY ON ORIGINAL
<PAGE>

MAIL RETURNED COPY TO:
        (PIN IN NAME AND ADDRESS HERE)
                                                         Telephone:
       U-Haul International, Inc.                            Area Code (602)
       2721 N. Central Avenue                                Number 273-6645
       Phoenix, Arizona 85004

       Attention: Blanche Passolt, Legal Dept.

                          INFORMATION AND INSTRUCTIONS

                Certificate of Amendment -- Domestic Corporations

1.       Submit one original copy of the Certificate of Amendment. Upon the
         filing, a microfilm copy will be prepared for the records in the
         Corporation and Securities Bureau. The original copy of the document
         will be returned as evidence of the filing. Please complete the box
         above to reflect the name, street and number (or P.O. Box), city, state
         and zip code to which the copy is to be returned.

         Since the corporate documents are microfilmed for the Bureau's files,
         it is imperative that the document submitted for filing be legible so
         that a usable microfilm can be obtained. Corporate documents with poor
         black and white contrast, whether due to the use of a worn typewriter
         ribbon or due to a poor quality of reproduction, will be rejected.

2.       This form may be used by both profit and non-profit corporations.

3.       An effective date, not later than 90 days subsequent to the date of
         filing, may be stated in the Certificate of Amendment.

4.       The Certificate of Amendment is required to be signed in ink by all of
         the incorporators. Please type name under each signature.

5.       FEES: Filing Fee.................................................$10.00
               Franchise Fee (payable only in case of increase in authorized
               capital stock) -- 1/2 mill (.0005) on each dollar of increase
               over highest previous authorized capital stock...

6.       Mail form and fee to:

               Michigan Department of Commerce
               Corporation and Securities Bureau
               Corporation Division
               P.O. Box 30054
               Lansing, Michigan 48909
               (Tel. 517-373-0493)

GOLD SEAL APPEARS ONLY ON ORIGINAL
<PAGE>

                      PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 5th day of April,
1991, entered into/by U-Haul Co. of Michigan, the surviving corporation and Novi
Mfg. Co., and U-Haul Co. of Detroit, the absorbed Corporations, all Michigan
corporations and together referred to as the Constituent Corporations hereby
witnesseth that:

         The respective Boards of Directors and the sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Michigan which laws permit such mergers.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is John A.
Lorentz, 2721 N. Central Avenue, Phoenix, Arizona 85004.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Absorbed Corporation shall be cancelled.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Surviving
                           Corporation.

GOLD SEAL APPEARS ONLY ON ORIGINAL
<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                                NUMBER OF
                              NUMBER OF           SHARES          NUMBER           NUMBER
    COMPANY                    SHARES          ENTITLED TO        VOTED            VOTED
     NAME                   OUTSTANDING           VOTE             FOR            AGAINST
- ----------------------------------------------------------------------------------------------
<S>                         <C>                <C>                <C>             <C>
U-HAUL CO. OF
MICHIGAN                       500                500              500              -0-

NOVI MFG. CO.                  500                500              500              -0-

U-HAUL CO. OF
DETROIT                        500                500              500              -0-
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the States of Michigan, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Michigan.

                                       VI

         The surviving Corporation hereby irrevocable appoints The Corporation
Company, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

GOLD SEAL APPEARS ONLY ON ORIGINAL
<PAGE>

                                      VIII

         The effective date of the merger shall be January 1, 1991, for
accounting purposes only.

                      Surviving Corporation:  U-HAUL CO. MICHIGAN
                                              A Michigan Corporation

                             By: /s/ John A. Lorentz
                                 -----------------------------------------------
                                 John A. Lorentz, President

Verified

By: /s/ Gary V. Klinefelter
    --------------------------------------
    Gary V. Klinefelter, Secretary

                      Absorbed corporation:   NOVI MFG. CO.
                                              A Michigan Corporation

                             By: /s/ John A. Lorentz
                                 -----------------------------------------------
                                 John A. Lorentz, President

Verified

By: /s/ Gary V. Klinefelter
    --------------------------------------
    Gary V. Klinefelter, Secretary

                      Absorbed Corporation:    U-HAUL CO. OF DETROIT
                                               A Michigan Corporation

                             By: /s/ John A. Lorentz
                                 -----------------------------------------------
                                 John A. Lorentz, President

Verified

By: /s/ Gary V. Klinefelter
    --------------------------------------
    Gary V. Klinefelter, Secretary

GOLD SEAL APPEARS ONLY ON ORIGINAL
<PAGE>

STATE OF ARIZONA

COUNTY OP MARICOPA

         On this 1st day of April, 1991, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the President of
U-Haul Co. of Michigan, a Michigan Corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                                   /s/ Blanche I. Passolt
                                                  ------------------------------
                                                          NOTARY PUBLIC

(NOTARY SEAL)

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 1st day of April, 1991 before me, the undersigned Notary
Public, personally appeared John A. Lorentz known to me to be the President of
Novi Mfg. Co., and U-Haul Co. of Detroit, both Michigan Corporations, that he is
the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                                   /s/ Blanche I. Passolt
                                                  ------------------------------
                                                          NOTARY PUBLIC

(NOTARY SEAL)

GOLD SEAL APPEARS ONLY ON ORIGINAL
<PAGE>

DOCUMENT WILL BE RETURNED TO NAME AND MAILING ADDRESS INDICATED IN THE BOX
BELOW. Include name, street and number (or P.O. box), city, state and ZIP code.

               Blanche I. Passolt
               U-Haul International
               P.O. Box 21502
               Phoenix, AZ 85036-1502

GOLD SEAL APPEARS ONLY ON ORIGINAL

<PAGE>

[CT SYSTEM LOGO]

CT SYSTEM

May 5, 1993

C T CORPORATION SYSTEM     Thomas Pierson, Deputy Director
1633 Broadway              Michigan Department of Commerce
New York, NY 10019         Corporation & Security Bureau
2122465070                 6546 Mercantile Way
                           Lansing, Michigan 48909

                           RE: CHANGE OF REGISTERED OFFICE ADDRESS

                           Dear Mr. Pierson,

                           This letter is to certify that The Corporation
                           Company has changed its address from: 615 Griswold
                           Street, Detroit, Michigan 48226 to: 30600 Telegraph
                           Road, Bingham Farms, Michigan 48025. We will notify
                           all active corporations for which The Corporation
                           Company is the resident agent of this change of
                           address.

                           Enclosed is our check for $52,000.00 to cover the
                           filing fee for the 10,294 active profit and
                           non-profit corporations for which your records
                           indicate The Corporation Company is agent. This
                           payment will include the fee for providing us with an
                           alphabetical listing of the names of all the
                           corporations for which the registered office has been
                           changed. Also included in this payment is the fee for
                           a clean-up list which we will request within 30 days
                           of the filing.

                           Please confirm in writing the date that this change
                           was effectuated on your records.

                           Thank you in advance for your cooperation in this
                           matter.

                           Very truly yours,

                           /s/ Kenneth J. Uva
                           --------------------------------------
                           Kenneth J. Uva
                           Vice President

                           KJU:mh
                           encl.

                           Sworn before me this 5th day of May, 1993.

                                  [ILLEGIBLE]

                                               CORPORATION AND SECURITIES BUREAU

GOLD SEAL APPEARS ONLY ON ORIGINAL

<PAGE>

                                                                          1 of 3

              MICHIGAN DEPARTMENT OF CONSUMER AND INDUSTRY SERVICES
               CORPORATION, SECURITIES AND LAND DEVELOPMENT BUREAU

Date Received                                  (FOR BUREAU USE ONLY)

                                    This document is effective on the date
                                    filed, unless a subsequent effective date
                                    within 90 days after received date is stated
                                    in the document.

                                              EXPIRATION DATE: DECEMBER 31, 2005

Name :

U-Haul International, Inc. Attn: Heather Gregg,  Legal Dept.

Address:

2727 N. Central Ave.        PO Box 21502

City                         State                Zip Code
Phoenix                       AZ                 85036-1502

Document will be returned to the name and address you enter above.
     If left blank document will be mailed to the registered office.

                           CERTIFICATE OF ASSUMED NAME
  For use by Corporations, Limited Partnerships and Limited Liability Companies
           (Please read information and instructions on reverse side)

         Pursuant to the provisions of Act 284, Public Acts of 1972 (profit
corporations), Act 162, Public Acts of 1982 (nonprofit corporations). Act 213,
Public Acts of 1982 (limited partnerships), or Act 23, Public Acts of 1993
(limited liability companies), the corporation, limited partnership, or limited
liability company in item one executes the following Certificate:

1.       The name of the corporation, limited partnership, or limited liability
         company is:

         U-Haul Co. of Michigan

2.       The identification number assigned by the Bureau is: 399060

3.       The assumed name under which business is to be transacted is:

         U-Haul Co. of Central Michigan

4.       This document is hereby signed as required by the Act.

  COMPLETE ITEM 5 ON LAST PAGE IF THIS NAME IS ASSUMED BY MORE THAN ONE ENTITY.

               Signed this 15 day of June, 2000

               By: /s/ Gary Klinefelter
                   -------------------------------------------------
                                     (Signature)

               Gary Klinefelter               Secretary
              -------------------------------------------------------
               (Type of Print Name)           (Type of Print Title)

- --------------------------------------------------------------------------------
(Limited Partnerships Only - Indicate Name of General Partner if the General
Partner is a corporation or other entity)

GOLD SEAL APPEARS ONLY ON ORIGINAL
<PAGE>

                                                                          2 of 3

              MICHIGAN DEPARTMENT OF CONSUMER AND INDUSTRY SERVICES
               CORPORATION, SECURITIES AND LAND DEVELOPMENT BUREAU

Date Received                                    (FOR BUREAU USE ONLY)

                                    This document is effective on the date
                                    filed, unless a subsequent effective date
                                    within 90 days after received date is stated
                                    in the document.

                                              EXPIRATION DATE: DECEMBER 31, 2005

Name :

U-Haul International, Inc. Attn: Heather Gregg, LEGAL, Dept.

Address:

2727 N. Central Ave.        PO Box 21502

City                         State                Zip Code
Phoenix                       AZ                 85036-1502

Document will be returned to the name and address you enter above.
     If left blank document will be mailed to the registered office.

                           CERTIFICATE OF ASSUMED NAME
  For use by Corporations, Limited Partnerships and Limited Liability Companies
           (Please read information and instructions on reverse side)

         Pursuant to the provisions of Act 284, Public Acts of 1972 (profit
corporations), Act 162, Public Acts of 1982 (nonprofit corporations). Act 213,
Public Acts of 1982 (limited partnerships), or Act 23, Public Acts of 1993
(limited liability companies), the corporation, limited partnership, or limited
liability company in item one executes the following Certificate:

1.       The name of the corporation, limited partnership, or limited liability
         company is:

         U-Haul Co. of Michigan

2.       The identification number assigned by the Bureau is: 399060

3.       The assumed name under which business is to be transacted is:

         U-Haul Co. of Detroit

4.       This document is hereby signed as required by the Act.

  COMPLETE ITEM 5 ON LAST PAGE IF THIS NAME IS ASSUMED BY MORE THAN ONE ENTITY.

               Signed this 15 day of June, 2000

               By: /s/ Gary Klinefelter
                   -------------------------------------------------
                                     (Signature)

               Gary Klinefelter               Secretary
              -------------------------------------------------------
               (Type of Print Name)           (Type of Print Title)

- --------------------------------------------------------------------------------
(Limited Partnerships Only - Indicate Name of General Partner if the General
Partner is a corporation or other entity)

GOLD SEAL APPEARS ONLY ON ORIGINAL
<PAGE>

                                                                          3 of 3

              MICHIGAN DEPARTMENT OF CONSUMER AND INDUSTRY SERVICES
               CORPORATION, SECURITIES AND LAND DEVELOPMENT BUREAU

Date Received                                    (FOR BUREAU USE ONLY)

                                    This document is effective on the date
                                    filed, unless a subsequent effective date
                                    within 90 days after received date is stated
                                    in the document.

                                              EXPIRATION DATE: DECEMBER 31, 2005

Name :

U-Haul International, Inc. Attn: Heather Gregg, LEGAL, Dept.

Address:

2727 if. Central Ave.        PO Box 21502

City                         State                Zip Code

Phoenix                       AZ                 85036-1502

Document will be returned to the name and address you enter above.
     If left blank document will be mailed to the registered office.

                           CERTIFICATE OF ASSUMED NAME
  For use by Corporations, Limited Partnerships and Limited Liability Companies
           (Please read information and instructions on reverse side)

         Pursuant to the provisions of Act 284. Public Acts of 1972 (profit
corporations), Act 162, Public Acts of 1982 (nonprofit corporations). Act 213,
Public Acts of 1982 (limited partnerships), or Act 23, Public Acts of 1993
(limited liability companies), the corporation, limited partnership, or limited
liability company in item one executes the following Certificate:

1.       The name of the corporation, limited partnership, or limited liability
         company is:

         U-Haul Co. of Michigan

2.       The identification number assigned by the Bureau is: 399060

3.       The assumed name under which business is to be transacted is:

         U-Haul Co. of Western Michigan

4.       This document is hereby signed as required by the Act.

  COMPLETE ITEM 5 ON LAST PAGE IF THIS NAME IS ASSUMED BY MORE THAN ONE ENTITY.

               Signed this 15 day of June, 2000

               By: /s/ Gary Klinefelter
                   -------------------------------------------------
                                    (Signature)

               Gary Klinefelter               Secretary
              -------------------------------------------------------
               (Type of Print Name)           (Type of Print Title)

- --------------------------------------------------------------------------------
(Limited Partnership Only - Indicate Name of General Partner if the General
Partner is a corporation or other entity)

GOLD SEAL APPEARS ONLY ON ORIGINAL


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.100
<SEQUENCE>99
<FILENAME>p68936exv3w100.txt
<DESCRIPTION>EXHIBIT 3.100
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.100

                                   BY-LAWS OF

                           NEW CO. OF WESTERN MICHIGAN

                             A MICHIGAN CORPORATION

                                    ARTICLE I

                                                        DATE: June 5, 1990

SECTION 1. Offices:

The principal office of the corporation in the State of Michigan shall be
located at such place as the Board of Directors may from time to time select.
The corporation may have such other offices either within or without the State
of Michigan as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
3rd Wednesday in April of each year, at the office of the corporation in the
State of Michigan or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for election of directors and for the
purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

                                      -1-

<PAGE>

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Michigan. Notice of the special meeting will be
had as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                      -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Office:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the term of office of all or any of the Directors by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Michigan.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members of the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of Michigan.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

                                      -3-

<PAGE>

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

SECTION 7. Meetings By Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

                                      -4-

<PAGE>

         1.   To purchase, lease, and acquire, in any lawful manner any and all
              real or personal, property including franchises, stocks, bonds and
              debentures ".of other companies, business and good will, patents,
              trademarks in contracts, and interests thereunder, and other
              judgment may be beneficial for the purpose of this corporation,
              and to issue shares of stock of this corporation in payment of
              such property, and in payment for services rendered to this
              corporation, when they deem it advisable.

         2.   To fix and determine and to vary, from time to time, the amount or
              amounts to be set aside or retained as reserve funds or as working
              capital of this corporation.

         3.   To issue notes and other obligations or evidences of the debt of
              this corporation, and to secure the same, If deemed advisable, and
              endorse and guarantee notes, bonds, stocks, and other obligations
              of other corporations with or without compensation for so doing,
              and from time to time to sell, assign, transfer or otherwise
              dispose of any of the property of this corporation, subject,
              however, to the laws of the State of Michigan, governing the
              disposition of the entire assets and business of the corporation
              as a going concern.

         4.   To declare and pay dividends, both in the form of money and stock,
              but only from the surplus or from the net profit arising from the
              business of this corporation, after deducting therefrom the
              amounts, at the time when any dividend is declared which shall
              have been set aside by the Directors as a reserve fund or as a
              working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statues regulating the appointment of
committees.

                                   ARTICLE VI

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided

                                      -5-

<PAGE>

for by the Board of Directors. Such officers shall be elected by ballot or
unanimous acclamation at the meeting of the Board of Directors after the annual
election of Directors. In order to hold any election there shall be a quorum
present, and any officer receiving a majority vote shall be declared elected and
shall hold office for one year and until his or her respective successor shall
have been duly elected and qualified; provided, however, that all officers,
agents and employees of the corporation shall be subject to removal from office
pre-emptorily by vote of the Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee If one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                      -6-

<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Michigan, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferable only upon the books of the corporation and upon the signing of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the name of
the person owning the shares thereby represented, with the number of such shares
and the date of issue. The transfer of any share or shares of stock in the
corporation may be made by surrender of the certificate issued therefore, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of the year.

                                      -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of Michigan are hereby accepted and adopted as the By-Laws
of said corporation, and we, the undersigned, do hereby certify that the above
foregoing By-Laws are duly adopted by the Board of Directors and that the same
do now constitute the By-Laws of this corporation.

                                         /s/ John Eide
                                         --------------------
                                         John Eide, President

ATTEST:

/s/ Donald Thompson
- ---------------------
DONALD THOMPSON

(CORPORATE SEAL)

                                      -8-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.101
<SEQUENCE>100
<FILENAME>p68936exv3w101.txt
<DESCRIPTION>EXHIBIT 3.101
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.101

         I, Joseph L. Donovan, Secretary of State of the State of Minnesota, do
hereby certify that I have compared the annexed copy with record of the original
- - instrument - in my office of Articles of Incorporation of U-Haul Co. of St.
Paul, as filed for record in this office on the 26th day of February, 1970 ----

and that said copy is a true and correct transcript of said - instrument - and
of the whole thereof ___________________________________________________________

                                    IN TESTIMONY WHEREOF I have hereunto set my
                                    hand and affixed the Great Seal of the
                                    State, at the Capitol in St. Paul, this
                                    26th day of February A. D. 1970

                                       /s/           [ILLEGIBLE]
                                       -----------------------------------------
                                                 Secretary of State

<PAGE>

                            ARTICLES OF INCORPORATION

                                       of

                             U-HAUL CO. OF ST. PAUL

                  THE UNDERSIGNED, being twenty-one years or older does hereby
adopt the following Articles of Incorporation for the purpose of forming a
corporation under the laws of the State of Minnesota.

                                   ARTICLE I

             The name of the corporation is U-HAUL CO. OF ST. PAUL.

                                   ARTICLE II

            The period of duration of the corporation is perpetual.

                                  ARTICLE III

                  The purpose or purposes for which the corporation is organized
are to rent and lease to the general public trailers, semi-trailers, trucks,
passenger automobiles and other equipment, tools, machinery, vehicles and
property of any and every kind and description, and to purchase or otherwise
acquire and operate any facilities useful for the conduct of the business
enterprises of this corporation.

                  In general, to carry on any other business in connection with
the foregoing, and to have and exercise all powers conferred by the laws of the
State of Minnesota upon corporations, and to engage in any lawful activity
within the purposes for which corporations may be organized under the Minnesota
Business Corporation Act.

                                   ARTICLE IV

                  The aggregate number of shares which the corporation shall
have authority to issue are two thousand five hundred (2,500) shares of common
stock with a par value of Ten ($10.00) Dollars each, or a total capitalization
of Twenty Five Thousand ($25,000.00) Dollars.

                                    ARTICLE V

                  The corporation will not commence business until the
consideration

Page one of two pages

<PAGE>

of at least One Thousand ($1,000.00) Dollars has been received for the issuance
of shares.

                                   ARTICLE VI

                  The address of its registered office shall be 405 Second
Avenue South, c/o C. T. Corporation System Inc., Minneapolis, Minnesota 55401.

                                   ARTICLE VII

                  The initial Board of Directors shall consist of three (3)
members, and the initial Board who shall act until the first annual meeting of
stockholders and their successors have been elected and qualified are:

                      Ronald P. Gutzke         P.O. Box 188
                                               Savage, Minnesota  55378

                      Dean S. Olson            P.O. Box 188
                                               Savage, Minnesota  55378

                      Shelby J. Gutzke         P.O. Box 188
                                               Savage, Minnesota  55378

                                  ARTICLE VIII

                  The name and address of each incorporator is as follows:

                  David L. Helsten             2727 North Central Avenue
                                               Phoenix, Arizona   [ILLEGIBLE]

                  IN WITNESS WHEREOF, I have hereunto set my hand and seal this
20th day of February, 1970.

                                       /s/ David L. Helsten
                                       -----------------------------------------
                                       David L. Helsten

STATE OF ARIZONA        )
                        )ss:
COUNTY OF MARICOPA      )

                  On this 20th Day of February, 1970, before me, a Notary Public
for the State of Arizona, personally appeared David L. Helsten, known to me to
be the person named in and who executed the foregoing instrument, and who
acknowledged that he had executed the same and that the matters therein
contained are true.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
Notarial Seal this 20th day of February, 1970.

                                       /s/ Helen H. Delamater
                                       -----------------------------------------
                                       Helen H. Delamater Notary Public for the
                                       State of Arizona Residing at Tempe,
                                       Arizona My Commission expires August 13,
                                       1972

         (NOTARIAL SEAL)

Page two of two pages

<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       of

                            ARTICLES OF INCORPORATION

                                       of

                             U-HAUL CO. OF ST. PAUL

                  WE, THE UNDERSIGNED, Ronald P. Gutzke and Shelby J. Gutzke ,
respectively the President and Secretary of U-HAUL CO. OF ST. PAUL, a
corporation subject to the provisions of Chapter 301, Minnesota Statutes 1953,
known as the Minnesota Business Corporation Act, do hereby certify that at a
special meeting of the shareholders of said corporation, notice of such meeting,
proposal to amend and nature of such proposal having been mailed to each
shareholder entitled to vote thereon at least ten days prior to such meeting,
held in the offices of the corporation, in the city of Savage, County of Scott
as designated in such notice on the 12th day of August 1970. Resolutions as
hereinafter set forth were adopted by a unanimous vote of said shareholders
represented in person or by proxy:

                           RESOLVED: That Article I of the Articles of
                           Incorporation of U-HAUL CO. OF ST. PAUL be, and the
                           same hereby is amended to read as follows:

                                   "ARTICLE I

                  The name of this corporation shall be AMERCO MARKETING CO. OF
ST. PAUL."

                           RESOLVED: further that the President and Secretary of
                           this corporation be and they hereby are, authorized
                           and directed to make, execute and acknowledge a
                           certificate under the corporate seal of this
                           corporation, embracing the foregoing resolutions, and
                           to cause such certificate to be filed for record in
                           the manner required by law.

                  IN WITNESS WHEREOF, we have subscribed our names and caused
the corporate seal of said corporation to be hereto affixed this 21 day of
September, 1970.

                                       /s/ Ronald P. Gutzke
                                       -----------------------------------------
                                       Ronald P. Gutzke, President

                                       /s/ Shelby J. Gutzke
                                       -----------------------------------------
                                       Shelby J. Gutzke, Secretary

Page one of two pages

<PAGE>

STATE OF MINNESOTA              )
                                ) ss:
COUNTY OF DAKOTA                )

                  Ronald P. Gutzke and Shelby J. Gutzke being first duly sworn,
on oath depose and say; that they are respectively the President and Secretary
of U-HAUL CO. OF ST. PAUL, the corporation named in the foregoing Certificate;
that said Certificate contains a true statement of the action of the
shareholders and Board of Directors of said corporation, duly held as aforesaid,
that the Seal attached is the Corporate Seal of said Corporation; that said
Certificate is executed on behalf of said Corporation, by its express authority;
and they further acknowledged the same to be their free act and deed and the
free act and deed of said Corporation.

                                       /s/ Ronald P. Gutzke
                                       -----------------------------------------
                                       Ronald P. Gutzke,     President

                                       /s/ Shelby J. Gutzke
                                       -----------------------------------------
                                       Shelby J. Gutzke,     Secretary

                  Subscribed and sworn to before me this 21 day of September,
1970.

                                       /s/ Betty T. Meyer
                                       -----------------------------------------
                                                   Notary Public

                (SEAL)
<PAGE>

            CERTIFICATE OF AMENDMENT OF ARTICLES OF INCORPORATION OF

                        AMERCO MARKETING CO. OF ST. PAUL

         We, the undersigned Richard D. Farra and Patricia Farra
______________________________, respectively the______________ president and
__________________ _______________secretary of AMERCO MARKETING CO. OF ST. PAUL
a corporation subject to the provisions of Chapter 301, Minnesota Statutes 1953,
known as the Minnesota Business Corporation Act, do hereby certify that at a
(special) meeting of the shareholders of said corporation, notice of such
meeting, proposal to amend and nature of such proposal having been mailed to
each shareholder entitled to vote thereon at least ten days prior to such
meeting, held at Minnesota , in the city of Savage, County of Scott as
designated in such notice, on the 21st day of February 1973, resolutions as
hereinafter set forth were adopted by a unanimous vote of said shareholders
represented in person or by proxy:

         "Resolved that Article I of the articles of incorporation of AMERCO
MARKETING CO. OF ST. PAUL be, and the same hereby (is) amended to read as
follows:

                                   Article I.

                  The name of the corporation is U-HAUL CO. OF ST. PAUL

         Resolved further that the_______________president and ___________
secretary of this corporation be and they hereby are, authorized and directed to
make, execute and acknowledge a certificate under

<PAGE>

the corporate seal of this corporation, embracing the foregoing resolutions, and
to cause such certificate to be filed for record in the manner required by law.

         IN WITNESS WHEREOF, we have subscribed our names and caused the
corporate seal of said corporation to be hereto affixed this 1st day of MARCH
1973.

In presence of:                        /s/ Richard D.  Farra
                                       -----------------------------------------
                                       Richard D.  Farra

/s/ [ILLEGIBLE]
- --------------------------             _________________ President.

/s/ [ILLEGIBLE]                        /s/ Patricia Farra
- --------------------------             -----------------------------------------
AFFIX CORPORATE SEAL                   Patricia Farra         Secretary.

STATE OF MINNESOTA      )
                        ) ss.
country of [ILLEGIBLE]  )

Richard D. Farra and Patricia Farra being first duly sworn, on oath depose and
say: that they are respectively the________ president and _____secretary of
AMERCO MARKETING CO. OF ST. PAUL, the corporation named in the foregoing
certificate; that said certificate contains a true statement of the action of
the shareholders and board of directors of said corporation, duly held as
aforesaid; that the seal attached is the corporate seal of said corporation;
that said certificate is executed on behalf of said corporation, by its express
authority; and they further acknowledge the same to be their free act and deed
and the free act and deed of said corporation.

                                       /s/ Richard D. Farra
                                       -----------------------------------------
                                       Richard D. Farra    President

                                       /s/ Patricia Farra
                                       -----------------------------------------
                                       Patricia Farra      Secretary

         Subscribed and sworn to before me this [ILLEGIBLE] day of March, 1973

NOTARIAL
 SEAL                                  /s/ [ILLEGIBLE]
                                       -----------------------------------------
                                       Notary Public [ILLEGIBLE] Co., Minn.
                                       My commission expires [ILLEGIBLE]

                      )
                      ) ss.
                      )


This Form must be typewritten and do not attach supplement transcript will be
required.
<PAGE>
                            United States of America
                               STATE OF MINNESOTA
                              DEPARTMENT OF STATE

         I, JOAN ANDERSON GROWE, Secretary of State of the State of Minnesota,
do hereby certify that the annexed is a full, true and correct photocopy of

                              CERTIFICATE OF MERGER

                                 BY AND BETWEEN

                            U-HAUL CO. OF MINNEAPOLIS
                                      INTO

                             U-HAUL CO. OF ST. PAUL

                               WITH CHANGE OF NAME
                                       TO

                             U-HAUL CO. OF MINNESOTA

as the same appears of record in this office, and of the whole thereof.

                                          In Testimony Whereof, I have hereunto
                                       set my hand and affixed the Great Seal of
                                       the State, at the Capitol in St. Paul,
                                       this

                                       30TH DAY of OCTOBER A. D. 1975.

                                       /s/ [ILLEGIBLE]
                                       -----------------------------------------
                                       SECRETARY OF STATE

<PAGE>

                               STATE OF MINNESOTA
                              Department of State

                  To All To Whom These Presents Shall Come, Greeting:

                  Whereas, an Agreement of Merger by and between U-Haul Co. of
Minneapolis and U-Haul Co. of St. Paul, both Minnesota corporations, and a
majority of the directors thereof, duly signed, certified and acknowledged under
oath, has been filed for record in this office on the 30th day of September,
1975, at 8:00 o'clock A. M., for the merger of said U-Haul Co. of Minneapolis
into U-Haul Co. of St. Paul, whose name was thereby changed to U-Haul Co. of
Minnesota, which corporation will continue as the surviving corporation,
pursuant to the provisions of Section 301.41 to 301.43, Minnesota Statutes.

                  Now, therefore, I, Joan Anderson Growe, Secretary of State of
the State of Minnesota, by virtue of the powers and duties vested in me by law,
do hereby certify that the above named corporations are legally merged and made
an existing corporation under the name of U-Haul Co. of Minnesota, effective
this date, with the powers, rights and privileges and subject to the
limitations, duties and restrictions which by law appertain thereto.

                                        WITNESS my official signature
                                        hereunto subscribed and the
                                        Great Seal of the State of
                                        Minnesota hereunto affixed
                                        this 30th day of September,
                                        1975, A.D.
                                        /s/        [ILLEGIBLE]
                                        ----------------------------------------
                                                Secretary of State

<PAGE>

                               AGREEMENT OF MERGER

         THIS AGREEMENT OF MERGER dated this 12th day of September, 1975,
entered into by a majority of the members of the Board of Directors of U-Haul
Co. of Minneapolis, a Minnesota corporation, ABSORBED, and U-Haul Co. of St.
Paul, a Minnesota corporation, SURVIVOR and together referred to as Constituent
Corporations, hereby WITNESSETH THAT:

WHEREAS:

         1. SURVIVOR is a corporation organized and existing under  the laws
of the State of Minnesota.

         2. ABSORBED is a corporation organized and existing under the laws of
the State of Minnesota.

         3. The respective Boards of Directors of the Constituent Corporations
have determined that it is advisable that ABSORBED be merged into SURVIVOR under
the terms and conditions hereinafter set forth in accordance with the
applicable provisions of the laws of the State of Minnesota which permit such
merger:

         NOW THEREFORE, in consideration of the premises and of the mutual
agreements, covenants and provisions hereinafter contained, the parties hereto
agree as follows:

                                        I

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         1. All issued and outstanding shares of stock of ABSORBED shall be
cancelled.

         2. On the effective date of the merger and when the aforementioned
cancellation has been effected, the outstanding stock of SURVIVOR shall be
deemed for all corporate purposes to evidence the ownership of the Constituent
Corporations.

                                       II

         ARTICLE I of the Certificate of Incorporation of U-Haul Co. of St.
Paul, the SURVIVOR, is hereby amended to read as follows:

<PAGE>

         The name of the corporation is U-Haul Co. of Minnesota."

                                       III

         SURVIVOR shall pay all expenses of accomplishing the merger.

                                       IV

         If SURVIVOR shall consider or be advised that any assignment or
assurances in law are necessary or desirable to vest or to perfect or confirm of
record in SURVIVOR the title to any property or rights of the ABSORBED or to
otherwise carry out the provisions hereof, the proper officers and directors of
ABSORBED as of the effective date of the merger shall execute and deliver any
assignments and assurances in law, and do all things necessary or proper to vest
or perfect such rights in SURVIVOR and otherwise carry out the provisions
hereof.

                                        V

         Each of the Constituent Corporations shall take or cause to be taken
all action or all things necessary, proper or advisable under the laws of the
State of Minnesota to consummate and make effective the merger subject, however,
to the consent of the sole stockholder; and the officers and directors of
SURVIVOR are authorized and directed to perform all actions required for
accomplishing and filing this Agreement of Merger.

         IN WITNESS WHEREOF the corporate parties hereto, pursuant to authority
given by their respective Boards of Directors, hereby enter into this Agreement
of Merger, executed and sealed as of the date and year first above written.

                                       SURVIVOR: U-Haul Co. of St. Paul,
                                                 a Minnesota corporation
                                                 By: a majority of the Board of
                                                     Directors

                                       /s/          [ILLEGIBLE]
                                       -----------------------------------------
                                                      Director

  [CORPORATE SEAL]                     /s/          [ILLEGIBLE]
                                       -----------------------------------------
                                                      Director

                                       /s/          [ILLEGIBLE]
                                       -----------------------------------------
                                                      Director

<PAGE>

                                       ABSORBED: U-Haul Co. of Minneapolis
                                                 a Minnesota corporation
                                                 By: a majority of the Board of
                                                     Directors

                                       /s/           [ILLEGIBLE]
                                       -----------------------------------------
                                                      Director

(CORPORATE SEAL)                       /s/           [ILLEGIBLE]
                                       -----------------------------------------
                                                      Director

                                       /s/           [ILLEGIBLE]
                                       -----------------------------------------
                                                      Director

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.102
<SEQUENCE>101
<FILENAME>p68936exv3w102.txt
<DESCRIPTION>EXHIBIT 3.102
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.102

                                   BY-LAWS OF

                             U-HAUL CO. OF ST. PAUL

                             A Minnesota Corporation

                                   ARTICLE I

                                                             DATE: March 2, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Minnesota shall be
located in the city of Savage. The corporation may have such other offices
either within or without the state of Minnasota is the Board of Directors may
designate or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Second Wednesday in January of each year, at the office of the corporation in
the state of Minnesota or otherwise as provided in the notice of said meeting.
The purpose of said annual meeting shall be for the election of directors and
for the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either
before, at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                      -1-

<PAGE>

may be held within or without the state of Minnesota. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorised
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present at represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                      -2-

<PAGE>

                                  ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three(3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjustment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Minnesota.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Minnesota.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                      -3-

<PAGE>

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New Business.

         8th.     Adjournment.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.       The purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents trade-marks in contracts, and interests
                  there-under, and other rights and proprieties which is their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer

                                      -4-

<PAGE>

                  or otherwise dispose of any of the property of this
                  corporation, subject, however, to the laws of the State of
                  Minnesota, governing the disposition of the entire assets and
                  business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                   ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Minnesota statutes regulating the appointment
of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with

                                      -5-

<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member of Chairman of the
executive committee if one is appointed. The President shall each year present
an annual report of the preceding year's business to the Board of Directors at a
meeting to be held immediately preceding the annual meeting of the shareholders,
which report shall be read at the annual meeting of the shareholders. The
President shall do and perform such other duties as from time to time may be
assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board of resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's  office, provided the Board of Directors indicates
the combination of these offices.

                                      -6-

<PAGE>

                                  ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Minnesota, the number and par value, if any, of each share represented
by it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferrable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assigned as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer  books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue of shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their than existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                      -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-laws of U-HAUL CO. OF ST. PAUL, are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                      ____________________________
                                      President - Ronald P. Gutzke

ATTEST:

____________________________
Secretary - Shelby J. Gutzke

           (CORPORATE SEAL)

                                      -8-
<PAGE>

                            U-HAUL CO. OF MINNESOTA,
                            A MINNESOTA CORPORATION

                            SHAREHOLDER RESOLUTIONS


WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Minnesota, a
Minnesota corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                       SHAREHOLDER:

                                       U-Haul International, Inc., a Nevada
                                       Corporation

                                       By: /s/ Gary V. Klinefelter
                                           -----------------------
                                       Name: Gary V. Klinefelter
                                       Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.103
<SEQUENCE>102
<FILENAME>p68936exv3w103.txt
<DESCRIPTION>EXHIBIT 3.103
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.103

                              State of Mississippi

                           [STATE OF MISSISSIPPI LOGO]

                          Office of Secretary of State
                                    Jackson

                          Certificate of Incorporation

                                       of

                           U-HAUL CO. OF MISSISSIPPI

         The undersigned, as Secretary of State of the State of Mississippi
hereby certifies that duplicate originals of Articles of Incorporation for the
above named corporation duly signed and verified pursuant to the provisions of
the Mississippi Business Corporation Act, have been received in this office and
are found to conform to law.

         ACCORDINGLY the undersigned, as such Secretary of State, and by virtue
of the authority vested in him by law, hereby issues this  CERTIFICATE OF
INCORPORATION, and attaches hereto a duplicate original of the Articles of
Incorporation.

[LOGO]                                  Given under my hand and Seal of Office,
                                        this the 24th day of February, 1970.

                                               /s/ Heber Ladner
                                               SECRETARY OF STATE.

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Mississippi

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is U-HAUL CO., INC., a
         corporation organized and existing under the laws of the State of
         Bouisiana and qualified in the State of Mississippi.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

                            U-HAUL CO. OF MISSISSIPPI

         IN WITNESS WHEREOF, this corporation has caused this consent to be
executed this 29 day of January, 1970.

                                         U-HAUL CO., INC.

                                         By: /s/ [ILLEGIBLE]
                                             -----------------------------------
                                                                       President

STATE OF [ILLEGIBLE]    )
                        ) ss.
COUNTY OF [ILLEGIBLE]   )

         Before me, a Notary Public, personally appeared Thomas W. Cuttis, known
to me to be the person who executed the foregoing instrument, and acknowledged
that he executed the same for the purpose therein contained and that the
statements therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
5 day of [ILLEGIBLE], 1970.

                                                    /s/ [ILLEGIBLE]
                                            ---------------------------------
                                                      Notary Public

<PAGE>

         The preferences, limitation and relative rights in respect of the
shores of each class and the variations in the relative rights and preferences
as between series of any preferred or special class in series are as follows:
(Insert a statement of any authority to be vested in the board of directors to
establish series and fix and determine the variations in the relative rights and
preferences as between series.)

         FIFTH: The corporation will not commence business until consideration
of the value of at least $1,000 has been received for the issuance of shares.

         SIXTH: Provisions granting to shareholders the preemptive right to
acquire additional or treasury shares of the corporation are:

                None

         SEVENTH: The post office address of its initial registered office is
118 North Congress Street,

                                    Jackson, Mississippi 39205
- --------------------------------------------------------------------------------
   (Street and Number)                       (City)                      (State)

- -------------------, and the name of its initial registered agent of such
address is C.T. Corporation System.

         EIGHT: The number of directors constituting the initial board of
directors of the corporation, which must be not less than three (3), is three
(3) and the names and addresses of the persons who are to serve as directors
until the first annual meeting of shareholders or until their successors are
elected and shall qualify are:

<TABLE>
<CAPTION>
       NAME                                        STREET AND POST OFFICE ADDRESS
<S>                                         <C>
George Brown                                502 Terri Lane, Jackson, Mississippi 39208
Hartman M. Nelson                           502 Terri Lane, Jackson, Mississippi 39208
Perry L. [ILLEGIBLE]                        502 Terri Lane, Jackson, Mississippi 39208
</TABLE>

C-[ILLEGIBLE]                         -2-


<PAGE>

         NINTH: The name and post office address of each incorporator is:

<TABLE>
<CAPTION>
      NAME                                        STREET AND POST OFFICE ADDRESS
<S>                                         <C>
David L. Helsten                            2727 North Central Ave., Phoenix Arizona 85004
Arthur G. Seifert                           2727 North Central Ave., Phoenix Arizona 85004
</TABLE>

         (Here set forth any provision, not inconsistent with law, which is
         desired to be set forth in the Articles: including, any provision
         restricting the transfers of shares or any provision required or
         permitted to be set forth in the by-laws)

Dated February 6, 1970                     /s/ David L. Helsten
                                           -------------------------------------
                                          /s/ Arthur G. Seifert
                                           -------------------------------------
                                                     Incorporators

                                 ACKNOWLEDGMENT

STATE OF ARIZONA                 )
                                 )
County of MARICOPA               )

         This day personally appeared before me, the undersigned authority David
L. Helsten and Arthur G. Seifert, _________________, __________________________
______________________________, ___________________, __________________________
______________________________, ___________________, __________________________

Incorporators of the corporation known as the U-HAUL CO., OF MISSISSIPPI who
acknowledged that they signed and executed the above and foreign articles of
incorporation as their act and deed on this the 6th day of February, 1970

                                                /s/ Helen H. Delamater
                                                --------------------------------
                                                        Notary Public

My Commission expires 8-13-72
(NOTARIAL SEAL)

(Note: On all addresses the street and number must be shown if there is a street
or number)

C-[ILLEGIBLE]                         -3-

<PAGE>

                              State of Mississippi

                           [STATE OF MISSISSIPPI LOGO]

                          Office of Secretary of State

                                     Jackson

                            CERTIFICATE OF AMENDMENT

                                       of

                            U-HAUL CO. OF MISSISSIPPI
                                Changing name to
                       AMERCO MARKETING CO. OF MISSISSIPPI

         The undersigned, as Secretary of State of the State of Mississippi,
hereby certifies that duplicate originals of Articles of Amendment to the
Articles of Incorporation of the above corporation duly signed and verified
pursuant to the provisions of the Mississippi Business Corporation Act, have
been received in this office and are found to conform to law.

         ACCORDINGLY the undersigned, as such Secretary of State, and by virtue
of the authority vested in him by law, hereby issues this Certificate of
Amendment to the Articles of Incorporation and attaches hereto a duplicate
original of the Articles of Amendment.

                                        Given under my hand and Seal of Office,
                                        this the 2nd day of October, 1970.

                                                  /s/ Herber Ladner
                                                  SECRETARY OF STATE.

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Mississippi

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is [ILLEGIBLE], a corporation o
         rganized and existing under the laws of the State of Arizona.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

         AMERCO MARKETING OF MISSISSIPPI

         In Witness Whereof, this corporation has caused this consent to be
executed this 12 day of August, 1970.

                                               AMERCO, an Arizona corporation

                                               By: /s/ L. S. Shoen
                                               ---------------------------------
                                                   L. S. Shoen - President
STATE OF ARIZONA    )
                    ) ss.
COUNTRY OF MARICOPA )

         Before me, a Notary Public, personally appeared L. S., Shoen known to
me to be the person who executed the foregoing instrument, and acknowledged that
he executed the same for the purpose therein contained and that the statements
therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
[ILLEGIBLE] day of August, 1970.

                                                  /s/ Clen H. Delamater
                                            ------------------------------------
                                                      Notary Public

                                                                     [ILLEGIBLE]

<PAGE>

                         (TO BE EXECUTED IN DUPLICATE)

                              ARTICLES OF AMENDMENT

                                     TO THE

                            ARTICLES OF INCORPORATION

                                       OF

                           U- HAUL CO. OF MISSISSIPPI

         Pursuant to the provisions of Section 61 of the Mississippi Business
Corporation Act, the undersigned corporation adopts the following Articles of
Amendment to its Articles of Incorporation:

         FIRST: The name of this corporation is U-HAUL CO. OF MISSISSIPPI

         SECOND: The following amendment of the Articles of Incorporation was
adopted by the shareholders of the corporation on August 12, 1970, in the manner
prescribed by the Mississippi Business Corporation Act:

                               (Insert Amendment)

                         "First: The name of the corporation is
                                 AMERCO MARKETING CO. OF MISSISSIPPI."

                                      -1-

<PAGE>

         THIRD: The number of shares of the corporation outstanding at the time
of such adoption was 500; and the number of shares entitled to vote thereon was
500.

         FOURTH: The designation and number of outstanding shares of each class
entitled to vote theron as a class were as follows:

         CLASS      (NOTE 1)        NUMBER OF SHARES

                                      None

         FIFTH: The number of shares voted for such amendment was 500; and the
number of shares voted against such amendment was 0.

         SIXTH: The number of shares of each class entitled to vote thereon as a
class voted for and against such amendment, respectively, was:

                                             NUMBER OF SHARES VOTED

         CLASS               (NOTE 1)      FOR                AGAINST
                                      None

         SEVENTH: The manner, if not set forth in such amendment, in which any
exchange, reclassification, or cancellation of issued shares provided for in the
amendment shall be effected, is as follows: (Note 2)

                                    No Change

                                      -2-
<PAGE>

         EIGHTH: The manner in which such amendment effects a change in the
amount of stated capital, and the amount of stated capital (expressed in
dollars) as changed by such amendment, are as follows: (Note: 2)

                                      None

Dated. September 21, 1970.

                                                   U-HAUL CO. OF MISSISSIPPI
                                                -------------------------------
                                                    (Exact Corporate Title)

                                                 By: /s/ George E. Brown
                                                     --------------------------
                                                         George E. Brown
                                                     Its President

                                                 By: /s/ Roberta H. Cartaginese
                                                     --------------------------
                                                         Roberta H. Cartaginese
                                                         Its Secretary

Notes: 1. If inapplicable,
          insert "None".
       2. If inapplicable,
          insert "No Change".

STATE OF MISSISSIPPI
                      SS.
COUNTY OF HINDS

         I, CHESTER SIMMONS, a notary public, do hereby certify that on this
21st day of September, 1970, personally appeared before me George E. Brown, who,
being by me first duly sworn, declared that he is the President of U-HAUL CO. OF
MISSISSIPPI, that he executed the foregoing document as ___________ of the
corporation, and that the statements therein contained are true.

                                                          /s/ Chester Simmons
                                                          ----------------------
                                                               Notary Public
My commission expires [ILLEGIBLE]
(NOTARIAL SEAL)

                                      -3-

<PAGE>

                              STATE OF MISSISSIPPI
                                     [LOGO]
                          OFFICE OF SECRETARY OF STATE
                                     JACKSON

                            CERTIFICATE OF AMENDMENT

                                       Of

                       AMERCO MARKETING CO. OF MISSISSIPPI
                                Changing name to
                            U-HAUL CO. OF MISSISSIPPI

         The undersigned, as Secretary of State of the State of Mississippi,
hereby certificate that duplicate originals of Articles of Amendment to the
Articles of Incorporation of the above corporation of the above corporation duly
signed and verified pursuant to the provisions of the Mississippi Business
Corporation Act, have been received in this office and are found to conform to
law.

         ACCORDINGLY the undersigned, as such Secretary of State, and by virtue
of the authority vested in him by law, hereby issues this Certificate of
Amendment to the Articles of Incorporation and attaches hereto a duplicate
original of the Articles of Amendment.

                                             Given under my hand and Seal of
    (SEAL)                                   Office, this the 12th day of March,
                                             1973.

                                             /s/ Herber Lander
                                             -----------------------------------
                                             SECRETARY OF STATE

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1.       The name of the consenting corporation is U-HAUL CO. , a
                  corporation organized and existing under the laws of the State
                  of LOUISIANA.

         2.       The name of the corporation to which this consent is given and
                  which is about to ament its corporate name is: AMERCO
                  MARKETING CO. OF MISSISSIPPI

         3.       The name the corporation shall adopt by amending its Articles
                  of Incorporation is: U-HAUL CO. OF MISSISSIPPI

         In Witness Whereof, this corporation has caused this consent to be
executed this 26 day of February,1973. U-HAUL CO. a (an) LOUISIANA corporation

                                                      By: /s/ Arthur G. Srifert
                                                         ----------------------
                                                           Assistant Secretary
STATE OF ARIZONA       )
                       ) ss.
COUNTY OF MARICOPA     )

         Before me, a Notary Public, personally appeared ARTHUR G. SRIFERT,
known to me to be the person who executed the foregoing instrument, and
acknowledged that he executed the same for the purpose therein contained and
that the statements therein contained are truly set forth.

         In witness where of, I have hereunto set my hand and official seal this
26 day of February, 1973.

                                                   /s/ Helen H. Delamater
                                             -----------------------------------
                                              Notary Public     State of Arizona

                                              My commission expires 8-13-76

<PAGE>

                          (TO BE EXECUTED IN DUPLICATE)

                              ARTICLES OF AMENDMENT

                                     TO THE

                            ARTICLES OF INCORPORATION

                                       OF
                       AMERCO MARKETING CO. OF MISSISSIPPI
                     ---------------------------------------

         Pursuant to the provisions of Section 61 of the Mississippi Business
Corporation Act, the undersigned corporation adopts the following Articles of
Amendment to its Articles of Incorporation:

         FIRST: The name of this corporation is AMERCO MARKETING CO. OF
MISSISSIPPI ________________________________________________

         SECOND: The following amendment of the Articles of Incorporation was
adopted by the shareholder of the corporation on February 21, 1973, in the
manner prescribed by the Mississippi Business Corporation Act:

                               (Insert Amendment)

           " The name of the corporation is U-HAUL CO. OF MISSISSIPPI."

<PAGE>

         THIRD: The number of shares of the corporation outstanding at the time
of such adoption was 500 and the number of shares entitled to vote thereon was
500.

         FOURTH: The designation and number of outstanding shares of each class
entitled to vote thereon as a class were as follows:

                 Class      (Note 1)        Numbers of Shares

         COMMON                             500

         FIFTH: The number of shares voted for such amendment was 500 and the
number of shares voted against such amendment was -0-.

         SIXTH: The number of shares of each class entitled to vote thereon as a
class voted for and against such amendment, respectively was:

                                               Number of Shares Voted
                 Class      (Note 1)        For                 Against

                 COMMON                     500                   -0-

         SEVENTH: The manner, If not set forth in such amendment, in which any
exchange, reclassification, or cancellation of issued shares provided for in the
amendment shall be effected, is as follows: (Note 2)

                 NO CHANGE

                                      -2-

<PAGE>

         EIGHTH: The manner in which such amendment effects a change in the
amount of stated capital and the amount of stated capital (expressed in dollars)
as changed by such amendment, are as follows: (Note 2)

                  NO CHANGE

Dated. 3-5,1973

                                             AMERCO MARKETING CO. OF MISSISSIPPI
                                             -----------------------------------
                                                   (Exact Corporate Title)

                                             By: /s/ [ILLEGIBLE]
                                                 -------------------------------
                                                 It's President

                                             By: /s/ [ILLEGIBLE]
                                                 -------------------------------
                                                 It's Secretary

Notes: 1. If inapplicable, insert "None".
       2. If inapplicable, insert "No Change".

STATE OF MISSISSIPPI  )
                      ) SS.
COUNTY OF HINDS       )

         I, Y. George B. Brown, a notary public, do hereby certify that on this
5th day of March, 1973, personally appeared before me J. T. WILKINSON, who being
by me first duly sworn, declared that he is the President of AMERCO MARKETING
CO. OF MISSISSIPPI, that he executed the foregoing document as PRESIDENT of the
corporation, and that the statements therein contained are true.

                                                      /s/ Y. George B. Brown
                                                      --------------------------
                                                            Notary Public
My Commission expires 26, 1973.

                                      -3-
<PAGE>

                      PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 20th day of
January, 1989, entered into by U-Haul Co. of Mississippi, the surviving
corporation and Holloway Transfer & Storage Company, Absorbed Corporation, both
corporations of the State of Mississippi and together referred to as the
Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Mississippi which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 118 North Congress Street, Jackson, Mississippi 39205.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares
voted for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each
corporation was as follows:

<TABLE>
<CAPTION>
                                                NUMBER OF
                          NUMBER OF              SHARES             NUMBER            NUMBER
      COMPANY               SHARES              ENTITLED             VOTED            VOTED
        NAME              OUTSTANDING           TO VOTE              FOR              AGAINST
    ------------       ----------------     ----------------     ------------      ------------
<S>                    <C>                  <C>                  <C>               <C>
U-HAUL CO. OF                500                  500                500               -0-
MISSISSIPPI

HOLLOWAY TRANSFER &          100                  100                100               -0-
  STORAGE COMPANY
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Mississippi, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Mississippi.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C. T. Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                                            Surviving Corporation: U-HAUL CO. OF
                                            MISSISSIPPI, a Mississippi corp.

                                            By: /s/ Robert Brown
                                                -----------------------------
                                                Robert Brown, President
Verified

By: /s/ Zilphia Shearer
   ----------------------------
    Zilphia Shearer, Secretary

                            Absorbed Corporation: HOLLOWAY TRANSFER & STORAGE
                                                   COMPANY, a Mississippi
                                                   Corporation

                                              By: /s/ John M. Dodds
                                                  -----------------------------
                                                  John M. Dodds, President
Verified

By: /s/  John A. Lorentz
    ----------------------------
    John A. Lorentz, Secretary

<PAGE>

STATE OF MISSISSIPPI

COUNTRY OF

         On this,   day of January, 1989, before me, the undersigned Notary
Public, personally appeared Robert Brown, known to me to be the president of
U-Haul Co. of Mississippi, a Mississippi corporation that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                                  /s/ Mary K. Collins
                                                  -----------------------------
                                                  NOTARY PUBLIC

       (NOTARY SEAL)                                                 [ILLEGIBLE]

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 20th day of January, 1989, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the Secretary of
Holloway Transfer & Storage Company, a Mississippi corporation, that he is the
person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                                 /s/ Blanche I. Passolt
                                                 ------------------------------
                                                 NOTARY PUBLIC
       (NOTARY SEAL)



<PAGE>

                                  [UHAUL LOGO]

                                  [ILLEGIBLE]

                                       January 20, 1989

Secretary of State
Dick Malpus
P. O. Box 136
Jackson, Mississippi 39205-0136
                                       Res: Merger
                                            U-Haul Co. of Mississippi
                                            (Survivor)
                                            Holloway Transfer & Storage Company
                                            (Absorbed)
Gentlemen:

Enclosed are the necessary documents to merge the above mentioned corporations
in the State of Mississippi. Also, enclosed is our check in the amount of $50.00
for the required filing fee.

Please send the proof of filing to the attention of the undersigned to P.O. Box
21502, Phoenix, Arizona 85036.

Thank you.

                                              Sincerely,

                                                  /s/ Blanche I. Passolt
                                                 -------------------------------
                                                  Blanche I. Passolt
                                                  Legal Department

BIP/01

                                   [GRAPHIC]

<PAGE>

                       PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 20th day of
January, 1989, entered into by U-Haul co. of Mississippi, the surviving
corporation and Eure Moving & Storage Company, Inc., the Absorbed Corporation,
both corporations of the State of Mississippi and together referred to as the
Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Mississippi which laws permit such
merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, uncles altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 118 North Congress Street Jackson, Mississippi 39205.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number [ILLEGIBLE] shares
entitled to vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of
shares voted for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each
corporation was as follows:

<TABLE>
<CAPTION>
                                                NUMBER OF
                          NUMBER OF              SHARES             NUMBER            NUMBER
      COMPANY               SHARES              ENTITLED             VOTED             VOTED
        NAME              OUTSTANDING           TO VOTE              FOR              AGAINST
    ------------       ----------------     ----------------     ------------      ------------
<S>                    <C>                  <C>                  <C>               <C>
 U-HAUL CO. OF                500                 500                 500               -0-
  MISSISSIPPI

 EURE MOVING &                250                 250                 250               -0-
STORAGE COMPANY,
      INC.
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Mississippi, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Mississippi.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C. T. Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P. O. Box 21502, Phoenix, Arizona, 85036.

                                      VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                                        Surviving Corporation: U-HAUL CO. OF
                                                               MISSISSIPPI, a
                                                               Mississippi corp.

                                        By: /s/ Robert Brown
                                           -------------------------------------
                                            Robert Brown, President
Verified

By: /s/ Zilphia Shearer
   --------------------------------
    Zilphia Shearer, Secretary

                                   Absorbed Corporation: EURE MOVING & STORAGE
                                                         COMPANY, INC., a
                                                         Mississippi corporation

                                        By: /s/ John M. Dodds
                                           -------------------------------------
                                            John M. Dodds, President

Verified

By: /s/ John A. Lorentz
   --------------------------------
    John A. Lorentz, Secretary

<PAGE>

STATE OF MISSISSIPPI

COUNTY OF

         On this    day of January, 1989, before me, the undersigned Notary
Public, personally appeared Robert Brown, known to me to be the President of
U-Haul Co. of Mississippi, a Mississippi corporation that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                              /s/ Mary K. Collins
                                              ---------------------------------
                                              NOTARY PUBLIC

    (NOTARY SEAL)                               [ILLEGIBLE]

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 20th day of January, 1989, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the Secretary of
Eure Moving & Storage Company, Inc., a Mississippi corporation, that he is the
person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                                 /s/ Blanche I. Passolt
                                                 ------------------------------
                                                 NOTARY PUBLIC
    (NOTARY SEAL)



<PAGE>

                                  [UHAUL LOGO]

                                  [ILLEGIBLE]

                                        January 20, 1989

Secretary of State
Dick Malpus
P. O. Box 136
Jackson, Mississippi 39205-0136

                                        Re: Merger
                                            U-Haul Co. of Mississippi
                                            (Survivor)
                                            Eure Moving & Storage Company, Inc.
                                            (Absorbed)
Gentlemen:

Enclosed are the necessary documents to merge the above mentioned corporations
in the State of Mississippi. Also, enclosed is our check in the amount of $50.00
for the required filing fee.

Please send the proof of filing to the attention of the undersigned to P. O.
Box 21502, Phoenix, Arizona 85036.

Thank you.

                                         Sincerely,

                                             /s/ Blanche I. Passolt
                                             ------------------------------
                                             Blanche I. Passolt
                                             Legal Department

BIP/01

                                   [GRAPHIC]
<PAGE>

                      PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 20th day of
January, 1989, entered into by U-Haul Co. of Mississippi, the surviving
Corporation, and Able Moving & Storage Co. Inc., the absorbed corporation both
corporations of the State of Mississippi and together referred to as the
Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Mississippi which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 118 North Congress Street, Jackson, Mississippi 39205.

                                      III

         The provisions for handling the shares of stock of the Constituent
corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.
<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                NUMBER OF
                    NUMBER OF    SHARES    NUMBER  NUMBER
    COMPANY          SHARES     ENTITLED   VOTED    VOTED
      NAME         OUTSTANDING   TO VOTE    FOR    AGAINST
- -----------------  ----------------------  ------  -------
<S>                <C>          <C>        <C>     <C>
U-HAUL CO. OF           500         500       500    -0-
MISSISSIPPI

ABLE MOVING  &       10,000      10,000    10,000    -0-
STORAGE CO., INC.
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper consummate and make
effective this merger, subject, however to the appropriate vote or consent to
the stockholders of the Constituent Corporation in accordance with the
requirements of the State of Mississippi.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                                Surviving Corporation: U-HAUL CO. OF
                                                       MISSISSIPPI, a
                                                       Mississippi corp.

                                By: /s/ Robert Brown
                                    --------------------------------
                                    Robert Brown, President

Verified

By: /s/ Zilphia Shearer
    ---------------------------------
    Zilphia Shearer, Secretary

                                Absorbed Corporation: ABLE MOVING & STORAGE
                                                      CO., INC. a Mississippi
                                                      corporation

                                By: /s/ John M. Dodds
                                    -----------------------------------
                                    John M. Dodds, President

Verified

By: /s/ John A. Lorentz
    ----------------------------
    John A. Lorentz, Secretary

<PAGE>

STATE OF MISSISSIPPI

COUNTY OF [ILLEGIBLE]

         On this [ILLEGIBLE] day of January, 1989, before me, the undersigned
Notary Public, personally appeared Robert Brown, known to me to be the President
of U-Haul Co. of Mississippi a Mississippi corporation that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                /s/ [ILLEGIBLE]
                                ---------------------------------
                                NOTARY PUBLIC

(NOTARY SEAL)                               My Commission Expires Aug. 19, 1989

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 20th day of January, 1989, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the Secretary of
Able Moving & Storage Co. Inc., a Mississippi corporation, that he is the person
who executed this instrument on behalf of said corporation, and acknowledged to
me that such corporation executed the same.

                                /s/ [ILLEGIBLE]
                                ---------------------------------
                                NOTARY PUBLIC

(NOTARY SEAL)

<PAGE>

                                  [U-HAUL LOGO]

U-HAUL INTERNATIONAL/2727 N, CENTRAL AVE, P.O. BOX 21502, PHOENIX, AZ 85036,
[ILLEGIBLE]

                                            January 20, 1989

Secretary of State
Dick Malpus
P.O. Box 136
Jackson, Mississippi 39205-0136
                                   Re: Merger
                                       U-Haul Co. of Mississippi
                                       (Survivor)
                                       Able Moving & Storage Co. Inc.
                                       (Absorbed)

Gentlemen:

Enclosed are the necessary documents to merge the above mentioned corporations
in the State of Mississippi. Also, enclosed is our check in the amount of $50.00
for the required filling fee.

Please send the proof of filing to the attention of the undersigned to P.O. Box
21502, Phoenix, Arizona 85036.

Thank you.

                                        Sincerely,

                                        /s/ Blanche I. Passolt
                                        Blanche I. Passolt
                                        Legal Department

BIP/01

<PAGE>

                         PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 5th day of July,
1989, entered into by U-Haul Co. of Mississippi, a Mississippi corporation, the
surviving corporation and Jackson Rental Equipment Repair Shop, Inc., a
Mississippi corporation, the Absorbed Corporation, and together referred to as
the Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the surviving Corporation under the terms and conditions
hereinafter set forth in accordance with the applicable provisions of the
General Corporation Law of [ILLEGIBLE] State of Mississippi which laws permit
such merger.

         NOW THERFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C.T.
Corporation system, 118 North Congress Street, Jackson, Mississippi 39205

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares
voted for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each
corporation was as follows:

<TABLE>
<CAPTION>
                                NUMBER OF
                    NUMBER OF    SHARES    NUMBER  NUMBER
    COMPANY          SHARES     ENTITLED   VOTED    VOTED
      NAME         OUTSTANDING   TO VOTE    FOR    AGAINST
- -----------------  -----------  ---------  ------  -------
<S>                <C>          <C>        <C>     <C>
U-HAUL CO.             500         500      500      -0-
OF MISSISSIPPI

JACKSON RENTAL         100         100      100      -0-
EQUIPMENT REPAIR
SHOP, INC.
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Mississippi, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Mississippi.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C.T. Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                                        Surviving Corporation: U-HAUL CO.
                                                               MISSISSIPPI, a
                                                               Mississippi Corp.

                             By: /s/ Robert Brown
                                 -----------------------
                                 Robert Brown, President

Verified

By: /s/ Zilphia Shearer
    ----------------------------
    Zilphia Shearer, Secretary

                             Absorbed Corporation: JACKSON RENTAL
                                                   EQUIPMENT REPAIR
                                                   SHOP, INC., a
                                                   Mississippi Corporation

                             By: /s/ Japhus Evans
                                 -----------------------------
                                 Japhus Evans, Jr., Vice-President

Verified

By: /s/ Zilphia Shearer
    --------------------------
    Zilphia Shearer, Secretary

<PAGE>

STATE OF MISSISSIPPI

COUNTY OF

         On this 10th day of July, 1989, before me, the undersigned Notary
Public, personally appeared, Robert Brown known to me to be the President of
U-Haul Co. of Mississippi, a Mississippi corporation that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                /s/ [ILLEGIBLE]
                                ---------------------------------
                                NOTARY PUBLIC

(NOTARY SEAL)                         My Commission Expires Aug. 19, 1989.

STATE OF MISSISSIPPI

COUNTY OF

         On this 10th day of July, 1989, before me, the undersigned Notary
Public, personally appeared Japhus Evans, Jr., known to me to be the
Vice-President of Jackson Rental Equipment Repair Shop Inc., a Mississippi
corporation, that he is the person who executed this instrument on behalf of
said corporation, and acknowledged to me that such corporation executed the
same.

                                /s/ [ILLEGIBLE]
                                ---------------------------------
                                NOTARY PUBLIC

(NOTARY SEAL)                         My Commission Expires Aug. 19, 1989.

<PAGE>

                         CONSENT OF THE SOLE STOCKHOLDER

                                       OF

                            U-HAUL CO. OF MISSISSIPPI

                                       AND

                   JACKSON RENTAL EQUIPMENT REPAIR SHOP, INC.

                          BOTH MISSISSIPPI CORPORATIONS

         AMERCO, a Nevada corporation, the sole shareholder of the above named
corporations, acting through John M. Dodds, on authority of the Executive
Management Team, the group designated by the Board of Directors of AMERCO to
vote the stock of all of its subsidiaries, hereby consents to and adopts the
following:

         RESOLVED: That this corporation, the sole shareholder of U-Haul Co. of
         Mississippi, a Mississippi corporation & Jackson Rental Equipment
         Repair Shop, Inc., a Mississippi corporation, does hereby approve &
         adopt the Plan of Merger between said corporations, whereby Jackson
         Rental Equipment Repair Shop, Inc., a Mississippi corporation, shall be
         absorbed into U-Haul Co. of Mississippi, being the surviving
         corporation, all in accordance with the Plan of Merger, and be it
         further.

         RESOLVED: That the Board of Directors and officers of said merging
         corporations be and they hereby are, authorized and directed to all
         further action and to execute all documents they deem necessary or
         advisable to consummate the said merger and to amend any of the terms
         of the said Plan of Merger, and further.

         BE IT RESOLVED: That the Secretary of each said corporation is hereby
         authorized to certify as to the Consent of the sole shareholder of the
         Plan of Merger, or within the Articles of Merger.

                                             AMERCO, a Nevada corporation

                                             By: /s/ John M. Dodds
                                                 ----------------------------
                                                 John M. Dodds

<PAGE>

                                  [U-HAUL LOGO]

U-HAUL INTERNATIONAL/2727 N, CENTRAL AVE. - P.O. BOX 21502, PHOENIX, AZ
85033-1502 [ILLEGIBLE] - TELEX 668383

                                     July 5, 1989

Secretary of State
Dick Malpus
P.O. Box 136
Jackson, MS 39205-0136

                                 Re: Merger
                                     U-Haul Co. of Mississippi
                                     A Mississippi Corporation (Survivor)
                                     Jackson Rental Equipment Repair Shop,
                                     Inc., a Mississippi Corporation (Absorbed)

Gentlemen:

Enclosed are the necessary documents to merge the above mentioned corporation in
the State of Mississippi. Also, enclosed is our check in the amount of $50.00
for the required filling fee.

Please send the proof of filing to the attention of the undersigned to P.O.
Box 21502, Phoenix, Arizona 85036.

Thank you.

                                             Sincerely,

                                             /s/ Blanche I. Passolt
                                             --------------------------
                                             Blanche I. Passolt
                                             Legal Department

BIP/01
ENC.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.104
<SEQUENCE>103
<FILENAME>p68936exv3w104.txt
<DESCRIPTION>EXHIBIT 3.104
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.104

                                   BY-LAWS OF

                             U-HAUL CO. MISSISSIPPI

                            A Mississippi Corporation

                                   ARTICLE I

                                                         DATE: February 26, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Mississippi shall be
located in the city of Jackson. The corporation may have such other offices
either within or without the state of Mississippi as the Board of Directors may
designate or as the business of the corporation may require from time to tine.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meetings:

The annual meeting of the shareholders of the corporation shall be held on the
Third Monday of April of each year, at the of office of the corporation in the
state of Mississippi or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as my be brought before said
meeting. The Board of Directors my change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and,
in case of special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
record entitled to vote at such meeting. If mailed, such notice shall be deemed
to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                       -1-
<PAGE>

may be held within or without the state of Mississippi. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTIONS 4. Voting:

voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTIONS 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of
the shareholders. If less than a majority of the outstanding shares are
represented at a meeting, the majority of the shares so represented may adjourn
the meeting without further notice. At such adjourned meeting at which a quorum
shall be present or represented, any business may be transacted which might have
been transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press open the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

        1st      All persons claiming to hold proxies shall present them to
                 the tellers for verification.

        2nd.     Proof of due notice of meeting when applicable.

        3rd.     Reading and disposal of all unapproved minutes.

        4th.     Reports of officers and committees.

        5th.     Election of Directors.

        6th.     Unfinished business.

        7th.     New business.

        8th.     Adjournment.

                                       -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Mississippi.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Mississippi.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shell be as
follows:

                                       -3-
<PAGE>

        1st.     Roll call; a quorum being present.

        2nd.     Reading of minutes of preceding meeting and action thereon.

        3rd.     Consideration of communications of the Board of Directors.

        4th.     Reports of officials and committees.

        5th.     Unfinished business.

        6th.     Miscellaneous business.

        7th.     New business.

        8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

        1.       To purchase, lease, and acquire, in any lawful banner any and
                 all real or personal property including franchises, stocks,
                 bonds and debentures of other companies, business and good
                 will, patents, trade-marks in contracts, and interests
                 thereunder, and other rights and proprieties which in their
                 judgment may be beneficial for the purpose of this
                 corporation, and to issue shares of stock of this corporation
                 in payment of such property, and in payment for services
                 rendered to this corporation, when they deem it advisable.

        2.       To fix and determine and to vary, from time to time, the
                 amount or amounts to be set aside or retained as reserve funds
                 or as working capital of this corporation.

        3.       To issue notes sad other obligations or evidences of the debt
                 of this corporation, and to secure the same, if deemed
                 advisable, and endorse and guarantee the notes, bonds, stocks,
                 and other obligations of other corporations with or without
                 compensation for so doing, and from time to time to sell,
                 assign, transfer

                                       -4-
<PAGE>

                 or otherwise dispose of any of the property of this
                 corporation, subject, however, to the laws of the State of
                 Mississippi, governing the disposition of the entire assets
                 and business of the corporation as a going concern.

        4.       To declare and pay dividends, both in the form of money and
                 stock, but only from the surplus or from the net profit
                 arising from the business of this corporation, after deducting
                 therefrom the amounts, at the time when any dividend is
                 declared which shall have been set aside by the Directors as a
                 reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Mississippi statutes regulating the
appointment of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with

                                       -5-
<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTIONS 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. Be shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                       -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Mississippi, the number and par value, if any, of each share represented
by it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferrable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                       -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF MISSISSIPPI, are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                          ___________________________
                                          President - George E. Brown

ATTEST:

______________________________
Secretary - Roberta A. Hellmer

          (CORPORATE SEAL)

                                       -8-
<PAGE>

                            U-HAUL CO. OF MISSISSIPPI
                            A Mississippi corporation

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Mississippi, a
Mississippi corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1, of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the Shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2, to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the President, Secretary, Treasurer, Assistant Secretary
and/or Assistant Treasurer of Company (collectively, the "Authorized Officers")
be, and each of them hereby is, authorized and empowered to certify to the
passage of the foregoing resolutions under the seal of Company or otherwise.

<PAGE>

Dated: August 15, 2003.

                                              SHAREHOLDER:

                                              U-Haul International, Inc.
                                              a Nevada Corporation

                                              By: /s/ Gary V. Klinefelter
                                                  -----------------------
                                              Name: Gary V. Kilnefelter
                                              Its:  Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.105
<SEQUENCE>104
<FILENAME>p68936exv3w105.txt
<DESCRIPTION>EXHIBIT 3.105
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.105

                               STATE OF MISSOURI

                                   Matt Blunt
                               Secretary of State

                        CERTIFICATE OF CORPORATE RECORDS

                           U-HAUL COMPANY OF MISSOURI
                                    00140684

       I, MATT BLUNT, Secretary of the State of the State of Missouri and
      Keeper of the Great Seal thereof, do hereby certify that the annexed
          pages contain a full, true and complete copy of the original
            documents on file and of record in this office for which
                       certification has been requested.

IN TESTIMONY WHEREOF, I have set my hand and imprinted the GREAT SEAL of the
State of Missouri, on this, the 7TH day of AUGUST, 2003.


    Matt Blunt
- ------------------
Secretary of State

<PAGE>

                               STATE of MISSOURI
                    JAMES C. KIRKPATRICK, Secretary of State
                              Corporation Division

                          CERTIFICATE OF INCORPORATION

WHEREAS, duplicate originals of Articles of Incorporation of U-HAUL CO. OF
SOUTHERN MISSOURI have been received and filed in the office of the Secretary of
State and which Articles, in all respects, comply with the requirements of The
General and Business Corporation Law:

NOW, THEREFORE, I, JAMES C. KIRKPATRICK, Secretary of State of the State of
Missouri, by virtue of the authority vested in me by law, do hereby certify and
declare U-HAUL CO. OF SOUTHERN MISSOURI a body corporate, duly organized this
day and that it is entitled to all rights and privileges granted corporations
organized under The General and Business Corporation Law; that the address of
its initial Registered Office in Missouri is 314 North Broadway, St. Louis, ;
that its period of existence is perpetual; and that the amount of its Authorized
Snares is THIRTY THOUSAND Dollars.

                                    IN TESTIMONY WHEREOF, I have hereunto set my
                                    hand and affixed the GREAT SEAL of the State
                                    of Missouri, at the City of Jefferson, this
                                    2nd day of March, 1970.


                                             JAMES C. KIRKPATRICK
                                            ---------------------------------
                                                          Secretary of State

                                            ---------------------------------
                                                   Deputy Secretary of State

RECEIVED OF: U HAUL CO. OF SOUTHERN MISSOURI Fifty-three and no/100 Dollars, $
53.00 For Credit of General Revenue Fund, on Account of Incorporation Tax and
Fee.

                                         /s/ [ILLEGIBLE]
                                         ------------------------------------
                                                  Deputy Collector of Revenue

No. 140684

<PAGE>

                 State of Missouri Office of Secretary of State

                            ARTICLES OF INCORPORATION
                  (TO BE SUBMITTED IN DUPLICATE BY AN ATTORNEY)

HONORABLE JAMES C. KIRKPATRICK
SECRETARY OF STATE
STATE OF MISSOURI
JEFFERSON CITY, MO. 65102

     The undersigned natural person(s) of the age of twenty-one years or more
for the purpose of forming a corporation under The General and Business
Corporation Law of Missouri adopt the following Articles of Incorporation:

                                  ARTICLE ONE

     The name of the corporation is: U-HAUL CO. OF SOUTHERN MISSOURI

                                  ARTICLE TWO

     The address, including street and number, if any, of the corporation's
initial registered office in this state is: 314 North Broadway, St. Louis,
Missouri and the name of its initial registered agent at such address is: C. T.
Corporation System

                                 ARTICLE THREE

     The aggregate number, class and par value, if any, of shares which the
corporation shall have authority to issue shall be:

     3,000 shares of common stock with a par value of Ten ($10.00) Dollars per
share.

     The preferences, qualifications, limitations, restrictions, and the special
or relative rights, including convertible rights, if any, in respect of the
shares of each class are as follows: None.

<PAGE>

                                  ARTICLE FOUR

     The number and class of shares to be issued before the corporation shall
commence business, the consideration to be paid therefor and the capital with
which the corporation will commence business are as follows:

<TABLE>
<CAPTION>
                                                      Per Value (or for shares
                                                       without par value, show
                                  Consideration        amount of consideration
No. of Shares        Class         to be paid        paid which will be capital)
<S>                  <C>          <C>                <C>
    50               Common         $500.00                $10.00 per-share
</TABLE>

     The corporation will not commence business until consideration of the value
of at least Five Hundred Dollars has been received for the issuance of shares.

                                  ARTICLE FIVE

     The name and place of residence of each incorporator is as follows:

<TABLE>
<CAPTION>
     Name                          Street                          City
<S>                       <C>                             <C>
David L. Helsten          2727 North Central Avenue       Phoenix, Arizona 85004
</TABLE>

                                  ARTICLE SIX

     The number of directors to constitute the board of directors is Three (3)

                                 ARTICLE SEVEN

     The duration of the corporation is Perpetual.

<PAGE>

     The corporation is formed for the following purposes:

         to rent and lease to the general public trailers, semi-trailers,
         trucks, passenger automobiles and other equipment, tools, machinery,
         vehicles and property of any and every kind and description, and to
         purchase or otherwise acquire and operate any facilities useful for the
         conduct of the business enterprises of this corporation.

              In general, to carry on any other business in connection with the
         foregoing, and to have and exercise all powers conferred by the laws of
         the State of Missouri upon corporations, and to engage in any lawful
         activity within the purposes for which corporations may be organized
         under the General and Business Corporation Law of Missouri.

     IN WITNESS WHEREOF, these Articles of Incorporation have been signed this
6th day of February, 1970.

                                        /s/ DAVID L. HELSTEN
                                        ----------------------------------------

                                        ----------------------------------------

                                        ----------------------------------------

                                        ----------------------------------------

<PAGE>

STATE OF ARIZONA        }
                          SS
COUNTY OF MARCOPA       }

         I, Helen H. Delamater, a notary public, do hereby certify that on
the 6th day of February, 1970, personally appeared before me, David L.
Helsten (and_____________________________,) who being by me first duly sworn,
(severally) declared that he is (they are) the person(s) who signed the
foregoing document as incorporator (s), and that the statements therein
contained are true.

                                                /s/ Helen H. Delamater
                                               --------------------------------
                                                          Notary Public

         My commission expires 8/13/72, 19_____.

Von, Hoffmann Press, Jefferson City, Mo, [ILLEGIBLE]
<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Missouri

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting Corporation is U-HAUL CO., INC., a
         corporation organized and existing under the laws of the State of
         Kansas and qualified in the State of Missouri.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

                             U-HAUL CO. OF ST. LOUIS

         IN WITNESS WHEREOF, this corporation has caused this consent to be
executed this 26 day of January, 1970.

                                                U-HAUL CO., INC.
                       (SEAL)

                                                BY: /s/ Theodore R. Fore
                                                    ----------------------------
                                                    Theodore R. Fore President

 BY: /s/ Winifred F. Shop
     ---------------------------------
     Winifred F. Shop Secretary

STATE OF Kansas         )
                        ) ss.
COUNTY OF Wyandotte     )

         Before me, a Notary Public, personally appeared Theodore R. Fore &
Winifred F. Shop known to me to be the persons who executed the foregoing
instrument, and acknowledged that he executed the same for the purpose therein
contained and that the statements therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
26 day of January, 1970.

                                               /s/ [ILLEGIBLE]
                                               ---------------------------------
                                                                   Notary Public

                                            My Commission Expires Sept. 17, 1972
         (SEAL)

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Missouri

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is U-HAUL-CO., INC., a
         corporation organized and existing under the laws of the State of
         Kansas and qualified in the State of Missouri.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

                         U-HAUL CO. OF SOUTHERN MISSOURI

         IN WITNESS WHEREOF, this corporation has caused this consent to be
executed this 26 day of January, 1970.


                                           U-HAUL CO., INC.
                  (SEAL)

                                           By: /s/ Theodore R. Fore
                                               ------------------------------
                                               Theodore R. Fore President

By: /s/ Winifred F. Shop
    --------------------------------------
    Winifred F. Shop Secretary

STATE OF Kansas            )
                           ) ss.
COUNTY OF Wyandotte        )

         Before me, a Notary Public, personally appeared Theodore R. Fore &
Winifred F. Shop known to me to be the persons who executed the foregoing
instrument, and acknowledged that he executed the same for the purpose therein
contained and that the statements therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
26 day of January, 1970.

                                            /s/ [ILLEGIBLE]
                                            ------------------------------------
                                                                   Notary Public

                                            My Commission Expires Sept. 17, 1972

         (SEAL)
<PAGE>

No. 140684
(SEAL)                                              STATE OF MISSOURI
                                        JAMES C. KIRKPATRICK, SECRETARY OF STATE

                                                 CORPORATION DEPARTMENT

                            CERTIFICATE OF AMENDMENT

WHEREAS, AMERCO MARKETING CO. OF SOUTHERN MISSOURI (FORMERLY: U-HAUL CO. OF
SOUTHERN MISSOURI) a corporation organized under The General and Business
Corporation Law has delivered to me a certificate of Amendment of its Articles
of Incorporation and has in all respects complied with the requirements of law
governing the amendment of Articles of Incorporation under The General and
Business Corporation Law.

NOW, THEREFORE, I, JAMES C. KIRKPATRICK, Secretary of State of the State of
Missouri, do hereby certify that I have filed said Certificate of Amendment as
provided by law, and that the Articles of Incorporation of said corporation are
amended in accordance therewith.

                                    IN TESTIMONY WHEREOF, I have hereunto set my
                                    hand and affixed the GREAT SEAL of the State
                                    of Missouri, at the City of Jefferson, this
                                    29th day of October, 1970

                                                   /s/ James C. Kirkpatrick
                                                   -----------------------------
                                                             Secretary of State

                                                   -----------------------------
                                                      Deputy Secretary of State

RECEIVED OF: AMERCO MARKETING CO. OF SOUTHERN MISSOURI Three and no/100 Dollars,
$ 3.00.

For Credit of General Revenue Fund, on Account of Amendment Fee.

No 140684

                                                     /s/ [ILLEGIBLE]
                                                     ---------------------------
                                                     Deputy Collector of Revenue

<PAGE>

              STATE OF MISSOURI . . . OFFICE OF SECRETARY OF STATE
                    JAMES C. KIRKPATRICK, SECRETARY OF STATE

                     AMENDMENT OF ARTICLES OF INCORPORATION

                  (TO BE SUBMITTED IN DUPLICATE BY AN ATTORNEY)

HONORABLE JAMES C. KIRKPATRICK
SECRETARY OF STATE
STATE OF MISSOURI
JEFFERSON CITY, MO. 65101

         Pursuant to the provisions of The General and Business Corporation Law
of Missouri, the undersigned Corporation certifies the following:

         (1) The name of the Corporation is U-HAUL CO. OF SOUTHERN MISSOURI

         The name under which it was originally organized was U-HAUL CO. OF
SOUTHERN MISSOURI

         (2) An amendment to the Corporation's Articles of Incorporation was
adopted by the shareholders on AUGUST 12, 1970.

         (3) Article # I is amended to read as follows:

             "The name of the corporation is:

                AMERCO MARKETING CO. OF SOUTHERN MISSOURI."

<PAGE>

         (4) Of the 50 shares outstanding, 50 of such shares were entitled to
vote on such amendment.

         The number of outstanding shares of any class entitled to vote thereon
as a class were as follows:

                                                                 Number of
            Class                                             Outstanding Shares

                                       N/A

         (5) The number of shares voted for and against the amendment was as
follows:

         Class                      No. Voted For              No. Voted Against

         Common                        50                              -0-

         (6) If the amendment changed the number or par value of authorized
shares having a par value the amount in dollars of authorized shares having a
par value as changed is:

                                                             N/A

         If the amendment changed the number of authorized shares without par
value, the authorized number of shares without par value as changed and the
consideration proposed to be received for such increased authorized shares
without par value as are to be presently issued are:

                                                             N/A

         (7) If the amendment provides for an exchange, reclassification, or
cancellation of issued shares, or a reduction of the number of authorized
shares of any class below the number of issued shares of that class, the
following is a statement of the manner in which such reduction shall be
effected:

                                                             N/A

<PAGE>

         IN WITNESS WHEREOF, the undersigned, CALVIN R. HOLMAN
                                                 President
- ----------------------------- has executed this Instrument and its
        Vice President
DELPHIA L. HOLMAN has Affixed its corporate seal hereto and
- ------------------
     Secretary
attested said seal on the 14th day of SEPTEMBER, 1970.

    PLACE
CORPORATE SEAL
    HERE

                                          U-HAUL CO. OF SOUTHERN MISSOURI
                                          -------------------------------
                                                (Name of Corporation)

ATTEST:

/s/ Delphia L. Holman                     By /s/ Calvin R. Holman
- -----------------------------------          -----------------------------------
                 (Secretary)                  (President) Calvin R. Holman
Delphia L. Holman

STATE OF MISSOURI   }
                    } ss.
COUNTY OF BARRY     }

         I, Ellen M. Kidwell, a notary public do hereby certify that on this
14th day of SEPTEMBER, 1970, personally appeared before me CALVIN R. HOLMAN,
who, being by me first sworn, declared that he is the PRESIDENT of U-HAUL CO. OF
SOUTHERN MISSOURI that he signed the foregoing document as PRESIDENT of the
corporation, and that the statements therein contained are true.

                                          /s/ Ellen M. Kidwell
                                          --------------------------------------
                                                    Notary Public

           (NOTARIAL
              SEAL)

         My commission expires 10-29-71.

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Missouri

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is AMERCO, a corporation
         organized and existing under the laws of the State of Arizona.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is: AMERCO MARKETING
         CO. OF SOUTHERN MISSOURI

         In Witness Whereof, this corporation has caused this consent to be
executed this 12 day of August, 1970.

                                          AMERCO, an Arizona corporation

                                          BY: /s/ L. S. Shoen
                                              ----------------------------------
                                                  L. S. Shoen - President

STATE OF ARIZONA     )
                     ) ss.
COUNTY OF MARICOPA   )

         Before me, a Notary Public, personally appeared L. S. Shoen known to me
to be the person who executed the foregoing instrument, and acknowledged that he
executed the same for the purpose therein contained and that the statements
therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
12th day of August, 1970.

                                          /s/ [ILLEGIBLE]
                                          --------------------------------------
                                                    Notary Public

                                             My Commission Expires Aug. 13, 1972
<PAGE>

NO.140684
(SEAL)                                             STATE OF MISSOURI
                                        JAMES C. KIRKPATRICK, SECRETARY OF STATE

                                                 CORPORATION DIVISION

                            CERTIFICATE OF AMENDMENT

WHEREAS, U-HAUL COMPANY OF SOUTHERN MISSOURI (FORMERLY: AMERCO MARKETING CO. OF
SOUTHERN MISSOURI) a corporation organized under The General and Business
Corporation Law has delivered to me a Certificate of Amendment of its Articles
of Incorporation and has in all respects complied with the requirements of law
governing the amendment of Articles of Incorporation under The General and
Business Corporation Law.

NOW, THEREFORE, I, JAMES C. KIRKPATRICK, Secretary of State of the State of
Missouri, do hereby certify that I have filed said Certificate of Amendment as
provided by law, and that the Articles of Incorporation of said corporation are
amended in accordance therewith.

                                    IN TESTIMONY WHEREOF, I have hereunto set my
                                    hand and affixed the GREAT SEAL of the State
                                    of Missouri, at the City of Jefferson, this
                                    23rd day of March 1973.

                                          /s/ James C. Kirkpatrick
                                          --------------------------------------
                                                         Secretary of State

RECEIVED OF: U-HAUL COMPANY OF SOUTHERN MISSOURI three and no/100 Dollars, $
3.00 For Credit of General Revenue Fund, on Account of Amendment Fee.

No. 140684

                                          /s/ [ILLEGIBLE]
                                          --------------------------------------
                                                 Deputy Collector of Revenue

<PAGE>

(SEAL)         STATE OF MISSOURI. . .OFFICE OF SECRETARY OF STATE
                    JAMES C. KIRKPATRICK, SECRETARY OF STATE

                     AMENDMENT OF ARTICLES OF INCORPORATION

                  (TO BE SUBMITTED IN DUPLICATE BY AN ATTORNEY)

HONORABLE JAMES C. KIRKPATRICK
SECRETARY OF STATE
STATE OF MISSOURI
JEFFERSON CITY, MO. 65101

         Pursuant to the provisions of The General and Business Corporation Law
of Missouri, the undersigned Corporation certifies the following:

         (1) The name of the Corporation is AMERCO MARKETING CO. OF SOUTHERN
MISSOURI

         The name under which it was originally organized was U-HAUL CO. OF
SOUTHERN MISSOURI

         (2) An amendment to the Corporation's Articles of Incorporation was
adopted by the shareholders on February 21, 1973.

         (3) Article # 1 is amended to read as follows:

              The name of the corporation is U-HAUL COMPANY OF SOUTHERN MISSOURI

 (If more than one article is to be amended or more space is needed attach fly
                                    sheet.)

<PAGE>

         (4) Of the 500 shares outstanding, 500 of such shares were entitled to
vote on such amendment.

         The number of outstanding shares of any class entitled to vote thereon
as a class were as follows:

                                                                 Number of
         Class                                               Outstanding Shares


         Common                                                     500

         (5) The number of shares voted for and against the amendment was as
follows:

         Class                    No. Voted For              No. Voted Against

         Common                       500                         NONE

         (6) If the amendment changed the number or par value of authorized
shares having a par value the amount in dollars of authorized shares having a
par value as changed is:

                                    NO CHANGE

         If the amendment changed the number of authorized shares without par
value, the authorized number of shares without par value as changed and the
consideration proposed to be received for such increased authorized shares
without par value as are to be presently issued are:

                                    NO CHANGE

         (7) If the amendment provides for an exchange, reclassification, or
cancellation of issued shares, or a reduction of the number of authorized shares
of any class below the number of issued shares of that class, the following is a
statement of the manner in which such reduction shall be effected:

                                    NO CHANGE

<PAGE>

         IN WITNESS WHEREOF, the undersigned, Calvin. R. Holman President has
                                              -----------------
                                                 President
executed this instrument and its Secretary, Delphia L. Holman has affixed its
                                 ----------------------------
                                           Secretary
corporate seal hereto and  attested said seal on the 19th day of March, 1973.

    PLACE
CORPORATE SEAL
    HERE

                                       AMERCO MARKETING CO. OF SOUTHERN MISSOURI
                                       -----------------------------------------
                                                  (Name of Corporation)

ATTEST:

/s/ Delphia L. Holman                  By /s/ Calvin R. Holman
- -----------------------------------       --------------------------------------
Delphia L.(Secretary) Holman              Calvin R.(President) Holman

STATE OF Missouri   }
                    } ss.
COUNTY OF Barry     }

         I, Joe Miller, a notary public, do hereby certify that on this 19th day
of March, 1973, personally appeared before me Calvin R. Holman, who, being by me
first duly sworn, declared that he is the President of AMERCO MARKETING CO. OF
SOUTHERN MISSOURI that he signed the foregoing document as President of the
corporation, and that the statements therein contained are true.

                                          /s/ Joe Miller
                                          --------------------------------------
                                                     Notary Public

         (NOTARIAL
            SEAL)

         My commission expires 12-7-75.

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1.       The name of the consenting corporation is U-HAUL CO., INC., a
                  corporation organized and existing under the laws of the State
                  of Kansas.

         2.       The name of the corporation to which this consent is given and
                  which is about to amend its corporate name is:

                       AMERCO MARKETING CO. OF SOUTHERN MISSOURI

         3.       The name the corporation shall adopt by amending its Articles
                  of Incorporation is:

                        U-HAUL CO. OF SOUTHERN MISSOURI

         In Witness Whereof, this corporation has caused this consent to be
executed this 28th day of February, 1973.

                                       U-HAUL CO., INC., a Kansas corporation

                                       By: /s/ Arthur G. Seifert
                                           ----------------------------------
                                           Arthur G. Seifert Assistant Secretary

STATE OF ARIZONA   )
                   ) ss.
COUNTY OF MARICOPA )

         Before me, a Notary Public, personally appeared Arthur G. Seifert,
known to me to be the person who executed the foregoing instrument, and
acknowledged that he executed the same for the purpose therein contained and
that the statements therein contained are truly set forth.

         In Witness Whereof, I have hereunto set my hand and official seal this
28th day of February, 1973.

         (SEAL)                        /s/ Helen H. Delamater
                                       -----------------------------------------
                                       Notary Public     -      State of Arizona

                      My commission expires August 13, 1976

<PAGE>

(SEAL)                          STATE OF MISSOURI
                        ROY D. BLUNT, SECRETARY OF STATE

                              CORPORATION DIVISION

                     STATEMENT OF CHANGE OF BUSINESS OFFICE
                              OF A REGISTERED AGENT
                      OF A FOREIGN OR DOMESTIC CORPORATION

                                  INSTRUCTIONS

         There is a $5.00 fee for filing this statement. It must be filed in
    DUPLICATE for the corporation listed in the statement. All copies must be
    signed and notarized. The registered agent should sign in his individual
    name, unless the registered agent is a corporation, in which case the
    statement shall be executed by its president or vice president and verified
    by him, sealed with the corporate seal and attested by its secretary or an
    assistant secretary.

         Make check payable to "Director of Revenue."

         THIS FORM IS FOR USE BY A REGISTERED AGENT ONLY.

To: SECRETARY OF STATE
    P.O. Box 778
    Jefferson City, Missouri 65102                          Charter No. 00140684

         The undersigned registered agent, for the purpose of changing its
business office in Missouri as provided by the provisions of "The General and
Business Corporation Act in Missouri," represents that:

1.  The name of the corporation (in Missouri) is U-HAUL COMPANY OF SOUTHERN
    MISSOURI

2.  The name of this registered agent is C T CORPORATION SYSTEM

3.  The address, including street number, if any, of the PRESENT business office
    of the registered agent is 314 North Broadway, St. Louis, Missouri 63102

4.  The address, including street number, if any, of the business office of the
    registered agent is hereby CHANGED TO 906 Olive Street, St. Louis, Missouri
    63101

5.  Notice in writing of the change has been mailed by the registered agent to
    the corporation named above.

6.  The address of the registered office of the corporation named above and the
    business office of the registered agent, as changed, is identical.

                                     (Over)

<PAGE>

   (THE FOLLOWING SHOULD BE EXECUTED ONLY IF THE REGISTERED AGENT IS A NATURAL
                                     PERSON)

IN WITNESS WHEREOF, the undersigned registered agent has caused this report to
be executed this___________________________, day of ___________________________,
19___________________________________.

                                                ________________________________
                                                 Signature Of Registered Agent

State of __________________________  }
                                     } ss
County of _________________________  }

On this _______________________ day of _______________________,in the year 19__,
before me, ___________________________________, a Notary Public in and for said
state, personally appeared_________________________ known to me to be the person
who executed the within Statement of Change of Business Office and acknowledged
to me that________executed the same for the purposes therein stated.

   (NOTARIAL SEAL)                              ________________________________
                                                      Notary Public

                                                My commission expires___________

(THE FOLLOWING SHOULD BE EXECUTED ONLY IF THE REGISTERED AGENT IS A CORPORATION)

IN WITNESS WHEREOF, the undersigned corporation has caused this report to be
executed in its name by its ASSISTANT VICE-PRESIDENT, attested by its SECRETARY
or ASSISTANT SECRETARY this 8th day of January, 1988.

   (CORPORATE SEAL) C T CORPORATION SYSTEM            C T CORPORATION SYSTEM
   CORPORATE SEAL                                    ___________________________
   1936                                                    Name of Corporation
   DELAWARE                                          By /s/ [ILLEGIBLE]
   If no seal, state "none".                            ________________________
                                                        Assistant Vice-President

Attest:

/s/ [ILLEGIBLE]
_____________________________________
         Assistant Secretary

State of New York      }
                       } ss
County of New York     }

On this 8th day of January in the year 1988. before me Theresa Alfieri, a Notary
Public in and for said state, personally appeared Mary G. Murray, Assistant Vice
                                                  ______________  ______________
                                                    Name            Title
President, C T Corporation System known to me to be the person who executed the
_________  _____________________
            Name of Corporation
within Statement of Change of Business Office in behalf of said corporation and.
acknowledged to me that she executed the same for the purposes therein stated.

                                           /s/ Theresa Alfieri
                                           ________________________________
                                                    THERESA ALFIERI
                                           Notary Public,State of New York
   (NOTARIAL SEAL)                         My commission expires No.4703698
                                              Qualified in Kings County
                                         Certificate filed in New York County
                                           Commission Expires Dec. 31, 1989
<PAGE>

(SEAL)                          STATE OF MISSOURI
                        ROY D. BLUNT, SECRETARY OF STATE

                              CORPORATION DIVISION

                            CERTIFICATE OF MERGER --
                         MISSOURI CORPORATION SURVIVING

WHEREAS, Articles of Merger of the following corporations:

Name of Corporations SPRINGFIELD RENTAL EQUIPMENT REPAIR SHOP, INC. (#00288511)
                                      INTO:
                   U-HAUL CO. OF SOUTHERN MISSOURI (#00140684)
Organized and Existing Under Laws of Missouri have been received, found to
conform to law, and filed.

NOW, THEREFORE, I, ROY D. BLUNT, Secretary of State of the State of Missouri,
issue this Certificate of Merger, certifying that the merger of the aforenamed
corporations is effected, with U-HAUL CO. OF SOUTHERN MISSOURI (#00140684) as
the surviving corporation.

                                    IN TESTIMONY WHEREOF, I hereunto set my hand
                                    and affix the GREAT SEAL of the State of
                                    Missouri. Done at the City of Jefferson,
                                    this 1st day of May, 1989.

                                          /s/ Roy D. Blunt
                                          --------------------------------------
                                                 Secretary of State

                                                                     Fee $25.00

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 1st day of February,
1989, entered into by U-Haul Company of Southern Missouri, the surviving
corporation and Springfield Rental Equipment Repair Shop, Inc., the Absorbed
Corporation, both corporation of the State of Missouri and together referred to
as the Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Missouri, which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is 503
College, Springfield, MO 65806.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                 (1)    All issued and outstanding shares of stock of the
                        Constituent Corporation shall be absorbed.

                 (2)    On the effective date of the merger and when the
                        aforementioned cancellation has been effected, the
                        outstanding shares of stock of the Surviving Corporation
                        shall be deemed for all corporate purposes to evidence
                        the ownership of the Constituent Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                   NUMBER OF
                       NUMBER OF    SHARES    NUMBER  NUMBER
      COMPANY           SHARES     ENTITLED   VOTED    VOTED
       NAME           OUTSTANDING   TO VOTE    FOR    AGAINST
- --------------------  -----------  ---------  ------  -------
<S>                   <C>          <C>        <C>     <C>
Springfield Rental        500        500       500      0
Equipment Repair
Shop, Inc.

U-Haul Company            500        500       500      0
of Southern Missouri
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Missouri, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Missouri.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                              Surviving Corporation:  U-HAUL COMPANY OF SOUTHERN
                                                      MISSOURI
                                                      a Missouri corporation

                                       By: /s/ Calvin R. Holman
                                           -------------------------------------
                                               Calvin R. Holman, President

Verified

By: /s/ James E. Henson
    -----------------------------------
    James E. Henson, Secretary

                              Absorbed Corporation: SPRINGFIELD RENTAL EQUIPMENT
                                                     REPAIR SHOP, INC.
                                                     A Misosuri Corporation

                                       By: /s/ John Zarr
                                           -------------------------------------
                                           John Zarr, President

Verified

By: /s/ James E. Henson
    -----------------------------------
    James E. Henson, Secretary

<PAGE>

STATE OF
COUNTY OF

         On this 9 day of Mar, 1989, before me, the undersigned Notary Public,
personally appeared Calvin R. Holman, known to me to be the President of U-Haul
Company of Southern Missouri, a Missouri corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                       /s/ Harold P. James
                                       -----------------------------------------
                                       NOTARY PUBLIC

         (NOTARY SEAL)

STATE OF
COUNTY OF

         On this 9 day of Mar, 1989, before me, the undersigned Notary Public,
personally appeared John Zarr, known to me to be the President of Springfield
Rental Equipment Repair Shop, Inc. a Missouri corporation, that he is the person
who executed this instrument on behalf of said corporation, and acknowledged to
me that such corporation executed the same.

                                       /s/ Harold P. James
                                       -----------------------------------------
                                       NOTARY PUBLIC

         (NOTARY SEAL)

<PAGE>

                        UNANIMOUS CONSENT OF THE MEMBERS

                          OF THE BOARD OF DIRECTORS OF

                 SPRINGFIELD RENTAL EQUIPMENT REPAIR SHOP, INC.

                             A MISSOURI CORPORATION

                                                      February 1, 1989

         The undersigned, constituting all the members of the Board of Directors
of Springfield Rental Equipment Repair Shop, Inc., a Missouri corporation,
hereby consent to and adopt the following resolutions:

        RESOLVED: That Springfield Rental Equipment Repair Shop, Inc., does
        hereby agree to and approve the Plan of Merger between this corporation
        and U-Haul Company of Southern Missouri, whereby this corporation shall
        be absorbed into U-Haul Company of Southern Missouri, all in accordance
        with the copy of the Plan of Merger attached hereto, and be it further

        RESOLVED: That the President and Secretary of this corporation be and
        they hereby are authorized and directed to execute on behalf of this
        corporation said Plan of Merger and to do all and everything necessary
        to complete said merger, and be it further

        RESOLVED: That said Plan be submitted to the sole shareholder of this
        corporation for the purpose of considering the approval of said Plan.

                                          /s/ John Zarr
                                          --------------------------------------
                                          John Zarr, Director

                                          /s/ John Jones
                                          --------------------------------------
                                          John Jones, Director

                                          /s/ Calvin R. Holman
                                          --------------------------------------
                                          Calvin R. Holman, Director

<PAGE>

                        UNANIMOUS CONSENT OF THE MEMBERS

                          OF THE BOARD OF DIRECTORS OF

                       U-HAUL COMPANY OF SOUTHERN MISSOURI

                             A MISSOURI CORPORATION

                                                   February 1, 1989

         The undersigned, constituting all the members of the Board of Directors
of U-Haul Company of Southern Missouri, Inc., a corporation, hereby consent to
and adopt the following resolutions:

        RESOLVED: That this corporation does hereby agree to and approve the
        Plan of Merger between this corporation and Springfield Rental Equipment
        Repair Shop, Inc., whereby this corporation shall be the surviving
        corporation, all in accordance with the copy of the Plan of Merger
        attached hereto, and be it further

        RESOLVED: That the President and Secretary of this corporation be and
        they hereby are authorized and directed to execute on behalf of this
        corporation said Plan of Merger and to do all and everything necessary
        to complete said merger, and

        RESOLVED: That said Plan be submitted to the sole shareholder of this
        corporation for the purpose of considering the approval of said Plan.

                                          /s/ Calvin R. Holman
                                          --------------------------------------
                                          Calvin R. Holman, Director

                                          /s/ James E. Hanson
                                          --------------------------------------
                                          James E. Hanson, Director

                                          /s/ Harold James
                                          --------------------------------------
                                          Harold James, Director

<PAGE>

No. 00140684

(SEAL)                          STATE OF MISSOURI
                        ROY D. BLUNT, SECRETARY OF STATE

                              CORPORATION DIVISION

                            CERTIFICATE OF AMENDMENT

WHEREAS, U-HAUL COMPANY OF MISSOURI (FORMERLY: U-HAUL COMPANY OF SOUTHERN
MISSOURI) a corporation organized under The General and Business Corporation Law
has delivered to me a Certificate of Amendment of its Articles of Incorporation
and has in all respects complied with the requirements of law governing the
amendment of Articles of Incorporation under The General and Business
Corporation Law.

NOW, THEREFORE, I, ROY D. BLUNT, Secretary of State of the State of Missouri, do
hereby certify that I have filed said Certificate of Amendment as provided by
law, and that the Articles of Incorporation of said corporation are amended in
accordance therewith.

                                    IN TESTIMONY WHEREOF, I hereunto set my hand
                                    and affix the GREAT SEAL of the State of
                                    Missouri. Done at the City of Jefferson,
                                    this 3rd day of December, 1990.

                                          /s/ Roy D. Blunt
                                          --------------------------------------
                                                    Secretary of State

                                                                     Fee $20.00

<PAGE>

(SEAL)          STATE OF MISSOURI... OFFICE OF SECRETARY OF STATE
                        ROY D. BLUNT, SECRETARY OF STATE

                     AMENDMENT OF ARTICLES OF INCORPORATION
                         (To be submitted in duplicate)

HONORABLE ROY D. BLUNT
SECRETARY OF STATE
STATE OF MISSOURI
P.O. BOX 778
JEFFERSON CITY, MO 65102

         Pursuant to the provisions of The General and Business Corporation Law
of Missouri, the undersigned Corporation certifies the following:

1. The present name of the Corporation is U-Haul Company of Southern Missouri
   The name under which it was originally organized was U-Haul Company of
   Southern Missouri

2. An amendment to the Corporation's Articles of Incorporation was adopted by
   the shareholders on November 1, 1990.

3. Article Number I is amended to read as follows:

            The name of the corporation is U-HAUL COMPANY OF MISSOURI

  (If more than one article is to be amended or more space is needed attach fly
                                     sheet.)

<PAGE>

4. Of the 500 shares outstanding, 500 of such shares were entitled to vote on
   such amendment.

   The number of outstanding shares of any class ENTITLED TO VOTE
   THEREON AS A CLASS were as follows:

            Class                                   Number of Outstanding Shares

            COMMON                                             500

5. The number of shares voted for and against the amendment was as follows:

            Class                 No. Voted For                No. Voted Against

            COMMON                      500                          -0-

6. If the amendment changed the number or par value of authorized shares having
   a par value, the amount in dollars of authorized shares having a par value as
   changed is:

                                    No Change

   If the amendment changed the number of authorized shares without par value,
   the authorized number of shares without par value as changed and the
   consideration proposed to be received for such increased authorized shares
   without par value as are to be presently issued are:

                                    No Change

7. If the amendment provides for an exchange, reclassification, or cancellation
   of issued shares, or a reduction of the number of authorized shares of any
   class below the number of issued shares of that class, the following is a
   statement of the manner in which such reduction shall be effected:

                                    No Change

<PAGE>

IN WITNESS WHEREOF, the undersigned, John A. Lorentz, President has executed
this                                 --------------------------
                                            President or
instrument and its Gary V. Klinefelter, Secretary has affixed its corporate
                   ------------------------------
                  Secretary or Assistant Secretary
seal hereto and attested said seal on the 1st day of November, 1990.


          PLACE
     CORPORATE SEAL
          HERE.
(IF NO SEAL STATE "NONE.")

                                          U-Haul Co. of Southern Missouri
                                          --------------------------------
                                                  Name of Corporation

ATTEST:

/s/ Gary V. Klinefelter                    By /s/ John A. Lorentz
- -------------------------------------         ----------------------------------
 Secretary or Assistant Secretary               President or  Vice-President
  Gary V. Klinefelter, Secretary                John A. Lorentz, President

State of ARIZONA
                      ss
County of MARICOPA

         I, Blanche I. Passolt, a [ILLEGIBLE] that on this 1st day of November,
1990, personally appeared before me John A. Lorentz who being by me first duly
sworn, declared that he is the President of U-Haul Company of Southern Missouri
that he signed the foregoing document as President of the corporation, and that
the statements therein contained are true.

         NOTARIAL SEAL                    /s/ Blanche I. Passolt
                                          --------------------------------------
                                                    Notary Public

                                          My commission expires
                                                                ---------------
<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1. The name of the consenting corporation is: U-Haul Co. of Kansas
City, Inc., a Kansas corporation, and U-Haul Company of Eastern Missouri, a
Missouri Corporation, both corporations are qualified to do business in the
State of Missouri.

         2. The name of the corporation to which this Consent is being given and
which is about to be organized under the laws of the State of Missouri is:

                           U-HAUL COMPANY OF MISSOURI

         IN WITNESS WHEREOF, this corporation has caused this Consent to be
executed this November 12, 1990.

                                        U-Haul Co. of Kansas, Inc.
                                        U-Haul Company of Missouri

                                        By: /s/ John A. Lorentz
                                            ------------------------------------
                                            John A. Lorentz, President

STATE OF ARIZONA

COUNTY OF MARICOPA

         Before me, a Notary Public, personally appeared John A. Lorentz, known
to me to be the person who executed and attested the foregoing instrument
respectively, and acknowledged that he executed and attested the same for the
purposes therein contained and that the statements are truly set forth.

         In Witness Whereof, I have hereunto set my hand and official seal this
12nd day of November, 1990.

         (NOTARIAL SEAL)                  /s/ Blanche I. Passolt
                                          --------------------------------------
                                                    NOTARY PUBLIC
<PAGE>

No. #00140684

                                STATE OF MISSOURI
                        ROY D. BLUNT, Secretary of State

                              CORPORATION DIVISION

                            CERTIFICATE OF MERGER --
                         MISSOURI CORPORATION SURVIVING

WHEREAS, Articles of Merger of the following corporations:

Name of Corporations U-HAUL COMPANY OF EASTERN MISSOURI (#00141188) INTO: U-HAUL
COMPANY OF MISSOURI (#00140684) Organized and Existing Under Laws of Missouri
have been received, found to conform to law, and filed.

NOW, THEREFORE, I, ROY D. BLUNT, Secretary of State of the State of Missouri,
issue this Certificate of Merger, certifying that the merger of the aforenamed
corporations is effected, with U-HAUL COMPANY OF MISSOURI (#00140684) as the
surviving corporation.

                                    IN TESTIMONY WHEREOF, I hereunto set my hand
                                    and affix the GREAT SEAL of the State of
                                    Missouri. Done at the City of Jefferson,
                                    this 27th day of March, 1991

                                                     /s/ Roy D. Blunt
                                            ------------------------------------
                                                    Secretary of State

                                                                      Fee $25.00
<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 13th day of February,
1991, entered into by U-Haul Co. of Missouri, the surviving corporation and
U-Haul Company of Eastern Missouri, the absorbed Corporation, both Missouri
corporations and together referred to as the Constituent Corporations hereby
witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Missouri which laws permit such mergers.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is John A.
Lorentz, 2721 N. Central Avenue, Phoenix, Arizona 85004.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Absorbed Corporation shall be cancelled.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Surviving
                           Corporation.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                            NUMBER OF
                              NUMBER OF      SHARES        NUMBER        NUMBER
   COMPANY                     SHARES       ENTITLED        VOTED         VOTED
     NAME                    OUTSTANDING    TO VOTE          FOR         AGAINST
     ----                    -----------    -------          ---         -------
<S>                          <C>            <C>            <C>           <C>
U-HAUL CO. OF
MISSOURI                         500          500            500            -0-

U-HAUL COMPANY
OF EASTERN
MISSOURI                         500          500            500            -0-
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the States of Missouri, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Missouri.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C. T. Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P. O. Box 21502, Phoenix, Arizona 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                                      VIII

         The effective date of the merger shall be January 1, 1991, for
accounting purposes.

                                  Surviving Corporation: U-HAUL CO. MISSOURI,
                                                         A Missouri Corp.

                                  By: /s/ John A. Lorentz
                                      ------------------------------------------
                                          John A. Lorentz, President

Verified

By: /s/ Gary V. Klinefelter
    ---------------------------------
    Gary V. Klinefelter, Secretary

                          Absorbed Corporation: U-HAUL CO.  OF EASTERN
                                                MISSOURI, a Missouri Corporation

                                  By: /s/ John A. Lorentz
                                      ------------------------------------------
                                          John A. Lorentz, President

Verified

By: /s/ Gary V.  Klinefelter
    ---------------------------------
    Gary V.  Klinefelter, Secretary

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 13th day of February, 1991, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the President of
U-Haul Co. of Missouri, a Missouri Corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                                       /s/ [ILLEGIBLE]
                                            ------------------------------------
                                                        NOTARY PUBLIC

         (NOTARY SEAL)

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 13th day of February, 1991 before me, the undersigned Notary
Public, personally appeared John A. Lorentz known to me to be the President of
U-Haul Company of Eastern Missouri, a Missouri Corporation, that he is the
person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                                       /s/ [ILLEGIBLE]
                                            ------------------------------------
                                                        NOTARY PUBLIC

         (NOTARY SEAL)

<PAGE>

                                STATE OF MISSOURI
                     JUDITH K. MORIARTY, SECRETARY OF STATE
                     P.O. BOX 778, JEFFERSON CITY, MO. 65102

                              Corporation Division

                     STATEMENT OF CHANGE OF REGISTERED AGENT
                              OR REGISTERED OFFICE

                                  INSTRUCTIONS

The filing fee for this change is $10.00.
Change must be filed in DUPLICATE.
The registered office may be, but need not be, the same as the place of business
of the corporation or limited partnership, but the registered office and the
business address of the agent must be the same. The corporation or limited
partnership cannot act as its own registered agent.

Any subsequent change in the registered office or agent must be immediately
reported to the Secretary of State. Forms are available upon request.

                  [ILLEGIBLE]
              SECRETARY OF STATE                              Charter No. 140684

The undersigned corporation or limited partnership, organized and existing under
the laws of the State of Missouri for the purpose of changing its registered
agent "The General and Business Corporation Act of Missouri," or the "Missouri
Uniform Limited Partnership Law," represents that:

(1)  The name of the corporation/ltd. partnership is:

     U-HAUL COMPANY OF MISSOURI

(2)  The name of its registered agent before this change is:

     C T Corporation System

(3)  The name of the new registered agent is: THE CORPORATION COMPANY

(4)  The address, including street number, if any, of its registered office
     before this change is:

     906 Olive Street, St. Louis, MO 63101

(5)  Its registered office (including street number, if any change is to be
     made) is hereby CHANGED TO:

     7733 Forsyth Blvd., Clayton, Missouri 63105

(6)  The address of its registered office and the address of the business office
     of its registered agent, as changed will be identical.

(7)  Such change was authorized by resolution duly adopted by the board of
     directors of the corporation or by the limited partnership.

<PAGE>

IN WITNESS WHEREOF, the undersigned corporation or limited partnership has
caused this report to be executed in its name by its President or Vice President
of the corporation, or Partner of the limited partnership, and attested to by
the assistant secretary if a corporation on the 19th day of December 1994

                                  U-HAUL COMPANY OF MISSOURI
                                  ----------------------------------------------
                                    Name of corporation or limited partnership

         (CORPORATE SEAL)
         ------------------------
         IF NO SEAL, STATE "NONE"

                              By:                /s/ [ILLEGIBLE]
                                  ------------------------------------------
                                  President or Vice President of corporation

                                                     or

                                    General Partner of limited Partnership

                             By: /s/ Michael Schultz
                                 -------------------------------------------
                                 Michael Schultz, President

Attest:

              /s/ John A. Lorentz
- -------------------------------------------------
        Secretary or Assistant Secretary
 John A. Lorentz [ILLEGIBLE], Assistant Secretary

State of ARIZONA
                      } ss.
County of MARICOPA

     I, Blanche I. Passolt, a Notary Public, do hereby certify that on the 19th
day of December, 1994, personally appeared before me John A. Lorentz who
declares he/she is the President or Vice President of the corporation, or a
General Partner of the limited partnership, executing the foregoing document,
and being first duly sworn, acknowledged that he/she signed the foregoing
document in the capacity therein set forth and declared that the statements
therein contained are true.

     IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and year
before written.

                                                    /s/ [ILLEGIBLE]
                                                 -------------------------------
                                                     NOTARY PUBLIC

         (NOTARIAL SEAL)

                                                  My commission expires 11/20/97

The Secretary of State's Office makes every effort to provide program
accessibility to all citizens without regard to disability. If you desire this
publication in alternate form because of a disability, please contact the
Director of Publications, P.O. Box 778, Jefferson City, Mo. 65102; phone (314)
751-1814. Hearing-impaired citizens may contact the Director by phone through
Missouri Relay (800-735-2966). The Corporations Division also maintains a
Telecommunications Device for the Deaf (TDD) at (314)526-5599.

<PAGE>

                                STATE OF MISSOURI
                    REBECCA McDOWELL COOK, SECRETARY OF STATE
                     P.O. BOX 778, JEFFERSON CITY, MO. 65102

                              Corporation Division

                     STATEMENT OF CHANGE OF BUSINESS OFFICE
                              OF A REGISTERED AGENT

                                  INSTRUCTIONS

1. The filing fee for this change is $10.00. Change must be filed in DUPLICATE.

2. P.O. Box may only be used in conjunction with Street, Route or Highway.

3. Agent and address must be in the State of Missouri.

4. The corporation or limited partnership cannot act as its own registered
   agent. The registered agent should sign in his individual name, unless the
   registered agent is a corporation, in which case the execution should be by
   proper officers.

                                                            Charter No. 00140684

     The undersigned registered agent, for the purpose of changing its business
office in Missouri as provided by the provisions of "The General and Business
Corporation Act in Missouri," or the "Missouri Uniform Limited Partnership Law,"
represents that:

1. The name of the corporation/limited partnership is U-HAUL COMPANY OF MISSOURI

2. The name of this registered agent is The Corporation Company

3. The address, including street number, if any, of the present business office
   of the registered agent is

   7733 Forsyth Blvd., Clayton, Missouri 63105

4. The address, including street number, if any, of the business office of the
   registered agent is hereby changed to
   120 Central Avenue, Clayton, Missouri 63105

5. Notice in writing of the change has been mailed by the registered agent to
   the corporation/limited partnership named above.

6. The address of the registered office of the corporation/limited partnership
   named above and the business office of the registered agent, as changed, is
   identical.

                                     (Over)

<PAGE>

            (THE FOLLOWING SHOULD BE EXECUTED ONLY IF THE REGISTERED
                           AGENT IS A NATURAL PERSON)

     IN WITNESS WHEREOF, the undersigned registered agent has caused this report
to be executed this _______________ day of ____________________________19______.

                                   _____________________________________________
                                            SIGNATURE OF REGISTERED AGENT

State of _________________________
                                   } ss
County of ________________________

     On this _____________________________________ day of _____________________,
in the year 19______, before me, ______________________________________________,
a Notary Public in and for said state, personally appeared ____________________
known to me to be the person who executed the within Statement of Change of
Business Office and acknowledged to me that _______________ executed the same
for the purposes therein stated.

                                   _____________________________________________
                                                   NOTARY PUBLIC
     (NOTARIAL SEAL)

                                   My commission expires _______________________

            (THE FOLLOWING SHOULD BE EXECUTED ONLY IF THE REGISTERED
                             AGENT IS A CORPORATION)

     IN WITNESS WHEREOF, the undersigned corporation has caused this report to
be executed in its name by its PRESIDENT or VICE PRESIDENT, attested by its
SECRETARY or ASSISTANT SECRETARY this 27th day of March, 1998.

                                   The Corporation Company
                                   ---------------------------------------------
     (CORPORATE SEAL)    NONE                   NAME OF CORPORATION

     IF NO SEAL, STATE "NONE".     By /s/ [ILLEGIBLE]
                                      ------------------------------------------
                                              PRESIDENT OR VICE PRESIDENT

Attest:

/s/ [ILLEGIBLE]
- --------------------------------------
   SECRETARY OR ASSISTANT SECRETARY

State of New York
                       } ss
County of New York

On this 27th day of March in the year 1998, before me Theresa Alfieri, a Notary
Public in and for said state, personally  appeared Kenneth J. Uva,
                                                   ---------------
                                                        NAME
Vice President, The Corporation Company known to me to be the person
- ---------------     -------------------
      TITLE         NAME OF CORPORATION

who executed the within Statement of Change of Business Office in behalf of said
corporation and acknowledged to me that he executed the same for the purposes
therein stated.

                                                  /s/ [ILLEGIBLE]
                                   ---------------------------------------------
                                                   NOTARY PUBLIC
     (NOTARIAL SEAL)

                                                  My commission expires 12/31/99

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.106
<SEQUENCE>105
<FILENAME>p68936exv3w106.txt
<DESCRIPTION>EXHIBIT 3.106
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.106

                                   BY-LAWS OF

                        U-HAUL CO. OF SOUTHERN MISSOURI

                             A MISSOURI CORPORATION

                                   ARTICLE I

                                                             DATE: March 5, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Missouri shall be
located in the city of Casaville. The corporation may have such other offices
either within or without the state of Missouri as the Board of Directors
may designate or as the business of the corporation may require from time to
time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Second Friday in January of each year, at the office of the corporation in the
state of Missouri or otherwise as provided in the notice of said meeting.
The purpose of said annual meeting shall be for the election of directors and
for the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholder of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                      -1-

<PAGE>

may be hold within or without the state of Missouri. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorised
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less then a majority of the outstanding shares ere represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At each adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present then to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                      -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION  2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Missouri.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be, held within or
without the state of Missouri.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                       -3-

<PAGE>

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trade-marks in contracts, and interests
                  there-under, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they does it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer

                                      -4-

<PAGE>

                  or otherwise dispose of any of the property of this
                  corporation, subject, however, to the laws of the State of
                  Missouri, governing the disposition of the entire assets and
                  business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorised, by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Missouri statutes regulating the appointment
of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of President, Vice-President,
Secretary and Treasurer, and such other officers as shall from time to time be
provided for by the Board of Directors. Such officers shall be elected by ballot
or unanimous acclamation at the meeting of the Board of Directors after the
annual election of Directors. In order to hold any. election there be a quorum
present, and any officer receiving a majority vote shall be declared elected
and shall hold office for one year and until his or her respective successor
shall have been duly elected and qualified; provided, however, that all
officers, agents and employees of the corporation shall be subject to removal
from office pre-emptorily by vote of the Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation
and, see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with

                                      -5-

<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shell be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION  3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of a said corporation shall keep the minutes of all meetings of
the Board of Directors and the minutes of all meetings of the shareholders and
also when requested by a committee, the minutes of such committee, in books
provided for the purpose. He shall attend to the giving and serving of notice
of the corporation. It shall be the duty of the Secretary to sign with the
President, in the name of the corporation, all contracts, notes, mortgages, and
other instruments and other obligations authorized by the Board of Directors,
and when ordered by the Board of Directors, he shall affix the Seal of
Corporation thereto. The Secretary shall have charge of all books, documents,
and papers properly belonging to his office, and of such other books and papers
as the Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of
the corporation, and, deposit the same in the name of the corporation in such
bank or banks or other depository as the Directors may select. He shall sign
checks, drafts, notices, and orders for the payment of money, and he shall pay
out and dispose of the same under the direction of the Board of Directors, but
checks may be signed as directed by the Board by revolution. It shall be the
duty of the Treasurer at all reasonable, time to exhibit his books and accounts
to any Director or stockholder of the corporation upon application at the office
of the corporation during business hours, and generally perform the duties of
and act as the financial agent for the corporation for the receipts and
[ILLEGIBLE] of its funds. He shall give such bond for the faithful performance
of his duties as the Board of Directors may determine. The office of the
Treasurer of said corporation, may be held by the same person holding the
President, Vice-President or Secretary's office, provided the Board of Directors
indicates combination of these offices.

                                      -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Missouri, the number and par value, if any, of each share
represented by it, the name of the person owning the shares represented thereby,
with the number of each share and the data of issue, and the stock thereby
represented is transferrable only upon the books of the corporation and upon the
signer of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the number of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation nay be made by surrender of the certificate issued
therefor, and the written assignment thereof by the owner or his duly authorized
Attorney in Fact. Upon such surrender and assignment, a new certificate shall be
issued to the assignee as he may be entitled, but without such surrender and
assignment of transfer of stock shall be recognized by the corporation. The
Board of Directors shall have the power concerning the issue, transfer and
registration of certificate for agents and registrars of transfer, and may
require all stock certificates to bear signatures of either or both. The stock
transfer books shall be closed ten days before each meeting of the shareholders
and during such period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                      -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF SOUTHERN MISSOURI, are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of directors and that the same do now constitute By-Laws the of
this corporation.

                                                ________________________________
                                                President - Calvin Rodney Holman

ATTEST:

_____________________________
Secretary - Delphia L. Holman

       (CORPORATE SEAL)

                                      -8-
<PAGE>

                           U-HAUL COMPANY OF MISSOURI,
                             A MISSOURI CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Company of Missouri,
a Missouri corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                          SHAREHOLDER:

                                          U-Haul International, Inc., a Nevada
                                          Corporation

                                          By: /s/ Gary V. Klinefelter
                                              --------------------------------
                                          Name: Gary V. Klinefelter
                                          Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.107
<SEQUENCE>106
<FILENAME>p68936exv3w107.txt
<DESCRIPTION>EXHIBIT 3.107
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.107

                        OFFICE OF THE SECRETARY OF STATE

                                   [GRAPHICS]

                                     OF THE
                                STATE OF MONTANA

                          CERTIFICATE OF INCORPORATION

I, FRANK MURRAY, Secretary of State of the State of Montana, do hereby certify
that duplicate originals of Articles of Incorporation for the incorporation of

                           U-HAUL CO. OF MONTANA. INC.

duly executed pursuant to the provisions of Section 15-2247 of the Revised Codes
of Montana, 1947, have been received in my office and are found to conform to
law.

NOW, THEREFORE, I, FRANK MURRAY, as such Secretary of State, by virtue of the
authority vested in me by law, hereby issue this Certificate of Incorporation to

                           U-HAUL CO. OF MONTANA, INC.

and attach hereto a duplicate original of the Articles of Incorporation.

                                    IN WITNESS WHEREOF, I have hereunto set my
                                    hand and affixed the Great Seal of the State
                                    of Montana, at Helena, the Capital, this
                                    fourth

            (GREAT SEAL)            day of FEBRUARY A.D. 1974.

                                    /s/ Frank Murray
                                        FRANK MURRAY
                                        Secretary of State

                                        /s/ Gail M. Dewalt
                                    By: GAIL M. DeWALT
                                        Chief Deputy

<PAGE>

                            ARTICLES OF INCORPORATION

                                       of

                           U-HAHL CO. OF MONTANA, INC.

         We, the undersigned, all being of legal age, for the purpose of forming
a corporation under and by virtue of the laws of the State of Montana, do hereby
adopt the following Articles of Incorporation.

                                    ARTICLE I

         The name of the proposed corporation is U-HAUL CO. OF MONTANA, INC.

                                   ARTICLE II

         The principal purpose of this corporation shall be

                  To rent and lease to the general public of trailers,
semi-trailers, trucks, passenger automobiles and other equipment, tools,
machinery, vehicles and property of any and every kind and description, and to
purchase or otherwise acquire and operate any facilities useful for the conduct
of the business enterprises of this corporation.

                  To purchase or otherwise acquire, contract, equip, make,
improve and operate or aid, subscribe toward the acquisition, construction,
equipping, making, improving and operating of plants, mills, factories,
storehouses, garages, buildings and works of all kinds, insofar as the same may
pertain to, or be useful for, or in connection with the conduct of the business
enterprises of this corporation.

                  To manufacture, purchase or otherwise acquire, own, mortgage,
pledge, sell, assign and transfer, or otherwise dispose of, to invest, trade,
deal in and with goods, wares and merchandise and real and personal property of
every class and description.

                  To acquire, and pay for in cash, stock or bonds of this
corporation or otherwise, the good will, rights, assets and property, and to
undertake or assume the whole or any part of the obligations or liabilities of
any person, firm, association or corporation.

                  To acquire, purchase, guarantee, hold, mortgage, own, vote,
sell, pledge and/or otherwise dispose of and deal in shares, bonds, securities
and debentures and other evidences of indebtedness of other corporations,
domestic or foreign.

Page One of Three Pages

<PAGE>

                                   ARTICLE III

         The street and post office address of the corporation's initial
registered office and the name of its initial registered agent at such address
is C T CORPORATION SYSTEM, 406 Fuller Avenue, City of Helena, County of Lewis &
Clark, Montana.

                                   ARTICLE IV

         The term for which the corporation is to exist is perpetual.

                                    ARTICLE V

         The number of directors of the corporation is three (3), and the names
and addresses of the directors to serve initially until the first annual meeting
of the stockholders or until their successors have been elected and qualified
are as follows:

           John A. Lorentz               2727 North Central Avenue
                                         Phoenix, Arizona 85004

           David L. Helsten              2727 North Central Avenue
                                         Phoenix, Arizona 85004

           Arthur G. Seifert             2727 North Central Avenue
                                         Phoenix, Arizona 85004

                                   ARTICLE VI

         The amount of the capital stock of the corporation is two thousand five
hundred (2500) shares of common stock, with a par value of Ten ($10.00) Dollars
per share.

                                   ARTICLE VII

         The names and addresses of the incorporators are as follows:

           John A. Lorentz               2727 North Central Avenue
                                         Phoenix, Arizona 85004

           David L. Helsten              2727 North Central Avenue
                                         Phoenix, Arizona 85004

           Arthur G. Seifert             2727 North Central Avenue
                                         Phoenix, Arizona 85004

Page Two of Three Pages
<PAGE>

                  IN WITNESS WHEREOF, we have hereunto set our hands and seals
this 11 day of January, 1974.

                                     /s/ John A. Lorentz
                                     -------------------------------------------
                                     John A. Lorentz

                                     /s/ David L. Helsten
                                     -------------------------------------------
                                     David L. Helsten

                                     /s/ Arthur G. Seifert
                                     -------------------------------------------
                                     Arthur G. Seifert

STATE OF ARIZONA        )
                        ) ss.
COUNTY OF MARICOPA      )

         THIS IS TO CERTIFY that on the 11th day of January, 1974, before me, a
Notary Public, personally appeared John A. Lorentz, David L. Helsten and Arthur
G. Seifert who I am satisfied are the persons named in and who executed the
foregoing Articles of Incorporation, and I first having made known to them the
contents thereof, they did acknowledge that they had signed the same as their
voluntary act and deed for the uses and purposes therein expressed.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal of this 11th day of January, 1974.

                                     /s/ Helen H. Delamater
                                     -------------------------------------------
                                     Helen H. Delamater
                                     Notary Public for the State of Arizona
                                     Residing at Mesa, Arizona
                                     My Commission expires August 13, 1976

(NOTARIAL SEAL)

Page Three of Three Pages
<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

TO THE SECRETARY OF STATE

STATE OF MONTANA

         The undersigned corporation hereby consents to the use of a similar
name:

         1.       The name of the consenting corporation is U-HAUL CO., a
                  corporation organized and existing under the laws of the State
                  of Idaho.

         2.       The name of the corporation to which this consent is given and
                  which is about to be incorporated in this State:

                           U-HAUL CO. OF MONTANA, INC.

         In Witness Whereof, this corporation has caused this consent to be
executed this 10 day of January, 1974.

                                      U-HAUL CO., an Idaho corporation

                                      By: /s/ Arthur G.  Seifert
                                          --------------------------------------
                                          Arthur G. Seifert, Assistant Secretary

STATE OF ARIZONA        )
                        ) ss
COUNTY OF MARICOPA      )

         Before me, a Notary Public, personally appeared Arthur G. Seifert,
known to me to be the person who executed the foregoing instrument, and
acknowledged that he executed the same for the purpose therein contained and
that the statements therein contained are truly set forth.

         In Witness Whereof, I have hereunto set my hand and official seal this
10th day of January, 1974.

                                     /s/ Helen H. Delamater
                                     -------------------------------------------
         (Seal)                      Notary Public- State of Arizona
                                     My Commission Expires 8/13/76

<PAGE>

                               SECRETARY OF STATE
                                STATE OF MONTANA

                              CERTIFICATE OF MERGER

I, MIKE COONEY, Secretary of State of the State of Montana, do hereby certify
that the Articles of Merger of MOVERS WORLD OF MONTANA, INC., a Montana profit
corporation, into U-HAUL CO. OF MONTANA, INC., a Montana profit corporation, the
surviving corporation, duly executed pursuant to the provisions of Section
35-1-805, Montana Code Annotated, have been received in my office and conform to
law.

NOW, THEREFORE, I, MIKE COONEY, as such Secretary of State, by virtue of the
authority vested in me by law, hereby issue this Certificate of Merger to U-HAUL
CO. OF MONTANA, INC., the surviving Montana profit corporation, and attach
hereto a copy of the Articles of Merger.

                                    IN WITNESS WHEREOF, I have hereunto set my
                                    hand and affixed the Great Seal of the State
                                    of Montana, at Helena, the Capital, this
                                    January 27, A.D. 1989.

                                    /s/ Mike Cooney
                                    MIKE COONEY
         (GREAT SEAL)               Secretary of State

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 10th day of January,
1989, entered into by U-Haul Co. Montana, Inc. the Surviving Corporation, and
Movers World of Montana, Inc., the Absorbed Corporation, both corporations of
the State of Montna, and together referred to as the Constituent Corporations
hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Montana, which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 406 Fuller Avenue, Helena Montana, 59601.


                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                NUMBER OF
                   NUMBER OF     SHARES      NUMBER    NUMBER
     COMPANY         SHARES     ENTITLED     VOTED     VOTED
      NAME        OUTSTANDING   TO VOTE       FOR     AGAINST
- -------------------------------------------------------------
<S>               <C>           <C>          <C>      <C>
U-Haul Co. of
Montana, Inc.          50           50         50       -0-

Movers World of
Montana, Inc.         100          100        100       -0-
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Montana, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Montana.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 5036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                        Surviving Corporation:  U-HAUL CO. MONTANA, INC. a
                                                Montana Corporation

                                By: /s/ John M. Dodds
                                    --------------------------------------------
                                    John M. Dodds, President

Verified

By: /s/ John A. Lorentz
    --------------------------------------------
    John A. Lorentz, Secretary

                        Absorbed Corporation:   MOVERS WORLD OF MONTANA,
                                              INC., a Montana corporation

                                By: /s/ John M. Dodds
                                    --------------------------------------------
                                    John M. Dodds, President

Verified

By: /s/ John A. Lorentz
    --------------------------------------------
    John A. Lorentz, Secretary

<PAGE>

STATE OF ARIZONA
COUNTY OF MARICOPA

         On this 10th day of January, 1989, before me, the undersigned Notary
Public, personally appeared John M. Dodds, known to me to be the President of
U-Haul Co. of Montana, Inc., a Montana corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                /s/ Blanche I. Passolt
                                ------------------------------------------------
                                NOTARY PUBLIC

         (NOTARY SEAL)

STATE OF ARIZONA
COUNTY OF MARICOPA

         On this l0th day of January, 1989, before me, the undersigned Notary
Public, personally appeared John M. Dodds, known to me to be the President of
Movers World of Montana, Inc. a Montana corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                /s/ Blanche I. Passolt
                                ------------------------------------------------
                                NOTARY PUBLIC

         (NOTARY SEAL)

<PAGE>

STATE OF MONTANA
OFFICE OF THE SECRETARY OF STATE

STATEMENT OF CHANGE OF REGISTERED AGENT
AND/OR REGISTERED OFFICE

FOR THE PURPOSE OF HAVING AND CONTINUOUSLY MAINTAINING A REGISTERED AGENT AT A
REGISTERED OFFICE WITHIN THE STATE OF MONTANA, THE UNDERSIGNED SUBMITS THE
FOLLOWING STATEMENTS OF FACT TO THE SECRETARY OF STATE:

1.       THE EXACT NAME OF THE ENTITY:

          U  HAUL CO. OF MONTANA, INC.

2.       THE STREET AND MAILING ADDRESS OF THE CURRENT REGISTERED OFFICE:

          406 FULLER AVENUE
          PO BOX 1166
          HELENA                                   MT     59624-1166

3.       THE STREET AND MAILING ADDRESS OF THE NEW REGISTERED OFFICE:

          40 W LAWRENCE STE A
          PO BOX 1166
          HELENA                                   MT     59624-1166

4.       THE NAME OF THE CURRENT REGISTERED AGENT:

          C T CORPORATION SYSTEM

5.       THE NAME OF THE NEW REGISTERED AGENT:

6.       THE UNDERSIGNED FURTHER CERTIFIES THAT THE STREET ADDRESS OF THE
         REGISTERED OFFICE AND THE ADDRESS OF THE BUSINESS OFFICE OF THE
         REGISTERED AGENT, AS CHANGED, WILL BE IDENTICAL.

7.       THE UNDERSIGNED FURTHER CERTIFIES THAT THE NAMED ENTITY HAS BEEN
         NOTIFIED OF THE CHANGE.

8.       BY MY SIGNATURE, I, AS AN OFFICIAL OF THE ABOVE REGISTERED AGENT, DO
         CERTIFY THAT THE STATEMENTS CONTAINED THEREIN ARE TRUE, UNDER PENALTY
         OF LAW.

         /s/ Kenneth J. Uva                                           12/15/1997
         ---------------------------------------------------          ----------
         SIGNATURE OF AUTHORIZED PERSON                                 DATED

         KENNETH J. UVA, VICE PRESIDENT
         ---------------------------------------------------
         NAME AND TITLE OF ABOVE AUTHORIZED PERSON

<PAGE>

                               Secretary of State
                                State of Montana

State Capitol                                         SEPTEMBER 04, 1990
Helena, Montana 59620

                      INVOLUNTARY DISSOLUTION INTENT NOTICE

U HAUL CO. OF MONTANA, INC.

C T CORPORATION SYSTEM                                Folder: 0-039772
406 FULLER AVENUE                                     Corp type: 11
PO BOX 1166                                           Date last report: 03/10/89
HELENA                          MT 59624-1166         Fees & penalty: $15.00

Dear Corporate Official:

         Montana law requires every corporation to file an annual report with
accompanying fees every year. Our records show that your corporation has failed
to meet this obligation. The above corporation is therefore in default and is
subject to being dissolved involuntarily.

         This is your notice that I am today initiating involuntary dissolution
proceedings against your corporation. This is the standard action the law
requires us to take with corporations which have fallen behind in their reports
and fees.

         If your records show that we are in error, or if you would like to
suspend these proceedings, then please contact us within 90 days.

         All that is needed for you to get back into good standing is to submit
a current annual report and pay the amount of fees and penalty listed above. To
assist you in this, you will find an annual report form enclosed.

         Remember, you have only 90 days to respond. If we do not receive your
report and past due fee by DECEMBER 3, 1990, we will have no choice but to order
your corporation dissolved and it will no longer exist.

         If you have any questions about this notice, or if there's any other
way we can assist you, please don't hesitate to contact any of us in the
Business Services Bureau. You'll find our phone number listed below.

                                     Sincerely,

                                     /s/ Florence Armagost
                                     Florence Armagost
                                     Chief, Business Services Bureau

               Telephone: Business Services Bureau (406) 444-3665


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.108
<SEQUENCE>107
<FILENAME>p68936exv3w108.txt
<DESCRIPTION>EXHIBIT 3.108
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.108

                                   BY-LAWS OF

                           U-HAUL CO. OF MONTANA, INC.

                              A MONTANA CORPORATION

                                    ARTICLE I

                                                         DATE: February 22, 1974

SECTION 1. Offices:

The principal office of the corporation in the state of Montana shall be located
at such place as the Board of Directors may from time to time select. The
corporation may have such other offices either within or without the state of
Montana as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Fourth Friday in April of each year, at the office of the corporation in the
state of Montana or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                       -1-

<PAGE>

may be held within or without the state of Montana. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

                                       -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Office:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Montana.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Montana.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                       -3-

<PAGE>

         1st. Roll call; a quorum being present.

         2nd. Reading of minutes of preceding meeting and action thereon.

         3rd. Consideration of communications of the Board of Directors.

         4th. Reports of officials and committees.

         5th. Unfinished business.

         6th. Miscellaneous business.

         7th. New business.

         8th. Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trade-marks in contracts, and interests
                  thereunder, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer

                                       -4-

<PAGE>

                  or otherwise dispose of any of the property of this
                  corporation, subject, however, to the laws of the State of
                  Montana, governing the disposition of the entire assets and
                  business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Montana statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there shall be a quorum present, and any officer receiving a majority vote shall
be declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with

                                       -5-

<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                       -6-

<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Montana, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

Section 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of the year.

                                       -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF MONTANA, INC., are hereby accepted and
adopted as the By-Laws of said corporation, and we, the undersigned, do hereby
certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                                /s/ [ILLEGIBLE]
                                                --------------------------------
                                                            President

ATTEST:

/s/ [ILLEGIBLE]
- ---------------------------------
        Secretary

        (CORPORATE SEAL)

                                       -8-

<PAGE>

                          U-HAUL CO. OF MONTANA, INC.,
                              A MONTANA CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Montana, Inc.,
a Montana corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                            SHAREHOLDER:

                                            U-Haul International, Inc., a Nevada
                                            Corporation

                                            By: /s/ Gary V. Klinefelter
                                                --------------------------------
                                            Name: Gary V. Klinefelter
                                            Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.109
<SEQUENCE>108
<FILENAME>p68936exv3w109.txt
<DESCRIPTION>EXHIBIT 3.109
<TEXT>
<PAGE>

                                                                   Exhibit 3.109

                               STATE OF NEBRASKA

United States of America, )                             Department of State
State of Nebraska         ) ss.                         Lincoln, Nebraska

         I, John A. Gale, Secretary of State of Nebraska do hereby certify;

         the attached is a true and correct copy of Articles of Incorporation as
         filed in this office on March 10, 1970, and all amendments thereto of

                             U-HAUL CO. OF NEBRASKA

         with its registered office located in LINCOLN, Nebraska.

         In Testimony Whereof,           I have hereunto set my hand and
                                         affixed the Great Seal of the State of
                                         Nebraska on August 6, in the year of
                                         our Lord, two thousand three.

                                         /s/ [ILLEGIBLE]

                                         SECRETARY OF STATE
<PAGE>

                            Articles of Incorporation
                                       of
                         U-Haul Co. of Nebraska Lincoln

Filing        20.00
Recording      3.00

perpetual       [ILLEGIBLE]

R.A.
C T Corporation System
1241 N St.
Lincoln 68508

Receipt No. B43039
<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Nebraska _

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is U-HAUL CO., a corporation
         organized and existing under the laws of the State of Iowa and
         qualified in the State of Nebraska

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

                             U-HAUL CO. OF NEBRASKA

         IN WITNESS WHEREOF, this corporation has caused this consent to be
executed this 23rd day of January, 1970.

                                                  U-HAUL CO.

                                                  By: /s/[ILLEGIBLE]
                                                     ---------------------------
                                                                       President

ATTEST:

 /s/ [ILLEGIBLE]
- --------------------------
                 Secretary

STATE OF IOWA            )
                         )    ss.
COUNTY OF POTTAWATTAMIE  )

         Before me, a Notary Public, personally appeared V. Glen Starlin known
to me to be the person who executed the foregoing instrument, and acknowledged
that he executed the same for the purpose therein contained and that the
statements therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
23 day of January, 1970.

                                                           /s/ [ILLEGIBLE]
                                                          ----------------------
                                                            Notary Public

<PAGE>

                            ARTICLES OF INCORPORATION

                                       of

                             U-HAUL CO. OF NEBRASKA

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt
the following Articles of Incorporation for the purpose of forming a
corporation under the laws of the State of Nebraska.

                                    ARTICLE I

             The name of the corporation is U-HAUL CO. OF NEBRASKA.

                                   ARTICLE II

            The period of duration of the corporation is perpetual.

                                   ARTICLE III

         The purpose or purposes for which the corporation is organized are to
rent and lease to the general public trailers, semi-trailers, trucks, passenger
automobiles and other equipment, tools, machinery, vehicles and property of any
and every kind and description, and to purchase or otherwise acquire and operate
any facilities useful for the conduct of the business enterprises of this
corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of Nebraska upon corporations, and to engage in any lawful activity within
the purposes for which corporations may be organized under the laws of the State
of Nebraska.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue are two thousand five hundred shares (2,500) of common stock
with a par value of Ten ($10.00) Dollars each, or a total capitalization of
Twenty Five Thousand ($25,000.00) Dollars.

                                   ARTICLE V

         The corporation will not commence business until the consideration

Page one of three pages

<PAGE>

of at least One Thousand ($1,000.00) Dollars has been received for the issuance
of shares.

                                   ARTICLE VI

         The address of its registered office shall be c/o C. T. Corporation
System, 1241 N Street, Lincoln, Nebraska 68508 and the name of the REGISTERED
agent at said address is C. T. Corporation System.

                                   ARTICLE VII

         The initial Board of Directors shall consist of three (3) members, and
the initial Board who shall act until the first annual meeting of stockholders
and their successors have been elected and qualified are:

             Dennis W. Smith           721 32nd Avenue
                                       Council Bluffs, Iowa 51501
             Richard Murdock           721 32nd Avenue
                                       Council Bluffs, Iowa 51501
             Lester Starlin            721 32nd Avenue
                                       Council Bluffs, Iowa 51501

                                  ARTICLE VIII

         The name and address of each incorporator is as follows:

             David L. Helsten          2727 North Central Avenue
                                       Phoenix, Arizona 85004

         IN WITNESS WHEREOF, I have hereunto set my hand and seal this 20th day
of February, 1970.

                                        /s/ David L. Helsten
                                       -----------------------------------------
                                       David L. Helsten

Page two of three pages

<PAGE>

STATE OF ARIZONA      )
                      )ss:
COUNTY OF MARICOPA-   )

         On this 10th Day of February, 1970, before me, a Notary Public for the
State of Arizona, personally appeared David L. Helsten, known to me to be the
person named in and who executed the foregoing instrument, and who acknowledged
that he had executed the same and that the matters therein contained are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal this 20th day of February, 1970.

                                       /s/ Helen H. Delamater
                                       -----------------------------------------
                                       Helen H. Delamater
                                       Notary Public for the State of Arizona
                                       Residing at Tempe, Arizona
                                       My Commission expires August 13, 1972

       (NOTARIAL SEAL)

Page three of three pages

<PAGE>

                             NOTICE OP INCORPORATION

1.       The name of the corporation is U-HAUL CO. OF NEBRASKA.
2.       The address of the initial registered office is 1241 N Street,
Lincoln, Nebraska,
3.       The general nature of the business to be transacted is to rent trucks
and trailers.
4.       The capital stock of the corporation shall consist of two thousand
five hundred shares (2,500) of common stock with a par value of Ten ($10.00)
Dollars each.
5.       The existence of the corporation began on March 10, 1970 and shall be
perpetual.
6.       The affairs of the corporation shall initially be conducted by three
(3)      directors and such officers as the directors from time to time shall
appoint.

Apr 17 (Fri)                                                         Apr 3-10-17

                              PROOF OP PUBLICATION

                                    AFFIDAVIT

                    State of Nebraska, Lancaster County, ss:

         Robert L. Gant , being duly sworn, deposes and says that he is an
editor and manager of The Daily Reporter, a legal daily newspaper printed,
published and of general circulation in the County of Lancaster and State of
Nebraska, and that the attached printed notice was published in the said
newspaper once each week 3 successive weeks, the first insertion having been on
the 3 day of April A. D.,1970, and thereafter on April 10 and 17 1970, and that
said newspaper is a legal newspaper under the statutes of the State of Nebraska,
The above facts are within my personal knowledge.

                                           /s/ Robert L. Gant
                                          --------------------------------------

                                         Subscribed in my presence and sworn to
                                         before me April 17, 1970
                                          /s/ [ILLEGIBLE]
                                          --------------------------------------
         Printer's Fee $10.00                                      Notary Public
<PAGE>

Amendment to Articles of

U-Haul Co. of Nebraska.

changing name to:

Amerco Marketing Co. of Nebraska

Lincoln

Filing 5.00

Recording 1.00

Receipt No. B-59084
<PAGE>

                     AMENDMENT OF ARTICLES OF INCORPORATION

                                       OF

                              U-HAUL CO.OF NEBRASKA

                             A NEBRASKA CORPORATION

         WHEREAS, there was issued by the Secretary of State of the State of
Nebraska articles of incorporation dated March 10, 1970 to U-HAUL CO. OF
NEBRASKA, a Nebraska corporation, and

         WHEREAS, it has now been decided that it is to the best interests of
said corporation that its name be amended to "AMERCO MARKETING CO. OF NEBRASKA,"
and

         WHEREAS, the Board of Directors and stockholders of said corporation
have unanimously consented in writing to the adoption of said amendment on
August 12, 1970.

         NOW, THEREFORE, the undersigned, being the President and Secretary,
respectively, hereby pray that the articles of incorporation of U-HAUL CO. OF
NEBRASKA be amended to read as follows:

                  "ARTICLE I. The name of the corporation is AMERCO MARKETING
                  CO. OF NEBRASKA."

         IN WITNESS WHEREOF, the undersigned, as officers of said corporation,
have hereunto set their hands and caused the seal of said corporation to be
hereunto affixed this 24 day of September, 1970.

                                                    U-HAUL CO. OF NEBRASKA

                                                 by /s/ Dennis W. Smith
                                                    ----------------------------
                                                    Dennis W. Smith, President

         (CORPORATE SEAL)

                                                and /s/ Lester Starlin
                                                    ----------------------------
                                                    Lester Starlin, Secretary

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Nebraska

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is AMERCO, a corporation
         organized and existing under the laws of the State of Arizona.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

         AMERCO MARKETING CO. OF NEBRASKA

         In Witness Whereof, this corporation has caused this consent to be
executed this 12 day of August, 1970.

                                              AMERCO, an Arizona corporation

                                          BY: /s/ L. S. Shoen
                                              ----------------------------------
                                              L. S. Shoen - President

STATE OF ARIZONA   )
                   ) ss.
COUNTY OF MARICOPA )

         Before me, a Notary Public, personally appeared L. S. Shoen known to me
to be the person who executed the foregoing instrument, and acknowledged that he
executed the same for the purpose therein contained and that the statements
therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
12th day of August, 1970.

                                              /s/ [ILLEGIBLE]
                                              ----------------------------------
                                              Notary Public

<PAGE>

                           NOTICES OF AMENDMENT TO THE
                            ARTICLES OF U-HAUL CO. OF
                                    NEBRASKA

         1. The amendment adopted changes the corporation's name from U-HAUL Co.
of Nebraska to AMERCO MARKETING CO. OF NEBRASKA

         2. Said amendment was adopted by the shareholders on August 12, 1970,
and filed with the Secretary of State on October 6, 1970.

         3. No change was made in capitalization requirements.

Nov, 7 (Sat)                                                    Oct 24-31, Nov 7

                              PROOF OF PUBLICATION

                                    AFFIDAVIT

                    State of Nebraska, Lancaster County, ss:

         Robert L. Gant, being duly sworn, deposes and says that he is an editor
and manager of The Daily Reporter, a legal daily newspaper printed, published
and of general circulation in the County of Lancaster and State of Nebraska, and
that the attached printed notice was published in the said newspaper once each
week 3 successive weeks, (the first insertion having been on the 24 day of
October A. D., 1970, and thereafter on October 31 and November 7 1970, October
31 and November 7 1970, and that said newspaper is a legal newspaper under the
statutes of the State of Nebraska. The above facts are within my personal
knowledge.

                                          /s/ [ILLEGIBLE]
                                          --------------------------------------

                                          Subscribed in my presence and sworn to
                                          before me November 7, 1970

                                          /s/ [ILLEGIBLE]
                                          --------------------------------------
                                          Notary Public

<PAGE>

Articles of Amendment to

Amerco Marketing Co. of Nebraska

changing name to:

U-HAUL Co. of Nebraska

         Lincoln

Filing     5.00
Recording  1.00

Receipt No. C18893

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1.       The name of the consenting corporation is U-HAUL CO. , a
                  corporation organized and existing under the laws of the
                  State of Iowa.

         2.       The name of the corporation to which this consent is given and
                  which is about to amend its corporate name is:

                  AMERCO MARKETING CO. OF NEBRASKA

         3.       The name the corporation shall adopt by amending its Articles
                  of Incorporation is:

                  U-HAUL CO. OF NEBRASKA

         In Witness Whereof, this corporation has caused this consent to be
executed this 28th day of February, 1973

                                       U-HAUL CO., (an) Iowa corporation

                                       By: /s/ Arthur G.
                                           ------------------------------------
                                           Arthur G. Assistant Secretary Seifert

STATE OF ARIZONA      }
                      } ss.
COUNTY OF MARICOPA    )

         Before me, a Notary Public, personally appeared Arthur G. Saifert ,
known to me to be the person who executed the foregoing instrument, and
acknowledged that he executed the same for the purpose therein contained and
that the statements therein contained are truly set forth.

         In Witness Whereof, I have hereunto set my hand and official seal this
28th Day of February, 1973.

         (SEAL)                        /s/ [ILLEGIBLE]
                                       -----------------------------------------
                                       Notary Public      -     State of Arizona
                                       My commission expires August 13, 1976
<PAGE>


                             ARTICLES OF AMENDMENT

                                       OF

                        AMERCO MARKETING CO. OF NEBRASKA

         Pursuant to Nebraska Business Corporation Act, a majority of the
shareholders of the corporation entitled to vote thereon adopted the following
Articles of Amendment:

         1.       The name of the corporation prior to this amendment is

                  AMERCO MARKETING CO. OF NEBRASKA.

         2.       The following amendment of the Articles of Incorporation was
                  adopted by the shareholders on February 21, 1973:

                                   ARTICLE I

                  The name of this corporation is U-HAUL CO. OF NEBRASKA."

         3.       The total number of shares which, at time of adoption of
                  amendment, were outstanding was 500; entitled to vote thereon
                  was 500; voted for amendment was 500; voted against amendment
                  was none.

         4.       No shares of any class were entitled to vote on such amendment
                  as a class.

         5.       The amendment does not provide for an exchange,
                  reclassification or cancellation of issued shares.

         6.       The amendment does not effect a change in amount of stated
                  capital.

STATE OF IOWA           )
                        ) ss.
COUNTY OF POTTAWATTAMIE )

         We, the undersigned, herewith execute the foregoing and, being first
duly sworn, declare the statements contained therein are true.

/s/ Dennis W. Smith                     and    /s/ Mary Ann Blecher
- ------------------------------------           ---------------------------------
Dennis W. Smith            President           Mary Ann Blecher        Secretary

         Subscribed and sworn to before me this 5 day of March, 1973.

                                                         [ILLEGIBLE]
                                               ---------------------------------
                                                         Notary Public

                                               My Commission Expires: 9-30-77

<PAGE>

                            ARTICLES OF AMENDMENT OF
                             AMERCO MARKETING CO. OF
                                    NEBRASKA

         Pursuant to Nebraska Business Corporation Act, a majority of the
shareholders of the corporation entitled to vote thereon adopted the following
Articles of Amendment:

         1.       The name of the corporation prior to this amendment is AMERCO
MARKETING CO. OF NEBRASKA.

         2.       The following amendment of the Articles of Incorporation was
adopted by the shareholders on February 21, 1973.

                                   "ARTICLE 1

         The name of this corporation is U-HAUL OF NEBRASKA

         3.       The total number of shares which, at time of adoption of
amendment, were outstanding was 500; entitled to vote thereon was 500; voted for
amendment was 500; voted against amendment was none.

         4.       No shares of any class were entitled to vote on such amendment
as a class.

         5.       This amendment does not provide for an exchange,
reclassification or cancellation of issued shares.

         6.       The amendment does not effect a change in amount of stated
capital.

STATE OF IOWA            )
                         ) ss.
COUNTY OF POTTAWATTAMIE  )

         We, the undersigned, herewith execute the foregoing and, being first
duly sworn, declare the statements contained therein are true.

Dennis W. Smith, President
        Mary Ann Blecher, Secretary

         Subscribed and sworn to before me this 5 day of March, 1978.

                                                                Marilyn K. Comer
(Seal)                                                             Notary Public

                                                 My commission Expires: 9-30-77.

                              PROOF OF PUBLICATION

                                   AFFIDAVIT

                    STATE OF NEBRASKA, LANCASTER COUNTY, SS:

         Robert L. Gant, being duly sworn, deposes and says that he is an editor
and manager of The Daily Reporter, a legal daily newspaper printed, published
and of general circulation in the County of Lancaster and State of Nebraska, and
that the attached printed notice was published in the said newspaper once each
week 3 successive weeks, the first insertion having been on the 21 day of March
A. D., 1973, and thereafter on March 28 and April 4 1973, and that said
newspaper is a legal newspaper under the statutes of the State of Nebraska. The
above facts are within my personal knowledge.

                                          /s/ [ILLEGIBLE]
                                          --------------------------------------

                                          Subscribed in my presence and sworn to

                                          before me April 4, 1973

                                          /s/ [ILLEGIBLE]
                                          --------------------------------------
Printer's Fee $30.72                                               Notary Public

<PAGE>

                                 Change of R.O.

                                       of

                          Several Domestic Corporation

                                    Lincoln

                          Filing                        50.00

R.A.
C T Corporation System
206 S. 13th St., Suite 1500
Lincoln, NE 68508

Receipt No. C-11682
<PAGE>

                                    DOMESTIC

              STATEMENT OF CHANGE OF ADDRESS OF REGISTERED OFFICE

         This statement is to serve notice upon the Secretary of State, State of
Nebraska, the C T Corporation System has changed the address of the registered
office located in Lincoln, Nebraska for the corporations named on the attached
list, effective December 27, 1978.

         The address is changed from C T Corporation System, 1241 N Street,
Lincoln, Nebraska 68508 to 206 South 13th Street, Suite 1500, Lincoln, Nebraska
68508.

         We further certify that the address of 206 South 13th Street, Suite
1500, shall be in force and effect December 27, 1978.

                                             C T CORPORATION SYSTEM

                                                      /s/ [ILLEGIBLE]
                                             ----------------------------------
                                                       Vice President

<PAGE>

                     STATE OF NEBRASKA - SECRETARY OF STATE

                          DOMESTIC CORPORATION ROSTER

<TABLE>
<CAPTION>
                                                                    CITY
            CORPORATION NAME                     FIRST ADDRESS     PAYMENT
[ILLEGIBLE] REGISTERED AGENT                     SECOND ADDRESS   [ILLEGIBLE]
- ----------- ----------------                    ---------------   -----------
<S>                                             <C>               <C>
THE COCA-COLA BOTTLING COMPANY OF [ILLEGIBLE]   206 SO. 13TH ST     LINCOLN
         C T CORPORATION SYSTEM                 SUITE 1500                1

THE FLEMING CO OF NEBRASKA INC                  206 SO. 13TH ST     LINCOLN
         C T CORPORATION SYSTEM                 SUITE 1500                1

THE GREAT WESTERN SUGAR COMPANY                 206 SO. 13TH ST     LINCOLN
         C T CORPORATION SYSTEM                 SUITE 1500                1

THE HOUSE OF BAUER CHOCOLATS INC                206 SO. 13TH ST     LINCOLN
         C T CORPORATION SYSTEM                 SUITE 1500                1

THE NEBRASKA NATURAL GAS COMPANY                206 SO. 13TH ST     LINCOLN
         C T CORPORATION SYSTEM                 SUITE 1500                1

THE 25 CORPORATION INC                          206 SO. 13TH ST     LINCOLN
         C T CORPORATION SYSTEM                 SUITE 1500                1

TRAILMOBILE FGC CORP                            206 SO. 13TH ST     LINCOLN
         C T CORPORATION SYSTEM                 SUITE 1500                1

TRAVENOL LABORATORIES INC                       206 SO. 13TH ST     LINCOLN
         C T CORPORATION SYSTEM                 SUITE 1500                1

TRI-CON INDUSTRIES LTD                          206 SO. 13TH ST     LINCOLN
         C T CORPORATION SYSTEM                 SUITE 1500                1

U-HAUL CO OF NEBRASKA                           206 SO. 13TH ST     LINCOLN
         C T CORPORATION SYSTEM                 SUITE 1500                1

UNION PACIFIC LAND RESOURCES CORPORATION        206 SO. 13TH ST     LINCOLN
         C T CORPORATION SYSTEM                 SUITE 1500                1

UNISHOPS M & B OF NEBRASKA INC                  206 SO. 13TH ST     LINCOLN
         C T CORPORATION SYSTEM                 SUITE 1500                1

UNITED RENT-ALL INC                             206 SO. 13TH ST     LINCOLN
         C T CORPORATION SYSTEM                 SUITE 1500                1

UPLAND INDUSTRIES CORPORATION                   206 SO. 13TH ST     LINCOLN
         C T CORPORATION SYSTEM                 SUITE 1500                1

WARPEN REALTY COMPANY                           206 SO. 13TH ST     LINCOLN
         C T CORPORATION SYSTEM                 SUITE 1500                1

WASHINGTON INVENTORY SERVICE OF NEBR INC        206 SO. 13TH ST     LINCOLN
         C T CORPORATION SYSTEM                 SUITE 1500                1

REISS AND NEUMAN SHOE COMPANY OF NEBRASKA       206 SO. 13TH ST     LINCOLN
         C T CORPORATION SYSTEM                 SUITE 1500                1
</TABLE>
<PAGE>
                       PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 20th day of November,
1988 entered into by U-HAUL CO. OF NEBRASKA, the Surviving Corporation, and
MOVERS WORLD OF NEBRASKA, INC. the Absorbed Corporation, both corporations of
the State of Nebraska and together referred to as the Constituent Corporations
hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Nebraska, which laws permit such mergers.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location that office is C.T.
Corporation System, 206 south 13th Street, Lincoln, Nebraska 68508.

                                        1

<PAGE>

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         (1)      All issued and outstanding shares of stock of the Absorbed
Constituent Corporation shall be cancelled.

         (2)      On the effective date of the merger and when the
aforementioned cancellation has been effected, the outstanding shares of stock
of the Surviving Corporation shall be deemed for all corporate purposes to
evidence the ownership of the Constituent Corporations.

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                  NUMBER OF            NUMBER OF         NUMBER    NUMBER
COMPANY NAME        SHARES              SHARES           VOTED     VOTED
                 OUTSTANDING        ENTITLED TO VOTE      FOR      AGAINS
- ------------     -----------        ----------------     ------    ------
<S>              <C>                <C>                  <C>       <C>
U-HAUL  OF
NEBRASKA             500                  500             500        0

MOVERS WORLD OF
NEBRASKA, INC.       500                  500             500        0
</TABLE>

                                        2

<PAGE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Nebraska, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Nebraska.

                                       VI

         The Surviving Corporation hereby irrevocable appoints The Corporation
Company as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                                        3

<PAGE>

IN WITNESS WHEREOF the corporate parties hereto execute this AGREEMENT/ARTICLES
OF MERGER this 23 day of Nov, 1988.

         Surviving Corporation: U-HAUL OF NEBRASKA

                                a Nebraska corporation

                                By: /s/ Terry Griswold
                                   ----------------------------------------
                                   Terry Griswold, President

Verified

By: /s/ Majorie Messerschmidt
   --------------------------
   Marjorie Messerschmidt
       Secretary

         Absorbed Corporation: MOVERS WORLD OF NERBRASKA, INC.
                               a Nebraska corporation

                               By: /s/ John M. Dodds
                                  ----------------------------------------
                                 John M. Dodds, President

Verified

By: /s/ John A. Lorentz
   ------------------------
   John A. Lorentz,
   Secretary

                                        4

<PAGE>

STATE OF NEBRASKA

COUNTY OF

         On this 26th day of March, 1988, before me the undersigned Notary
Public, personally appeared the president of U-Haul Co. of Nebraska, that he is
the person who executed this instrument of behalf of said corporation, &
acknowledged to me that such corporation executed the same.

                                         /s/ Kendal Kucera
                                        ----------------------------------------
         (NOTARIAL SEAL)                    NOTARY PUBLIC

STATE OF ARIZONA

COUNT OF MARICOPA

         On this 20th day of November, 1988, before me the undersigned Notary
Public, personally appeared the President of Movers Wordl of Nebraska, Inc.,
that he is the person who executed this instrument on behalf of said
corporation, and acknowledged to me that such corporation executed the same.

                                         /s/ Blanche I. Passolt
                                        ----------------------------------------
         (NOTARIAL SEAL)                    NOTARY PUBLIC

                                        5
<PAGE>

                      PLAN / AGREEMENT / ARTICLES OF MERGER

         This PLAN / AGREEMENT / ARTICLES OF MERGER dated this 5th day of
February, 1989, entered into U-Haul Co. of Nebraska, a Nebraska corporation, the
surviving corporation and Movers World of Iowa, Inc.., an Iowa corporation, the
Absorbed corporation, and together referred to as the constituent Corporations
hereby Witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Nebraska and Iowa which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN /AGREEMENT / ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 206 South 13th Street, Lincoln, Nebraska 68508.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled
to vote upon such PLAN / AGREEMENT / ARTICLES OF MERGER, and the number of
shares voted for and against such PLAN / AGREEMENT / ARTICLES OF MERGER, as to
each corporation was as follows:

<TABLE>
<CAPTION>
                              NUMBER OF
                  NUMBER OF    SHARES    NUMBER  NUMBER
   COMPANY         SHARES     ENTITLED   VOTED    VOTED
    NAME         OUTSTANDING  TO VOTE     FOR    AGAINST
    ----         -----------  -------     ---    -------
<S>              <C>          <C>        <C>     <C>
U-HAUL CO.
OF NEBRASKA         500         500       500     -0-

MOVERS WORLD OF
IOWA, INC.          100         100       100     -0-
</TABLE>

                                       V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Nebraska and Iowa, to consummate and make effective this
merger, subject, however to the appropriate vote or consent to the stockholders
of the Constituent Corporation in accordance with the requirements of the State
of Nebraska and Iowa.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                                          Surviving Corporation: U-HAUL CO. OF
                                                            NEBRASKA, a Nebraska
                                                            Corporation

                                          By: /s/ Charles T. Kelly
                                              ----------------------------------
                                              Charles T. Kelly, President

Verified

By: /s/ Marjerie Messerschmidt
    ----------------------------------
    Marjerie Messerschmidt, Secretary

                                Absorbed corporation: MOVERS WORLD OF IOWA, INC.
                                                      An Iowa Corporation

                                  By: /s/ John M. Dodds
                                      ----------------------------------------
                                      John M. Dodds, President

Verified

By: /s/ John A. Lorentz
    ----------------------------------
    John A. Lorentz, Secretary

<PAGE>

STATE OF NEBRASKA

COUNTY OF

         On this        day of February, 1989, before me, the undersigned Notary
Public, personally appeared Charles T. Kelly, known to me to be the President of
U-Haul Co. of Nebraska, a Nebrasks corporation that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                          /s/ [ILLEGIBLE]
                                          --------------------------------------
                                          NOTARY PUBLIC

         (NOTARY SEAL)

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this        day of February, 1989, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the President of
Movers World of Iowa, Inc., corporation, that he is the person who executed this
instrument on behalf of said corporation, and acknowledged to me that such
corporation executed the same.

                                          /s/ [ILLEGIBLE]
                                          --------------------------------------
                                          NOTARY PUBLIC

         (NOTARY SEAL)

<PAGE>

                      PLAN / AGREEMENT / ARTICLES OF MERGER

         This PLAN / AGREEMENT / ARTICLES OF MERGER dated this 28th day of
August, 1989, entered into by U-Haul Co. of Nebraska, a Nebraska corporation,
the surviving corporation and Kar-Go Service Center of Council Bluffs, Inc., an
Iowa corporation, the Absorbed corporation, and together referred to as the
constituent Corporation hereby Witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Nebraska and Iowa which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN / AGREEMENT / ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 206 South 13th Street, Lincoln, Nebraska 68508.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Absorbed Corporation shall be cancelled.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Surviving
                           Corporations.
<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares
voted for and against such PLAN AGREEMENT/ARTICLES OF MERGER as to each
corporation was as follows:

<TABLE>
<CAPTION>
                                  NUMBER OF
                     NUMBER OF     SHARES    NUMBER  NUMBER
     COMPANY          SHARES      ENTITLED   VOTED    VOTED
       NAME         OUTSTANDING   TO VOTE     FOR    AGAINST
- -----------------   -----------   ---------  ------  -------
<S>                 <C>           <C>        <C>     <C>
U-HAUL CO.
OF NEBRASKA                 500         500     500      -0-

KAR-GO SERVICE
CENTER OF COUNCIL         4,000       4,000   4,000      -0-
BLUFFS, INC.
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Nebraska and Iowa, to consummate and make effective this
merger, subject, however to the appropriate vote or consent to the Stockholders
of the Constituent Corporation in accordance with the requirements of the State
of Nebraska and Iowa.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                  Surviving Corporation:     U-HAUL CO. OF
                                             NEBRASKA, a Nebraska
                                             Corporation

                  By:   /s/ Charles T. Kelly
                        -----------------------------------
                        Charles T. Kelly, President



Verified

By:  /s/ Marjorie Messerschmidt
     ----------------------------------
     Marjorie Messerschmidt, Secretary

                  Absorbed Corporation:      KAR-GO SERVICE
                                             CENTER OF COUNCIL
                                             BLUFFS, INC., an
                                             Iowa Corporation

Corporation

                  By:  /s/ William F. Hempel,
                       ----------------------------------
                       William F. Hempel, Jr., President

Verified

By:  /s/ James Debarr
     ----------------------------------
     James DeBarr, Secretary

<PAGE>

                        CONSENT OF THE SOLE STOCKHOLDER

                                       OF

                  U-HAUL CO. NEBRASKA, A NEBRASKA CORPORATION

                                      AND

                 KAR-GO SERVICE CENTER OF COUNCIL BLUFFS, INC.

                              AN IOWA CORPORATION

         AMERCO, a Nevada corporation, the sole shareholder of the above named
corporations, acting through John M. Dodds, on authority of the Executive
Management Team, the group designated by the Board of Directors of AMERCO to
vote the stock of all of its subsidiaries, hereby consents to and adopts the
following:

         RESOLVED: That this corporation, the sole shareholder of U-Haul Co. of
         Nebraska, Inc., a Nebraska corporation & Kar-Go Service Center of
         Council Bluffs, Inc., an Iowa corporation, does hereby approve a adopt
         the Plan of Merger between said corporations, whereby Kar-Go Service
         Center of Council Bluffs, Inc., an Iowa corporation, shall be absorbed
         into U-Haul Co. of Nebraska, being the surviving corporation, all in
         accordance with the Plan of Merger, and be it further.

         RESOLVED: That the Board of Directors and Officers of said merging
         corporations be and they hereby are, authorized and directed to all
         further action and to execute all documents they deem necessary or
         advisable to consummate the said merger and to amend any of the terms
         of the said Plan of Merger, and further

         BE IT RESOLVED: That the Secretary of each said corporation is hereby
         authorized to certify as to the Consent of the sole shareholder of the
         Plan, of Merger, or within the Articles of Merger.

                                                    AMERCO, a Nevada corporation

                                             By:  /s/ John M. Dodds
                                                  ------------------------------
                                                  John M. Dodds

<PAGE>

                                 STATE OF IOWA

                        OFFICE OF THE SECRETARY OF STATE

         TO ALL TO WHOM THESE PRESENTS SHALL COME, GREETING:

         I, ELAINE BAXTER, Secretary of State
         of the State of Iowa;
         CUSTODIAN of the records of incorporations;
         DO HEREBY CERTIFY THAT:

         KAR-GO SERVICE CENTER OF COUNCIL BLUFFS, ING.,
         an IOWA corporation,

         filed articles of incorporation on
         July 17, 1969.

         I FURTHER CERTIFY THAT: according to the records in this office the
         above corporation filed articles of merger on September 6, 1989,
         merging KAR-GO SERVICE CENTER OP COUNCIL BLUFFS, INC. into U-HAUL CO.
         OF NEBRASKA, a Nebraska corporation, the survivor.

As the same appear of record in this office.

                                     IN TESTIMONY WHEREOF, There hereunder set
                            my hand and affixed the official seal of the
                            Secretary of State at the Capital, [ILLEGIBLE], this
                            19th day of September [ILLEGIBLE] nineteen hundred
                            and eighty-nine.

                                             /s/ Elaine Baxter
                                             -----------------------------------
                                                              Secretary of State
<PAGE>

                  PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 28th day of August,
1989, entered into by U-Haul Co. of Nebraska, a Nebraska corporation, the
surviving corporation and Iowa City Rental Equipment Repair Shop, Inc., an
iowa corporation, the Absorbed Corporation, and together referred to as the
Constituent Corporations hereby witnesseth that:

The RESPECTIVE Boards of Directors and the Sole Shareholder by resolution have
determined it to be advisable that the Absorbed Corporation be merged into the
surviving Corporation under the terms and conditions hereinafter set forth in
accordance with the applicable provisions of the General Corporation Law of the
State of Nebraska and Iowa which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 206 South 13th Street, Lincoln, Nebraska 68508

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Absorbed Corporation shall be cancelled.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           [ILLEGIBLE] [ILLEGIBLE] [ILLEGIBLE] [ILLEGIBLE]
                           [ILLEGIBLE] [ILLEGIBLE] [ILLEGIBLE] [ILLEGIBLE]
                           [ILLEGIBLE] [ILLEGIBLE] [ILLEGIBLE] [ILLEGIBLE]
                           Surviving corporation.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                             NUMBER OF
                         NUMBER OF            SHARES              NUMBER                NUMBER
  COMPANY                 SHARES             ENTITLED             VOTED                  VOTED
   NAME                 OUTSTANDING          TO VOTE               FOR                  AGAINST
- ----------------        -----------          ---------            ------                -------
<S>                     <C>                  <C>                  <C>                   <C>
U-HAUL CO.                  500                 500                500                   -0-
OF NEBRASKA

IOWA CITY RENTAL            100                 100                100                   -0-
EQUIPMENT REPAIR
SHOP, INC.
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all
action or do or cause to be done, all things necessary, proper or advisable
under the laws of the State of Nebraska and Iowa, to consummate and make
effective this merger, subject, however to the appropriate vote or consent to
the stockholders of the Constituent Corporation in accordance with the
requirements of the State of Nebraska and Iowa.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                       Surviving Corporation: U-HAUL CO. OF
                                              NEBRASKA, a Nebraska
                                              Corporation

                       By:  /s/ Charles T. Kelly
                           ------------------------------
                           Charles T. Kelly, president

Verified

By: /s/ Marjorie Messerschmidt
   ---------------------------------
   Marjorie Messerschmidt, Secretary

                       Absorbed Corporation: IOWA CITYRENTAL
                                             EQUIPMENT REPAIR
                                             SHOP, INC., an
                                             Iowa Corporation

                       By:  /s/ John M. Dodds
                           ------------------------
                           John M. Dodds, President

verified

By:  /s/ John A. Lorentz
    -----------------------------
    John A. Lorentz, Secretary

<PAGE>

STATE OF NEBRASKA

COUNTY OF

         On this [ILLEGIBLE] day of August, 1989, before me, the undersigned
Notary Public, personally appeared charles T. Kelly, known to me to be the
Secretary, of U-Haul Co. of Nebraska, a Nebraska corporation, that he is the
person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                      [ILLEGIBLE]
                    ----------------
                      NOTARY PUBLIC

        (NOTARY SEAL)

STATE OF ARIZ0NA

COUNTY OF MARICOPA

         On this 28th day of August, 1989, before me, the undersigned Notary
Public, personally appeared John M. Dodds known to me to be the President of
Iowa City Rental Equipment Repair Shop, Inc., an Iowa corporation, that he is
the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

(NOTARY  SEAL)                          [ILLEGIBLE]
                                      ------------------
                                        NOTARY  PUBLIC

<PAGE>

                        CONSENT OF THE SOLE STOCKHOLDER

                                       OF

                             U-HAUL CO. OF NEBRASKA

                                      AND

                  IOWA CITY RENTAL EQUIPMENT REPAIR SHOP, INC.

                                                        August 28, 1989

         AMERCO, a Nevada corporation, the sole shareholder of the above named
corporations, acting through John M. Dodds, on authority of the Executive
Management Team, the group designated by the Board of Directors of AMERO to vote
the stock of all of its subsidiaries, hereby consents to and adopts the
following:

         RESOLVED: That this corporation, the sole shareholder of U-Haul Co. of
         Nebraska, a Nebraska corporation and Iowa City Rental Equipment Repair
         Shop, Inc., an Iowa corporation, does hereby approve & adopt the Plan
         of Merger between said corporations, whereby Iowa City Rental Equipment
         Repair Shop, Inc., an Iowa corporation, shall be absorbed into U-Haul
         Co. of Nebraska, being the surviving corporation, all in accordance
         with the Plan of Merger, and be it further

         RESOLVED: That the Board of Directors and Officers of said merging
         corporations be and they hereby are, authorized and directed to all
         further action and to execute all documents they deem necessary or
         advisable to consummate the said merger and to amend any of the terms
         of the said Plan of Merger, and further

         BE IT RESOLVED: That the Secretary of each said corporation is hereby
         authorized to certify as to the Consent of the sole shareholder of the
         Plan of Merger, or within the Articles of Merger.

                                            AMERCO, a Nevada corporation

                                         By:  /s/ John M. Dodds
                                             --------------------
                                             John M. Dodds
<PAGE>

                                  STATE OF IOWA

                                   OFFICE OF
                             THE SECRETARY OF STATE

TO ALL TO WHOM THESE PRESENTS SHALL COME, GREETING:

I, ELAINE BAXTER, Secretary of State of the State of Iowa;

CUSTODIAN of the records of incorporations;

DO HEREBY CERTIFY THAT:

IOWA CITY RENTAL EQUIPMENT REPAIR SHOP, INC., an IOWA corporation,

filed articles of incorporation on May 18, 1984.

On September 1, 1989, articles of merger were filed merging IOWA CITY RENTAL
EQUIPMENT REPAIR SHOP, INC. into U-HAUL CO. OF NEBRASKA, a Nebraska corporation
qualified.

I FURTHER CERTIFY THAT: according to the records in this office the above
corporation was in Good Standing from date of incorporation to date of merger.

As the same appear of record in this office:

                                             IN TESTIMONY WHEREOF, I have hereto
                                    set my hand and affixed the official seal of
                                    the Secretary of state of the Capital in
                                    [ILLEGIBLE], this 3oth day of october A. D.
                                    nineteen hundred and eighty-nine.

                                                  /s/ Elaine Bayter
                                             -----------------------------------
                                                             Secretary of state

<PAGE>

                       PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 28th day of August,
1989, entered into by U-Haul Co. of Nebraska, a Nebraska corporation, the
surviving corporation and Davenport Rental Equipment Repair Shop, Inc., an Iowa
corporation, the Absorbed Corporation, and together referred to as the
Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Nebraska and Iowa which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                       I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered of amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 206 South 13th Street, Lincoln, Nebraska 68508

                                       III

         The provisions for handling the shares of stock of the constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Absorbed Corporation shall be cancelled.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Surviving
                           Corporation.

<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICELS OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                       NUMBER OF
                       NUMBER OF        SHARES        NUMBER        NUMBER
      COMPANY           SHARES         ENTITLED        VOTED        VOTED
       NAME           OUTSTANDING       TO VOTE        FOR         AGAINST
- --------------------------------------------------------------------------
<S>                   <C>              <C>            <C>          <C>
U-HAUL CO.
OF NEBRASKA              500             500           500           -0-

DAVENPORT RENTAL
EQUIPMENT REPAIR
SHOP, INC.               100             100           100           -0-
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Nebraska and Iowa, to consummate and make effective this
merger, subject, however to the appropriate vote or consent to the stockholders
of the Constituent Corporation in accordance with the requirements of the state
of Nebraska and Iowa.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit, or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                              Surviving Corporation:     U-HAUL CO. OF
                                                         NEBRASKA, a Nebraska
                                                         Corporation

                              By: /s/ Charles T. Kelly
                                  -------------------------------------------
                                  Charles T. Kelly, President

Verified

By: /s/ Marjorie Messerschmidt
    ---------------------------------
    Marjorie Messerschmidt, Secretary

                              Absorbed Corporation:      DAVENPORT RENTAL
                                                         EQUIPMENT REPAIR
                                                         SHOP, INC., an
                                                         Iowa Corporation

                              By: /s/ John M. Dodds
                                  -------------------------------------------
                                  John M. Dodds, President

Verified

By: /s/ John A. Lorentz
    ---------------------------------
    John A. Lorentz, Secretary
<PAGE>

STATE OF NEBRASKA

COUNTY OF

         On this        day of August, 1989, before me, the undersigned Notary
Public, personally appeared Charles T. Kelly, known to me to be the Secretary of
U-Haul Co. of Nebraska, a Nebraska corporation, that he is the person who
executed this instrument on behalf of said corporation and acknowledged to me
that such corporation executed the same.

                                                /s/ [ILLEGIBLE]
                                                --------------------------------
                                                NOTARY PUBLIC

         (NOTARY SEAL)

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 28th  day of August, 1989, before me, the undersigned Notary
Public, personally appeared John M. Dodds known to me to be the President of
Davenport Rental Equipment Repair Shop, Inc., an Iowa corporation, that he is
the person who executed this instrument on behalf of said corporation and
acknowledged to me that such corporation executed the same.

                                                    /s/ [ILLEGIBLE]
                                                    ----------------------------
                                                    NOTARY PUBLIC

         (NOTARY SEAL)

<PAGE>

                        CONSENT OF THE SOLE STOCKHOLDER

                                       OF

                             U-HAUL CO. OF NEBRASKA

                                      AND

                  DEVENPORT RENTAL EQUIPMENT REPAIR SHOP, INC.

                                                                 August 28, 1989

         AMERCO, a Nevada corporation, the sole shareholder of the above named
corporations, acting through John M. Dodds, on authority of the Executive
Management Team, the group designated by the Board of Directors of AMERCO to
vote the stock of all of its subsidiaries, hereby consents to and adopts the
following:

         RESOLVED: That this corporation, the sole shareholder of U-Haul co. of
         Nebraska a Nebraska corporation and Davenport Rental Equipment Repair
         Shop, Inc., an Iowa corporation, does hereby approve & adopt the Plan
         of Merger between said corporation, whereby Davenport Rental Equipment
         Repair shop, Inc. an Iowa corporation, shall be absorbed into U-Haul
         Co. of Nebraska, being the surviving corporation, all in accordance
         with the Plan of Merger, and be it further

         RESOLVED: That the Board of Directors and Officers of said merging
         corporations be and they hereby are, authorized and directed to all
         further action and to execute all documents they deem necessary or
         advisable to consummate the said merger and to amend any of the terms
         of the said Plan of Merger, and further

         BE IT RESOLVED: That the Secretary of each said corporation is hereby
         authorized to certify as to the Consent of the sole shareholder of the
         Plan of Merger, or within the Articles of Merger.

                                                    AMERCO, a Nevada corporation

                                                    By: John M. Dodds
                                                        ----------------------
                                                        John M. Dodds

<PAGE>

                                  STATE OF IOWA

                                    OFFICE OF

                             THE SECRETARY OF STATE

               TO ALL TO WHOM THESE PRESENTS SHALL COME, GREETING:

         I, ELAINE BAXTER, Secretary of State of the State of Iowa;
         CUSTODIAN of the records of incorporations; DO HEREBY CERTIFY THAT:

         DAVENPORT RENTAL EQUIPMENT REPAIR SHOP, INC., an IOWA corporation,

         filed articles of incorporation on July 1, 1986.

         On September 6, 1989, articles of merger were filed merging DAVENPORT
         RENTAL EQUIPMENT REPAIR SHOP, INC. into U-HAUL CO. OF NEBRASKA, a
         Nebraska corporation qualified.

         I FURTHER CERTIFY THAT: according to the records in this office the
         above corporation was in Good Standing from date of incorporation to
         date of merger.

AS THE SAME APPEAR OF RECORD IN THIS OFFICE:

         IN TESTIMONY WHEREOF, I have [ILLEGIBLE] set my hand and affixed the
official seal of the Secretary of State [ILLEGIBLE] the Capital in [ILLEGIBLE]
this 30th day of October [ILLEGIBLE] nineteen hundred and eighty-nine.

                                         /s/ [ILLEGIBLE]
                                         ---------------------------------------
                                                              Secretary of State

<PAGE>

                                   CHANGE OF
                         REGISTERED AGENT AND/OR OFFICE

                         Scott Moore, Secretary of State
                     Room 1305 State Capitol, P.O. Box 94608
                                Lincoln, NE 68509
                          http://www.nol.ore/home/SOS/

C T Corporation System, pursuant to the laws of the state of Nebraska, does
hereby change the Registered Agent and/or Registered Office for the companies on
the attached list.

NAME OF CORPORATION  (SEE ATTACHED LIST)

PREVIOUS:

Registered Agent:    C T Corporation System

Registered Office:  206 South 13th Street, Suite 1500     Lincoln NE      68508

                     Street Address                       City            Zip

NEW:

Registered Agent:    C T Corporation System

Registered Office*:  301 South 13th Street, Suite 500     Lincoln NE      68508

                     Street Address                       City            Zip

*  The street address of the registered office and the street address of the
   registered agent must be identical.

DATED July 24, 2000

                                                  /s/ [ILLEGIBLE]
                                                  -----------------------------
                                                  Signature

                                                  Kenneth J. Uva Vice President
                                                  -----------------------------
                                                  Printed Nam/Title

NOTE: Every filing must be signed by the chairperson of the board of directors,
the president, or one of the officers of the corporation. If the corporation has
not yet been formed or directors have not yet been selected, the filing shall be
signed by an incorporator. If the corporation is in the hands of a receiver,
trustee, or other court appointed fiduciary, the filing shall be signed by that
fiduciary.

Registered Agent: Please check A (current agent) or B (new agent) below and sign

  [X] A.  I hereby state that the companies on the attached list have been
          notified of the change in address of may registered office.

  [ ] B.  I hereby consent to act as registered agent for the above named
          corporation.

                                                   /s/ [ILLEGIBLE]
                                                   -----------------------------
                                                   SIGNATURE OF REGISTERED AGENT

<PAGE>

<TABLE>
<S>          <C>                                   <C>
10009740     TSRC. NET, INC.                       C T CORPORATION SYSTEM
1527334      TUBE CITY, INC.                       C T CORPORATION SYSTEM
10014542     R. TUCKER CONSTRUCTION, INC.          C T CORPORATION SYSTEM
0859729      TUDOR APARTMENTS LIMITED PARTNER      C T CORPORATION SYSTEM
1205298      TUESDAY MORNING, INC.                 C T CORPORATION SYSTEM
1600308      TUFCO FLOORING SALES & SERVICES,      C T CORPORATION SYSTEM
1247714      TUPPERWARE U.S., INC.                 C T CORPORATION SYSTEM
0362891      TURNER CONSTRUCTION COMPANY           C T CORPORATION SYSTEM
1594830      TVI, INC.                             C T CORPORATION SYSTEM
1344217      TWIN MOUNTAIN ROCK COMPANY            C T CORPORATION SYSTEM
0980312      TWINSTANT, INC.                       C T CORPORATION SYSTEM
10009663     TXU ENERGY SERVICES COMPANY           C T CORPORATION SYSTEM
1651095      TXU ENERGY TRADING COMPANY            C T CORPORATION SYSTEM
1699946      TXU SEM COMPANY                       C T CORPORATION SYSTEM
10007075     TYCO ADHESIVES GP HOLDING, INC.       C T CORPORATION SYSTEM
10007076     TYCO ADHESIVES LP                     C T CORPORATION SYSTEM
1018947      TYCO ELECTRONICS CORPORATION          C T CORPORATION SYSTEM
1676714      TYCO HEALTHCARE GROUP LP              C T CORPORATION SYSTEM
1540875      TYCO INTERNATIONAL (US) INC.          C T CORPORATION SYSTEM
1699605      TYSON SHARED SERVICES, INC.           C T CORPORATION SYSTEM
0548391      U.B. VEHICLE LEASING, INC.            C T CORPORATION SYSTEM
0145300      U-HAUL CO. OF NEBRASKA                C T CORPORATION SYSTEM
1137428      U.S. AUTO RECEIVABLES COMPANY         C T CORPORATION SYSTEM
1618656      U.S. BANCORP CONSUMER LEASING, I      C T CORPORATION SYSTEM
1580013      U.S. BANCORP INSURANCE SERVICES,      C T CORPORATION SYSTEM
1609515      U.S. BANCORP INVESTMENTS, INC.        C T CORPORATION SYSTEM
1141520      U.S. BANCORP LEASING & FINANCIA       C T CORPORATION SYSTEM
0182621      U.S. BANCORP PIPER JAFFRAY INC.       C T CORPORATION SYSTEM
1505158      U.S. BANCORP REPUBLIC COMMERCIAL      C T CORPORATION SYSTEM
0834858      U.S. BORAX INC.                       C T CORPORATION SYSTEM
1372619      U.S. CABLE, INC.                      C T CORPORATION SYSTEM
1071571      U.S. COUNSELING SERVICES, INC.        C T CORPORATION SYSTEM
0400572      U.S. ENGINEERING COMPANY              C T CORPORATION SYSTEM
1610208      U.S. FILTER DISTRIBUTION GROUP,       C T CORPORATION SYSTEM
1548784      U.S. PAWN NEBRASKA, INC.              C T CORPORATION SYSTEM
10002812     U.S. PIPELINE, INC.                   C T CORPORATION SYSTEM
1481387      U.S. REPUBLIC COMMUNICATIONS, IN      C T CORPORATION SYSTEM
0827177      U.S. RESTAURANT PROPERTIES OPERA      C T CORPORATION SYSTEM
1453293      U.S. SATELLITE CORPORATION            C T CORPORATION SYSTEM
1494862      U.S. SECURITY ASSOCIATES, INC.        C T CORPORATION SYSTEM
1016714      U.S. WEST ADVANCED TECHNOLOGIES,      C T CORPORATION SYSTEM
10004058     U.S. WEST BROADBAND SERVICES, INC     C T CORPORATION SYSTEM
0823570      U.S. WEST BUSINESS RESOURCES, INC     C T CORPORATION SYSTEM
1011929      U.S. WEST COMMUNICATIONS FEDERAL      C T CORPORATION SYSTEM
1115285      U.S. WEST COMMUNICATIONS, INC.        C T CORPORATION SYSTEM
0738727      U.S. WEST COMMUNICATIONS SERVICES     C T CORPORATION SYSTEM
1102448      U.S. WEST DEX, INC.                   C T CORPORATION SYSTEM
1118618      U.S. WEST ENHANCED SERVICES, INC.     C T CORPORATION SYSTEM
1622671      U.S. WEST, INC.                       C T CORPORATION SYSTEM
1547200      U.S. WEST INFORMATION TECHNOLOGIE     C T CORPORATION SYSTEM
1456120      U.S. WEST INTERPRISE AMERICA, INC     C T CORPORATION SYSTEM
1438278      U.S. WEST LONG DISTANCE, INC.         C T CORPORATION SYSTEM
1587988      U.S. WEST WIRELESS, L.L.C.            C T CORPORATION SYSTEM
10006435     U.S. WINDOW FINANCE CORPORATION,      C T CORPORATION SYSTEM
1553668      U.S. XPRESS, INC.                     C T CORPORATION SYSTEM
0638366      UC SERVICE CORPORATION                C T CORPORATION SYSTEM
1058943      UCU FINANCE CORP.                     C T CORPORATION SYSTEM
</TABLE>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.110
<SEQUENCE>109
<FILENAME>p68936exv3w110.txt
<DESCRIPTION>EXHIBIT 3.110
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.110

                                   BY-LAWS OF

                             U-HAUL. CO. OF NEBRASKA

                             A Nebraska Corporation

                                    ARTICLE I

                                                            DATE: March 13, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Nebraska shall be
located in the city of Omaha. The corporation nay have such other offices either
within or without the state of Nebraska as the Board of Directors may designate
or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Wednesday in January of each year, at the office of the corporation in the
state of Nebraska or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is o
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the

                                       -1-
<PAGE>

shares entitled to vote at the meeting. All meetings of the shareholders may be
held within or without the state of Nebraska. Notice of the special meetings
will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by' the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

        1st.      All persons claiming to hold proxies shall present them to the
                  tellers for verification.

        2nd.      Proof of due notice of meeting when applicable.

        3rd.      Reading and disposal of all unapproved minutes.

        4th.      Reports of officers and Committees.

        5th.      Election of Directors.

        6th.      Unfinished business.

        7th.      New business.

        8th.      Adjournment.

                                       -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a Meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stock-holders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Nebraska.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Nebraska.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                       -3-
<PAGE>

        1st.      Roll call; a quorum being presents.

        2nd.      Reading of minutes of preceding meeting and action thereon.

        3rd.      Consideration of communications of the Board of Directors.

        4th.      Reports of officials and committees.

        5th       Unfinished business.

        6th.      Miscellaneous business.

        7th.      New business.

        8th.      Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Director shall have, in addition to its other powers the express
right to exercise the following powers:

        1.        To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises stock,
                  bonds and debentures of other companies, business and good
                  will, patents, trade-marks in contracts, and interests there
                  under, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

        2.        To fix and determine and to vary from time to time, the amount
                  or amounts to be set aside or retained as reserve funds or as
                  working capital of this corporation.

        3.        To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or Without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  state of Nebraska, governing the disposition of the entire
                  assets and business of the corporation as a going concern.

                                       -4-
<PAGE>

        4. To declare and pay dividends, both in the form of money and stock,
           but only from the surplus or from the net profit arising from the
           business of this corporation, after deducting therefrom the amounts,
           at the time when any dividend is declared which shall have been set
           aside by the Directors as a reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time Board of Directors, by affirmative vote of a majority of the
whole board may appoint any committee or committees for any purpose or purposes,
and such committee, or committees shall have and may exercise such power as
shall be conferred or authorized by the resolution of appointment. Provided,
however, that such committee or committees shall at no time have more power than
that authorized by the Nebraska statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there shall be a quorum present, and any officer receiving a majority vote shall
be declared elected and shall hold office for one year and until his or her
respective successor shall have bean duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Power and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a number and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of, the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the

                                       -5-
<PAGE>

annual meeting of the shareholders. The president shall do and perform such
other duties as from time to time may be assigned by the Board of Directors to
him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the share-holders, and
also when requested by a committee, the minutes of such committee, in books
provided for the purpose. He shall attend to the giving and serving of notice of
the corporation. It shall be the duty of the Secretary to sign with the
President, in the name of the corporation, all contracts, notes, mortgages, and
other instruments and other obligations authorized by the Board of Directors,
and when so ordered by the Board of Directors, he shall affix the Seal of
Corporation thereto. The Secretary shall have charge of all books, documents,
and papers properly belonging to his office, and of such other books and papers
as the Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds, and securities of
the corporation, and deposit the same in the name of the corporation in such
bank or banks or other depository as the Directors may select. He shall sign
checks drafts, notices, and orders for the payment of money, and he shall pay
out and dispose of the same under the direction of the Board of Directors, but
checks may be signed as directed by the Board by resolution. It shall be the
duty of the Treasurer at all reasonable time to exhibit his books and accounts
to any Director or stockholder of the corporation upon application at the office
of the corporation during business hours, and generally perform the duties of
and act as the financial agent for the corporation for the receipts and
disbursements of its funds. He shall give such bond for the faithful performance
of his duties as the Board of Directors may determine. The office of the
Treasurer of said corporation, may be held by the same person holding the
President, Vice-President or Secretary's office, provided the Board of Directors
indicates the combination of these offices.

                                  ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the

                                       -6-
<PAGE>

corporation is organized under the laws of Nebraska, the number and par value,
if any, of each share represented by it, the name of the person owning the
shares represented thereby, with the number of each share and the date of issue,
and the stock thereby represented is transferrable only upon the books of the
corporation and upon the signer of such certificates. A stock transfer book,
known as the stock register shall be kept, in which shall be entered the number
of each certificate issued and the number of the person owning the shares
thereby represented, with the number of such shares and the date of issue. The
transfer of any share or shares of stock in the corporation may be made by
surrender of the certificate issued therefor, and the written assignment thereof
by the owner or his duly authorized Attorney in Fact. Upon such surrender and
assignment, a new certificate shall be issued to the assignee as ha may be
entitled, but without such surrender and assignment no transfer of stock shall
be recognized by the corporation. The Board of Directors shall have the power
concerning the issue, transfer and registration of certificate for agents and
registrars of transfer, and may require all stock certificates to bear
signatures of either or both. The stock transfer books shall be closed ten days
before each meeting of the shareholders and during such period no stock shall be
transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a Majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

                                       -7-
<PAGE>

The foregoing By-Laws of U-HAUL CO. OF NEBRASKA, are hereby accepted and adopted
as the By-Laws of said corporation, and we, the undersigned, do hereby certify
that the above foregoing By-Laws are duly adopted by the Board of Directors and
that the same do now constitute the By-Laws of this corporation.

                                           _____________________________________
                                           President - Dennis W. Smith

ATTEST:

_____________________________________
Secretary - Lester Starlin

        (CORPORATE SEAL)

                                       -8-
<PAGE>

                             U-HAUL CO. OF NEBRASKA,
                             A NEBRASKA CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Nebraska, a
Nebraska corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                            SHAREHOLDER:

                                            U-Haul International, Inc., a Nevada
                                            Corporation

                                            By: /s/ Gary V. Klinefelter
                                                --------------------------------
                                            Name: Gary V. Klinefelter
                                            Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.111
<SEQUENCE>110
<FILENAME>p68936exv3w111.txt
<DESCRIPTION>EXHIBIT 3.111
<TEXT>
<PAGE>
                                                                   EXHIBIT 3.111

                           ARTICLES OF INCORPORATION

                                       of

                     AMERCO MARKETING CO. OF LAS VEGAS, INC.

         KNOW ALL MEN BY THESE PRESENTS: That we, the undersigned, have
voluntarily associated ourselves together for the purpose of forming a
corporation under the laws of the State of Nevada, and we do certify:

                                   ARTICLE I

         The name of the corporation is: AMERCO MARKETING CO. OF LAS VEGAS, INC.

                                   ARTICLE II

         The principal place of business of the corporation shall be at One East
First Street, Reno, Washoe County, Newada.

                                  ARTICLE III

         The purpose or purposes for which the corporation is organized are to
rent and lease to the general public trailers, semi-trailers, trucks, passenger
automobiles and other equipment, tools, machinery, vehicles and property of any
and every kind and description, and to purchase or otherwise acquire and operate
any facilities useful for the conduct of the business enterprises of this
corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of Nevada upon corporations, and to engage in any lawful activity within
the purposes far which corporations may be organized under the laws of the State
of Nevada.

                                   ARTICLE IV

         The authorized capital of this corporation shall be Twenty-five
Thousand ($25,000) Dollars, divided into Two Thousand Five Hundred (2,500)
shares of common stock, with a par value of Ten ($10.00) Dollars each.

                                   ARTICLE V

         The number of the Board of Directors shall be three (3) or as from
time to tine shall be set in the By-Laws. The names and addresses of the Initial
board are:

Page One of Two Pages

<PAGE>

         John A.  Lorentz           2727 North Central Avenue
                                    Phoenix,  Arizona 85004

         Arthur G. Seifert          2727 North Central Avenue
                                    Phoenix, Arizona 85004

         David L. Helsten           2727 North Central Avenue
                                    Phoenix, Arizona 85004

                                   ARTICLE VI

         The names and addresses of each of the Incorporators are as follows:

         John A. Lorentz            2727 North Central Avenue
                                    Phoenix, Arizona 85004

         Arthur G. Seifert          2727 North Central Avenue
                                    Phoenix, Arizona 85004

         David L. Helsten           2727 North Central Avenue
                                    Phoenix, Arizona 85004

                                   ARTICLE VII

         The period of existence of the Corporation shall be perpetual. IN
WITNESS WHEREOF, we the aforementioned incorporators have signed the Articles of
Incorporation this 25th day of January, 1971.


                                        /s/ John A. Lorentz
                                        ----------------------------------------
                                        John A. Lorentz

                                        /s/ David L. Helsten
                                        ----------------------------------------
                                        David L. Helsten

                                        /s/ Arthur G. Seifert
                                        ----------------------------------------
                                        Arthur G. Seifert

STATE OF ARIZONA        )
                        )  SS:
COUNTY OF MARICOPA      )


         THIS IS TO CERTIFY that on the 25th day of January. 1971, before me, a
Notary Public, personally appeared John A. Lorentz, David L. Helsten, and Arthur
G. Seifert, who I am satisfied are the persons named in and who executed the
foregoing Articles of Incorporation, and I first having made known to them the
contents thereof, they did acknowledge that they had signed the same as their
voluntary act and deed for the uses and purposes therein expressed.

         IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my
official seal on this 25th day of January, 1971.

                                               /s/ [ILLEGIBLE]
                                               ------------------------------
                                               Notary Public for the State of
                                               Arizona
(SEAL)                                         Rosiding at  Phoenix,  Arizona
                                               My Commission expires [ILLEGIBLE]

Page Two of Two Pages

<PAGE>

STATE OF NEVADA       )
                      )  ss.
COUNTY OF CLARK       )

         On this 28 day of February, 1973, personally appeared before me, the
undersigned Notary Public, Wayne Riis and Judith A. Armstrong known to
[ILLEGIBLE] to be the persons named in and who executed the foregoing
instrument, and who acknowledged that they executed the same and that the
matters contained therein are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal this 28 day of February, 1973.

                                                      /s/ [ILLEGIBLE]
                                                      --------------------------
                                                      Notary Public

Page Two of Two Pages

<PAGE>

                       PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 7th day of July 1989,
entered into by U-Haul Co. of Las Vegas, Inc., a Nevada corporation, the
surviving corporation and Kar-Go Repair Center of Las Vegas, Inc., a Nevada
corporation, the Absorbed Corporation, and together referred to as the
Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Nevada which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                       I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is The
Corporation Trust Company of Nevada, One East First Street, Reno, Nevada 89501.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      On the affective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                           NUMBER OF
                       NUMBER OF            SHARES              NUMBER         NUMBER
COMPANY                 SHARES             ENTITLED              VOTED         VOTED
 NAME                 OUTSTANDING          TO VOTE                FOR         AGAINST
- -------------------------------------------------------------------------------------
<S>                   <C>                  <C>                  <C>           <C>
U-HAUL CO.
OF LAS VEGAS,            500                  500                500            -0-
INC.

KAR-GO REPAIR
CENTER OF LAS            100                  100                100            -0-
VEGAS, INC.
</TABLE>

                                       V

         The Constituent Corporations shall take or cause to be taken all action
or do or causa to be done, all things necessary, proper or advisable under the
laws of the State of Nevada, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Nevada.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

 V                                      VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.
<PAGE>

                       Surviving Corporation: U-HAUL CO. OF
                                              LAS VEGAS, INC., A
                                              NEVADA CORPORATION

                       BY:   /s/ Pat Maddi
                             ---------------------------------------------
                             Pat Maddi, President

Verified

BY: /s/ Al Karclochi
    -----------------------------------------
    Al Karclochi, Secretary

                       Absorbed Corporation:  KAR-GO REPAIR CENTER
                                              OF LAS VEGAS, INC., A
                                              Nevada Corporation

                       BY: /s/ Paul J. Runyon
                           -----------------------------------------------
                           Paul J. Runyon, President

Verified

BY: /s/ Donald K. Murray
    -----------------------------------------
    Donald K. Murray,/Secretary

<PAGE>

STATE OF NEVADA

COUNTY OF

         On this 7th day of July, 1989, before me, the undersigned Notary
Public, personally appeared Pat Maddi, known to me to be the President of U-Haul
Co. of Las Vegas, Inc., a Nevada corporation that he is the person who executed
this instrument on behalf of said corporation, and acknowledged to me that such
corporation executed the same.

         (NOTARY SEAL)

STATE OF NEVADA

COUNTY OF

         On this 7th day of July, 1989, before me, the undersigned Notary
Public, personally appeared Paul J. Runyon, known to me to be the President of
Kar-Go Repair Center of Las Vegas, Inc., a Nevada corporation, that he is the
person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                                           /s/ Diana M. Smith
                                                        ------------------------
                                                        NOTARY PUBLIC

         (NOTARY SEAL)

<PAGE>
                         CONSENT OF THE SOLE STOCKHOLDER

                                       OF

                          U-HAUL CO. OF LAS VEGAS, INC.

                                       AND

                     KAR-GO REPAIR CENTER OF LAS VEGAS, INC.

                            BOTH NEVADA CORPORATIONS

         AMERCO, a Nevada corporation, the sole shareholder of the above named
corporations, acting through John H. Dodds, on authority of the Executive
Management Team, the group designated by the Board of Directors of AMERCO to
vote the stock of all of its subsidiaries, hereby consents to and adopts the
following:

         RESOLVED: That this corporation, the sole shareholder of U-Haul Co. of
         Las Vegas, Inc., a Nevada corporation & Kar-Go Repair Center of Las
         Vegas, Inc., a Nevada corporation, does hereby approve & adopt the Plan
         of Merger between said corporations, whereby Kar-Go Repair Center of
         Las Vegas, Inc., a Nevada corporation, shall be absorbed into U-Haul
         CO. of Las Vegas, being the surviving corporation, all in accordance
         with the Plan of Merger, and be it further

         RESOLVED: That the Board of Directors and Officers of said merging
         corporations be and they hereby are, authorized and directed to all
         further action and to execute all documents they deem necessary or
         advisable to consummate the said merger and to amend any of the terms
         of the said Plan of Merger, and further

         BE IT RESOLVED: That the Secretary of each said corporation is hereby
         authorized to certify as to the Consent of the sole shareholder of the
         Plan of Merger, or within the Articles of Merger.

                                                     AMERCO a Nevada corporation

                                                     BY: /s/ John M. Dodds
                                                         -----------------------
                                                         John M. Dodds

<PAGE>

                                       FILING FEE: $75.00 DF C68462
                                       U-HAUL INT'L./ATTN: BLANCHE I. PASSOLT
                                       2727 NO. CENTRAL AVE.
                                       P.O. BOX 21502
                                       PHOENIX, AZ 85036-1502

                              ARTICLES OP AMENDMENT

                        OF THE ARTICLES OF INCORPORATION

                                       OF

                          U-HADL CO. OF LAS VEGAS, INC.

                              A NEVADA CORPORATION

Pursuant to the provisions of Section 78.385 of the Nevada General Corporation
Law:

         FIRST:   The name of the corporation is: U-Haul Co. of Las Vegas, Inc.

         SECOND:  The date upon which the original articles thereof were filed
                  with the Secretary of State was February 1, 1971.

         THIRD:   The following Article has been changed to:

            RESOLVED: The name of the corporation is: U-HAUL CO. OF NEVADA, INC.

         FOURTH:  The number of shares voted for this amendment was 500 and the
                  number voted against was -0-

DATED: November 15, 1990.

BY: /s/ John A. Lorentz                BY: /s/ Gary V. Klinefelter
    -----------------------------          -----------------------------------
    John A. Lorentz, President             Gary V. Klinefelter, Secretary

STATE OF ARIZONA

COUNTY OF MARICOPA

On this 15th day of November, 1990, personally appeared before me, John A.
Lorentz, President and Gary v. Klinefelter, Secretary, known to me to be the
persons named in and who executed the foregoing instrument, and who acknowledges
that the matters contained therein are true.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial Seal
this 15th day of November, 1990.

                                                      /s/ Blanche I. Passolt
                                               ---------------------------------
                                                      NOTARY PUBLIC

(NOTARY SEAL)


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.112
<SEQUENCE>111
<FILENAME>p68936exv3w112.txt
<DESCRIPTION>EXHIBIT 3.112
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.112

                                   BY-LAWS OF

                     AMERCO MARKETING CO. OF LAS VEGAS, INC.

                              A Nevada Corporation

                                    ARTICLE I
                                                         DATE: February 26, 1971

SECTION 1. Offices:

The principal office of the corporation in the state of Nevada shall be located
in the city of Las Vegas. The corporation may have such other offices either
within or without the state of Nevada as the Board of Directors may designate or
as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
First Friday in February of each year, at the office of the corporation in the
state of Nevada or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All Meetings of the shareholders

                                      -1-

<PAGE>

may be held within or without the state of Nevada. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

        1st.     All persons claiming to hold proxies shall present them to the
                 tellers for verification.

        2nd.     Proof of due notice of meeting when applicable.

        3rd.     Reading and disposal of all unapproved minutes.

        4th.     Reports of officers and committees.

        5th.     Election of Directors.

        6th.     Unfinished business.

        7th.     New business.

        8th.     Adjournment.

                                      -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Member and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Nevada.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Nevada.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                      -3-

<PAGE>

        1st.     Roll call; a quorum being present.

        2nd.     Reading of minutes of preceding meeting and action thereon.

        3rd.     Consideration of communications of the Board of Directors.

        4th.     Reports of officials and committees.

        5th.     Unfinished business.

        6th.     Miscellaneous business.

        7th.     New business.

        8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

        1. To purchase, lease, and acquire, in any lawful manner any and all
           real or personal property including franchises, stock, bonds and
           debentures of other companies, business and good will, patents,
           trade-marks in contracts, and interests there-under, and other
           rights and proprieties which in their judgment may be beneficial for
           the purpose of this corporation, and to issue shares of stock of
           this corporation in payment of such property, and in payment for
           services rendered to this corporation, when they deem it advisable.

        2. To fix and determine and to vary, from time to time, the amount or
           amounts to be set aside or retained as reserve funds or as working
           capital of this corporation.

        3. To issue notes and other obligations or evidences of the debt of this
           corporation, and to secure the same, if deemed advisable, and
           endorse and guarantee the notes, bonds, stocks, and other
           obligations of other corporations with or without compensation for so
           doing, and from time to time to sell, assign, transfer

                                      -4-

<PAGE>

            or otherwise dispose of any of the property of this corporation,
            subject, however, to the laws of the State of Nevada, governing the
            disposition of the entire assets and business of the corporation as
            a going concern.

         4. To declare and pay dividends, both in the form of money and
            stock, but only from the surplus or from the net profit arising from
            the business of this corporation, after deducting therefrom the
            amounts, at the time when any dividend is declared which shall have
            been set aside by the Directors as a reserve fund or as a working
            fund.

                                   ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Nevada statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there shall be a quorum present, and any officer receiving a majority vote shall
be declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Power and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with

                                      -5-

<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasures:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                      -6-

<PAGE>

                                  ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Nevada, the number and par value, if any, of each share represented by
it, the name of the person owing the shares represented thereby, with the number
of each share and the date of issue, and the stock thereby represented is
transferable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owing the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor,
and the written assignment thereof by the owner or his duly authorized Attorney
in Fact. Upon such surrender and assignment, a new certificate shall be issued
to the assignee as he may be entitled, but without such surrender and assignment
no transfer of stock shall be recognized by the corporation. The Board of
Directors shall have the power concerning the issue, transfer and registration
of certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

Section 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                      -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered ore amended by a majority vote of the shareholders of said
corporation at any special meeting called for that object and purpose, and
provided all the shareholders are given legal notice of the object and purpose
of said meeting.

The foregoing By-Laws of AMERCO MARKETING CO. OF LAS VEGAS, INC., are hereby
accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                       ___________________________
                                       President - Don Ogle

ATTEST:

_______________________________
Secretary - William J. Maher

     (CORPORATE SEAL)

                                      -8-

<PAGE>

                           U-HAUL CO. OF NEVADA, INC.
                              A NEVADA CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Nevada, Inc.,
a Nevada corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the Shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                       SHAREHOLDER:

                                       U-Haul International, Inc., a Nevada
                                       Corporation

                                       By: /s/ Gary V. Klinefelter
                                           -------------------------------------
                                       Name: Gary V. Klinefelter
                                       Its: Secretary


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.113
<SEQUENCE>112
<FILENAME>p68936exv3w113.txt
<DESCRIPTION>EXHIBIT 3.113
<TEXT>
<PAGE>
                                                                   EXHIBIT 3.113
                             STATE OF NEW HAMPSHIRE

                          OFFICE OF SECRETARY OF STATE

                                     [SEAL]

I, DAVID SCANLAN, Deputy Secretary of State of the State of New Hampshire, do
hereby certify that the attached is a true copy of Articles of Agreement of
U-HAUL CO. OF NEW HAMPSHIRE, INC. (formerly U-HAUL CO. OF NEW HAMPSHIRE AND
VERMONT, INC. formerly AMERCO MARKETING CO. OF NEW HAMPSHIRE AND VERMONT, INC.
formerly U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT, INC.) and all amendments and
mergers thereto, as filed in this office and held in the custody of the
Secretary of State.

                                    IN TESTIMONY WHEREOF, I hereto set my hand
                                       and cause to be affixed the Seal of the
                                       State, at Concord, this 23rd Day of May
                                       A.D. 2003

                                                       /s/ [ILLEGIBLE]
        [SEAL]                                  --------------------------------
                                                    Deputy Secretary of State

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of New Hampshire

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is U-HAUL. CO., INC., a
         corporation organized and existing under the laws of the State of
         Massachusetts.

2.       The name of the corporation to which this consent is given and which is
         about to be organized or qualified under the laws of this State is:

                 U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT, INC.

         IN WITNESS WHEREOF, this corporation has caused this consent to be
executed this 27 day of January, 1970.

                                                 U-HAUL CO., INC.

                                                 By: /s/ [ILLEGIBLE]
                                                    ----------------------------
                                                                       President

(SEAL)

ATTEST:

        [ILLEGIBLE]
___________________________
                  Secretary

STATE OF  [ILLEGIBLE]    )
                         ) ss.
COUNTY OF [ILLEGIBLE]    )

         Before me, a Notary Public, personally appeared Nicholas E. Gavrilles
and Vincent R. Kudirka, known to me to be the persons who executed the foregoing
instrument, and acknowledged that they executed the same for the purpose therein
contained and that the statements therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
27 day of January 1970.

                                                /s/        [ILLEGIBLE]
                                                --------------------------------
                                                          Notary Public

(SEAL)

<PAGE>

                                     * * * *

                                WAIVER OF NOTICE

                                       OF

                          MEETING OF THE INCORPORATORS

                                     * * * *

         We, being all of the incorporators of U-HAUL CO. of NEW HAMPSHIRE and
VERMONT, INC., hereby waive all requirements of the laws of New Hampshire for
notice of the meeting of incorporators, and appoint the 13th day of July, 1970,
at 10:00 o'clock a.m., as the time, and 5 Lawrence Street, Concord, New
Hampshire, as the place of the meeting being to organize into a corporation, and
consent that such business may be transacted thereat as may lawfully come before
said meeting.

                                                 [ILLEGIBLE]


<PAGE>

                              ARTICLES OF AGREEMENT

                                       OF

                  U-HAUL CO. OF NEW HAMPSHIRE and VERMONT, INC.

         WE, THE UNDERSIGNED, being all of lawful age, do hereby associate
ourselves together for the purpose of forming a corporation under the provisions
of the Business Corporation Law of the State of New Hampshire.

1.       The name of this corporation shall be U-HAUL CO. OF NEW HAMPSHIRE and
VERMONT, INC.

2.       The purposes for which, this corporation is formed are:

         To rent and lease to the general public trailers, semi-trailers,
trucks, passenger automobiles and other equipment, tools, machinery, vehicles
and property of any and every kind and description, and to purchase or
other-wise acquire and operate any facilities useful for the conduct of the
business enterprises of this corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of New Hampshire upon corporations, and to engage in any lawful activity
within the purposes for which corporations may be organized under the Business
Corporation Law of the State of New Hampshire.

3.       The principal place of business of this corporation is to be located at
the City of Concord, State of New Hampshire.

4.       The amount of authorized capital stock which the corporation shall have
authority to issue is Twenty Five Thousand ($25,000.00) Dollars, divided into
two thousand five hundred (2,500) shares with a par value of Ten ($10.00) '
Dollars per share. Stockholders meetings may be held within or without the State
of New Hampshire.

         SIGNED this 13th day of July, 1970.

/s/ Edwin Karvonen
- ----------------------------
Edwin Karvonen                   5 Lawrence Street
                                 Concord, New Hampshire 03301
/s/ Linda Karvonen
- ----------------------------
Linda Karvonen                   5 Lawrence Street
                                 Concord, New Hampshire 03301

/s/ Ronald Otis
- ----------------------------
Ronald Otis                      5 Lawrence Street
                                 Concord, New Hampshire 03301

<PAGE>

                  U-HAUL CO. of NEW HAMPSHIRE and VERMONT, INC.

                                    * * * * *

                                     MINUTES

                                       OF

                            MEETING OF INCORPORATORS

                                    * * * * *

         The First meeting of the incorporators, being all the subscribers to
the Articles of Agreement of the above named corporation, was held on the 13th
day of July, 1970, at 10:00 a.m. at Concord, New Hampshire.

         The following incorporators were present: Edwin Karvonen, Linda
Karvonen and Ronald Otis, being all of the incorporators and subscribers to the
articles of agreement.

         Edwin Karvonen called the meeting to order and was chosen chairman of
the meeting, and Linda Karvonen was chosen temporary clerk, to hold office and
perform the duties of clerk until final adjournment of the meeting of
incorporators and until the permanent clerk shall have qualified. The temporary
clerk took the oath of office prescribed by law.

         The temporary clerk presented a waiver of notice of time, place and
purpose, signed by all of the incorporators and subscribers to the articles of
agreement.

                                      -1-
<PAGE>

         The chairman presented the original articles of agreement, subscribed
by Edwin Karyonen, Linda Karvonen and Ronald Otis, and the temporary clerk was
ordered to cause the said original articles to be incorporated in the Record of
Organization.

         The chairman thereupon presented a form of by-laws for the promotion of
the objects of the corporation, for regulating its government, the
administration of its affairs and the conduct of its business, which was read,
section by section.

         Upon motion, duly made, seconded and carried, it was

                  VOTED, that the by-laws submitted at and read to this meeting
         be, and the same hereby are adopted as and for the by-laws of this
         corporation and that the clerk be and he hereby is instructed to cause
         the same to be filed with the records of this meeting. Said by-laws
         shall be omitted from the Record of Organization which is to be filed
         in the office of the Secretary of State.

         The chairman stated that the next business to come before the meeting
was the election of a board of three (3) directors, a president, a vice
president, a clerk, a treasurer and a secretary, in accordance with the by-laws
just adopted, and called for nominations. Thereupon Edwin Karvonen and Ronald
Otis and Linda Karvonen were nominated as directors, Edwin Karvonen as
president, Ronald Otis as vice-president, Linda Karvonen as clerk, Linda
Karvonen as treasurer, and Linda Karvonen as secretary.

         There being no further nominations and the foregoing nominations having
been duly seconded, the chairman declared the nominations closed, and, all of
the incorporators having voted, the chairman announced that the following named
persons had been unanimously elected to the offices set before their names
respectively, to wit:

                                      -2-
<PAGE>

Directors         Edwin Karvonen    5 Lawrence Street, Concord, New Hampshire
                  Linda Karvonen    5 Lawrence Street, Concord, New Hampshire
                  Ronald Otis       5 Lawrence Street, Concord, New Hampshire
President         Edwin Karvonen    5 Lawrence Street, Concord, New Hampshire
Vice-President    Ronald Otis       5 Lawrence Street, Concord, New Hampshire
Clerk             Linda Karvonen    5 Lawrence Street, Concord, New Hampshire
Treasurer         Linda Karvonen    5 Lawrence Street, Concord, New Hampshire
Secretary         Linda Karvonen    5 Lawrence Street, Concord, New Hampshire

On motion, duly made and seconded, it was unanimously

                  VOTED, that the amount of stock to be presently issued shall
         be five hundred (500) shares of the par value of 10.00 Collars ($10.00)
         each, said stock to be issued and sold at par for cash.

         The temporary clerk presented subscriptions of U-HAUL Co., Inc., a
Massachusetts corporation for 500 shares.

         On motion, duly made and seconded, it was unanimously

                  VOTED, that the board of directors be and hereby are
         authorized and instructed forthwith to cause stock certificates to be
         prepared in such form, not inconsistent with the by-laws, as they may
         determine, and to make the necessary arrangements for the issue, upon
         payment therefor, of the five hundred (500) shares of stock, the
         present issue of which is provided for in the preceding vote.

         Upon motion, duly made and seconded, it was unanimously

                  VOTED, that the board of directors by a majority vote of the
         whole number therof be and hereby are authorized to issue and dispose
         of the whole or any part of the remainder of the capital stock
         authorized by the articles of agreement, at one time or from time to
         time conformably to the provisions of the Business Corporation Law of
         New Hampshire, or any amendments thereof, for cash, property, real or
         personal, rights, franchises, services or expenses, in such manner and
         to such persons or corporations as they may deem for the best interests
         of the corporation, subject to affidavits required by law.

                                      -3-
<PAGE>

         On motion, duly made and seconded, it was unanimously

                  VOTED, that the treaserer and the board of directors, or a
         majority thereof, be and hereby are authorized and directed forth-with
         to prepare a Record of Organization conformably to the provisions of
         the Business Corporation Law of New Hampshire as amended, and upon the
         approval thereof by the Attorney General or Deputy Attorney General, to
         file the same for record in the office of the Secretary of State of New
         Hampshire and pay the recording fee required by law.

         The temporary clerk was instructed to file with the minutes of the
meeting the waiver of notice of this meeting and the oath of the temporary
clerk.

         Thereupon, on motion, duly made, seconded it was unanimously

                  VOTED: To adjourn.

          A true record.

          Attest

                                                      /s/ [ILLEGIBLE]
                                                   ----------------------
                                                      Temporary Clerk

                                      -4-
<PAGE>

STATE OF MASSACHUSETTS )
                       ) SS
COUNTY OF [ILLEGIBLE]  )

         On this 13th day of July, 1970, personally appeared before me Linda
Karvonen who made oath that she would faithfully and impartially perform the
duties of temporary clerk of the meeting of incorporators of U-HAUL CO. of NEW
HAMPSHIRE AND VERMONT, INC.

                                                        /s/ [ILLEGIBLE]
                                             -----------------------------------
                                                        Notary Public
                                            My commission expires Sept. 16, 1974

<PAGE>

         WE, THE UNDERSIGNED, being the treasurer and a majority of the board of
directors elected at the organization meeting of U-HAUL CO. OF NEW HAMPSHIRE AND
VERMONT, INC., as hereinbefore set forth, do severally make oath that the
foregoing is a true copy of the record of organization of said corporation and
contains the original of the articles of agreement, the names and addresses of
the officers and directors, and the original record of the organization meeting,
except the by-laws, duly attested by the temporary clerk; that the consideration
for which stock is to be issued is as stated in the votes of the incorporators,
and that the consideration for which stock with nominal or par value is to be
issued is to the best of our knowledge, information and belief, of actual value
in money equal to the par value of the stock to be issued therefor.

                                                  /s/  [ILLEGIBLE]
                                                  ------------------------------
                                                  Treasurer

A Majority of the Board of ( [ILLEGIBLE]
      Directors            ( ---------------------------------
                           ( [ILLEGIBLE]
                           ( ---------------------------------
                           ( _________________________________

STATE OF MASSACHUSETTS,   )
                          ) SS
COUNTY OF NORFOLK         )                             July 13, 1974

Then personally appeared the above named Linda Karvonen and Edwin Karvonen this
day of July, 1970 at WALPOLE, MASS and made oath that the foregoing statement
by them subscribed is true.

Before me:

                                            /s/ [ILLEGIBLE]
                                            -----------------------------------
                                            Notary Public
                                            My commission expires Sept. 16, 1974



<PAGE>


         The Record of Organization of U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT,
INC. having been submitted to me, I have examined the same and find that it
conforms to the provisions of the Business Corporation Law, and it is hereby
approved.

Dated July 20, 1970

                                               /s/ [ILLEGIBLE]
                                               -----------------------------
                                               Assistant Attorney General

                             STATE OF HEW HAMPSHIRE

                      Office of the Secretary of State
                      Filed for record this  20th
                      day of July, 1970
                      at 3.30 p.m. O'clock
                              /s/ [ILLEGIBLE]
                      ---------------------------------
                                    DEPUTY
                              SECRETARY OF STATE
<PAGE>
                             STATE OF NEW HAMPSHIRE

Be it known that whereas

                 EDWIN KARVONEN, LINDA L. KARVONEN, RONALD OTIS,
                                    ALL OF
                             CONCORD, NEW HAMPSHIRE
 have associated themselves with the intention of forming a corporation under
                                  the name of
                 U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT, INC.
                                 for the purpose

To rent and lease to the general public trailers, semi-trailers, trucks,
passenger automobiles and other equipment, tools, machinery, vehicles and
property of any and every kind and description, and to purchase or otherwise
acquire and operate any facilities useful; and for other purposes as set forth
in the Articles of Agreement.

with a capital stock consisting of

2500 shares with par value at $10.00 par; 500 shares with par value at $10.00
authorized to be issued at the present time.

and have complied with the provisions of the statutes of this State in such case
made and provided as appears from the record of organization of said corporation
duly approved by the assistant attorney-general and recorded in this office; now
therefore

         I, EDWARD C. KELLEY, Deputy Secretary of State of New Hampshire, do
hereby certify that said

EDWIN KARVONEN                                                 LINDA L. KARVONEN
                                   RONALD OTIS

their associates and successors, are legally organized and established as, and
are hereby made, an existing corporation under the name of

                  U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT, INC.

with the powers, rights and privileges, and subject to the limitations, duties
and restrictions, which by law appertain thereto.

                                    Witness my official signature hereunto
                                    subscribed and the seal of the State of New
                                    Hampshire affixed, this twentieth day of
                                    July in the year one thousand nine hundred
                                    and seventy

                                              /s/ Edward C. Kelley
                                              ----------------------------------
                                                      Deputy Secretary of State.

41872
<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of New Hampshire

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is AMERCO, a corporation
         organized and existing under the laws of the State of Arizona.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

         AMERCO MARKETING CO. OF NEW HAMPSHIRE AND VERMONT, INC.

         In Witness Whereof, this corporation has caused this consent to be
executed this 12th day of August, 1970.

                                                AMERCO

                                              BY: /s/ L. S. Shoen
                                                  ----------------------------
                                                  L. S. Shoen - President

STATE OF ARIZONA     )
                     ) ss.
COUNTY OF MARICOPA   )

         Before me, a Notary Public, personally appeared L. S. Shoen known to me
to be the person who executed the foregoing instrument, and acknowledged that he
executed the same for the purpose therein contained and that the statements
therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
12 day of August, 1970.

                                                    /s/ Helen H. Delamater
                                                    ----------------------------
                                                          Notary Public

                                             My Commission Expires Aug. 13, 1972

<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                           ARTICLES OF INCORPORATION

                                       OF

                  U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT, INC.

STATE OF HEW HAMPSHIRE   )
                         )ss:
COUNTY OF MIDDLESEX      )

         Edwin Karvonen and Linda Karvonen being first duly sworn, upon their
oath depose and say:

         1.       That they are the Directors and the Treasurer respectively of
                  U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT, INC.

         2.       That at a meeting of the Board of Directors of said
                  corporation, duly held at Concord, New Hampshire on August 12,
                  1970, the following resolution was adopted:

                           "RESOLVED: That Article I of the Articles of
                           Incorporation of this corporation be amended to read
                           as follows:

                           The name of this corporation is AMERCO MARKETING CO.
                           OF NEW HAMPSHIRE AND VERMONT, INC."

         3.       That the shareholders have adopted said amendment by
                  resolution at a meeting held at Concord, New Hampshire on
                  August 12, 1970. That the wording of the amended article, as
                  set forth in the shareholders' resolution, is the same as that
                  set forth in the directors' resolution in Paragraph 2 above.

         4.       That the number of shares which voted affirmatively for the
                  adoption of said resolution is 500, and that the total number
                  of shares entitled to vote on or consent to said amendment is
                  500.

                                                /s/ Edwin Karvonen
                                                --------------------------------
                                                          Director

(CORPORATE SEAL)

/s/ Lind L. Karvonen
- -----------------------------------------
        Treasurer and Director

Page one of two pages

<PAGE>

STATE OF NEW HAMPSHIRE )
                       ) ss.
COUNTY OF MIDDLESEX    )

         On this 17 day of September, 1970, before me, a Notary Public,
personally appeared Edwin Karvonen and Linda Karvonen known by me to be the
persons whose signatures are subscribed to the within instrument and who
acknowledged that they executed the same as their free act for the purposes
therein contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                                /s/ Dale C. Smith
                                                --------------------------------
                                                       Notary Public
                                                 DALE C. SMITH, Notary Public
                                          My commission expires October 15, 1973

(NOTARIAL SEAL)

Page two of two Pages
<PAGE>

         The Affidavit of Amendment to the Record of Organization of U-HAUL
CO. OF NEW HAMPSHIRE AND VERMONT, INC. changing its name to

         AMERCO MARKETING CO. OF NEW HAMPSHIRE AND VERMONT, INC. having
been submitted to me, I have examined the same and find that it conforms to the
provisions of the Business Corporation Law, and it is hereby approved.

Dated October 8, 1970

                                                /s/ [ILLEGIBLE]
                                                --------------------------------
                                                  Assistant Attorney General

                             STATE OF HEW HAMPSHIRE

                          Office of the Secretary of State
                          Filed for record this 8th
                          day of October, 1970
                          at  11:45 a.m. o'clock
                          /s/ [ILLEGIBLE]
                          ------------------------------
                               SECRETARY OF STATE

<PAGE>

                             AFFIDAVIT OF AMENDMENT

We, the undersigned, being the Treasurer, and a majority of the directors of
Amerco Marketing Co. of New Hampshire and Vermont, Inc. a New Hampshire
corporation, with its principal place of business in Londonderry, New Hampshire
do hereby certify that at a meeting of the Stockholders of said corporation,
duly called for the purpose, held on February 22, 1973, in Londonderry, New
Hampshire 500 shares of stock voting in the affirmative and No shares of stock
voting in the negative being at least the statutory number of all the classes
of, stockholders present and entitled to vote, the following vote was duly
adopted, namely:

 VOTED that:      Article I of the Articles of Incorporation be amended to read
                  as follows:

                  The name of the corporation is U-Haul Co. of New Hampshire and
                  Vermont, Inc.

                                                /s/ Vincent Kudirka    Treasurer
                                                --------------------------------
                                                Vincent Kudirka

                                                /s/ Ronald Otis    Directors
                                                --------------------------------
                                                Ronald Otis

                                                /s/ Jerry Hinkley
                                                --------------------------------
                                                Jerry Hinkley

Commonwealth of Mass.

COUNTY OF NORFOLK, SS. May 11, 1973

     Subscribed and sworn to before me:

                                                /s/ [ILLEGIBLE]
                                                --------------------------------
                                                      Notary Public
                                                          or

(SEAL)

<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

             AMERCO MARKETING CO. OF NEW HAMPSHIRE AND VERMONT, INC.

STATE OF NEW HAMPSHIRE

COUNTY OF ROCKINGHAM

         Daniel Holmes and Cynthia Holmes being first duly sworn upon their oath
depose and say:

         1. That they are the President and the Secretary respectively of
Amerco Marketing Co. of New Hampshire and Vermont, Inc.

         2.   That at a meeting of the Board of Directors of said corporation,
              duly held at Londonderry, New Hampshire on February 22, 1973, the
              following resolution was adopted:

                           "RESOLVED: That Article I of the Articles of
                           Incorporation be amended to read as follows:

                           The name of this corporation is "U-Haul Co. of New
                           Hampshire and Vermont, Inc.

         3.   That the shareholders have adopted said amendment by resolution at
              a meeting held at Walpole, Massachusetts on February 22, 1973.
              That the wording of the amended article, as set forth in the
              shareholder' resolution in Paragraph 2 above.

         4.   That the number of shares which voted affirmatively for the
              adoption of said resolution is 500, and that the total number of
              shares entitled to vote on or consent to said amendment is 500.

                                                /s/ Daniel Holmes
                                                --------------------------------
                                                Daniel Holmes-President

         (Corporate Seal)

ATTEST:

/s/ Cynthia Holmes
- -------------------------
Cynthia Holmes-Secretary

Page 1 of Two Pages

<PAGE>

STATE OF NEW HAMPSHIRE

COUNTY OF ROCKINGHAM

         On this 22 day of February, 1973, before me a Notary Public, personally
appeared Daniel Holmes and Cynthia Holmes known by me to be the persons whose
signatures are subscribed to the within instrument and who acknowledged that
they executed the same as their free act for the purpose therein contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                                /s/ [ILLEGIBLE]
                                                --------------------------------
                                                    Notary Public

                           My commission expires [ILLEGIBLE] 16, 1974

  (NOTORIAL SEAL)

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1.       The name of the consenting corporation is U-HAUL CO., a
                  corporation organized and existing under the laws of the State
                  of Massachusetts.

         2.       The name of the corporation to which this consent is given and
                  which is about to amend its corporate name is:

                         Amerco Marketing Co. of New Hampshire and Vermont, Inc.

         3.       The name the corporation shall adopt by amending its Articles
                  of Incorporation is:

                         U-Haul Co. of New Hampshire and Vermont, Inc.

         In Witness Whereof, this corporation has caused this consent to be
executed this 11 day of May, 1973.

                                         U-HAUL CO., a Massachusetts corporation

                                         By:  /s/ Nicholas E. Gavrilles
                                              ----------------------------------
                                              Nicholas E. Gavrilles-President

 STATE OF MASSACHUSETTS )
                        ) ss.
 COUNTY OF NORFOLK      )

         Before me, a Notary Public, personally appeared Nicholas E. Gavrilles,
known to me to be the person who executed the foregoing instrument, and
acknowledged that he executed the same for the purpose therein contained and
that the statements therein contained are truly set forth.

         In Witness Whereof, I have hereunto set my hand and official seal this
11 day of May, 1973.

        (SEAL)                                  /s/ [ILLEGIBLE]
                                                --------------------------------
                                                    Notary Public

<PAGE>

The Affidavit of Amendment to the Record of Organization of Amerco Marketing Co.
of New Hampshire and Vermont, Inc. changing its name to

                  U-Haul Co. of New Hampshire and Vermont, Inc.

having been submitted to me, I have examined the same and find that it conforms
to the provisions of the Business Corporation Law, and it is hereby approved.

Date May 24, 1973

                                                /s/ [ILLEGIBLE]
                                                --------------------------------
                                                Assistant Attorney General

<PAGE>

                             STATE OF NEW HAMPSHIRE

Filing fee:       $    25.00                            Form No. 26
+ License fee:    $_________(See Section 136 II, IV    RSA 293-A:78
Total fees        $_________            and Note 1)
Use black print or type.
Leave 1" margins both sides.

                               ARTICLES OF MERGER
                      OF DOMESTIC AND FOREIGN CORPORATIONS
                                      INTO

                  U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT, INC.

PURSUANT TO THE PROVISIONS OF SECTION 78 OF THE NEW HAMPSHIRE BUSINESS
CORPORATION ACT, THE UNDERSIGNED DOMESTIC AND FOREIGN CORPORATIONS ADOPT THE
FOLLOWING ARTICLES OF MERGER FOR THE PURPOSE OF MERGING THEM INTO ONE OF SUCH
CORPORATIONS:

         FIRST: The names of the undersigned corporations and the States under
the laws of which they are respectively organized are:

<TABLE>
<CAPTION>
             Name of Corporation                                  State
             -------------------                                  -----
<S>                                                           <C>
 U-Haul Co. of U-Haul Co. of New Hampshire & Vermont, Inc.    New Hampshire
 (Survivor)
 U-Haul Co. of Maine                                          Maine
</TABLE>

         SECOND: The laws of the State under which such foreign corporation is
organized permit such a merger.

                              Maine

         THIRD: The name of the surviving corporation is U-Haul Co. of New
Hampshire and Vermont, Inc. and it is to be governed by the laws of the State of
New Hampshire

                                  Page 1 of 5

<PAGE>

                                                                     Form No. 26
                                                                         (Cont.)

ARTICLES OF MERGE OF DOMESTIC AND FOREIGN CORPORATIONS INTO U-Haul Co. of New
Hampshire and Vermont, Inc.

         FOURTH: The following Plan of Merger was approved by the shareholders
of the undersigned domestic corporation in the manner prescribed by the New
Hampshire Business Corporation Act, and was approved by the undersigned foreign
corporation in the manner prescribed by the laws of the State under which it is
organized:

                             (Insert Plan of Merger)
               [If more space needed, attach additional sheet(s)]

U-Haul Co. of Maine, a Maine corporation, shall merge into U-Haul Co. of New
Hampshire and Vermont, Inc., a New Hampshire corporation, which shall assume all
debts and liabilities of U-Haul Co. of Maine as well as the stock and assets.
U-Haul Co. of New Hampshire and Vermont, Inc., will pay all costs of this
merger.

                                  Page 2 of 5

<PAGE>

ARTICLES OF MERGE OF DOMESTIC AND FOREIGN                            Form No. 26
CORPORATIONS INTO U-Haul Co. of New Hampshire & Vermont, Inc.            (Cont.)

         FIFTH: As to each of the undersigned corporations, the number of shares
outstanding, and the designation and number of outstanding shares of each class
entitled to vote as a class on such Plan, are as follows:

<TABLE>
<CAPTION>
                                                   Entitled to Vote as a Class
                                     Number of     ---------------------------
                                      Shares       Designation     Number of
Name of Corporation                 Outstanding     of Class        Shares
- -------------------                 -----------    -----------     ---------
<S>                                 <C>            <C>             <C>
U-Haul Co. of New Hampshire
 & Vermont, Inc.                         500         COMMON            500

 U-Haul Co. of Maine                     500         COMMON            500
</TABLE>

         SIXTH: As to each of the undersigned corporations, the total number of
shares voted for and against such Plan, respectively, and, as to each class
entitled to vote thereon as a class, the number of shares of such class voted
for and against such Plan, respectively, are as follows:

<TABLE>
<CAPTION>
                                                        Number of Shares
                                      -----------------------------------------------------------
                                                                  Entitled to Vote as a Class
                                      Total     Total         -----------------------------------
                                      Voted     Voted                         Voted        Voted
 Name of Corporation                   For     Against        Class            For        Against
 -------------------                   ---     -------        -----            ---        -------
<S>                                   <C>      <C>            <C>             <C>         <C>
U-Haul Co. of New Hampshire
 & Vermont, Inc.                       500        -0-         COMMON            500          -0-

U-Haul Co. of Maine                    500        -0-         COMMON            500          -0-
</TABLE>

                                  Page 3 of 5

<PAGE>



ARTICLES OF MERGE OF DOMESTIC AND FOREIGN                            Form No. 26
CORPORATIONS INTO U-Haul Co. of New Hampshire & Vermont. Inc.            (Cont.)

         SEVENTH: The aggregate number of shares, which the surviving
corporation has authority to issue as a result of the merger, itemized by
classes, par value of shares, shares without par value, and series, if any,
within a class, is: (Note 1)

<TABLE>
<CAPTION>
                                            Par Value per Share
                                             or Statement that
Number of                                   Shares are without
 Shares           Class        Series           Par Value
 ------           -----        ------       -------------------
<S>               <C>          <C>          <C>
 2,500            COMMON        None              $10.00
</TABLE>

         EIGHTH: If the surviving corporation is to be governed by the laws of
any other state, such surviving corporation hereby: (a) agrees that it may be
served with process in the State of New Hampshire in any proceeding for the
enforcement of any obligation of the undersigned domestic corporation and in any
proceeding for the enforcement of the rights of a dissenting shareholder of such
domestic corporation against the surviving corporation; (b) irrevocably appoints
the Secretary of State of New Hampshire as its agent to accept service of
process in any such proceeding; and (c) agrees that it will promptly pay to the
dissenting shareholders of such domestic corporation the amount, if any, to
which they shall be entitled under the provisions of the New Hampshire Business
Corporation Act with respect to the rights of dissenting shareholders.

                                  Page 4 of 5
<PAGE>

ARTICLES OF MERGER OF DOMESTIC AND FOREIGN                          Form No. 26
CORPORATIONS INTO U-Haul Co. of New Hampshire & Vermont Inc. (Cont.)

Dated June 3, 1986

                            U-Haul Co. of New Hampshire & Vermont, Inc. (Note 2)

                            By: /s/ David Schmeltz
                                -----------------------------------------
                            Signature of its _____ President

                                David Schmeltz, President
                            -----------------------------------------
                            Print or type name

                            and /s/ Pete Martinelli              (Note 3)
                                -----------------------------------------
                            Signature of its _____ Secretary

                                Pete Martinelli, Secretary
                            -----------------------------------------
                            Print or type name

                      ************************************

                            U-HAUL CO. OF MAINE              (Note 2)
                            -----------------------------------------
                            By /s/ Michael Provencher        (Note 3)
                            -----------------------------------------
                            Signature of Its Vice-President

                            Michael Provencher, Vice-President
                            -----------------------------------------
                            Print or type name

                            and  /s/ Robert Billings         (Note 3)
                            -----------------------------------------
                            Signature of its _______ Secretary

                            Robert Billings, Secretary
                            -----------------------------------------
                            Print or type name

Notes: 1.     If surviving corporation is a domestic corporation, and the
              merger increases the authorized stock, include fee according to
              schedule under RSA 293-A:136 II less amounts previously paid in by
              each corporation involved in the merger for original authorization
              and prior increases. However, the minimum fee for increase shall
              be $30.00. Complete this article only if the surviving corporation
              is a domestic corporation.

       2.     Exact corporate names of respective corporations executing the
              Articles.

       3.     Signatures and titles of officers signing for the respective
              corporations. Must be signed by President or Vice-President and
              Secretary or Assistant Secretary.

Mail fee and DUPLICATE ORIGINALS (ORIGINAL SIGNATURES ON BOTH) to: Secretary of
State, Rm. 204, State House, Concord, NH 03301-4989

                                  Page 5 of 5

<PAGE>

             (To be filed with Articles of Merger when the surviving
          corporation is to be governed by the laws of any jurisdiction
                               other than Maine. )

                                  AGREEMENT BY

                  U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT, INC.
                              surviving corporation

                   TO PAY DISSENTING SHAREHOLDERS OF DOMESTIC
                    CORPORATIONS AND APPOINTMENT OF SECRETARY
                                OF STATE AS AGENT

     Pursuant to 13 A MRSA Section 906(4) the undersigned corporation submits
the following agreement and appointment of an agent to accept service of
process.

         FIRST: The corporation agrees that it will promptly pay to the
dissenting shareholders of any participating domestic corporation the amount, if
any, to which they are entitled under the Maine Business Corporation Act with
respect to the rights of dissenting shareholders.

         SECOND: The corporation agrees that it may be served with process in
the State of Maine in any proceeding to enforce any obligation of a
participating domestic corporation or any participating foreign corporation
previously subject to suit in the State of Maine, or to enforce the right of
dissenting shareholders of any participating domestic corporation against the
surviving corporation.

         THIRD: The corporation irrevocably appoints the Secretary of State of
Maine as its agent to accept service of process in any such proceedings.

         FOURTH: The address to which the Secretary of State shall mail a copy
of any process in such proceeding is 9 Capital Street, Concord, New Hampshire
03301

         FIFTH: The address of the registered office of the corporation is *411
Marginal Way, Portland, Maine 04101
                       (street, city, state and zip code)

Dated: May 9, 1986
                                     U-Haul Co. of New Hampshire & Vermont, Inc.
                                            (surviving corporation)

                                     By: /s/ David Schmeltz
                                         -------------------------------------
                                                  (signature)

Legibly print or type name           David Schmeltz, President
and capacity of all signers          ------------------------------------------
13... A MRSA Section 104.            (type or print name and capacity)

                                     BY: /s/ Robert Billings
                                         -------------------------------------
                                                    (signature)

                                     Robert Billings, Secretary
                                     ------------------------------------------
                                     (type or print name and capacity)

- ----------
*   Give address of registered office in Maine. If the corporation does not have
    a registered office in Maine, the address given should be the principal or
    registered office in the State of incorporation.

**  The name of the corporation should be typed, and the document must be signed
    by (1) the Clerk or (2) by the President or a vice-president and by the
    Secretary or an assistant secretary or such other officer as the bylaws may
    designate as a second certifying officer or (3) if there are no such
    officers, then by a majority of the directors or by such directors as may be
    designated by a majority of directors then in office or (4) if there are no
    such directors, then by the holders, or such of them as may be designated by
    the holders, of record of a majority of all outstanding shares entitled in
    vote thereon or (5) by the holders of all of the outstanding shares of the
    corporation.

FORM NO. MBCA-10Mb-Rev. 77
<PAGE>

                             STATE OF NEW HAMPSHIRE

Filing fee:            $ 35.00                                       Form No. 14
+ Licensing fee:       $_______(See Section 136 II                  RSA 293-A:61
Total fees             $_______ and Note 6)
Use black print or type.
Leave 1" margins both sides.

                              ARTICLES OF-AMENDMENT
                                     to the
                            ARTICLES OF INCORPORATION
                                       OF
                 U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT, INC.

PURSUANT TO THE PROVISIONS OF SECTION 61 OF THE NEW HAMPSHIRE BUSINESS
CORPORATION ACT, THE UNDERSIGNED CORPORATION ADOPTS THE FOLLOWING ARTICLES OF
AMENDMENT TO ITS ARTICLES OF INCORPORATION:

         FIRST: The name of the corporation is U-Haul Co. of New Hampshire and
                Vermont, Inc.

         SECOND: The following amendments of the Articles of Incorporation were
adopted by the shareholders (Note 1) of the corporation on July 20, 1970 , in
the manner prescribed by the New Hampshire Business Corporation Act: (Insert
Amendments)

                                    ARTICLE I

The name of the corporation is: U-Haul Co. of New Hampshire, Inc.

             [if more space is needed, attach additional sheet (s)]

                                  Page 1 of 3

<PAGE>

(ARTICLES OF AMENDMENT TO THE                                        Form No. 14
ARTICLES OF INCORPORATION)                                               (Cont.)

         THIRD: The number of shares of the corporation outstanding at the time
of such adoption was 500; and the number of shares entitled to vote thereon was
500

         FOURTH: The designation and number of outstanding shares of each class
entitled to vote thereon as a class were as follows: (Note 2)

<TABLE>
<CAPTION>
                                                                Number of
Class                                                            Shares
- -----                                                           ---------
<S>                                                             <C>
</TABLE>

         FIFTH: The number of shares voted for such amendment was 500; and the
number of shares voted against such amendment was -0- (Note 2)

         SIXTH: The number of shares of each class entitled to vote thereon as a
class voted for and against such amendment, respectively, was: (Note 2)

<TABLE>
<CAPTION>
                               Number of Shares voted
                              -------------------------
Class                         For               Against
- -----                         ---               -------
<S>                           <C>               <C>
</TABLE>

         SEVENTH: The manner in which any exchange, reclassification, or
cancellation of issued shares provided for in the amendment shall be effected is
as follows: (Note 3)

                                  Page 2 of 3

<PAGE>

(ARTICLES OF AMENDMENT TO THE                                        Form No. 14
ARTICLES OF INCORPORATION)                                               (Cont.)

         EIGHTH: The manner in which such amendment effects a change in the
amount of stated capital, and the amount of stated capital, expressed in
dollars, as changed by such amendment, are as follows: (Note 2)

Dated November 14, 1990

                                   U-Haul Co. of New Hampshire and Vermont, Inc.
                                                                        (Note 4)

                                            By: /s/ John A. Lorentz   (Note 5)
                                                ------------------------------
                                                       Its ______ President
                                                John A. Lorentz

                                            and /s/ Gary V. Klinefelter (Note 5)
                                                ------------------------------
                                                        Secretary
                                                Gary V. Klinefelter

Notes:   1.       Change to "board of directors" if no shares have been issued.

         2.       If inapplicable, omit.

         3.       This article may be omitted if the subject matter is set forth
                  in the amendment or if it is inapplicable.

         4.       Exact corporate name of corporation adopting the Articles of
                  Amendment.

         5.       Signatures and titles of officers signing for the
                  corporation. Must be signed by President or Vice-President
                  and Secretary or Assistant Secretary.

         6.       If amendment increases the authorized stock, include fee
                  according to schedule under RSA 293-A:136 II less amount
                  previously paid in for original record and any increases,
                  provided however that the minimum fee shall be $30.00.

Mail duplicate originals with total fees to:
Secretary of State, Rm. 204, State House, Concord, NH 03301-4989

                                  Page 3 of 3
<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this llth day of July,
1989, entered into by U-Haul Co. of New Hampshire & Vermont, Inc., a New
Hampshire corporation, the surviving corporation and Manchester Rental Equipment
Repair Shop, Inc., a New Hampshire corporation, the Absorbed Corporation, and
together referred to as the Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of New Hampshire which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 9 Capitol Street, Concord, New Hampshire 03301.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                NUMBER OF
                    NUMBER OF    SHARES    NUMBER  NUMBER
    COMPANY           SHARES    ENTITLED   VOTED   VOTED
      NAME         OUTSTANDING   TO VOTE    FOR    AGAINST
- -----------------  -----------  ---------  ------  -------
<S>                <C>          <C>        <C>     <C>
U-HAUL CO.
OF NEW HAMPSIRE &     500          500       500    -0-
VERMONT, INC.
INC.

MANCHESTER RENTAL
EQUIPMENT REPAIR      100          100       100    -0-
SHOP, INC.
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of New Hampshire, to consummate and make effective this
merger, subject, however to the appropriate vote or consent to the stockholders
of the Constituent Corporation in accordance with the requirements of the State
of New Hampshire.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

<PAGE>

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                                Surviving Corporation: U-HAUL CO. OF NEW
                                                       HAMPSHIRE & VERMONT,
                                                       INC., a New Hampshire
                                                       Corporation

                                By: /s/ Russell W. Johnson
                                    --------------------------------
                                    Russell W. Johnson, President

Verified

By: /s/ David of Jewell
    ----------------------------
    David Jewell, Secretary

                                Absorbed Corporation: MANCHESTER RENTAL
                                                      EQUIPMENT REPAIR
                                                      SHOP, INC., a New
                                                      Hampshire Corp.

                                By: /s/ John J. Loranger
                                    ----------------------------------
                                    John J. Loranger, President

Verified

By: /s/ Chester Boyce
    ---------------------------
    Chester Boyce, Secretary

<PAGE>

STATE OF NEW HAMPSHIRE

COUNTY OF

         On this       day of July, 1989, before me, the undersigned Notary
Public, personally appeared Russell W. Johnson, known to me to be the President
of U-Haul Co. of New Hampshire & Vermont, Inc., a New Hampshire corporation that
he is the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                [ILLEGIBLE]
                                -------------------------------------
                                NOTARY PUBLIC

        (NOTARY SEAL)               SUZANNE I. VANASSE, Notary Public
                                    My Commission Expires 4/5/94
STATE OF NEW HAMPSHIRE

COUNTY OF

         On this     day of July, 1989, before me, the undersigned Notary
Public, personally appeared John Loranger, known to me to be the President of
Manchester Rental Equipment Repair Shop, Inc.,a New Hampshire corporation, that
he is the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                [ILLEGIBLE]
                                -------------------------------------
                                NOTARY PUBLIC

        (NOTARY SEAL)

<PAGE>

                        PIAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 15th day of
September, 1989, entered into by U-Haul Co. of New Hampshire & Vermont, Inc., a
New Hampshire corporation, the surviving corporation and Portland Rental
Equipment Repair Shop, Inc., a Maine corporation, the Absorbed Corporation, and
together referred to as the Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the States of New Hampshire and Maine which laws permit such
merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, c/o John W. Mitchell, Agent, 9 Capitol Street, Concord, New
Hampshire 03301.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Absorbed Corporation shall be cancelled.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Surviving
                           Corporation.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                NUMBER OF
                    NUMBER OF    SHARES    NUMBER  NUMBER
    COMPANY          SHARES     ENTITLED   VOTED    VOTED
      NAME         OUTSTANDING   TO VOTE    FOR    AGAINST
- -----------------  -----------  ---------  ------  -------
<S>                <C>          <C>        <C>     <C>
U-HAUL CO.
OF NEW HAMPSIRE       500          500       500    -0-
& VERMONT, INC.

PORTLAND RENTAL
EQUIPMENT REPAIR      100          100       100    -0-
SHOP, INC.
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of New Hampshire and Maine, to consummate and make effective
this merger, subject, however to the appropriate vote or consent to the
stockholders of the Constituent Corporation in accordance with the requirements
of the State of New Hampshire and Maine.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                                Surviving Corporation: U-HAUL CO. OF
                                                       NEW HAMPSHIRE &
                                                       VERMONT, INC., a
                                                       New Hampshire Corp.

                                By:/s/ Russell W. Johnson
                                   ----------------------------
                                   Russell W. Johnson, President

Verified

By: /s/ Dave Jewell
    ------------------------------
    Dave Jewell, Secretary

                                Absorbed Corporation: PORTLAND RENTAL
                                                      EQUIPMENT REPAIR
                                                      SHOP, INC., a
                                                      Maine Corporation

                                By: /s/ Michael S. Provencher
                                    -------------------------------------
                                    Michael S. Provencher, President

Verified

By: /s/ Michael McCabe
    ------------------------------
    Michael McCabe, Secretary

<PAGE>

STATE OF NEW HAMPSHIRE

COUNTY OF HILLSBOROUGH

         On this 27th day of September, 1989, before me, the undersigned Notary
Public, personally appeared Russell W. Johnson, known to me to be the President
of U-Haul Co. of New Hampshire & Vermont, Inc., a New Hampshire corporation,
that he is the person who executed this instrument on behalf of said
corporation, and acknowledged to me that such corporation executed the same.

                                [ILLEGIBLE]
                                -------------------------------------
                                NOTARY PUBLIC

        (NOTARY SEAL)               SUZANNE I. VANASSE, Notary Public
                                    My Commission Expires 4/5/94

STATE OF MAINE
COUNTY OF CUMBERLAND

         On this 29 day of September, 1989, before me, the undersigned Notary
Public, personally appeared Michael S. Provencher, known to me to be the
President of Portland Rental Equipment Repair Shop, Inc., a Maine corporation,
that he is the person who executed this instrument on behalf of said
corporation, and acknowledged to me that such corporation executed the same.

                                [ILLEGIBLE]
                                -------------------------------------
                                NOTARY PUBLIC

        (NOTARY SEAL)

<PAGE>

                             STATE OF NEW HAMPSHIRE

                          OFFICE OF SECRETARY OF STATE

I, DAVID M. SCANLAN, Deputy Secretary of State of the State of New Hampshire, do
hereby certify that the attached is a true copy of Record of Organization of
U-HAUL CO. OF NEW HAMPSHIRE, INC. (formerly U-HAUL CO. OF NEW HAMPSHIRE AND
VERMONT, INC. formerly AMERCO MARKETING CO. OF NEW HAMPSHIRE AND VERMONT, INC.
formerly U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT, INC.) and all amendments and
mergers thereto, as filed in this office and held in the custody of the
Secretary of State.

                                    In Testimony Whereof, I hereto set my hand
                                    and cause to be affixed the Seal of the
                                    State, at Concord, this 29th day of August.
                                    A.D. 2003

                                                [ILLEGIBLE]
                                                Deputy Secretary of State

<PAGE>

                                      ****

                                WAIVER OF NOTICE

                                       OF

                          MEETING OF THE INCORPORATORS

                                      ****

           We, being all of the incorporators of U-HAUL CO. of NEW HAMPSHIRE and
VERMONT, INC., hereby waive all requirements of the laws of New Hampshire for
notice of the meeting of incorporators, and appoint the 13th day of July, 1970,
at 10:00 o'clock a.m., as the time, and 5 Lawrence Street, Concord, New
Hampshire, as the place of the meeting being to organize into a corporation,
and consent that such business may be transacted thereat as may lawfully come
before said meeting.

                                                                     [ILLEGIBLE]

<PAGE>

                              ARTICLES OF AGREEMENT

                                       OF

                  U-HAUL CO. OF NEW HAMPSHIRE and VERMONT, INC.

         WE, THE UNDERSIGNED, being all of lawful age, do hereby associate
ourselves together for the purpose of forming a corporation under the provisions
of the Business Corporation Law of the State of New Hampshire.

1.       The name of this corporation shall be U-HAUL CO. OF NEW HAMPSHIRE and
VERMONT, INC.

2.       The purposes for which this corporation is formed are:

         To rent and lease to the general public trailers, semi-trailers,
trucks, passenger automobiles and other equipment, tools, machinery, vehicles
and property of any and every kind and description, and to purchase or
otherwisa acquire and operate any facilities useful for the conduct of the
business enterprises of this corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of New Hampshire upon corporations, and to engage in any lawful activity
within the purposes for which corporations may be organized under the Business
Corporation Law of the State of New Hampshire.

3.       The principal place of business of this corporation is to be located at
the City of Concord, State of New Hampshire.

4.       The amount of authorized capital stock which the corporation shall have
authority to issue is Twenty Five Thousand ($25,000.00) Dollars, divided into
two thousand five hundred (2,500) shares with a par value of Ten ($10.00)
Dollars per share. Stockholders meetings may be held within or without the State
of Hew Hampshire.

          SIGNED this 13th  day of July, 1970.

   /s/ Edwin Karvonen
   --------------------------
   Edwin Karvonen                   5 Lawrence Street
                                    Concord, New Hampshire 03301

   /s/ Linda Karvonen
   --------------------------
   Linda Karvonen                   5 Lawrence Street
                                    Concord, New Hampshire 03301

   /s/ Ronald Otis
   --------------------------
   Ronald Otis                      5 Lawrence Street
                                    Concord, New Hampshire 03301

<PAGE>


                 U-HAUL CO. of NEW HAMPSHIRE and VERMONT, INC.

                                    * * * * *

                                     MINUTES

                                       OF

                            MEETING OF INCORPORATORS

                                    * * * * *

         The first meeting of the incorporators, being all the subscribers to
the Articles of Agreement of the above named corporation, was held on the 13th
day of July, 1970, at 10:00 a.m. at Concord, New Hampshire.

         The following incorporators were present: Edwin Karvonen, Linda
Karvonen and Ronald Otis, being all of the incorporators and subscribers to the
articles of agreement.

         Edwin Karvonen called the meeting to order and was chosen chairman of
the meeting, and Linda Karvonen was chosen temporary clerk, to hold office and
perform the duties of clerk until final adjournment of the meeting of
incorporators and until the permanent clerk shall have qualified. The temporary
clerk took the oath of office prescribed by law.

         The temporary clerk presented a waiver of notice of time, place and
purpose, signed by all of the incorporators and subscribers to the articles of
agreement.

                                       -1-

<PAGE>

         The chairman presented the original articles of agreement, subscribed
by Edwin Karvonen, Linda Karvonen and Ronald Otis, and the temporary clerk was
ordered to cause the said original articles to be incorporated in the Record of
Organization.

         The chairman thereupon presented a form of by-laws for the promotion of
the objects of the corporation, for regulating its government, the
administration of its affairs and the conduct of its business, which was read,
section by section.

         Upon motion, duly made, seconded and carried, it was

                  VOTED, that the by--laws submitted at and read to this meeting
         be, and the same hereby are adopted as and for the by--laws of this
         corporation and that the clerk be and he hereby is instructed to cause
         the same to be filed with the records of this meeting. Said by--laws
         shall be omitted from the Record of Organization which is to be filed
         in the office of the Secretary of State.

         The chairman, stated that the next business to come before the meeting
was the election of a board of three (3) directors, a president, a vice
president, a clerk, a treasurer and a secretary, in accordance with the by--laws
just adopted, and called for nominations. Thereupon Edwin Karvonen and Ronald
Otis and Linda Karvonen were nominated as directors, Edwin Karvonen as
president, Ronald Otis as vice-president, Linda Karvonen as clerk, Linda
Karvonen as treasurer, and Linda Karvonen as secretary.

         There being no further nominations and the foregoing nominations having
been duly seconded, the chairman declared the nominations closed, and, all of
the incorporators having voted, the chairman announced that the following named
persons had been unanimously elected to the offices set before their names
respectively, to wit:

                                       -2-

<PAGE>

         Directors      Edwin Karvonen 5 Lawrence Street, Concord, New Hampshire

                        Linda Karvonen 5 Lawrence Street, Concord, New Hampshire

                        Ronald Otis    5 Lawrence Street, Concord, New Hampshire

         President.     Edwin Karvonen 5 Lawrence Street, Concord, New Hampshire

         Vice-President Ronald Otis    5 Lawrence Street, Concord, New Hampshire

         Clerk          Linda Karvonen 5 Lawrence Street, Concord, New Hampshire

         Treasurer      Linda Karvonen 5 Lawrence Street, Concord, New Hampshire

         Secretary      Linda Karvonen 5 Lawrence Street, Concord, New Hampshire

         On motion, duly made and seconded, it was unanimously

                  VOTED, that the amount of stock to be presently issued shall
         be five hundred (500) shares of the par value of 10.00 Dollars ($10.00)
         each, said stock to be issued and sold at par for cash.

         The temporary clerk presented subscriptions of U-HAUL Co., Inc., a
Massachusetts corporation for 500 shares.

         On motion, duly made and seconded, it was unanimously

                  VOTED, that the board of directors be and hereby are
         authorized and instructed forthwith to cause stock certificates to be
         prepared in such form, not inconsistent with the by-laws, as they may
         determine, and to make the necessary arrangements for the issue, upon
         payment therefor, of the five hundred (500) shares of stock, the
         present issue of which is provided for in the preceding vote.

         Upon motion, duly made and seconded, it was unanimously

                  VOTED, that the board of directors by a majority vote of the
         whole number thereof be and hereby are authorized to issue and dispose
         of the whole or any part of the remainder of the capital stock,
         authorized by the articles of agreement, at one time or from time to
         time conformably to the provisions of the Business Corporation Law of
         New Hampshire, or any amendments thereof, for cash, property, real or
         personal, rights, franchises, services or expenses, in such manner and
         to such persons or corporations as they may deem for the best interests
         of the corporation, subject to affidavits required by law.

                               -3-

<PAGE>

         On motion, duly made and seconded, it was unanimously

                  VOTED, that the treaserer and the board of directors, or a
         majority thereof, be and hereby are authorized and directed forth-with
         to prepare a Record of Organization conformably to the provisions of
         the Business Corporation Law of New Hampshire as amended, and upon the
         approval thereof by the Attorney General or Deputy Attorney General, to
         file the same for record in the office of the Secretary of State of New
         Hampshire and pay the recording fee required by law.

         The temporary clerk was instructed to file with the minutes of the
meeting the waiver of notice of this meeting and the oath of the temporary
clerk.

         Thereupon, on motion, duly made, seconded it was unanimously

                  VOTED: To adjourn.

         A true record,

         Attest

                                           /s/ [ILLEGIBLE]
                                           ---------------------------
                                           Temporary Clerk

                                       -4-
<PAGE>

STATE OF MASSACHUSETTS)
                      ) SS
COUNTY OF [ILLEGIBLE] )

         On this 13th day of July, 1970, personally appeared before me Linda
Karvonen who made oath that she would faithfully and impartially perform the
duties of temporary clerk of the meeting of incorporators of U-HAUL CO. of NEW
HAMPSHIRE AND VERMONT, INC.

                                           /s/ [ILLEGIBLE]
                                           ---------------------------
                                                 Notary Public.

                                           My Commission Expires Sept. 16, 1974

<PAGE>

         WE, THE UNDERSIGNED, being the treasurer and a majority of the board of
directors elected at the organization meeting of U-HAUL CO. OF NEW HAMPSHIRE AND
VERMONT, INC., as hereinbefore set forth, do severally make oath that the
foregoing is a true copy of the record of organisation of said corporation and
contains the original of the articles of agreement, the names and addresses of
the officers and directors, and the original record of the organization meeting,
except the by-laws, duly attested by the temporary clerk; that the consideration
for which stock is to be issued is as stated in the votes of the incorporators,
and that the consideration for which stock with nominal or par value is to be
issued is to the best of our knowledge, information and belief, of actual value
in money equal to the par value of the stock to be issued therefor.

                                           /s/ [ILLEGIBLE]
                                           ---------------------------
                                           Treasurer

A Majority of the Board of   ([ILLEGIBLE]
      Directors               ----------------------
                             (
                             ([ILLEGIBLE]
                              ----------------------
                             (
                             (
                              ----------------------

STATS OF  MASSACHUSETTS)
                       )SS
COUNTY OF [ILLEGIBLE]  )           July 13, 1970

Then personally appeared the above named Linda Karvonen and Edwin Karvonen this
day of July, 1970 at [ILLEGIBLE] and made oath that the foregoing statement by
them subscribed is true.

Before me:

                                           /s/ [ILLEGIBLE]
                                           ---------------------------
                                                Notary Public

                                           My Commission Expires Sept. 16, 1974

<PAGE>

     The Record of Organization of U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT, INC.
having been submitted to me, I have examined the same and find that it conforms
to the provisions of the Business Corporation Law, and it is hereby approved.

Dated July 20, 1970

                                   /s/ [ILLEGIBLE]
                                   --------------------------
                                   Assistant Attorney General

                             STATE OF NEW HAMPSHIRE

                            ------------------------

                            Office of the Secretary of State
                            Filed for record this 20th
                            day of July, 1970
                            at 3:30 p.m. o'clock
                            [ILLEGIBLE]
                                     DEPUTY
                               SECRETARY OF STATE
<PAGE>

                             STATE OF NEW HAMPSHIRE

Be it known that whereas

                 EDWIN KARVONEN, LINDA L. KARVONEN, RONALD OTIS,
                                     ALL OF
                             CONCORD, NEW HAMPSHIRE

have associated themselves with the intention of forming a corporation under the
name of

                  U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT, INC.

                                 for the purpose

To rent and lease to the general public trailers, semi-trailers, trucks,
passenger automobiles and other equipment, tools, machinery, vehicles and
property of any and every kind and description and to purchase or otherwise
acquire and operate any facilities useful; and for other purposes as set forth
in the Articles of Agreement.

with a capital stock consisting of

2500 shares with par value at $10.00 par; 500 shares with par value at $10.00
authorized to be issued at the present time.

and have complied with the provisions of the statutes of this State in such case
made and provided as appears from the record of organisation of said corporatian
duly approved by the assistant attorney-general and recorded in this office; now
therefore

         I, EDWARD C. KELLEY, Deputy Secretary of State of New Hampshire, do
hereby certify that said

EDWIN KARVONEN                                                 LINDA L. KARVONEN

                                  RONALD OTIS

their associates and successors, are legally organized and established as, and
are hereby made, an existing corporation under the name of

                  U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT, INC.

with the powers, rights and privileges, and subject to the limitations, duties
and restrictions, which by law appertain thereto.

                                    Witness my official signature hereunto
                                    subscribed and the seal of the State of New
                                    Hampshire affixed, this twentieth day of
                                    July in the year one thousand nine hundred
                                    and seventy

                                                /s/ Edward C. Kelley
                                                --------------------------------
                                                Deputy Secretary of State.

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of New Hampshire

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is AMERCO, a corporation
         organized and existing under the laws of the State of Arizona.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

         AMERCO MARKETING CO. OF NEW HAMPSHIRE AND VERMONT, INC.

         In Witness Whereof, this corporation has caused this consent to be
executed this 12th day of August, 1970.

                                     AMERCO

                                     BY: /s/ L. S. Shoen
                                         ---------------------------------------
                                         L. S. Shoen-President

STATE OF ARIZONA   )
                   ) ss.
COUNTY OF MARICOPA )

         Before me, a Notary Public, personally appeared L. S. Shoen known to
me to be the person who executed the foregoing instrument, and acknowledged that
he executed the same for the purpose therein contained and that the statements
therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
12th day of August, 1970.

                                /s/ Helen H. Delamater
                                ------------------------------------------------
                                             Notary Public

                                             My Commission Expires Aug. 13, 1972
<PAGE>

                            CERTIFICATE OF AMENDMENT
                                       OF
                           ARTICLES OF INCORPORATION
                                       OF
                 U-HAUL CO. OF NEW-HAMPSHIRE AND VERMONT, INC.

STATE OF HEW HAMPSHIRE )
                       )ss:
COUNTY OF MIDDLESEX    )

         Edwin Karvonen and Linda Karvonen being first duly sworn, upon their
oath depose and say:

         1.       That they are the Directors and the Treasurer respectively of
                  U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT, INC.

         2.       That at a meeting of the Board of Directors of said
                  corporation, duly held at Concord, New Hampshire on August 12,
                  1970, the following resolution was adopted:

                           "RESOLVED: That Article I of the Articles of
                           Incorporation of this corporation be amended to read
                           as follows:

                           The name of this corporation is AMERCO MARKETING CO.
                           OF NEW HAMPSHIRE AND VERMONT, INC."

         3.       That the shareholders have adopted said amendment by
                  resolution at a meeting held at Concord, New Hampshire on
                  August 12, 1970. That the wording of the amended article, as
                  set forth in the shareholders' resolution, is the same as that
                  set forth in the directors' resolution in Paragraph 2 above.

         4.       That the number of shares which voted affirmatively for the
                  adoption of said resolution is 500, and that the total number
                  of shares entitled to vote on or consent to said amendment is
                  500.

                                /s/ Edwin Karvonen
                                ------------------------------------------------
                                                 Director

(CORPORATE SEAL.)

/s/ Linda L. Karvonen
- -------------------------
Treasurer and Director

Page one of two pages

<PAGE>

STATE OF NEW HAMPSHIRE )
                       ) ss.
COUNTY OF MIDDLESEX    )

         On this 17 day of September, 1970, before me, a Notary Public,
personally appeared Edwin Karvonen and Linda Karvonen known by me to be the
persons whose signatures are subscribed to the within instrument and who
acknowledged that they executed the same as their free act for the purposes
therein contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                /s/ Dale C. Smith
                                ------------------------------------------------
                                                   Notary Public

                                                    DALE C. SMITH, Notary Public

                    My commission expires My commission expires October 15, 1973

(NOTARIAL SEAL)

Page two of two pages
<PAGE>

         The Affidavit of Amendment to the Record of Organization of U-HAUL CO.
OF NEW HAMPSHIRE AND VERMONT, INC. changing its name to

                  AMERCO MARKETING CO. OF NEW HAMPSHIRE AND VERMONT, INC. having
         been submitted to me, I have examined the same and find that it
         conforms to the provisions of the Business Corporation Law, and it is
         hereby approved.

         Dated October 8, 1970

                                               /s/ [ILLEGIBLE]
                                               ---------------------------------
                                               Assistant Attorney General

                             STATE OF NEW HAMPSHIRE

                 Office of the Secretary of State

                 Filed for record this 8th

                 day of October, 1970

                 at 11:45 a.m. o'clock

                 /S/ [ILLEGIBLE]

                               SECRETARY OF STATE

<PAGE>

                             AFFIDAVIT OF AMENDMENT

We, the undersigned, being the Treasurer, and a majority of the directors of
Amerco Marketing Co. of New Hampshire and Vermont, Inc. a New Hampshire
corporation, with its principal place of business in Londonderry, New Hampshire
do hereby certify that at a meeting of the Stockholders of said corporation,
duly called for the purpose, held on February 22, 1973, in Londonderry, New
Hampshire 500 shares of stock voting in the affirmative and No shares of stock
voting in the negative being at least the statutory number of all the classes of
stockholders present and entitled to vote, the following vote was duly adopted,
namely:

VOTED that:       Article I of the Articles of Incorporation be amended to read
                  as follows:

                  The name of the corporation is U-Haul Co. of New Hampshire and
                  Vermont, Inc.

                                   /s/ Vincent Kudirka   Treasurer
                                   ---------------------
                                       Vincent Kudirka

                                   /s/ Ronald Otis       Directors
                                   ---------------------
                                   Ronald Otis

                                   /s/ Jerry Hinkley
                                   ---------------------
                                   Jerry Hinkley

Commonwealth of Mass.

COUNTY OF Norflok, SS. may 11, 1973.

         Subscribed and sworn to before me:

                                                       /s/ [ILLEGIBLE]
                                                       -------------------------
                                                            Notary Pubic

(SEAL)

<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

             AMERCO MARKETING CO. OF NEW HAMPSHIRE AND VERMONT, INC.

STATE OF NEW HAMPSHIRE

COUNTY OF ROCKINGHAM

         Daniel Holmes and Cynthia Holmes being first duly sworn upon their oath
depose and say:

         1.       That they are the President and the Secretary respectively of
Amerco Marketing Co. of New Hampshire and Vermont, Inc.

         2.       That at a meeting of the Board of Directors of said
                  corporation, duly held at Londonderry, New Hampshire on
                  February 22, 1973, the following resolution was adopted:

                           "RESOLVED: That Article I of the Articles of
                           Incorporation be amended to read as follows:

                           The name of this corporation is "U-Haul Co. of New
                           Hampshire and Vermont, Inc.

         3.       That the shareholders have adopted said amendment by
                  resolution at a meeting held at Walpole, Massachusetts on
                  February 22, 1973. That the wording of the amended article, as
                  set forth in the shareholder resolution in Paragraph 2 above.

         4.       That the number of shares which voted affirmatively for the
                  adoption of said resolution is 500, and that the total number
                  of shares entitled to vote on or consent to said amendment is
                  500.

                                                /s/ Daniel Holmes
                                                --------------------------------
                                                Daniel Holmes-President

(Corporate Seal)

ATTEST:

         /s/ Cynthia Holmes
         --------------------------
         Cynthia Holmes-secretary

Page 1 of Two Pages

<PAGE>

STATE OF NEW HAMPSHIRE

(COUNTY OF ROCKINGHAM

         On this 22 day of February 1973, before me a Notary Public, personally
appeared Daniel Holmes and Cynthia Holmes known by me to be the persons whose
signatures are subscribed to the within instrument and who acknowledged that
they executed the same as their free act for the purpose therein contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                               /s/ [ILLEGIBLE]
                                               ---------------------------------
                                                        Notary Public

                                             My commission expires Sept 16, 1974

(NOTORIAL SEAL)

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1.       The name of the consenting corporation is U-HAUL CO., a
                  corporation organized and existing under the laws of the State
                  of Massachusetts.

         2.       The name of the corporation to which this consent is given and
                  which is about to amend its corporate name is:

                        Amerco Marketing Co. of New Hampshire and Vermont, Inc.

         3.       The name the corporation shall adopt by amending its Articles
                  of Incorporation is:

                        U-Haul Co. of New Hampshire and Vermont, Inc.

         In Witness Whereof, this corporation has caused this consent to be
executed this 11 day of May, 1973

                                         U-HAUL CO., a Massachusetts corporation

                                         By: /s/ Nicholas E. Gavrilles
                                             -----------------------------------
                                             Nicholas E. Gavrilles-President

STATE OF MASSACHUSETTS )
                       )SS.
COUNTY OF NORFLOK      )

         Before me, a Notary Public, personally appeared Nicholas E. Gavrilles
known to me to be the person who executed the foregoing instrument, and
acknowledged that he executed the same for the purpose therein contained and
that the statements therein contained are truly set forth.

         In Witness Whereof, I have hereunto set my hand and official seal this
11 day of May, 1973

                                             /s/ [ILLEGIBLE]
                                             -----------------------------------
(SEAL)                                       Notary Public

<PAGE>

The Affidavit of Amendment to the Record of Organization of Amerco Marketing Co.
of New Hampshire and Vermont, Inc. changing its name to

         U-Haul Co. of New Hampshire and Vermont, Inc.

having been submitted to me, I have examined the same and find that it conforms
to the provisions of the Business Corporation Law, and it is hereby approved.
Date May 24, 1973

                                             /s/ [ILLEGIBLE]
                                             -----------------------------------
                                             Assistant Attorney General

                             STATE OF NEW HAMPSHIRE

         Office of the Secretary of State

         Filed for record this twenty-fourth

         day of May, 1973

         at 11:00 A.M. o'clock

         [ILLEGIBLE]

                               SECRETARY OF STATE

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State.
State of New Hampshire

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is U-HAUL,CO., INC., a
         corporation organized and existing under the laws of the State of
         Massachusetts.

2.       The name of the corporation to which this consent is given and which is
         about to be organized or qualified under the laws of this State is:

                  U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT, INC.

         IN WITNESS WHEREOF, this corporation has caused this consent to be
executed this 27 day of January 1970.

                                       U-HAUL CO., INC.

                                       By: Nicholas E. Gavrilles
                                       -----------------------------------------
                                                                       President

(SEAL)

ATTEST:

/s/ [ILLEGIBLE]
- ----------------------------------
                         Secretary

STATE OF MASSACHUSETTS  )
                        )ss.
COUNTY OF NORFOLK       )

         Before me, a Notary Public, personally appeared Nicholas E. Gavrilles
and Vincent R. Kudirka, known to me to be the persons who executed the foregoing
instrument, and acknowledged that they executed the same for the purpose therein
contained and that the statements therein contained are truly set forth,

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
27 day of February, 1970.

                                       /s/ [ILLEGIBLE]
                                       -----------------------------------------
                                                        Notary Public

(SEAL)

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this llth day of July,
1989, entered into by U-Haul Co. of New Hampshire & Vermont, Inc., a New
Hampshire corporation, the surviving corporation and Manchester Rental Equipment
Repair Shop, Inc., a New Hampshire corporation, the Absorbed Corporation, and
together referred to as the Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of New Hampshire which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 9 Capitol Street, Concord, New Hampshire 03301.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                NUMBER OF
                    NUMBER OF    SHARES    NUMBER   NUMBER
      COMPANY         SHARES    ENTITLED   VOTED    VOTED
       NAME        OUTSTANDING   TO VOTE    FOR    AGAINST
- ----------------------------------------------------------
<S>                <C>          <C>        <C>     <C>
U-HAUL CO.
OF NEW HAMPSIRE &      500        500       500      -0-
VERMONT, INC.
INC.

MANCHESTER RENTAL
EQUIPMENT REPAIR       100        100       100      -0-
SHOP, INC.
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of New Hampshire, to consummate and make effective this
merger, subject, however to the appropriate vote or consent to the stockholders
of the Constituent Corporation in accordance with the requirements of the State
of New Hampshire.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

<PAGE>

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                              Surviving Corporation:  U-HAUL CO. OF NEW
                                                      HAMPSHIRE & VERMONT,
                                                      INC., a New Hampshire
                                                      Corporation

                              By: /s/ Russell W. Johnson
                                  -----------------------------------------
                                  Russell W. Johnson, President

Verified

By: /s/ David Jewell
    ----------------------------
    David Jewell, secretary

                              Absorbed Corporation: MANCHESTER RENTAL
                                                    EQUIPMENT REPAIR
                                                    SHOP, INC.,  a New
                                                    Hampshire Corp.

                              By: /s/ John J. Loranger
                                  -----------------------------------------
                                  John J. Loranger, President

Verified

By: /s/ Chester Boyce
    ----------------------------
    Chester Boyce, Secretary

<PAGE>

STATE OF NEW HAMPSHIRE

COUNTY OF

         On this    day of July, 1989, before me, the undersigned Notary Public,
personally appeared Russell W. Johnson, known to me to be the President of
U-Haul Co. of New Hampshire & Vermont, Inc., a New Hampshire corporation that he
is the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                            /s/ SUZANNE I. VANASSE
                                            ------------------------------------
                                            NOTARY PUBLIC

         (NOTARY SEAL)                         SUZANNE I. VANASSE, Notary Public
                                               My Commission Expires 4/5/94

STATE OF NEW HAMPSHIRE

COUNTY OF

         On this    day of July, 1989, before me, the undersigned Notary Public,
personally appeared John Loranger, known to me to be the President of Manchester
Rental Equipment Repair Shop, Inc.,a New Hampshire corporation, that he is the
person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                            /s/ SUZANNE I. VANASSE
                                            ------------------------------------
                                            NOTARY PUBLIC

         (NOTARY SEAL)                         SUZANNE I. VANASSE, Notary Public
                                               My Commission Expires 4/5/94

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 15th day of
September, 1989, entered into by U-Haul Co. of New Hampshire & Vermont, Inc., a
New Hampshire corporation, the surviving corporation and Portland Rental
Equipment Repair Shop, Inc., a Maine corporation, the Absorbed Corporation, and
together referred to as the Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the States of New Hampshire and Maine which laws permit such
merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, c/o John W. Mitchell, Agent, 9 Capitol Street, Concord, New
Hampshire 03301.

                                      III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Absorbed Corporation shall be cancelled.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Surviving
                           Corporation.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                NUMBER OF
                    NUMBER OF    SHARES    NUMBER   NUMBER
      COMPANY         SHARES    ENTITLED   VOTED    VOTED
       NAME        OUTSTANDING   TO VOTE    FOR    AGAINST
- ----------------------------------------------------------
<S>                <C>          <C>        <C>     <C>
U-HAUL CO.
OF NEW HAMPSIRE        500        500       500      -0-
& VERMONT, INC.
INC.

PORTLAND RENTAL
EQUIPMENT REPAIR       100        100       100      -0-
SHOP, INC.
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of New Hampshire, to consummate and make effective this
merger, subject, however to the appropriate vote or consent to the stockholders
of the Constituent Corporation in accordance with the requirements of the State
of New Hampshire and maine.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                              Surviving Corporation:  U-HAUL CO. OF NEW
                                                      HAMPSHIRE & VERMONT,
                                                      INC., a New Hampshire
                                                      Corporation

                              By: /s/ Russell W. Johnson
                                  -----------------------------------------
                                  Russell W. Johnson, President

Verified

By: /s/ Dave Jewell
    ----------------------------
    Dave Jewell, Secretary

                              Absorbed Corporation: PORTLAND RENTAL
                                                    EQUIPMENT REPAIR
                                                    SHOP, INC.,  a
                                                    Maine Corporation

                              By: /s/ Michael S. Provencher
                                  -----------------------------------------
                                  Michael S. Provencher, President

Verified

By: /s/ Michael McCabe
    ----------------------------
    Michael McCabe, Secretary

<PAGE>

STATE OF NEW HAMPSHIRE

COUNTY OF HILLSBOROUGH

         On this 27th day of September, 1989, before me, the undersigned Notary
Public, personally appeared Russell W. Johnson, known to me to be the President
of U-Haul Co. of New Hampshire & Vermont, Inc., a New Hampshire corporation that
he is the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                             /s/ SUZANNE I. VANASSE
                                             -----------------------------------
                                             NOTARY PUBLIC

        (NOTARY SEAL)

                                              SUZANNE I. VANASSE, Notary  Public
                                                    My Commission Expires 4/5/94

STATE OF MAINE

COUNTY OF CUMBERLAND

         On this 29 day of September, 1989, before me, the undersigned Notary
Public, personally appeared Michael S. Provencher, known to me to be the
President of Portland Rental Equipment Repair Shop, Inc., a Maine corporation,
that he is the person who executed this instrument on behalf of said
corporation, and acknowledged to me that such corporation executed the same.

                                            /s/ Antoinette Goncalves
                                            ------------------------------------
                                            NOTARY PUBLIC

         (NOTARY SEAL)

                                                                     [ILLEGIBLE]
<PAGE>

                             STATE OF NEW HAMPSHIRE

Filing fee:      $ 35.00
+ Licensing fee: $______   (See Section 136 II                     Form No. 14
Total fees       $______          and Note 6)                      RSA 293-A:61
Use black print or type.
Leave 1" margins both sides.

                              ARTICLES OF AMENDMENT
                                     to the
                            ARTICLES OF INCORPORATION
                                       OF
                  U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT, INC.

PURSUANT TO THE PROVISIONS OF SECTION 61 OF THE NEW HAMPSHIRE BUSINESS
CORPORATION ACT, THE UNDERSIGNED CORPORATION ADOPTS THE FOLLOWING ARTICLES OF
AMENDMENT TO ITS ARTICLES OF INCORPORATION:

         FIRST: The name of the corporation is U-Haul Co. of New Hampshire and
Vermont, Inc.

         SECOND: The following amendments of the Articles of Incorporation were
adopted by the shareholders (Note 1) of the corporation on July 20, 1970, in the
manner prescribed by the New Hampshire Business Corporation Act: (Insert
Amendments)

                                    ARTICLE I

         The name of the corporation is: U-Haul Co. of New Hampshire, Inc.

              [if more space is needed, attach additional sheet(s)]

                                   page 1 of 3

<PAGE>

(ARTICLES OF AMENDMENT TO THE                                        Form No. 14
ARTICLES OF INCORPORATION)                                               (Cont.)

         THIRD: The number of shares of the corporation outstanding at the time
of such adoption was 500; and the number of shares entitled to vote thereon was
500

         FOURTH: The designation and number of outstanding shares of each class
entitled to vote thereon as a class were as follows: (Note 2)

<TABLE>
<CAPTION>
                     Number of
Class                  Shares
- -----                ----------
<S>                  <C>
</TABLE>

         FIFTH: The number of shares voted for such amendment was 500; and the
number of shares voted against such amendment was -0- (Note 2)

         SIXTH: The number of shares of each class entitled to vote thereon as a
class voted for and against such amendment, respectively, was: (Note 2)

<TABLE>
<CAPTION>
                    Number of Shares voted
                    -----------------------
Class               For             Against
- -----               ---             -------
<S>                 <C>             <C>
</TABLE>

         SEVENTH: The manner in which any exchange, reclassification, or
cancellation of issued shares provided for in the amendment shall be effected is
as follows: (Note 3)

                                   page 2 of 3

<PAGE>

(ARTICLES OF AMENDMENT TO THE                                        Form No. 14
ARTICLES OF INCORPORATION)                                               (Cont.)

         EIGHTH: The manner in which such amendment effects a change in the
amount of stated capital, and the amount of stated capital, expressed in
dollars, as changed by such amendment, are as follows: (Note 2)

Dated November 14, 1990

                                   U-Haul Co. of New Hampshire and Vermont, Inc.
                                                                        (Note 4)

                                   By: /s/ John A. Lorentz              (Note 5)
                                       ------------------------
                                       Its______ President
                                       John A. Lorentz

                                   and /s/ Gary V. Klinefelter          (Note 5)
                                       ------------------------
                                       Its____ Secretary
                                       Gary V. Klinefelter

Notes:            1.       Change to "board of directors" if no shares have been
                           issued.

                  2.       If inapplicable, omit.

                  3.       This article may be omitted if the subject matter is
                           set forth in the amendment or if it is inapplicable.

                  4.       Exact corporate name of corporation adopting the
                           Articles of Amendment.

                  5.       Signatures and titles of officers signing for the
                           corporation. Must be signed by President or Vice-
                           President and Secretary or Assistant Secretary.

                  6.       If amendment increases the authorized stock, include
                           fee according to schedule under RSA 293-A:136 II less
                           amount previously paid in for original record and any
                           increases, provided however that the minimum fee
                           shall be $30.00.

Mail duplicate originals with total fees to:
Secretary of State, Rm. 204, State House, Concord, NH 03301-4989

                                   page 3 of 3

<PAGE>

                             STATE OF NEW HAMPSHIRE

Filing fee:      $ 25.00                                             Form No. 26
+ License fee:   $ _____ (See Section 136 II, IV,                  RSA 293-A: 78
Total fees       $ _____        and Note 1)
Use black print or type.
Leave 1" margins both sides.

                               ARTICLES OF MERGER
                    OF DOMESTIC AND FOREIGN CORPORATIONS
                                      INTO

                  U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT, INC.

PURSUANT TO THE PROVISIONS OF SECTION 78 OF THE NEW HAMPSHIRE BUSINESS
CORPORATION ACT, THE UNDERSIGNED DOMESTIC AND FOREIGN CORPORATIONS ADOPT THE
FOLLOWING ARTICLES OF MERGER FOR THE PURPOSE OF MERGING THEM INTO ONE OF SUCH
CORPORATIONS:

         FIRST: The names of the undersigned corporations and the States under
the laws of which they are respectively organized are:

<TABLE>
<CAPTION>
                 Name of Corporation                                   State
                 -------------------                                   -----
<S>                                                                <C>
U-Haul Co. of U-Haul Co. of New Hampshire & Vermont, Inc.          New Hampshire
(Survivor)
U-Haul Co. of Maine                                                    Maine
</TABLE>

         SECOND: The laws of the State under which such foreign corporation is
organized permit such a merger.

                                      Maine

         THIRD: The name of the surviving corporation is U-Haul Co. of New
Hampshire and Vermont, Inc. and it is to be governed by the laws of the State of
New Hampshire

                                  page 1 of 5
<PAGE>

ARTICLES OF MERGER OF DOMESTIC AND FOREIGN                           Form No. 26
CORPORATIONS INTO U-Haul Co. of New Hampshire and Vermont, Inc.          (Cont.)

         FOURTH: The following Plan of Merger was approved by the shareholders
of the undersigned domestic corporation in the manner prescribed by the New
Hampshire Business Corporation Act, and was approved by the undersigned foreign
corporation in the manner prescribed by the laws of the State under which it is
organized:

                             (Insert Plan of Merger)
               [If more space needed, attach additional sheet(s)]

U-Haul Co. of Maine, a Maine corporation, shall merge into U-Haul Co. of New
Hampshire and VErmont, Inc., a New Hampshire corporation, which shall assume all
debts and liabilities of U-Haul Co. of Maine as well as the stock and assets.
U-Haul Co. of New Hampshire and Vermont, Inc., will pay all costs of this
merger.

                                  page 2 of 5
<PAGE>

ARTICLES OF MERGER OF DOMESTIC AND FOREIGN                           Form No. 26
CORPORATIONS INTO U-Haul Co. of New Hampshire & Vermont, Inc.            (Cont.)

         FIFTH: As to each of the undersigned corporations, the number of shares
outstanding, and the designation and number of outstanding shares of each class
entitled to vote as a class on such Plan, are as follows:

<TABLE>
<CAPTION>
                                                    Entitled to Vote as a Class
                                  Number of        -----------------------------
                                   Shares          Designation        Number of
    Name of Corporation          Outstanding        of Class            Shares
- ------------------------------   -----------       -----------        ----------
<S>                              <C>               <C>                <C>
U-Haul Co. of New Hampshire
  & Vermont, Inc.                    500              COMMON              500

U-Haul Co. of Maine                  500              COMMON              500
</TABLE>

         SIXTH: As to each of the undersigned corporations, the total number of
shares voted for and against such Plan, respectively, and, as to each class
entitled to vote thereon as a class, the number of shares of such class voted
for and against such Plan, respectively, are as follows:

<TABLE>
<CAPTION>
                                               Number of Shares
                               -----------------------------------------------
                                                   Entitled to Vote as a Class
                               Total     Total     ---------------------------
                               Voted     Voted                Voted     Voted
    Name of Corporation         For     Against     Class      For     Against
- ---------------------------    -----    -------    -------    -----    -------
<S>                            <C>      <C>        <C>        <C>      <C>
U-Haul Co. of New Hampshire
    & Vermont, Inc.             500       -0-       COMMON     500       -0-

U-Haul Co. of Maine             500       -0-       COMMON     500       -0-
</TABLE>

                                   Page 3 of 5

<PAGE>

ARTICLES OF MERGER OF DOMESTIC AND FOREIGN                           Form No. 26
CORPORATIONS INTO U-Haul Co. of New Hampshire & Vermont, Inc.            (Cont.)

         SEVENTH: The aggregate number of shares, which the surviving
corporation has authority to issue as a result of the merger, itemized by
classes, par value of shares, shares without par value, and series, if any,
within a class, is: (Note 1)

<TABLE>
<CAPTION>
                                 Par Value per Share
                                  or Statement that
Number of                        Shares are without
 Shares      Class     Series        Par Value
- ---------    ------    ------    -------------------
<S>          <C>       <C>       <C>
  2,500      COMMON     None         $  10.00
</TABLE>

         EIGHTH: If the surviving corporation is to be governed by the laws of
any other state, such surviving corporation hereby: (a) agrees that it may be
served with process in the State of New Hampshire in any proceeding for the
enforcement of any obligation of the undersigned domestic corporation and in any
proceeding for the enforcement of the rights of a dissenting shareholder of such
domestic corporation against the surviving corporation; (b) irrevocably appoints
the Secretary of State of New Hampshire as its agent to accept service of
process in any such proceeding; and (c) agrees that it will promptly pay to the
dissenting shareholders of such domestic corporation the amount, if any, to
which they shall be entitled under the provisions of the New Hampshire Business
Corporation Act with respect to the rights of dissenting shareholders.

                                  page 4 of 5
<PAGE>

ARTICLES OF MERGER OF DOMESTIC AND FOREIGN                           Form No. 26
CORPORATIONS INTO U-Haul Co. of New Hampshire & Vermont, Inc.            (Cont.)

Dated June 3, 1986

                            U-Haul Co. of New Hampshire & Vermont, Inc. (Note 2)

                            By /s/ David Schmeltz                       (Note 3)
                               -----------------------------------------
                            Signature of its _________ President

                            David Schmeltz, President
                            --------------------------------------------
                            Print or type name

                            and /s/ Pete Martinelli                     (Note 3)
                                ----------------------------------------
                            Signature of its _______ Secretary

                            Pete Martinelli, Secretary
                            --------------------------------------------
                            Print or type name

                 **********************************************

                            U-HAUL CO. OF MAINE                         (Note 2)

                            By: /s/ Michael Provencher                  (Note 3)
                                ----------------------------------------
                            Signature of its Vice-President

                            Michael Provencher, Vice-President
                            --------------------------------------------
                            Print or type name

                            and /s/ Robert Billings                     (Note 3)
                                ----------------------------------------
                            Signature of its _______ Secretary

                            Robert Billings, Secretary
                            --------------------------------------------
                            Print or type name

Notes:   1.       If surviving corporation is a domestic corporation, and the
                  merger increases the authorized stock, include fee according
                  to schedule under RSA 293-A:136 II less amounts previously
                  paid in by each corporation involved in the merger for
                  original authorization and prior increases. However, the
                  minimum fee for increase shall be $30.00. Complete this
                  article only if the surviving corporation is a domestic
                  corporation.

         2.       Exact corporate names of respective corporations executing the
                  Articles.

         3.       Signatures and titles of officers signing for the respective
                  corporations. Must be signed by President or Vice-President
                  and Secretary or Assistant Secretary.

Mail fee and DUPLICATE ORIGINALS (ORIGINAL SIGNATURES ON BOTH) to:

Secretary of State, Rm. 204, State House, Concord, NH 03301-4989

                                   Page 5 of 5

<PAGE>

             (To be filed with Articles of Merger when the surviving
          corporation is to be governed by the laws of any jurisdiction
                               other than Maine.)

                                  AGREEMENT BY

                  U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT, INC.
                  ---------------------------------------------
                              surviving corporation

                   TO PAY DISSENTING SHAREHOLDERS OF DOMESTIC
                    CORPORATIONS AND APPOINTMENT OF SECRETARY
                                OF STATE AS AGENT

     Pursuant to 13 A MRSA Section 906(4) the undersigned corporation submits
the following agreement and appointment of an agent to accept service of
process.

         FIRST: The corporation agrees that it will promptly pay to the
dissenting shareholders of any participating domestic corporation the amount, if
any, to which they are entitled under the Maine Business Corporation Act with
respect to the rights of dissenting shareholders.

         SECOND: The corporation agrees that it may be served with process in
the State of Maine in any proceeding to enforce any obligation of a
participating domestic corporation or any participating foreign corporation
previously subject to suit in the State of Maine, or to enforce the right of
dissenting shareholders of any participating domestic corporation against the
surviving corporation.

         THIRD: The corporation irrevocably appoints the Secretary of State of
Maine as its agent to accept service of process in any such proceedings.

         FOURTH: The address to which the Secretary of State shall mail a copy
of any process in such proceeding is 9 Capital Street, Concord, New Hampshire
03301

         FIFTH: The address of the registered office of the corporation is* 411
Marginal Way,

                             Portland, Maine 04101
- --------------------------------------------------------------------------------
                       (street, city, state and zip code)

Dated: May 9, 1986

                                 U-Haul Co. of New Hampshire & Vermont, Inc.
                               -------------------------------------------------
                                           (surviving corporation)

                                    By: /s/ David Schmeltz
                                        ----------------------------------------
                                                     (Signature)

Legibly print or type name              David Schmeltz, President
and capacity of all signers         --------------------------------------------
13-A MRSA Section 104.                    (type or print name and capacity)

                                    By /s/ Robert Billings
                                       -----------------------------------------
                                                  (Signature)

                                        Robert Billings, Secretary
                                    --------------------------------------------
                                          (type or print name and capacity)
- ----------------

*        Give address of registered office in Maine. If the corporation does not
         have a registered office in Maine, the address given should be the
         principal or registered office in the State of incorporation.

**       The name of the corporation should be typed, and the document must be
         signed by (1) the Clerk or (2) by the President or a vice-president and
         by the Secretary or an assistant secretary or such other officer as the
         bylaws may designate as a second certifying officer or (3) if there are
         no such officers, then by a majority of the directors or by such
         directors as may be designated by a majority of directors then in
         office or (4) if there are no such directors, then by the holders, or
         such of them as may be designated by the holders, of record of a
         majority of all outstanding shares entitled to vote thereon or (5) by
         the holders of all of the outstanding shares of the corporation.


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.114
<SEQUENCE>113
<FILENAME>p68936exv3w114.txt
<DESCRIPTION>EXHIBIT 3.114
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.114

                                   BY-LAWS OF

                  U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT, INC.

                           A NEW HAMPSHIRE CORPORATION

                                    ARTICLE I

                                                             DATE: July 22, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of New Hampshire shall be
located in the city of Concord. The corporation may have such other offices
either within or without the state of New Hampshire as the Board of Directors
may designate or as the business of the corporation may require from time to
time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
3rd Monday of March of each year, at the office of the corporation in the state
of New Hampshire or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed stating the place, day and hour of the meeting and, in case
of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

<PAGE>

may be held within or without the state of New Hampshire. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the Corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less then a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

        1st.     All persons claiming to hold proxies shall present them to the
                 tellers for verification.

        2nd.     Proof of due notice of meeting when applicable.

        3rd.     Reading and disposal of all unapproved minutes.

        4th.     Reports of officers and committees.

        5th.     Election of Directors.

        6th.     Unfinished business.

        7th.     New business.

        8th.     Adjournment.

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors through less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of New Hampshire.

SECTION 4. Special Meeting:

Special meetings of the Board of Director shall be held at the place specified
called therefore, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by President or by any two members of the
Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of New Hampshire.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

<PAGE>

        1st.     Roll call; a quorum being present.

        2nd.     Reading of minutes of preceding meeting and action thereon.

        3rd.     Consideration of communication of the Board of Directors.

        4th.     Reports of officials and committees.

        5th.     Unfinished business.

        6th.     Miscellaneous business.

        7th.     New business.

        8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

        1. To purchase, lease, and acquire, in any lawful manner any and
           all real or personal property including franchises, stocks, bonds
           and debentures of other companies, business and good will, patents,
           trade-marks in contracts, and interest thereunder, and other rights
           and proprieties which in their judgment may be beneficial for the
           purpose of this corporation, and to issue shares of a stock of this
           corporation in payment of such property, and in payment for services
           rendered to this corporation, when they deem it advisable.

        2. To fix and determine and to vary, from time to time, the
           amount or amounts to be set aside or retained as reserve funds or as
           working capital of this corporation.

        3. To issue notes and other obligations or evidences of the debt
           of this corporation, and to secure the same, if deemed advisable,
           and endorse and guarantee the notes, bonds, stocks, and other
           obligations of other corporation with or without compensation for so
           doing, and from time to time to sell, assign transfer

<PAGE>


           or otherwise dispose of any of the property of this corporation,
           subject, however , to the laws of the State of New Hampshire
           governing the disposition of the entire assets and business of the
           corporation as a going concern.

        4. To declare and pay dividends, both in the form of money and
           stock, but only from the surplus or from the net profit arising from
           the business of this corporation, after deducting therefrom the
           amounts at the time when any divided is declared which shall have
           been set aside by the Directors as a reserve fund or as a working
           fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the New Hampshire statutes regulating the
appointment of committees.

                                   ARTICLE VI

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officer as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with

<PAGE>

the Secretary sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a number of Chairman of the
executive committee if one is appointed. The president shall each year present
an annual report of the preceding year's business to the Board of Directors at a
meeting to be held immediately preceding the annual meeting of the shareholders,
which report shall be read at the annual meeting of the shareholders. The
President shall do and perform such other duties as from time to time may be
assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
of inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contract, notes, mortgages, and other
instruments and other obligations authorised by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicated
the combination of these offices.
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of New Hampshire, the number and par value, if any, of each share
represented by it, the name of the person owning the shares represented thereby,
with the number of each share and the date of issue, and the stock thereby
represented is transferable only upon the books of the corporation and upon the
signer of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the number of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation may be made by surrender of the certificate issued
therefor, and the written assignment thereof by the owner or his duly
authorized Attorney in Fact. Upon such surrender and assignment, a new
certificate shall be issued to the assignee as he may be entitled, but without
such surrender and assignment no transfer of stock shall be recognized by the
corporation. The Board of Directors shall have the power concerning the issue,
transfer and registration of certificate for agents and registrars of transfer,
and may require all stock certificates to bear signatures of either or both. The
stock transfer books shall be closed ten days before each meeting of the
shareholders and during such period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-

<PAGE>

Laws may be altered or amended by a majority vote of the shareholders of said
corporation at any special meeting called for that object and purpose, and
provided all the shareholders are given legal notice of the object and purpose
of said meeting.

The foregoing By-Laws of U-HAUL CO. OF NEW HAMPSHIRE AND VERMONT, INC., are
hereby

accepted and adopted at the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                __________________________
                                President - Edwin Karvonen

ATTEST:

________________________
Secretary/Linda Karvonen

        (CORPORATE SEAL)

<PAGE>

                        U-HAUL CO. OF NEW HAMPSHIRE, INC.
                          A NEW HAMPSHIRE CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. Of New Hampshire,
Inc., a New Hampshire corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                           SHAREHOLDER:

                                           U-Haul International, Inc., a Nevada
                                           Corporation

                                           By: /s/ Gary V. Klinefelter
                                               -----------------------
                                           Name: Gary V. Klinefelter
                                           Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.115
<SEQUENCE>114
<FILENAME>p68936exv3w115.txt
<DESCRIPTION>EXHIBIT 3.115
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.115

Form C-102a
Rev. 7-1-71

                         CERTIFICATE OF AMENDMENT TO THE

                         CERTIFICATE OF INCORPORATION OF

                      NEW CO. OF NORTHERN NEW JERSEY, INC.
                  -------------------------------------------
                     (For Use by Domestic Corporation Only)

To: The Secretary of State "FEDERAL EMPLOYER IDENTIFICATION NO."
    State of New Jersey

         Pursuant to the provisions of Section 14A:9-2(4) and Section
14A:9-4(3), Corporations, General, of the New Jersey Statutes, the undersigned
corporation executes the following Certificate of Amendment to its Certificate
of Incorporation:

         1. The name of the corporation is New Co. of Northern New Jersey, Inc.

         2. The following amendment to the Certificate of Incorporation was
approved by the directors and thereafter duly adopted by the shareholders of the
corporation on the 17th day of July, 1990.

         Resolved, that Article I of the Certificate of Incorporation be amended
to read as follows:

                  The name of the corporation is: U-Haul Co. of
                                New Jersey, Inc.

         3. The number of shares outstanding at the time of the adoption of the
amendment was 500. The total number of shares entitled to vote thereon was 500.

If the shares of any class or series are entitled to vote thereon as a class,
set forth below the designation and number of outstanding shares entitled to
vote thereon of each such class or series. (Omit if not applicable.)

         4. The number of shares voting for and against such amendment is as
            follows: (If the shares of any class or series are entitled to vote
            as a class, set forth the number of shares of each such class and
            series voting for and against the amendment, respectively.)

<TABLE>
<CAPTION>
Number of Shares Voting For Amendment    Number of Shares Voting Against Amendment
- -------------------------------------    -----------------------------------------
<S>                                      <C>
                 500                                      -0-
</TABLE>

(If the amendment is accompanied by a reduction of stated capital, the following
clause may be inserted in the Certificate of Amendment, in lieu of filing a
Certificate of Reduction under Section 14A:7-19, Corporations, General, of the
New Jersey Statutes. Omit this clause if not applicable.)

         5. The staled capital of the corporation is reduced in the following
amount: ___________. The manner in which the reduction is effected is as
follows:

                                       n/a

         The amount of slated capital of the corporation after giving effect to
the reduction is $__________________. (Must be set forth in dollars.)

                                       n/a

<PAGE>

         6. If the amendment provides for an exchange, reclassification or
cancellation of issued shares, set forth a statement of the manner in which the
same shall be effected. (Omit if not applicable.)

                                       n/a

         (Use the following only if an effective date, not later than 30 days
subsequent to the date of filing is desired.)

         7. The effective date of this Amendment to the Certificate of
Incorporation shall be when filed.

Dated this 2nd day of January, 1991.

                                          New Co. of Northern New Jersey , Inc.
                                          -------------------------------------
                                                   (Corporate Name)

                                          By: /s/ John A. Lorentz
                                              ---------------------------------
                                                        (Signature)

                                          John A. Lorentz, President
                                          -------------------------------------
                                               (Type or Print Name and Title)

(*May be executed by the chairman of the board, or the president, or a
vice-president of the corporation.)

Fees for filing in Office of the Secretary of State, State House, Trenton, N.J.
08625.

         Filing Fee            +50.00

NOTE: No recording fees will be assessed.
<PAGE>

                            ARTICLES OF INCORPORATION

                                       OF

                      NEW CO. OF NORTHERN NEW JERSEY, INC.

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a corporation
under the laws of the State of New Jersey.

                                    ARTICLE I

         The name of the corporation is NEW CO. OF NORTHERN NEW JERSEY INC.

                                   ARTICLE II

         The period of duration of the corporation is perpetual.

                                   ARTICLE III

         The purpose or purposes for which the corporation is organized are to
rent and lease to the general public trailers, semi-trailers, trucks, passenger
automobiles and other equipment, tools, machinery, vehicles and property of any
and every kind and description, and to purchase or otherwise acquire and operate
any facilities useful for the conduct of the business enterprise of this
corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of New Jersey upon corporations, and to engage in any lawful activity
within the purposes for which corporations may be organized under the New Jersey
Business Corporation Act.

<PAGE>

Page 2

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue are two thousand five hundred (2,500) shares of common stock
with a par value of Ten ($10.00) Dollars each, or a total capitalization of
Twenty Five Thousand ($25,000.00) Dollars.

                                    ARTICLE V

         The corporation will not commence business until the consideration of
at least one Thousand ($1,000.00) Dollars has been received for the issuance of
shares.

                                   ARTICLE VI

         The address of its principal office shall be 28 West State Street,
Trenton, New Jersey 08608, and the name of the resident agent at said address is
The Corporation Trust Company.

                                   ARTICLE VII

         The initial Board of Directors shall consist of three (3) members, and
the initial Board who shall act until the first annual meeting of stockholders
and their successors have been elected and qualified are:

         Troy Seanor             210 Rt. 46 E., Saddle Brook, N.J. 07662
         Tony Maggio             210 Rt. 46 E., Saddle Brook, N.J. 07662
         Bob Lagravenis          210 Rt. 46 E., Saddle Brook, N.J. 07662

<PAGE>

Page 3

                                  ARTICLE VIII

         The name and address of the incorporator is as follows: John A. Lorentz
         2721 N. Central Avenue, Phoenix, Az. 85004

         IN WITNESS WHEREOF, I have hereunto set my hand and seal this 10th day
of May, 1990.

                                                   /s/ John A. Lorentz
                                                   -----------------------------
                                                   John A. Lorentz, Incorporator

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 10th day of May, 1990, before me, a Notary Public for the State
of Arizona, personally appeared John A. Lorentz, known to me to be the person
named in and who executed the foregoing instrument, and who acknowledged that he
had executed the same and that the matters therein contained are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
seal this 10th day of May, 1990.

      /s/ Blanche I. Passolt
- ------------------------------        NOTARY PUBLIC

       (NOTARIAL SEAL)

<PAGE>

Form C-102a
Rev. 7-1-71

                         CERTIFICATE OF AMENDMENT TO THE

                         CERTIFICATE OF INCORPORATION OF

                         NEW CO. OF NORTHERN NEW JERSEY,

                     (For Use by Domestic Corporations Only)

To:      The Secretary of State "FEDERAL EMPLOYER IDENTIFICATION NO."
         State of New Jersey

         Pursuant to the provisions of Section l4A:9-2(4) and Section
14A:9-4(3), Corporations, General, of the New Jersey Statutes, the undersigned
corporation executes the following Certificate of Amendment to its Certificate
of Incorporation:

         1. The name of the corporation is New Co. of Northern New Jersey, Inc.

         2. The following amendment to the Certificate of Incorporation was
approved by the directors and thereafter duly adopted by the shareholders of the
corporation on the 17th day of July, 1990:

         Resolved, that Article I of the Certificate of Incorporation be amended
to read as follows:

                  The name of the corporation is: U-Haul Co. of
                                New Jersey, Inc.

         3. The number of shares outstanding at the time of the adoption of the
amendment was 500. The total number of shares entitled to vote thereon was 500.
If the shares of any class or series are entitled to vote thereon as a class,
set forth below the designation and number of outstanding shares entitled to
vote thereon of each such class or series. (Omit if not applicable.)

         4. The number of shares voting for and against such amendment is as
            follows: (If the shares of any class or series are entitled to vote
            as a class, set forth the number of shares of each such class and
            series voting for and against the amendment, respectively.)

<TABLE>
<CAPTION>
Number of Shares Voting For Amendment  Number of Shares Voting Against Amendment
- -------------------------------------  ----------------------------------------
<S>                                    <C>
                  500                                   -0-
</TABLE>

(If the amendment is accompanied by a reduction of stated capital, the following
clause may be inserted in the Certificate of Amendment in lieu of filing a
Certificate of Reduction under Section 14A:7-19, Corporations, General, of the
New Jersey Statutes, Omit this clause if not Applicable.)

         5. The stated capital of the corporation is reduced in the following
amount:
____________ . The manner in which the reduction is effected is as follows:

                                       n/a

         The amount of stated capital of the corporation after giving effect to
the reduction is $________________(Must be set forth in dollars.)

                                       n/a

<PAGE>

         6. If the amendment provides for an exchange, reclassification or
cancellation of issued shares, set forth a statement of the manner in which the
same shall be effected. (Omit if not applicable.)

                                      n/a

         (Use the following only if an effective date, not later than 30 days
subsequent to the date of filing is desired.)

         7. The effective date of this Amendment to the Certificate of
Incorporation shall be when filed.

Dated this 2nd day of January, 1991.

                                            New Co. of Northern New Jersey, Inc.
                                            ------------------------------------
                                                     (CORPORATE NAME)

                                             By: /s/ John A. Lorentz
                                             -----------------------------------
                                                       (SIGNATURE)

                                             John A. Lorentz, President
                                             -----------------------------------
                                                (TYPE OR PRINT NAME AND TITLE)

(*May be executed by the chairman of the board, or the president, or a
vice-president of the corporation.)

Fees for filing in Office of the Secretary of State, State House, Trenton, N. J.
08625.

        Filing Few               [ILLEGIBLE]

NOTE: No recording Fees will be [ILLEGIBLE].

FOLDER NO.:

         CERTIFICATE OF AMENDMENT TO

         CERTIFICATE OF INCORPORATION OF
                                                RECORDED AND FILED:
         -------------------------------
         (Domestic Corporations Only)

         FILED BY:

                                                ___________________
                                                Recorder's Initials

TRANSACTION NO.:_______________________


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.116
<SEQUENCE>115
<FILENAME>p68936exv3w116.txt
<DESCRIPTION>EXHIBIT 3.116
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.116

                                   BY-LAWS OF

                        U-HAUL CO. OF NORTHERN NEW JERSEY

                            A New Jersey Corporation

                                    ARTICLE I

                                                         DATE: February 27, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of New Jersey shall be
located in the city of Piscataway. The corporation may have such other offices
either within or without the state of New Jersey as the Board of Directors may
designate or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Second Saturday in February of each year, at the office of the corporation in
the state of New Jersey or otherwise as provided in the notice of said meeting.
The purpose of said annual meeting shall be for the election of directors and
for the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                      -1-

<PAGE>

may be held within or without the state of New Jersey. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by his.

SECTION 7. Order of Business:

        1st.     All persons claiming to hold proxies shall present then to the
                 tellers for verification.

        2nd.     Proof of due notice of meeting when applicable.

        3rd.     Reading and disposal of all unapproved minutes.

        4th.     Reports of officers and committees.

        5th.     Election of Directors.

        6th.     Unfinished business.

        7th.     New business.

        8th.     Adjournment.

                                      -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-exptorily terminate the term of
office of all or any of the directors by a vote at a meeting called for such
purposes. Such removal shall be affective immediately even if successors are not
elected simultaneously and the vacancies on the board of directors resulting
therefrom shall be filled by the stockholders, or by the board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of new Jersey.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the president or by any two members of
the board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of new Jersey.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-law, but if any meeting of the Board be less than quorum present, a majority
of those present may adjourn the meeting from time to time until a quorum in
obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                      -3-

<PAGE>

        1st.     Roll call; a quorum being present.

        2nd.     Reading of minutes of preceding meeting and action thereon.

        3rd.     Consideration of communications of the Board of Directors.

        4th.     Reports of officials and committees.

        5th.     Unfinished business.

        6th.     Miscellaneous business.

        7th.     New business.

        8th.     Adjournment.

                                  ARTICLE IV

                              POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

        1.   To purchase, lease, and acquire, in any lawful manner any and all
             real or personal property including franchises, stocks, bonds and
             debentures of other companies, business and good will, patents,
             trade-marks in contracts, and interests thereunder, and other
             rights and proprieties which in their judgment may be beneficial
             for the purpose of this corporation, and to issue shares of stock
             of this corporation in payment of such property, end in payment
             for services rendered to this corporation, when they deem it
             advisable.

        2.   To fix and determine and to vary, from time to time, the amount or
             amounts to be set aside or retained as reserve funds or working
             capital of this corporation.

        3.   To issue notes and other obligations or evidences of the debt of
             this corporation, and to secure the same, if deemed advisable, and
             endorse and guarantee the notes, bonds, stocks, and other
             obligations of other corporations with or without compensation for
             so doing, and from time to time to sell, assign, transfer

                                      -4-

<PAGE>

             or otherwise dispose of any of the property of this corporation,
             subject, however, to the laws of the State of New Jersey,
             governing the disposition of the entire assets and business of the
             corporation as a going concern.

        4.   To declare and pay dividends, both in the form of money and stock,
             but only from the surplus or from the net profit arising from the
             business of this corporation, after deducting therefrom the
             amounts, at the time when any dividend is declared which shall
             have been set aside by the Directors as a reserve fund or as a
             working fund.

                                   ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the New Jersey statutes regulating the appointment
of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary, and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation Shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The president shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with

                                      -5-

<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and chairman of
the executive committee if one is appointed. The president shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholder. The president shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Power and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meeting of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notices of the
corporation. It shall be the duty, of the secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the seal of corporation
thereto. The secretary shall have charge of all books, documents, and papers
properly belonging to his offices, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements
of its funds. He shall give such bond for the faithful performance of his duties
as the Board of Directors may determines. The office of the treasurer of said
corporation, may be held by the same person holding the president,
Vice-President or secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                      -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of New Jersey, the number and par value, if any, of each share represented
by it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor,
and the written assignment thereof by the owner or his duly authorized Attorney
in Fact. Upon such surrender and assignment, a new certificate shall be issued
to the assignee as he may be entitled, but without such surrender and assignment
no transfer of stock shall be recognized by the corporation. The Board of
Directors shall have the power concerning the issue, transfer and registration
of certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                       -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF NORTHERN NEW JERSEY, are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                                    ____________________________
                                                    President - Leroy Zaczkowski

ATTEST:

__________________________
Secretary - Edward Eustice

                  (CORPORATE SEAL)

                                       -8-

<PAGE>

                         U-HAUL CO. OF NEW JERSEY, INC.
                            A NEW JERSEY CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of New Jersey,
Inc., a New Jersey corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                        SHAREHOLDER:

                                        U-Haul International, Inc., a Nevada
                                        Corporation

                                        By: /s/ Gary V. Klinefelter
                                            -----------------------
                                         Name: Gary V. Klinefelter
                                         Its: Secretary


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.117
<SEQUENCE>116
<FILENAME>p68936exv3w117.txt
<DESCRIPTION>EXHIBIT 3.117
<TEXT>
<PAGE>

                                                               EXHIBIT 3.117

                                     [SEAL]

                                  OFFICE OF THE
                          PUBLIC REGULATION COMMISSION

                            CERTIFICATE OF COMPARISON

                                       OF

                         U-HAUL CO. OF NEW MEXICO, INC.

                                     1481373

         The Public Regulation Commission certifies that the attached is a true
and complete copy of the ****6**** page document(s) on file in this office.

       This Certification is in accordance with Section 53-18-4 NMSA 1978.

Dated: AUGUST 14, 2003

                                             In testimony whereof, the Public
                                             Regulation of the State of New
                                             Mexico has caused this certificate
                                             to be signed by its Chairman and
                                             the seal of said Commission to
                                             affixed at the City of Santa Fe.

                                             /s/ [ILLEGIBLE]
                                             -----------------------------------
                                                         Chairwoman

                                             /s/ [ILLEGIBLE]
                                             -----------------------------------
                                                        Bureau Chief
<PAGE>

                               STATE OF NEW MEXICO
               [STATE CORPORATION COMMISSION OF NEW MEXICO LOGO]
                                    OFFICE OF
                        THE STATE CORPORATION COMMISSION

                          CERTIFICATE OF INCORPORATION

                                       OF

                           NEW CO. OF NEW MEXICO, INC.

                                     1481373

         The State Corporation Commission certifies that duplicate originals of
the Articles of Incorporation attached hereto, duly signed and verified pursuant
to the provisions of the BUSINESS Corporation Act, have been received by it and
are found to conform to law.

         Accordingly, by virtue of the authority vested in it by law, the State
Corporation Commission issues this Certificate of Incorporation and attaches
hereto a duplicate original of the Articles of Incorporation.

Dated: MAY 29, 1990

                                             In Testimony Whereof, the State
                                             Corporation Commission of the State
                                             of New Mexico has caused this
[LOGO]                                       certificate to be signed by its
                                             Chairman and the Seal of said
                                             Commission to be affixed at the
                                             City of Santa Fe

                                             /s/ [ILLEGIBLE]
                                             -----------------------------------
                                                                        Chairman

                                             /s/ [ILLEGIBLE]
                                             -----------------------------------
                                                                        Director

<PAGE>

                            ARTICLES OF INCORPORATION

                                       OF

                           NEW CO. OF NEW MEXICO, INC.

         John A. Lorentz, the undersigned acting as incorporator of a
corporation under the New Mexico Business Corporation Act, adopt the following
Articles of Incorporation for such corporation:

FIRST:            The name of the corporation is NEW CO. OF NEW MEXICO, INC.

SECOND:           The period of its duration is perpetual.

THIRD:            The purpose or purposes for which the corporation is organized
                  is the rental of trucks & trailers to the general public. It
                  may include the transaction of any lawful business for which
                  corporations may be incorporated under the Business
                  Corporation Act.

FOURTH:           The aggregate number of shares which the corporation shall
                  have authority to issue is are Two thousand five hundred
                  (2,500) shares of common stock with a par value of Ten
                  ($10.00) Dollars each, or a total capitalization of
                  Twenty-five Thousand $25,000.00) Dollars.

FIFTH:            The corporation will not commence business until the
                  consideration of at least One Thousand $1,000.00) Dollars has
                  been received for the issuance of shares.

SIXTH:            The name and address of the initial registered agent in New
                  Mexico is: C. T. Corporation System
                              217 West Manhattan Avenue
                              Santa Fe, New Mexico 87501

SEVENTH:          The number of directors constituting the initial board of
                  directors is three (3), and the name and address of who is to
                  serve as directors until the first annual meeting of
                  shareholders or until their successors are elected and qualify
                  are:

         Timothy Kries          3101 Princeton NE., Albuquerque, N.M. 87107
         Stephen A. Stogner     3101 Princeton NE., Albuquerque, N.M. 87107
         Marcos Granados        3101 Princeton NE., Albuquerque, N.M. 87107

EIGHTH:           The name and address of the incorporator is: John A. Lorentz
                  2721 N. Central Avenue, Phoenix, Az. 85004

DATED: May 10, 1990,

                                                   /s/ John A. Lorentz
                                                   -----------------------------
                                                   John A. Lorentz, Incorporator

<PAGE>

                     AFFIDAVIT OF ACCEPTANCE OF APPOINTMENT
                     BY DESIGNATED INITIAL REGISTERED AGENT

TO THE STATE CORPORATION COMMISSION
STATE OF NEW MEXICO

STATE OF California               )
                                  )   SS.:
COUNTY OF Los Angeles             )

On this 10th day of May, 1990, before me a Notary Public in and for the State
and County aforesaid, personally appeared Louis A. Lotorto, who is to me known
to be the person and who, being by me duly sworn, acknowledged to me that he
does hereby accept his appointment as the Initial Registered Agent of NEW CO. OF
NEW MEXICO, INC. the Corporation which is named in the annexed Articles of
Incorporation, and which is applying for a Certificate of Incorporation pursuant
to the provisions of the Business Corporation Act of the State of New Mexico.

                                                    C T CORPORATION SYSTEM
                                             -----------------------------------
                                                 REGISTERED AGENT'S SIGNATURE

                                      By (1) /s/ Louis A. Lotorto
                                             -----------------------------------
                                             Louis A. Lotorto, Vice PRESIDENT

Subscribed and sworn to before
me on the day month, and year
first above set forth

/s/ Mark A. Shelton
- -----------------------------
NOTARY PUBLIC Mark A. Shelton

Commission Expires: August 25, 1990

NOTE. (1) If the Agent is a Corporation then the affidavit must be executed by
the President or Vice-President of the Corporation.

NMSCC-CD
FORM RA-1
(REV [ILLEGIBLE])

<PAGE>

                               STATE OF NEW MEXICO
               [STATE CORPORATION COMMISSION OF NEW MEXICO LOGO]
                                    OFFICE OF
                        THE STATE CORPORATION COMMISSION

                            CERTIFICATE OF AMENDMENT

                                       OF

                         U-HAUL CO. OF NEW MEXICO, INC.

                                     3036977

         The State Corporation Commission certifies that duplicate originals of
the Articles of Amendment attached hereto, duly signed and verified pursuant to
the provisions of the BUSINESS Corporation Act, have been received by it and are
found to conform to law.

         Accordingly, by virtue of the authority vested in it by law, the State
Corporation Commission issues this Certificate of Amendment and attaches hereto
a duplicate original of the Articles of Amendment.

Dated: OCTOBER 29, 1990

                                             In Testimony Whereof, the State
[LOGO]                                       Corporation Commission of the State
                                             of New Mexico has caused this
                                             certificate to be signed by its
                                             Chairman and the Seal of said
                                             Commission to be affixed at the
                                             City of Santa Fe

                                             /s/ [ILLEGIBLE]
                                             -----------------------------------
                                                          Chairman

                                             /s/ [ILLEGIBLE]
                                             -----------------------------------
                                                          Director

<PAGE>

                              ARTICLES OF AMENDMENT

                                     TO THE

                            ARTICLES OF INCORPORATION

                                       OF

                           NEW CO. OF NEW MEXICO, INC.

Pursuant to the provisions of Section 53-13-4 of the New Mexico Statutes
Annotated, the undersigned corporation adopts the following Articles of
Amendment to its Articles of Incorporation:

         FIRST: The name of the corporation is: New Co. of New Mexico, Inc.

         SECOND: The following amendment of the Articles of Incorporation was
         adopted by the shareholder of the corporation on October 12, 1990.

                                    ARTICLE I

         The name of the corporation shall be:

             U-HAUL CO. OF NEW MEXICO, INC.

         THIRD: The number of share of the corporation outstanding at the time
         of such adoption was 500; and the number of shares entitled to vote
         thereon was 500.

         FOURTH: The designation and number of outstanding shares of each class
         entitled to vote thereon as a class were as follows: None.

         FIFTH: The number of shares voting for such amendment was 500 and the
         number of shares voting against such amendment was -0-.

         SIXTH: The number of shares of each class entitled to vote thereon as a
         class voted for and against such amendment, respectively, was: None.

<PAGE>

PAGE 2

         SEVENTH: The manner, if not set forth in such amendment, in which any
         exchange, reclassification, or cancellation of issued shares provided
         for in the amendment shall be effected, is as follows: None.

         EIGHT: The manner in which such amendment effects a change in the
         amount of stated capital, and the amount of stated capital as changed
         by such amendment are as follow: None.

Dated: October 16, 1990

                                        New Co. of New Mexico, Inc., a New
                                        Mexico corporation

                                      BY: /s/ John A. Lorentz
                                          ------------------------------------
                                          John A. Lorentz, President

                                      and /s/ Gary V. Klinefelter
                                          ------------------------------------
                                          Gary V. Klinefelter, Secretary

Under penalty of perjury, the undersigned declares that the foregoing document
executed by the corporation and that the statement contained therein are true
and correct to the best of my knowledge.

                                                 /s/ John A. Lorentz
                                         ---------------------------------------
                                                       John A. Lorentz


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.118
<SEQUENCE>117
<FILENAME>p68936exv3w118.txt
<DESCRIPTION>EXHIBIT 3.118
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.118

                                   BY-LAWS OF

                    AMERCO MARKETING CO. OF NEW MEXICO, INC.

                            A New Mexico Corporation

                                    ARTICLE I

                                                          DATE: November 6, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of New Mexico shall be
located in the city of Albuquerqua. The corporation may have such other offices
either within or without the state of New Mexico as the Board of Directors may
designate or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Monday in January of each year, at the office of the corporation in the
state of New Mexico or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                       -1-

<PAGE>

may be held within or without the state of New Mexico. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

        1st.     All persons claiming to hold proxies shall present them to the
                 tellers for verification.

        2nd.     Proof of due notice of meeting when applicable.

        3rd.     Reading and disposal of all unapproved minutes.

        4th.     Reports of officers and committees.

        5th.     Election of Directors.

        6th.     Unfinished business.

        7th.     New business.

        8th.     Adjournment.

                                       -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of New Mexico.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of New Mexico.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                       -3-

<PAGE>

        1st. Roll call; a quorum being present.

        2nd. Reading of minutes of preceding meeting and action thereon.

        3rd. Consideration of communications of the Board of Directors.

        4th. Reports of officials and committees.

        5th. Unfinished business.

        6th. Miscellaneous business.

        7th. New business.

        8th. Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

        1.       To purchase, lease, and acquire, in any lawful manner any and
                 all real or personal property including franchises, stocks,
                 bonds and debentures of other companies, business and good
                 will, patents, trade-marks in contracts, and interests
                 thereunder, and other rights and proprieties which in their
                 judgment may be beneficial for the purpose of this
                 corporation, and to issue shares of stock of this corporation
                 in payment of such property, and in payment for services
                 rendered to this corporation, when they deem it advisable.

        2.       To fix and determine and to vary, from time to time, the
                 amount or amounts to be set aside or retained as reserve funds
                 or as working capital of this corporation.

        3.       To issue notes and other obligations or evidences of the debt
                 of this corporation, and to secure the same, if deemed
                 advisable, and endorse and guarantee the notes, bonds, stocks,
                 and other obligations of other corporations with or without
                 compensation for so doing, and from time to time to sell,
                 assign, transfer

                                       -4-

<PAGE>

                 or otherwise dispose of any of the property of this
                 corporation, subject, however, to the laws of the State of
                 New Mexico, governing the disposition of the entire assets and
                 business of the corporation as a going concern.

        4.       To declare and pay dividends, both in the form of money and
                 stock, but only from the surplus or from the net profit
                 arising from the business of this corporation, after deducting
                 therefrom the amounts, at the time when any dividend is
                 declared which shall have been set aside by the Directors as a
                 reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the New Mexico statutes regulating the appointment
of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there shall be a quorum present, and any officer receiving a majority vote shall
be declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with

                                       -5-

<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                       -6-

<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of New Mexico, the number and par value, if any, of each share represented
by it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

Section 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calender year and shall close on the 31st
day of December of the year.

                                       -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of AMERCO MARKETING CO. OF NEW MEXICO, are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                         _____________________________
                                         President - Calvin V. Sheriff

ATTEST:

______________________________
Secretary - Dorothy F. Sheriff

        (CORPORATE SEAL)

                                       -8-
<PAGE>

                  MINUTES OF A SPECIAL SHAREHOLDERS MEETING OF

      AMERCO MARKETING CO. OF NEW MEXICO, INC., A NEW MEXICO CORPORATION,

                                    HELD BY

                      U-HAUL CO., A NEW MEXICO CORPORATION,

                              AS SOLE SHAREHOLDER

                                                       July 9, 1971

         U-HAUL CO., a New Mexico corporation, being the sole stockholder of
AMERCO MARKETING CO. OF NEW MEXICO, INC., a New Mexico corporation, hereby
waives any and all notice of this special Stockholders meeting, and consents to
and agrees that said meeting be held at Phoenix, Arisona at the hour of 10.00
o'clock a.m. on July 9, 1971, for the purpose of amending the By-Laws of AMERCO
MARKETING CO. OF NEW MEXICO, INC.

         The meeting was called to order and U-HAUL CO., a New Mexico
corporation, as sole stockholder of AMERCO MARKETING CO. OF NEW MEXICO, INC.,
thereupon adopted the following resolutions:

         RESOLVED: That the following Articles of the By-Laws of AMERCO
         MARKETING CO. OF NEW MEXICO. INC., a New Mexico corporation, be amended
         to read as follows:

                                   ARTICLE II

                                  STOCKHOLDERS

                  SECTION 1. Annual Meeting:

                  The annual meeting of the shareholders of the corporation
                  shall be held on the Third Monday in June each year, at the
                  office of the corporation in the state of New Mexico or
                  otherwise as provided in the notice of said meeting. The
                  purpose of said annual meeting shall be for the election of
                  directors and for the purpose of transacting such other
                  business as may be brought before said meeting. The Board of
                  Directors may change the time and place of the annual meeting
                  providing such change of time and place be preceded by a
                  notice of such change to all stockholders of record. If said
                  day of the annual meeting is a legal holiday, then said
                  meeting shall be held on the next ensuing day not a holiday.

<PAGE>

                                  ARTICLE VIII

                                  FISCAL YEAR

                  SECTION 1. Fiscal Year:

                  The fiscal year of the corporation shall commence with the
                  opening of business on the first day of April of each
                  calendar year and shall close on the 31st day of March of
                  the year.

         There being no further business to come before the meeting, it was upon
a [ILLEGIBLE] duly made and seconded, adjourned.

                                            U-HAUL CO.
                                            a New Mexico corporation

                                            BY: /s/ George Clark
                                                --------------------------------
                                                George Clark, President
<PAGE>

                         U-HAUL CO. OF NEW MEXICO, INC.
                            A NEW MEXICO CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of New Mexico,
Inc., a New Mexico corporation ("Company")(the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                            SHAREHOLDER:

                                            U-Haul International, Inc., a Nevada
                                            Corporation

                                            By: /s/ Gary V. Klinefelter
                                                --------------------------------
                                            Name: Gary V. Klinefelter
                                            Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.119
<SEQUENCE>118
<FILENAME>p68936exv3w119.txt
<DESCRIPTION>EXHIBIT 3.119
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.119

STATE OF NEW YORK    }SS:
DEPARTMENT OF STATE

I hereby certify, that the Certificate of Incorporation of U-HAUL CO. OF NEW
YORK, INC. was filed on 03/17/1970, under the name of U-HAUL OF NORTHEASTERN N.
Y. INC., with perpetual duration, and that a diligent examination has been made
of the Corporate index for documents filed with this Department for a
certificate, order, or record of a dissolution, and upon such examination, no
such certificate, order or record has been found, and that so far as indicated
by the records of this Department, such corporation is a subsisting corporation.

A Certificate of Amendment U-HAUL OF NORTHEASTERN N. Y. INC., changing its name
to AMERCO MARKETING CO. OF NORTHEASTERN N.Y. INC., was filed 10/14/1970.

A Certificate of Amendment AMERCO MARKETING CO. OF NORTHEASTERN N. Y. INC.,
changing its name to U-HAUL CO. OF NORTHEASTERN NEW YORK, INC., was filed
03/14/1973.

A Certificate of Amendment U-HAUL CO. OF NORTHEASTERN NEW YORK, INC., changing
its name to U-HAUL CO. OF NEW YORK, INC. , was filed 01/31/1991.

                                          ***

                                          Witness my hand and the official seal
                                          of the Department of State at the City
                                          of Albany, this 08th day of June
                                          two thousand and one.

                                          [ILLEGIBLE]

                                          Special Deputy Secretary of State

<PAGE>

[ILLEGIBLE] Y.S DEPARTMENT OF STATE                   162 WASHINGTON AVENUE
[ILLEGIBLE] OF CORPORATIONS AND STATE RECORDS              ALBANY, NY 12231

                                 FILING RECEIPT

CORPORATION NAME: U-HAUL CO. OF NEW YORK, INC.

DOCUMENT TYPE   : AMENDMENT (DOM. BUSINESS)                         COUNTY: SCHE
                  NAME

SERVICE COMPANY : ** NO SERVICE COMPANY **

FILED: 01/31/91  DURATION: *********   CASH : 910131000454 FILM : 91013100039

ADDRESS FOR PROCESS

REGISTERED AGENT

<TABLE>
<CAPTION>
FILER                            FEES      60.00  PAYMENTS               60.0[ILLEGIBLE]
- -----                            ----             --------
<S>                            <C>         <C>    <C>                    <C>
U-HAUL INTERNATIONAL, INC.     FILING  :   60.00  CASH  :                 0.0[ILLEGIBLE]
2721 N. CENTRAL AVE.           TAX     :    0.00  CHECK :                60.0[ILLEGIBLE]
%JOHN A. LORENTZ/LEGAL DEPT.   CERT    :    0.00  BILLED:                 0.0[ILLEGIBLE]
PHOENIX, NY 85004              COPIES  :    0.00
                               HANDLING:    0.00
                                                  REFUND:                 0.00[ILLEGIBLE]
                                                  -------
</TABLE>

[ILLEGIBLE] - 1025 (11/89)

<PAGE>

        CERTIFICATE OF AMENDMENT OF THE CERTIFICATE OF INCORPORATION OF

                under Section 805 of the Business Corporation Law

IT IS HEREBY CERTIFIED THAT:

     (1)  The name of the corporation is U-Haul Co. of Northeastern N.Y. Inc.
          and the present name is U-Haul Co. of Northeastern New York, Inc.

     (2)  The certificate of incorporation was filed by the department of state
          on the 17th day of March 1970.

     (3)  The certificate of incorporation of this corporation is hereby amended
          to effect the following change.

     The certificate of incorporation is amended to change the name of the
     corporation. Paragraph I of the certificate of incorporation is amended to
     read as follows: 1. The name of the corporation is: U-HAUL CO. OF NEW YORK,
     INC.

<PAGE>

          The board of directors of U-Haul Co. of New York, Inc. authorized this
          amendment on November 14, 1990.

          The sole shareholder of U-Haul Co. of New York, Inc. authorized this
          amendment following the meeting of the Board of Directors dated
          November 14, 1990.

<PAGE>

IN WITNESS WHEREOF, this certificate has been subscribed this 14th day of
November 1990 by the undersigned who affirm(s) that the statements made herein
are true under the penalties of perjury.

Type name                   Capacity in which signed              Signature
- ---------                   ------------------------       ---------------------
John A. Lorentz                 President                        [ILLEGIBLE]
Gary V. Klinefelter             Secretary                    Gary V. Klinefelter

         CERTIFICATE OF AMENDMENT OF THE CERTIFICATE OF INCORPORATION OF

                under Section 805 of the Business Corporation Law

                              Filed By: U-Haul International Inc.

                              Address : 2721, N. Central Ave.
                                        Phoenix, Arizona

                              Att:  John A. Lorentz
                                    D/o Legal Dept.

<PAGE>

              STATE OF NEW YORK ------------- DEPARTMENT OF STATE
                   DIVISION OF CORPORATIONS AND STATE RECORDS
                                     ALBANY                                  ams
================================================================================
                               FILING RECEIPT - MISC.
================================================================================
      TYPE OF CERTIFICATE
Amendment
- --------------------------------------------------------------------------------
        CORPORATION NAME                                   DATE FILED

AMERCO MARKETING CO. OF NORTHEASTERN
NEW YORK INC.                                                     March 14, 1973
- --------------------------------------------------------------------------------
                                                           FILM No.
47 Schenectady                                                         A 56640-4
- --------------------------------------------------------------------------------
LOCATION OF PRIN. OFFICE
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
           Changing name - U-HAUL CO. OF NORTHEASTERN NEW YOUR, INC.
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
FILER AND ADDRESS               AMERCO
                                2727 N. Central Ave.
                                Phoenix, Arizona 85004
- --------------------------------------------------------------------------------
6 DOLLAR FEE TO COUNTY
- --------------------------------------------------------------------------------
  FEES AND OR TAX PAID AS FOLLOWS :
- --------------------------------------------------------------------------------
[X] CHK. [ ] M.O. [ ] CASH             $ 30.00
- --------------------------------------------------------------------------------

$  30.00        FILING
$               TAX
$               CERTIFIED COPY
$               CERTIFICATE                 TOTAL  $ 30.00
                                        REFUND OF  $           TO FOLLOW

                                      JOHN P. LOMENZO
                                      SECRETARY OF STATE
<PAGE>

          CERTIFICATE OF AMENDMENT OF THE CERTIFICATE OF INCORPORATION

                                       OF

               AMERCO MARKETING CO. OF NORTHEASTERN NEW YORK, INC.

               Under Section 805 of the Business Corporation Law

1.   The present name of this corporation is AMERCO MARKETING CO. OF
     NORTHEASTERN NEW YORK, INC. and the name under which it was formed is
     U-HAUL CO. OF NORTHEASTERN NEW YORK, INC.

2.   The date the Certificate of Incorporation was filed by the Department of
     State was March 17, 1970.

3.   That the First Article of the Certificate of Incorporation be, and hereby
     is, amended to read as follows:

                                   ARTICLE I

          "That the name of the corporation is U-HAUL CO. OF NORTHEASTERN NEW
          YORK, INC."


4.   That the foregoing amendment has been authorized by vote of a majority of
     the outstanding shares of stock of this corporation at a special meeting
     held on February 21, 1973, and by a resolution of the Board of Directors of
     this corporation adopted February 21, 1973.

     IN WITNESS WHEREOF, the undersigned officers of this corporation have set
their hands and the official seal or this corporation, thereunto duly
authorized, this [ILLEGIBLE] day of [ILLEGIBLE], 1973.

                                                               [ILLEGIBLE]
                                                           ---------------------
                                                                President

(Corporate Seal)

    [ILLEGIBLE]
- ---------------------
     Secretary

<PAGE>


     The following is a true copy of resolution duly adopted by the Board of
Directors of U-HAUL CO. INC., a New York corporation, at a meeting of the said
board at Holbrook, L.I., New York on February 21, 1973.

     "Whereas, there has been proposed the formation of a corporation pursuant
to the laws of the State of New York under the name of U-HAUL CO. OF
NORTHEASTERN NEW YORK, INC. and the Secretary of State has requested the
expression of an opinion of this board concerning the similarity of the proposed
name to that of this corporation.

     "Now, therefore, be it resolved that in the opinion of this board the
above-mentioned proposed name does not so nearly resemble that of this
corporation as to tend to confuse or deceive and it consents to the use of such
a name."

                                                              /s/ [ILLEGIBLE]
                                                           ---------------------
                                                                 President

(Seal of the corporation)

                                                              /s/ [ILLEGIBLE]
                                                           ---------------------
                                                                 Secretary

<PAGE>

STATE OF NEW YORK       )
                        ) ss.
COUNTY OF ------------- )

     ---------------, being duly sworn deposes and says, that he is the
President of AMERCO MARKETING CO. OF NORTHEASTERN NEW YORK, INC., the
corporation named in and described in the foregoing certificate. That he has
read the foregoing certificate and knows the contents thereof, and that the name
is true of this person's own knowledge, except as to the matters therein stated
to be alleged upon information and belief, and as to these matters he believes
to be true.

                                                              /s/ [ILLEGIBLE]
                                                           ---------------------
                                                                 President

SWORN to me before this ---------- day of
- ------------, 1973.

                                                              (Notarial Seal)

  /s/ [ILLEGIBLE]
- ---------------------
  Notary Public

<PAGE>

          CERTIFICATE OF AMENDMENT OF THE CERTIFICATE OF INCORPORATION

                                       OF

                        U-HAUL OF NORTHEASTERN N.Y. INC.

               UNDER SECTION 805 OF THE BUSINESS CORPORATION LAW

1.   The present name of this corporation, and the name under which it was
     formed is "U-HAUL OF NORTHEASTERN N.T. INC."

2.   The date of Certificate of Incorporation was filed by the Department of
     State was March 17, 1970.

3.   That the First Article of the Certificate of Incorporation be, and hereby
     is, amended to read as follows:

          "The name of the corporation in AMERCO MARKETING CO. OF NORTHEASTERN
          N.Y. INC."

4.   That the foregoing, amendment has been authorized by vote of a majority of
     the holders of the outstanding shares of stock of this corporation at a
     special meeting held on August 12, 1970 and by a resolution of the Board of
     Directors of this corporation adopted August 12, 1970.

     IN WITNESS WHEREOF, the undersigned officers of this corporation have set
their hands and the official seal of this corporation, thereunto duly
authorized, this 19th day of September, 1970.

(SEAL)

                                                        /s/ Jack Oot
                                                        ------------------------
                                                          Jack Oot, President

ATTEST:

/s/ Marion D. Oot
- ----------------------------
  Marion D. Oot, Secretary

STATE OF NEW YORK    )
                     )ss.
COUNTY OF SCHENECTADY)

     Jack Oot, being duly sworn deposes and says, that he in the President of
AMERCO MARKETING CO. OF NORTHEASTERN N.Y. INC., formerly U-HAUL OF NORTHEASTERN
N.Y. INC., the corporation named in and described in the foregoing certificate.
That he has read the foregoing certificate and knows the contents thereof, and
that the same is true of his own knowledge, except as to the matters therein
stated to be alleged upon information and belief, and as to those matters he
believes it to be true.

                                                               /s/ Jack Oot
                                                           ---------------------
                                                                 Jack Oot

Sworn to before me this 19 day of
September, 1970.

   [ILLEGIBLE]
- ------------------
  Notary Public
<PAGE>

ADDRESS FOR SERVICE OF PROCESS
THE CORPORATION TRUST COMPANY        277 PARK AVE., NEW YORK, NY 10017

        STATE OF NEW YORK                       DEPARTMENT OF STATE
                   DIVISION OF CORPORATIONS AND STATE RECORDS

                                 FILING RECEIPT

  TYPE OF CERTIFICATE
Incorporation (Business)                            R

        CORPORATION NAME                        DATE FILED
U-HAUL OF NORTHEASTERN N.Y. INC.                 3/17/70

DURATION & CO. CODE                             FILM NO.
        P 47                                    821581-5

NO. AND KIND OF SHARES
  2,500 pv $10.

LOCATION OF PRIN. OFFICE                        COMMENT
GLENVILLE, SCHENECTADY CO.                         ON RES.

ADDRESS FOR SERVICE OF PROCESS
THE CORPORATION TRUST COMPANY, 277, PARK AVE., NEW YORK, NY 10017

REGISTERED AGENT, IF ANY
R.A. - THE CORPORATION TRUST COMPANY, 277 PARK AVE., NY, NY 10017

FILER AND ADDRESS
         RICHARD KOPS
         110 LINCON AVE.
         HOLBROOK, NY 117101

6 DOLLAR FEE TO COUNTY
  FEES AND/OR TAX PAID AS FOLLOWS:
[X] CHK.    [ ] M.O.       [ ] CASH            $ 72.50

$     50 FILING
$  12.50 TAX
$        CERTIFIED COPY
$        CERTIFICATE                TOTAL      $ 62.50
                                    REFUND OF  $ 10.00 TO FOLLOW

                                    JOHN P. LOMENZO
                                    SECRETARY OF STATE

<PAGE>

                         CERTIFICATE OF INCORPORATION OF

                        U-HAUL OF NORTHEASTERN N.Y. INC.

                under Section 402 of the Business Corporation Law

IT IS HEREBY CERTIFIED THAT:

         (1)      The name of the proposed corporation is U-Haul of Northeastern
                  N.Y. Inc.

         (2)      The purpose or purposes for which this corporation is formed,
                  are as follows, to wit:

                  To rent and lease to the general public trailers,
                  semi-trailers, trucks, passenger automobile and other
                  equipment, cools, machinery, vehicles and property of any
                  and every kind and [ILLEGIBLE], and to purchase or otherwise
                  acquire and operate any facilities useful for the conduct of
                  the business enterprises of this Corporation; and to do or
                  carry out all acts or activities and exercise all lawful
                  corporate powers necessary or proper to accomplish any of the
                  foregoing purposes.

         The corporation, in furtherance of its corporate purposes above set
forth, shall have all of the powers enumerated in Section 202 of the Business
Corporation Law, subject to any limitations provided in the Business Corporation
Law or any other statute of the State of New York.

<PAGE>

         (5)      The Secretary of State is designated as agent of the
                  corporation upon whom process against it may be served. The
                  post office address to which the Secretary of State shall mail
                  a copy of any process against the corporation served upon him
                  is C/O THE CORPORATION TRUST COMPANY, 277 PARK AVENUE, NEW
                  YORK, NEW YORK 10017.

         (6)      The Corporation Trust Company, whose address is 277 Park
                  Avenue, New York, New York 10017, is the registered agent of
                  the corporation and said registered corporation may be served.

         The undersigned incorporator, or each of them if there are more than
one, is of the age of twenty-one years or over.

IN WITNESS WHEREOF, this certificate has been subscribed this 11th day of March
1970 by the undersigned who affirm(s) that the statements made herein are true
under the penalties of perjury.

Kenneth K. Shivers
- ----------------------------------------------          ------------------------
Type name of incorporator                                     Signature

92 Any Drive, Sayville, New York 11732
- ----------------------------------------------
              Address
- ----------------------------------------------          ------------------------
          Type name of incorporator                             Signature

- ----------------------------------------------          ------------------------
              Address

- ----------------------------------------------          ------------------------
          Type name of incorporator                           Signature

- ----------------------------------------------          ------------------------
              Address

<PAGE>

         (3)      The office of the corporation is to be located in the Town
                  (city) (town) (incorporated village) of Glenville County of
                  Schenectady State of New York.

         (4)      The aggregate number of shares which the corporation shall
                  have the authority to issue is TWO THOUSAND FIVE HUNDRED
                  (2,500) Shares of common stock of a par value of ten dollars
                  ($10.00) per share.

<PAGE>

                          CERTIFICATE OF INCORPORATION
                                       OF
                        U-HAUL OF NORTHEASTERN N. Y. INC.
               under Section 402 of the Business Corporation Law

                                   Filed By:

                                                  Richard Kops, Esq.
                                                  Office and Post Office Address
                                                  1110 Lincoln Avenue
                                                  Holbrook, New York 11741

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.120
<SEQUENCE>119
<FILENAME>p68936exv3w120.txt
<DESCRIPTION>EXHIBIT 3.120
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.120

                                   BY-LAWS OF

                        U-HAUL OF NORTHEASTERN N.Y. INC.

                             A New York Corporation

                                    ARTICLE I

                                                            DATE: April 8, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of New York shall be
located in the city of Glenville. The corporation may have such other offices
either within or without the state of New York as the Board of Directors may
designate or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
third Tuesday of March of each year, at the office of the corporation in the
state of New York or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and,
in case of special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                       -1-

<PAGE>

may be held within or without the state of New York. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of
the shareholders. If less than a majority of the outstanding shares are
represented at a meeting, the majority of the shares so represented may adjourn
the meeting without further notice. At such adjourned meeting at which a quorum
shall be present or represented, any business may be transacted which might have
been transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

        1st.     All persons claiming to hold proxies shall present them to the
                 tellers for verification.

        2nd.     Proof of due notice of meeting when applicable.

        3rd.     Reading and disposal of all unapproved minutes.

        4th.     Reports of officers and committees.

        5th.     Election of Directors.

        6th.     Unfinished business.

        7th.     New business.

        8th.     Adjournment.

                                       -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1.   Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2.   Vacancies:

In case of any vacancy among the Directors through death, resignation,
dis-qualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3.   Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of New York.

SECTION 4.   Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of New York.

SECTION 5.   Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6.   Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as follow:

                                       -3-

<PAGE>

        1st.     Roll call; a quorum being present.

        2nd.     Reading of minutes of preceding meeting and action thereon.

        3rd.     Consideration of communications of the Board of Directors.

        4th.     Reports of officials and committees.

        5th.     Unfinished business.

        6th.     Miscellaneous business.

        7th.     New business.

        8th.     Adjournment.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

SECTION 1.   Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2.   Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

        1.       To purchase, lease, and acquire, in any lawful manner any and
                 all real or personal property including franchises, stocks,
                 bonds and debentures of other companies, business and good
                 will, patents, trade-marks in contracts, and interests
                 thereunder, and other rights and proprieties which in their
                 judgment may be beneficial for the purpose of this corporation,
                 and to issue shares of stock of this corporation in payment of
                 such property, and in payment for services rendered to this
                 corporation, when they does it advisable.

        2.       To fix and determine and to vary, from time to time, the
                 amount or amounts to be set aside or retained as reserve funds
                 or as working capital of this corporation.

        3.       To issue notes and other obligations or evidences of the debt
                 of this corporation, and to secure the same, if deemed
                 advisable, and endores and guarantee the notes, bonds, stocks,
                 and other obligations of other corporations with or without
                 compensation for so doing, and from time to time to sell,
                 assign, transfer

                                      -4-

<PAGE>

             or otherwise dispose of any of the property of this corporation,
             subject, however, to the laws of the State of New York, governing
             the disposition of the entire assets and business of the
             corporation as a going concern.

        4.   To declare and pay dividends, both in the form of money and stock,
             but only from the surplus or from the net profit arising from the
             business of this corporation, after deducting therefrom the
             amounts, at the time when any dividend is declared which shall have
             been set aside by the Directors as a reserve fund or as a working
             fund.

                                    ARTICLE V

SECTION 1.   Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorised by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the New York statutes regulating the appointment
of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1.   Officers:

And the officers of the corporation shall consist of President, Vice-President,
Secretary and Treasurer, and such other officers as shall from time to time be
provided for by the Board of Director. Such officers shall be elected by ballot
or unanimous acclamation at the meeting of the Board of Directors after the
annual election of Directors. In order to hold any election there be a quorum
present, and any officer receiving a majority vote shall be declared elected
and shall hold office for one year and until his or her respective successor
shall have been duly elected and qualified; provided, however, that all
officers, agents and employees of the corporation shall be subject to removal
from office pre-emptorily by vote of the Board of Directors at any meeting.

SECTION 2.   Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with

                                      -5-

<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the .
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION  3.  Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4.   Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of
the Board of Directors and the minutes of all meetings of the shareholders and
also when requested by a committee, the minutes of such committee, in books
provided for the purpose. He shall attend to the giving and serving of notice
of the corporation. It shall be the duty of the Secretary to sign with the
President, in the name of the corporation, all contracts, notes, mortgages, and
other instruments and other obligations authorized by the Board of Directors,
and when so ordered by the Board of Directors, he shall affix the Seal of
Corporation thereto. The Secretary shall have charge of all books, documents,
and papers properly belonging to his office, and of such other books and papers
as the Board of Directors may direct.

SECTION 5.   Powers end Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank
or banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by revolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of
the corporation during business hours, and generally perform the duties of and
act as the financial agent for the corporation for the receipts and
disbursements of its funds. He shall give such bond for the faithful
performance of his duties as the Board of Directors may determine. The office
of the Treasurer of said corporation, may be held by the same person holding the
President, Vice- President or Secretary's office, provided the Board of
Directors indicates the combination of these offices.

                                      -6-

<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1.   Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organised under the
laws of New York, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferrable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares end the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during
such period no stock shall be transferred.

SECTION 2.   Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorised but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1.   Fiscal Year:

The fiscal year of, the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                      -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1.   Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular meeting. Also, said By-Laws may be
altered or amended by a majority vote of the shareholders, of said corporation
at any special meeting called for that object and purposes and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL OF NORTHEASTERN N.Y. INC., are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly
adopted by the Board of Directors and that the sane do now constitute the
By-Laws of this corporation.

                                         __________________________________
                                         President - Jack Oot

ATTEST:

_________________________________
Secretary - Marion D. Oot

     (CORPORATE SEAL)

                                      -8-
<PAGE>

                          U-HAUL CO. OF NEW YORK, INC.
                             A NEW YORK CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of New York,
Inc., a New York corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                           SHAREHOLDER:

                                           U-Haul International, Inc., a Nevada
                                           Corporation

                                           By: /s/ Gary V. Klinefelter
                                              ----------------------------------
                                           Name: Gary V. Klinefelter
                                           Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.121
<SEQUENCE>120
<FILENAME>p68936exv3w121.txt
<DESCRIPTION>EXHIBIT 3.121
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.121

                         [STATE OF NORTH CAROLINA LOGO]

                             STATE OF NORTH CAROLINA
                      DEPARTMENT OF THE SECRETARY OF STATE

                TO ALL WHOM THESE PRESENTS SHALL COME, GREETINGS:

  I, ELAINE F. MARSHALL, Secretary of State of the State of North Carolina, do
      hereby certify the following and hereto attached to be a true copy of

                            ARTICLES OF INCORPORATION

                                       OF

                          U-HAUL CO. OF NORTH CAROLINA

        the original of which was filed in this office on the 2nd day of March,
        1970.

                                    IN WITNESS WHEREOF, I have hereunto set my
        [LOGO]                      hand and affixed my official seal at the
                                    City of Raleigh, this 5th day of August,
                                    2003.

                                           /s/ Elaine F. Marshall
                                     --------------------------------------
                                               Secretary of State

                                  Page: 1 of 4
<PAGE>

                            ARTICLES OF INCORPORATION

                                       of

                         U-HAUL CO. OF WESTERN CAROLINAS

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a corporation
under the laws of the State of North Carolina.

                                    ARTICLE I

         The name of the corporation is U-HAUL CO. OF WESTERN CAROLINAS.

                                   ARTICLE II

         The period of duration of the corporation is perpetual.

                                   ARTICLE III

         The purpose or purposes for which the corporation is organized are to
rent and lease to the general public trailers, seal-trailers, trucks, passenger
automobiles and other equipment, tools, machinery, vehicles and property of any
and every kind and description, and to purchase or otherwise acquire and operate
any facilities useful for the conduct of the business enterprises of this
corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of North Carolina upon corporations, and to engage in any lawful activity
within the purposes for which corporations may be organized under the laws of
the State of North Dakota.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue are five thousand (5,000) shares of common stock with a par
value of Ten ($ 10.00) Dollars each, or a total capitalization of Fifty Thousand
($ 50,000.00) Dollars.

                                    ARTICLE V

         The corporation will not commence business until the consideration

Page one of two pages

                                  Page: 2 of 4
<PAGE>

of at least One Thousand ($1,000.00) Dollars has been received for the issuance
of shares.

                                   ARTICLE VI

         The address of its registered office shall be c/o C. T. Corporation
System, 111 Corcoran Street, Durham, County of Durham, North Carolina, and the
name of the registered agent at said address is C. T. Corporation System.

                                  ARTICLE VII

         The initial Board of Directors shall consist of three (3) members, and
the initial Board who shall act until the first annual meeting of stockholders
and their successors have been elected and qualified are:

         Bill H. Fulcher        9136 Wilkinson Boulevard
                                Charlotte, North Carolina 28208

         Wayne N. Smith         9136 Wilkinson Boulevard
                                Charlotte, North Carolina 28208

         James R. Mosris        9136 Wilkinson Boulevard
                                Charlotte, North Carolina 28208

                                  ARTICLE VIII

     The name and address of each incorporator is as follows:

         David L. Helsten       2727 North Central Avenue
                                Phoenix, Arizona 85004

     IN WITNESS WHEREOF, I have hereunto set my hand and seal this 27th day of
February, 1970.

                                            /s/ David L. Helsten
                                            ------------------------------------
                                            David L. Helsten

STATE OF ARIZONA      )
                      ) ss:
COUNTY OF MARICOPA    )

         On this 27th Day of February, 1970, before me, a Notary Public for the
State of Arizona, personally appeared David L. Helsten, known to me to be the
person named in and who executed the foregoing instrument, and who acknowledged
that he had executed the same and that the matters therein contained are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal this 27th day of February, 1970.

                                          /s/ Helen H. Delamater
                                          --------------------------------------
                                          Helen H. Delamater
                                          Notary Public for the State of Arizona
                                          Residing at Tempe, Arizona
                                          My Commission expires August 13, 1972

                                  Page: 3 of 4
<PAGE>

STATE OF NORTH CAROLINA    )
                           ) ss.
COUNTY OF BUNCOMBE         )

         This is to certify that on this the 14th day of October, 1970,
personally appeared before me BILL H. FULCHER and JAMES R. MORRIS, each of whom,
being by me first duly sworn, deposes and says that he signed the foregoing
Articles of Amendment in the capacity indicated, that he was authorized so to
sign, and that the statements therein contained are true.

                                                     /s/ [ILLEGIBLE]
                                          --------------------------------------
                                                      Notary Public

My Commission expires: Oct. 24, 1970

         (NOTARIAL SEAL)

Page two of two pages

                                  Page: 4 of 4
<PAGE>


                             STATE OF NORTH CAROLINA

(SEAL)                 DEPARTMENT OF THE SECRETARY OF STATE

                TO ALL WHOM THESE PRESENTS SHALL COME, GREETINGS:

  I, ELAINE F. MARSHALL, Secretary of State of the State of North Carolina, do
     hereby certify the following and hereto attached to be a true copy of

                              ARTICLES OF AMENDMENT

                                       OF

                          U-HAUL CO. OF NORTH CAROLINA

the original of which was filed in this office on the 16th day of October, 1970.

                                    IN WITNESS WHEREOF, I have hereunto set my
                                    hand and affixed my official seal at the
                                    City of Raleigh, this 5th day of August,
                                    2003

                                                /s/ Elaine F. Marshall
(SEAL)                                          ------------------------
                                                  Secretary of State

                                  Page: 1 of 3

<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

                         U-HAUL CO. OF WESTERN CAROLINAS

STATE OF NORTH CAROLINA   )
                          ) ss.
COUNTY OF BUNCOMBE        )

         BILL H. FULCHER and JAMES R. MORRIS being first duly sworn, upon their
oath depose and say;

         1.       That they are the President and the Secretary respectively of
                  U-HAUL CO. OF WESTERN CAROLINAS.

         2.       That at a meeting of the Board of Directors of said
                  corporation, duly held at Ashville, North Carolina on August
                  12, 1970, the following resolution was adopted:

                  "RESOLVED: That Article I of the Articles of Incorporation of
                  this corporation be amended to read as follows:

                           "The name of this corporation is AMERCO MARKETING CO.
                           OF WESTERN CAROLINAS."

         3.       That the shareholders have adopted said amendment by
                  resolution at a meeting held at Ashville, North Carolina on
                  August 12, 1970. That the wording of the amended article, as
                  set forth in the shareholders' resolution, is the same as that
                  set forth in the directors' resolution in Paragraph 2 above.

         4.       That the number of shares which voted affirmatively for the
                  adoption of said resolution is 500, and that the total number
                  of shares entitled to vote on or consent to said amendment is
                  500.

                                                        /s/ Bill H. Fulcher
                                                 ------------------------------
                                                           President

(CORPORATE SEAL)

       /s/ James R. Morris
- ------------------------------
         Secretary

Page 1 of Two Pages

                                  Page: 2 of 3

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of North Carolina

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is U-HAUL CO., a corporation
         organized and existing under the laws of the State of

                                     North Carolina

2.       The name of the corporation, to which this consent is given and which
         is about to be organized under the laws of this State is:

                            U-HAUL CO. OF WESTERN CAROLINAS

         IN WITNESS WHEREOF, this corporation has caused this consent to be
executed this 24th day of January, 1970.

                                                 U-HAUL CO.

                                                 By: /s/ J. W.  Kamphuis
                                                     ---------------------------
                                                                       President
ATTEST:

/s/ Marvin W. Edwards
- ----------------------------------
                         Secretary

STATE OF North Carolina   )
                          ) ss.
COUNTY OF Mecklenburg     )

         Before me, a Notary Public, personally appeared J. W. Kamphuis and
Marvin W. Edwards, known to me to be the person who executed the foregoing
instrument, and acknowledged that he executed the same for the purpose therein
contained and that the statements therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
24th day of January, 1970.

My Commission Expires October 24, 1970

                                                        /s/ [ILLEGIBLE]
                                                 -------------------------------
                                                         Notary Public

                                  Page: 3 of 3

<PAGE>

                             STATE OF NORTH CAROLINA

(SEAL)                DEPARTMENT OF THE SECRETARY OF STATE

                TO ALL WHOM THESE PRESENTS SHALL COME, GREETINGS:

  I, ELAINE F. MARSHALL, Secretary of State of the State of North Carolina, do
     hereby certify the following and hereto attached to be a true copy of

                              ARTICLES OF AMENDMENT

                                       OF

                          U-HAUL CO. OF NORTH CAROLINA

 the original of which was filed in this office on the 19th day of March, 1973.

                                    IN WITNESS WHEREOF, I have hereunto set my
                                    hand and affixed my official seal at the
                                    City of Raleigh, this 5th day of August,
                                    2003

                                              /s/ Elaine F. Marshall
                                              ----------------------
(SEAL)                                          Secretary of State

                                  Page: 1 of 3

<PAGE>

                              ARTICLES OF AMENDMENT
                               TO THE CHARTER OF
                    AMERCO MARKETING CO. OF WESTERN CAROLINAS
                              (NAME OF CORPORATION)

         The undersigned corporation, for the purpose of amending its Articles
of Incorporation and pursuant to the provisions of Section 55-108 of the General
Statutes of North Carolina, hereby executes the following Articles of Amendment.

         1. Name of the corporation AMERCO MARKETING CO. OF WESTERN CAROLINAS

         2. At a regularly convened meeting of the shareholders of the
corporation held on the 21st day of February, A.D. 1973, the following amendment
to the charter of the corporation was adopted by vote of the shareholders:

                                    ARTICLE I

        "The name of the corporation is U-HAUL CO. OF WESTERN CAROLINAS."

         3. The number of shares of the corporation outstanding at the time of
the adoption of said amendment or amendments was 500, and the number of shares
entitled to vote thereon was 500. The designation of each class entitled to vote
as a class on the adoption of said amendment or amendments, and the number of
shares of each such class was as follows:

<TABLE>
<CAPTION>
CLASS                               NUMBER OF SHARES
- -----                               ----------------
<S>                                 <C>
Common                                    500
</TABLE>

         4. The number of shares voted for amendment or amendments was 500; and
the number of shares voted against the amendment or amendments was -0-. Voting
within each class entitled to vote as a class was as follows:

<TABLE>
<CAPTION>
                                    NUMBER OF SHARES VOTED
                                    ----------------------
CLASS                                FOR          AGAINST
- -----                                ---          -------
<S>                                  <C>          <C>
Common                               500            -0-
</TABLE>

         5. Any exchange, reclassification or cancellation of issued shares will
be affected in the following manner: (to be completed when the amendment itself
does not set forth the manner in which the same will be effected)

                  No Change

                                  Page: 2 of 3

<PAGE>

         6. Any change in the stated capital of the corporation will be effected
in the following manner: (Include statement, expressed in dollars, of the amount
of stated capital as changed)

                  No Change

         7. Notice was given to shareholders containing the following statement
informing them of dissenter's rights to payment:

            or : The amendment herein effected does not give rise to dissenter's
right to payment : (Give brief explanation as to why no such rights arise)

         Dissenter's right to payment does not arise, this amendment is for name
change only.

         IN TESTIMONY WHEREOF, THIS statement is signed by the President and
Secretary this the 28th day of February, A.D. 1973.

                                                       /s/ Bill H. Fulcher
                                                 -------------------------------
                                                       President Bill H. Fulcher

                                                       /s/ James R. Morris
                                                 -------------------------------
                                                       Secretary James R. Morris

STATE OF North Carolina

COUNTY OF Mecklenburg

         This is to certify that on this the 23rd day of March, A.D 1973
personally appeared before me Bill M. Flucher and James R. Morris, each of whom,
being by me first duly sworn, deposes and says that he signed the foregoing
"Articles of Amendment" in the capacity indicated, that he was authorised so to
sign, and that the statements therein contained are true.

                                                        /s/ [ILLEGIBLE]
                                                 -------------------------------
                                                         Notary Public

My Commission expires May 23, 1977.

                                  Page: 3 of 3

<PAGE>

                             STATE OF NORTH CAROLINA

(SEAL)                DEPARTMENT OF THE SECRETARY OF STATE

                TO ALL WHOM THESE PRESENTS SHALL COME, GREETINGS:

  I, ELAINE F. MARSHALL, Secretary of State of the State of North Carolina, do
     hereby certify the following and hereto attached to be a true copy of

                               ARTICLES OF MERGER

                                       OF

                          U-HAUL CO. OF NORTH CAROLINA

   the original of which was filed in this office on the 18th day of December,
                                      1975.

                                    IN WITNESS WHEREOF, I have hereunto set my
                                    hand and affixed my official seal at the
                                    City of Raleigh, this 5th day of August,
                                    2003

                                               /s/ Elaine F. Marshall
                                               ----------------------
(SEAL)                                           Secretary of State

                                  Page: 1 of 9

<PAGE>

                               ARTICLES OF MERGER

                                       OF

                      U-HAUL CO. OF CENTRAL NORTH CAROLINA

                                      INTO

                         U-HAUL CO. OF WESTERN CAROLINAS

                           UNDER SECTION 55-109 OF THE

                    NORTH CAROLINA BUSINESS CORPORATION ACT

         The Plan of Merger which is attached hereto and by reference
incorporated herein was approved by the directors and the sole shareholder of
each of the Constituent Corporations in accordance with the laws of the State of
North Carolina.

         The number of shares outstanding, the number of shares entitled to vote
upon such Plan of Merger, and the number of shares voted for and against such
Plan as to each of the Constituent Corporations are as follows:

(1)      U-Haul Co. of Central North Carolina:

<TABLE>
<CAPTION>
Number of Shares             Number of Shares               Number                 Number
  Outstanding                Entitled to Vote              Voted For            Voted Against
- ----------------             ----------------              ---------            -------------
<S>                          <C>                           <C>                  <C>
     500                           500                        500                    NONE
</TABLE>

(2)      U-Haul Co. of Western Carolinas:

<TABLE>
<CAPTION>
Number of Shares             Number of Shares               Number                 Number
  Outstanding                Entitled to Vote              Voted For            Voted Against
- ----------------             ----------------              ---------            -------------
<S>                          <C>                           <C>                  <C>
     500                           500                        500                    NONE
</TABLE>

         Article I of the Articles of Incorporation of U-Haul Co. of Western
Carolinas the Surviving Corporation, is hereby amended to read as follows:

                                   "ARTICLE I

                  The name of the corporation shall be U-Haul Co. of Western
                  North Carolina."

         Executed this 9 day of Dec., 1975

                                  Page: 2 of 9

<PAGE>

                                    SURVIVOR:   U-Haul Co. of Western Carolinas,
                                                a North Carolina corporation

                                                By: /s/ B. H. Fulcher
                                                    ---------------------------
                                                                      President

                                                By: /s/ [ILLEGIBLE]
                                                    ---------------------------
                                                                      Secretary

                                    ABSORBED:   U-Haul Co. of Central North
                                                Carolina, a North Carolina
                                                corporation

                                                By: /s/ James R. Morris
                                                    ---------------------------
                                                                      President

                                                By: /s/ [ILLEGIBLE]
                                                    ---------------------------
                                                                      Secretary

                                  Page: 3 of 9

<PAGE>

                                 PLAN OF MERGER

         This Plan of Merger dated this 12th day of September, 1975, entered
into by U-Haul Co. of Central North Carolina, Absorbed Corporation, and U-Haul
Co. of Western Carolinas, Surviving Corporation, both North Carolina
corporations and together referred to as Constituent Corporations, hereby
WITNESSETH THAT:

         1.       This Plan of Merger was authorised and adopted by the Board of
Directors and approved by the sole shareholder of each Constituent Corporation
in accordance with the applicable laws of the State of North Carolina, in which
each was formed.

         2.       The provisions for handling the shares of stock of the
Constituent Corporations are as follows:

                  a.       All issued and outstanding shares of stock of
Absorbed Corporations shall be cancelled.

                  b.       On the effective date of the merger and when the
aforementioned cancellation has been effected, the outstanding stock of the
Surviving Corporation shall be deemed for all corporate purposes to evidence the
ownership of the Constituent Corporations.

         3.       Article I of the Articles of Incorporation of U-Haul Co. of
Western Carolinas, the Surviving Corporation, is hereby amended to read as
follows:

                                   "ARTICLE I

                  The name of the corporation shall be U-Haul Co. of Western
                  North Carolina."

         4.       All the property, real and personal, causes of action and
every other asset of each of the Constituent Corporations shall vest in the
Surviving Corporation without further act or deed; and the Absorbed Corporation
hereby specifically assigns to the Surviving Corporation all right, title and
interest in any and all U-Haul Dealership Contracts.

         5.       The Surviving Corporation shall assume and be liable for all
the liabilities, obligations and penalties of each of the Constituent
Corporations. No liability obligation due or to become due, claim or demand for
any cause existing against any such corporation, officer or director thereof,
shall be released or impaired by such merger. No action or proceeding, whether
civil or criminal, then pending by or

                                  Page: 4 of 9

<PAGE>

against any Constituent Corporation, officer or director thereof, shall abate or
be discontinued by such merger, but may be enforced, prosecuted, settled or
compromised as if such merger had not occurred, or such Surviving Corporation
may be substituted in such action or special proceeding in place of any
Constituent Corporation.

         6.       If the Surviving Corporation shall consider or be advised that
any assignment or assurances in law are necessary or desirable to vest or to
perfect or confirm of record In the Surviving Corporation the title to any
property or rights of the Absorbed Corporation, or to otherwise carry out the
provisions hereof, the proper officers and directors of the Absorbed Corporation
as of the effective date of the merger shall execute and deliver any assignments
and assurances in law, and do all things necessary or proper to vest or perfect
such rights in the Surviving Corporation and otherwise to carry out the
provisions hereof.

         7.       Each of the Constituent Corporations shall take or cause to be
taken all action or all things necessary, proper or advisable under the laws of
the State of North Carolina to consummate and make effective the merger subject,
however, to the consent of their sole shareholder, and the directors of each
Constituent Corporation are authorised and directed to perform all actions
required for accomplishing and filing this Plan of Merger.

         In Witness Whereof the corporate parties hereto, pursuant to authority
given by their respective Boards of Directors and sole shareholder, hereby
execute this Plan of Merger this 12th day of September, 1975.

                                    SURVIVOR:   U-Haul Co. of Western Carolinas,
                                                a North Carolina corporation

                                                By /s/ B. H. Fulcher
                                                   -----------------------------
                                                                       President

                                                By /s/ [ILLEGIBLE]
                                                   -----------------------------
                                                                       Secretary

                                                U-Haul Co. of Central North
                                                Carolina, a North Carolina
                                                corporation

                                                By /s/ James W. Morris
                                                   -----------------------------
                                                                       President

                                                By /s/ [ILLEGIBLE]
                                                   -----------------------------
                                                                       Secretary

                                  Page: 5 of 9

<PAGE>

STATE OF NORTH CAROLINA )
                        ) ss.
COUNTY OF               )

         On this the 9 day of Dec, 1975 before me, the undersigned Notary
Public, appeared James R. Morris and [ILLEGIBLE] who, being duly sworn, did say
that they are the President and Secretary respectively of U-Haul Co. of Central
North Carolina, a North Carolina corporation, that they are the persons whose
names are subscribed to the foregoing instrument on behalf of said corporation
in the above-stated capacities, that said instrument was signed on behalf of
said corporation by authority of its Board of Directors and its sole shareholder
as the free act and deed of said corporation for the purposes therein stated;
further, that the facts therein stated are true to the best of their knowledge,
information and belief.

         IN WITNESS WHEREOF I set my hand and official seal.

                                                 /s/ [ILLEGIBLE]
                                                 -------------------------------
                                                 Notary Public

                                            My commission expires Sept 17, 1978

(NOTARIAL SEAL)

                                  Page: 6 of 9

<PAGE>

STATE OF                  )
                          ) ss.
COUNTY OF                 )

         On this the 9 day of Dec., 1975 before me, the undersigned Notary
Public, appeared James R. Morris and [ILLEGIBLE] who, being duly sworn, did say
that they are the President and Secretary respectively of U-Haul Co. of Central
North Carolina, a North Carolina corporation, that they are the persons whose
names are subscribed to the foregoing instrument on behalf of said corporation
in the above-stated capacities, that said instrument was signed on behalf of
said corporation by authority of its Board of Directors and its sole shareholder
as the free act and deed of said corporation for the purposes therein stated;
further, that the facts therein stated are true to the best of their knowledge,
information and belief.

         IN WITNESS WHEREOF I set my hand and official seal.

                                                 /s/ [ILLEGIBLE]
                                                 -------------------------------
                                                 Notary Public

                                            My commission expires Sept 17, 1978

(NOTARAL SEAL)

                                  Page: 7 of 9

<PAGE>

STATE OF                  )
                          ) ss.
COUNTY OF                 )

         On this the 9 day of Dec, 1975 before me, the undersigned Notary
Public, appeared B. H Fulcher and [ILLEGIBLE] who, being duly sworn, did say
that they are the President and Secretary respectively of U-Haul Co. of Western
Carolinas, a North Carolina corporation, that they are the persons whose names
are subscribed to the foregoing instrument on behalf of said corporation in the
above-stated capacities, that said instrument was signed on behalf of said
corporation by authority of its Board of Directors and its sole shareholder as
the free act and deed of said corporation for the purposes therein stated;
further, that the facts therein stated are true to the best of their knowledge,
information and belief.

         IN WITNESS WHEREOF I set my hand and official seal.

                                                 /s/ [ILLEGIBLE]
                                                 -------------------------------
                                                 Notary Public

                                            My commission expires Sept 17, 1978

(NOTARIAL SEAL)

                                  Page: 8 of 9

<PAGE>

STATE OF NORTH CAROLINA   )
                          ) ss.
COUNTY OF                 )

         On this the 9 day of Dec, 1975 before me, the undersigned Notary
Public, appeared B. H. Fulcher and [ILLEGIBLE] who, being duly sworn, did say
that they are the President and Secretary respectively of U-Haul Co. of Western
Carolinas, a North Carolina corporation, that they are the persons whose names
are subscribed to the foregoing instrument on behalf of said corporation in the
above-stated capacities, that said instrument was signed on behalf of said
corporation by authority of its Board of Directors and its sole shareholder as
the free act and deed of said corporation for the purposes therein stated;
further, that the facts therein stated are true to the best of their knowledge,
information and belief.

         IN WITNESS WHEREOF I set my hand and official seal.

                                                 /s/ [ILLEGIBLE]
                                                 -------------------------------
                                                 Notary Public

                                            My commission expires Sept 17, 1978

(NOTARIAL SEAL)

                                  Page: 9 of 9
<PAGE>

                            STATE OF NORTH CAROLINA
(SEAL)               DEPARTMENT OF THE SECRETARY OF STATE

                TO ALL WHOM THESE PRESENTS SHALL COME, GREETINGS:

  I, ELAINE F. MARSHALL, Secretary of State of the State of North Carolina, do
     hereby certify the following and hereto attached to be a true copy of

                               ARTICLES OF MERGER

                                       OF

                          U-HAUL CO. OF NORTH CAROLINA

  the original of which was filed in this office on the 12th day of May, 1986.

              IN WITNESS WHEREOF, I have hereunto set my hand  and affixed my
              official seal at the City of Raleigh, this 5th day of August, 2003

                                             /s/ Elaine F. Marshall
                                             -----------------------------------
(SEAL)                                               Secretary of State

                                  Page: 1 of 9

<PAGE>

                               ARTICLES OF MERGER

                                       FOR

                      U-HAUL CO. OF EASTERN NORTH CAROLINA

                                       AND

                      U-HAUL CO. OF WESTERN NORTH CAROLINA

         The Plan of Merger which is attached hereto and by reference
Incorporated herein was approved by the directors and the sole shareholder of
each of the Constituent Corporations in accordance with the laws of the State of
North Carolina.

         The number of shares outstanding, the number of shares entitled to vote
upon such Plan of Merger, and the number of shares voted for and against such
Plan as to each of the Constituent Corporations are as follows:

                      U-HAUL CO. OF EASTERN NORTH CAROLINA

<TABLE>
<CAPTION>
Number of Shares     Number of Shares      Number         Number
   Outstanding       Entitled to Vote     Voted for    Voted Against
  ------------       ----------------     ---------    -------------
<S>                  <C>                  <C>          <C>
     500                    500              500             -0
</TABLE>

                     U-HAUL CO. OF WESTERN NORTH CAROLINA

<TABLE>
<CAPTION>
Number of Shares     Number of Shares      Number          Number
 Outstanding         Entitled to Vote     Voted for     Voted Against
 -----------         ----------------     ---------     -------------
<S>                  <C>                  <C>           <C>
    500                    500               500            -0
</TABLE>

         Article I of the Articles of Incorporation of U-Haul Co. of Western
North Carolina, the Surviving Corporation, is hereby amended to read as follows:

                                   ARTICLE I

         The name of the corporation shall be U-Haul Co. of North Carolina
Executed this 15 day of April, 1986.

                               SURVIVOR: U-Haul  Co.  of Western North Carolina,
                                         a North Carolina Corporation

                                         BY: /s/ Larry Bassett, Jr.
                                             -----------------------------------
                                             Larry Bassett, Jr., President

                                         BY: /s/ Steve Chandler
                                             -----------------------------------
                                             Steve Chandler,  Secretary

                               ABSORBED: U-Haul  Co.  of Eastern North Carolina,
                                         a North Carolina Corporation

                                         By: /s/ Leon Estep
                                             -----------------------------------
                                             Leon Estep, President

                                         By: /s/ Gail L. Edwards
                                             -----------------------------------
                                             Gail L. Edwards, Secretary

                                  Page: 2 of 9

<PAGE>

STATE OF NORTH CAROLINA   )
                          )    ss.
COUNTY OF                 )

         On this 15 day of April, 1986 before me, the undersigned Notary Public,
appeared Leon Estep, Sr., and Gail L. Edwards who, being duly sworn, did say
that they are the President and Secretary respectively of U-Haul Co. of Eastern
North Carolina, a North Carolina corporation, that they are the persons whose
names are subscribed to the foregoing Instrument on behalf of said corporation
in the above-stated capacities, that said instrument was signed on behalf of
said corporation by authority of its Board of Directors and its sole shareholder
as the free act and deed of said corporation for the purpose therein stated;
further, that the facts therein stated are true to the best of their knowledge.
information and belief.

         IN WITNESS WHEREOF, I set my hand and official seal.

                                                  /s/ [ILLEGIBLE]
                                                  ------------------------------
                                                        NOTARY PUBLIC

         (NOTARIAL SEAL)     My Commission Expires June 26, 1988

                                  Page: 3 of 9
<PAGE>

STATE OF NORTH CAROLINA   )
                          )    ss.
COUNTY OF                 )

         On this 15 day of April, 1986 before me, the undersigned Notary Public,
appeared Larry Bassett, Jr., and Steve Chandler who, being duly sworn, did say
that they are the President and Secretary respectively of U-Haul Co. of Western
North Carolina, a North Carolina corporation, that they are the persons whose
names are subscribed to the foregoing Instrument on behalf of said corporation
in the above-stated capacities, that said instrument was signed on behalf of
said corporation by authority of its Board of Directors and its sole shareholder
as the free act and deed of said corporation for the purpose therein stated;
further, that the facts therein stated are true to the best of their knowledge,
information and belief.


         IN WITNESS WHEREOF, I set my hand and official seal.

                                                /s/ [ILLEGIBLE]
                                                --------------------------------
                                                   NOTARY PUBLIC

         (NOTARIAL SEAL)     My Commission Expires June 26, 1988

                                  Page: 4 of 9

<PAGE>

                                 PLAN OF MERGER

         The Plan of Merger dated this 1st day of April, 1986, entered into by
U-Haul Co. of Eastern North Carolina. Absorbed Corporation, and U-Haul Co. of
Western North Carolina, Surviving Corporation, both North Carolina corporations
and together referred to as Constituent Corporations, hereby WITNESSETH THAT:

         1.       This Plan of Merger was authorized and adopted by the Board of
Directors and approved by the sole shareholder of each Constituent Corporation
in accordance with the applicable laws of the State of North Carolina, in which
each was formed.

         2.       The provisions for handling the shares of stock of the
Constituent Corporations are as follows:

                  a.       All Issued and outstanding shares of stock of
Absorbed Corporations shall be cancelled.

                  b.       On the effective date of the merger and when the
aforementioned cancellation has been effected, the outstanding stock of the
Surviving Corporation shall be deemed for all corporate purposes to evidence the
ownership of the Constituent Corporations.

         3.       Article I of the Articles of Incorporation of U-Haul Co. of
Western North Carolina, the Surviving Corporation, is hereby amended to read as
follows:

                                    ARTICLE I

           "The name of the corporation shall be U-Haul Co. of North Carolina."

         4.       All the property, real and personal, causes of action and
every other asset of each of the Constituent Corporations shall vest in the
Surviving Corporation without further act or deed; and the Absorbed Corporation
hereby specifically assigns to the Surviving Corporation all right, title and
Interest in any and all U-Haul Dealership Contracts.

         5.       The Surviving Corporation shall assume and be liable for all
the liabilities, obligations and penalties of each of the Constituent
Corporations. No liability or obligation due or to become due, claim or demand
for any cause existing against any such corporation, officer or director
thereof, shall be released or Impaired by such merger. No action or proceeding,
whether civil or criminal, then pending by or against any Constituent
Corporation, officer or director thereof, shall abate or be discontinued by such
merger, but may be enforced, prosecuted, settled or compromised as if such
merger had not occurred, or such Surviving Corporation may be substituted in
such action or special proceeding in place of any Constituent Corporation.

                                  Page: 5 of 9

<PAGE>

         6.       If the Surviving Corporation shall consider or be advised that
any assignment or assurances in law are necessary or desirable to vest or to
perfect or confirm of record in the Surviving Corporation the title to any
property or rights of the Absorbed Corporation, or to otherwise carry out the
provisions hereof, the proper officers and directors of the Absorbed Corporation
as of the effective date of the merger shall execute and deliver any assignments
and assurances in law, and do all things necessary or proper to vest or perfect
such rights in the Surviving Corporation and otherwise to carry out the
provisions hereof.

         7.       Each of the Constituent Corporations shall take or cause to be
taken all action or all things necessary, proper or advisable under the laws of
the State of North Carolina to consummate and make effective the merger subject,
however, to the consent of their sole shareholder, and the directors of each
Constituent Corporation are authorized and directed to perform all actions
required for accomplishing and filing this Plan of Merger.

         IN WITNESS WHEREOF the corporate parties hereto, pursuant to authority
given by their respective Boards of Directors and sole shareholder, hereby
execute this Plan of Merger this 1st day of April, 1986.

                              SURVIVOR: U-Haul Co. of Western North Carolina,
                                        a North Carolina Corporation

                                        BY: /s/ [ILLEGIBLE]
                                            ------------------------------------
                                                                  President

                                        BY: /s/ [ILLEGIBLE]
                                            ------------------------------------
                                                                  Secretary

                              ABSORBED: U-Haul Co.  of Eastern North Carolina,
                                        a North Carolina Corporation

                                        BY: /s/ [ILLEGIBLE]
                                            ------------------------------------
                                                                  President

                                        BY: /s/ [ILLEGIBLE]
                                            ------------------------------------
                                                                  Secretary

<PAGE>

STATE OF NORTH CAROLINA    )
                           )    ss.
COUNTY OF                  )

         On this 15 day of April, 1986 before me, the undersigned Notary Public,
appeared Leon Estep Sr., and Gail L. Edwards who, being duly sworn, did say
that they are the President and Secretary respectively of U-Haul Co. of Eastern
North Carolina, a North Carolina corporation, that they are the persons whose
names are subscribed to the foregoing instrument on behalf of said corporation
in the above-stated capacities, that said instrument was signed on behalf of
said corporation by authority of its Board of Directors and its sole shareholder
as the free act and deed of said corporation for the purpose therein stated;
further, that the facts therein stated are true to the best of their knowledge,
information and belief.

         IN WITNESS WHEREOF, I set my hand and official seal.

                                                      /s/ [ILLEGIBLE]
                                                      --------------------------
                                                           NOTARY PUBLIC

         (NOTARIAL SEAL)

         [ILLEGIBLE]

                                  Page: 7 of 9

<PAGE>

STATE OF NORTH CAROLINA    )
                           )  ss.
COUNTY OF                  )

         On this 15 day of April, 1986 before me, the undersigned Notary Public,
appeared Larry Bassett, Jr., and Steve Chandler who, being duly sworn, did say
that they are the President and Secretary respectively of U-Haul Co. of Western
North Carolina, a North Carolina corporation, that they are the persons whose
names are subscribed to the foregoing instrument on behalf of said corporation
in the above-stated capacities, that said instrument was signed on behalf of
said corporation by authority of its Board of Directors and its sole shareholder
as the free act and deed of said corporation for the purpose therein stated;
further, that the facts therein stated are true to the best of their knowledge,
information and belief.

         IN WITNESS WHEREOF, I set my hand and official seal.


                                                      /s/ [ILLEGIBLE]
                 My Commission Expires June 26, 1988 ---------------------------
                                                            NOTARY PUBLIC

                 (NOTARIAL SEAL)

                                  Page: 8 of 9
<PAGE>

                       CERTIFICATE OF CORPORATE RESOLUTION

         I, John A. Lorentz, do hereby certify that I am the duly elected and
acting Secretary of AMERCO, a Nevada corporation, and that the following is a
true and accurate copy of the resolutions adopted by the Board of Directors at
a meeting duly called and held on the 1st day of April, 1986, as the same
appears on the books and records of this corporation:

            RESOLVED: That this corporation, being the sole owner of all
            of the outstanding stock of U-Haul Co. of Eastern North
            Carolina and U-Haul Co. of Western North Carolina, hereby
            authorizes and directs that the respective Boards of Directors
            of said corporations proceed with such actions as will
            accomplish the merger of said corporations, with U-Haul Co. of
            Western North Carolina being the survivor corporation, and be
            it further

            RESOLVED: That in addition to such merger proceedings, the
            name of the survivor corporation, U-Haul Co. of Western North
            Carolina, be changed to U-Haul Co. of North Carolina, and be
            it further

            RESOLVED: That the Secretary of this corporation be and hereby
            is directed to execute a Certificate of Corporate Resolution
            to be submitted to the Office of the Secretary of State of
            North Carolina, attesting to the aforesaid Resolution and
            certifying that this corporation does hereby vote all of the
            outstanding stock of said corporation in favor of such merger.

         IN WITNESS WHEREOF, I have set my hand and affixed the seal of this
corporation this 1st day of April, 1986.

                                           /s/ John A. Lorentz,
                                               --------------------------------
                                               John A. Lorentz, Secretary

(CORPORATE SEAL)

                                  Page: 9 of 9

<PAGE>

                             STATE OF NORTH CAROLINA
[SEAL]                DEPARTMENT OF THE SECRETARY OF STATE

                TO ALL WHOM THESE PRESENTS SHALL COME, GREETINGS:

  I, ELAINE F. MARSHALL, Secretary of State of the State of North Carolina, do
     hereby certify the following and hereto attached to be a true copy of

                               ARTICLES OF MERGER

                                       OF

                          U-HAUL CO. OF NORTH CAROLINA

        the original of which was filed in this office on the 14th day of
                                September, 1989.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
                  official seal at the City of Raleigh, this 5th day of August,
                  2003

                                           /s/ Elaine F. Marshall
                                               --------------------------------
[SEAL]                                          Secretary of State

                                  Page: 1 of 6

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 14th day of July,
1989, entered into by U-Haul Co. of North Carolina, a North Carolina
corporation, the surviving corporation and Raleigh Rental Equipment Repair Shop,
Inc., a North Carolina corporation, the Absorbed Corporation, and together
referred to as the Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation law of the State of North Carolina which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 3101 Petty Road, Durham, North Carolina 27707.

                                      III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Absorbed Corporation shall be cancelled.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Surviving
                           Corporation.

                                  Page: 2 of 6

<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OP MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                           NUMBER OF SHARES
                      NUMBER OF SHARES         ENTITLED         NUMBER VOTED      NUMBER VOTED
   COMPANY NAME          OUTSTANDING           TO VOTE              FOR              AGAINST
   ------------       ----------------     ----------------     ------------      ------------
<S>                   <C>                  <C>                  <C>               <C>
U-HAUL CO.
OF NORTH                    500                   500               500               -0-
CAROLINA

RALEIGH RENTAL
EQUIPMENT REPAIR             50                    50                50               -0-
SHOP, INC.
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of North Carolina, to consummate and make effective this
merger, subject, however to the appropriate vote or consent to the stockholders
of the Constituent Corporation in accordance with the requirements of the state
of North Carolina.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C. T. Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

        The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                                  Page: 3 of 6
<PAGE>

                                    Surviving Corporation: U-HAUL CO. OF NORTH
                                                           CAROLINA, a north
                                                           Carolina Corporation

                                    By: /s/ Timothy A. Leichty
                                       --------------------------------------
                                            Timothy A. Leichty, President
Verified

By: /s/ Cassandra Goodman
    --------------------------------
        Cassandra Goodman, Secretary

                                    Absorbed Corporation:  RALEIGH RENTAL
                                                           EQUIPMENT REPAIR
                                                           SHOP, INC., a North
                                                           Carolina Corporation

                                    By: /s/ John M. Dodds
                                       --------------------------------------
                                            John M. Dodds, President
Verified

By: /s/ John A. Lorentz
   --------------------------------
       John A. Lorentz, Secretary

                                  Page: 4 of 6
<PAGE>

STATE OF NORTH CAROLINA

COUNTY OP NEW HANOVER

         On this 21st day of July, 1989, before me, the undersigned Notary
Public, personally appeared Timothy A. Leichty, known to me to be the President
of U-Haul Co. of North Carolina, a North Carolina corporation that he is the
person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same., and that the
statements therein contained are true.

                                       /s/ [ILLEGIBLE]
                                       --------------------------------------
(NOTARY SEAL)                           NOTARY PUBLIC

                                           My Commission Expires Nov 10, 1991

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 14th day of July, 1989, before me, the undersigned Notary
Public, personally appeared John M. Dodds, known to me to be the President of
Raleigh Rental Equipment Repair Shop, Inc., a North Carolina corporation, that
he is the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same., and that the
statements therein contained are true.

                                       /s/ Blanche I. Passolt
                                       --------------------------------------
                                       NOTARY PUBLIC
(NOTARY SEAL)

                                  Page: 5 of 6
<PAGE>

STATE OF NORTH CAROLINA

COUNTY OF NEW HANOVER

         On this 28th day of August, 1989, before me, the undersigned Notary
Public, personally appeared Cassandra Goodman, known to me to be the Secretary
of U-Haul Co. of North Carolina, a North Carolina corporation, that he is the
person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same., and that the
statements therein contained are true.

                                       /s/ [ILLEGIBLE]
                                       --------------------------------------
(NOTARY SEAL)                           NOTARY PUBLIC

                                           My Commission Expires Nov 10, 1991

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 21st day of August, 1989, before me, the undersigned notary
public, personally appeared John A. Lornetz known to me to be the Secretary of
Raleigh Rental Equipment Repair Shop, Inc., a North Carolina Corporation, that
he is the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same., and that the
statements therein contained are true.

                                       /s/ Blanche I. Passolt
                                       --------------------------------------
                                       NOTARY PUBLIC
(NOTARY SEAL)

                                  Page: 6 of 6
<PAGE>

                             STATE OF NORTH CAROLINA
[SEAL]                DEPARTMENT OF THE SECRETARY OF STATE

                TO ALL WHOM THESE PRESENTS SHALL COME, GREETINGS:

  I, ELAINE F. MARSHALL, Secretary of State of the State of North Carolina, do
     hereby certify the following and hereto attached to be a true copy of

                               ARTICLES OF MERGER

                                       OF

                          U-HAUL CO. OF NORTH CAROLINA

        the original of which was filed in this office on the 14th day of
                                September, 1989.

                  IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
                  official seal at the City of Raleigh, this 5th day of August,
                  2003

                                           /s/ Elaine F. Marshall
                                               --------------------------------
[SEAL]                                         Secretary of State

                                  Page: 1 of 6
<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 14th day of July,
1989, entered into by U-Haul Co. of North Carolina, a North Carolina
corporation, the surviving corporation and Hitch World, Inc., a North Carolina
corporation, the Absorbed Corporation, and together referred to as the
Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of North Carolina which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 3101 Petty Road, Durham, North Carolina 27707.

                                      III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (l)      All issued and outstanding shares of stock of the
                           Absorbed Corporation shall be cancelled.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Surviving
                           Corporation.

                                  Page: 2 of 6
<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                          NUMBER OF SHARES
                     NUMBER OF SHARES         ENTITLED         NUMBER VOTED      NUMBER VOTED
  COMPANY NAME          OUTSTANDING           TO VOTE              FOR              AGAINST
  ------------       ----------------     ----------------     ------------      ------------
<S>                  <C>                  <C>                  <C>               <C>
U-HAUL CO.
OF NORTH CAROLINA          500                  500                500              -0-

HITCH WORLD, INC.          300                  300                300              -0-
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of North Carolina, to consummate and make effective this
merger, subject, however to the appropriate vote or consent to the stockholders
of the Constituent Corporation in accordance with the requirements of the State
of North Carolina.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                                  Page: 3 of 6
<PAGE>

                                     Surviving Corporation: U-HAUL CO. OF NORTH
                                                            CAROLINA, a North
                                                            Carolina Corporation


                                     By: /s/ Timothy A. Leichty
                                        --------------------------------------
                                             Timothy A. Leichty, President
Verified

By: /s/Cassandra Goodman
   --------------------------------
       Cassandra Goodman, Secretary

                                     Absorbed corporation: HITCH WORLD, INC.,
                                                          a north Carolina
                                                          Corporation

                                     By: /s/ John A. Lorentz
                                        --------------------------------------
                                           John A. Lorentz, President
Verified

By: /s/ George R. Olds
   --------------------------------
      George R. Olds, Secretary

                                  Page: 4 of 6
<PAGE>

STATE OF NORTH CAROLINA

COUNTY OF NEW HANOVER

         On this 21st day of July, 1989, before me, the undersigned Notary
Public, personally appeared Timothy A. Leichty , known to me to be the President
of U-Haul Co. of North Carolina, a North Carolina corporation that he is the
person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same, and that the
statements therein contained are true.

                                       /s/ [ILLEGIBLE]
                                       --------------------------------------
(NOTARY SEAL)                           NOTARY PUBLIC

                                           My Commission Expires Nov 10, 1991

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 14th day of July, 1989, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the President of
Hitch World, Inc., a North Carolina corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same., and that the statements therein
contained are true.

                                       /s/ Blanche I. Passolt
                                       --------------------------------------
                                       NOTARY PUBLIC
(NOTARY SEAL)

                                  Page: 5 of 6
<PAGE>

STATE OF NORTH CAROLINA

COUNTY OF NEW HANOVER

         On this 28th day of August, 1989, before me, the undersigned Notary
Public, personally appeared Cassandra Goodman, known to me to be the Secretary
of U-Haul Co. of North Carolina, a North Carolina corporation, that he is the
person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same., and that the
statements therein contained are true
                                       /s/ [ILLEGIBLE]
                                       --------------------------------------
                                        NOTARY PUBLIC

(NOTARY SEAL)
                                          My Commission Expires Nov 10, 1991

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 21st day of August, 1989, before me, the undersigned Notary
Public, personally appeared George R. Olds known to me to be the Secretary of
Hitch World, Inc., a North Carolina corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same., and that the statements therein
contained are true.

                                       /s/ Blanche I. Passolt
                                       --------------------------------------
                                       NOTARY PUBLIC
(NOTARY SEAL)

                                  Page: 6 of 6
<PAGE>

[LOGO]                       STATE OF NORTH CAROLINA
                      DEPARTMENT OF THE SECRETARY OF STATE

                TO ALL WHOM THESE PRESENTS SHALL COME, GREETINGS:

  I, ELAINE F. MARSHALL, Secretary of State of the State of North Carolina, do
     hereby certify the following and hereto attached to be a true copy of

                               ARTICLES OF MERGER

                                       OF

                          U-HAUL CO. OF NORTH CAROLINA

  the original of which was filed in this office on the 28th day of September,
                                      1989.

                                    IN WITNESS WHEREOF, I have hereunto set my
                                    hand and affixed my official seal at the
                                    City of Raleigh, this 5th day of August,
                                    2003
[LOGO]
                                             /s/ Elaine F. Marshall

                                            Secretary of State

Page: 1 of 6


<PAGE>

                       PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 14th day of July,
1989, entered into by U-Haul Co. of North Carolina, a North Carolina
corporation, the surviving corporation and Charlotte Rental Equipment Repair
Shop, Inc., a North Carolina corporation, the Absorbed Corporation, and together
referred to as the Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of North Carolina which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                       I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 3101 Petty Road, Durham, North Carolina 27707.

                                      III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Absorbed Corporation shall be cancelled.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Surviving
                           Corporation.

Page: 2 of 6

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                        NUMBER OF
                       NUMBER OF         SHARES       NUMBER    NUMBER
      COMPANY           SHARES          ENTITLED      VOTED      VOTED
       NAME          OUTSTANDING         TO VOTE       FOR      AGAINST
- -----------------------------------------------------------------------
<S>                  <C>                <C>           <C>       <C>
U-HAUL CO.
OF NORTH                  500               500          500      -0-
CAROLINA

CHARLOTTE
RENTAL EQUIPMENT        7,500             7,500        7,500      -0-
REPAIR SHOP, INC.
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of North Carolina, to consummate and make effective this
merger, subject, however to the appropriate vote or consent to the stockholders
of the Constituent Corporation in accordance with the requirements of the State
of North Carolina.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

Page: 3 of 6

<PAGE>

                                Surviving Corporation:  U-HAUL CO. OF NORTH
                                                        CAROLINA, a North
                                                        Carolina Corporation

                                By: /s/ Timothy A. Leichty
                                    --------------------------------------------
                                    Timothy A. Leichty, President

Verified

By: /s/ Cassandra Goodman
    ---------------------------------------------
    Cassandra Goodman, Secretary

                                Absorbed Corporation:   CHARLOTTE RENTAL
                                                        EQUIPMENT REPAIR
                                                        SHOP, INC., a North
                                                        Carolina Corporation

                                By: /s/ David J. Arthur
                                    --------------------------------------------
                                    David J. Arthur, President

Verified

By: /s/ Walter P. Hall
    ---------------------------------------------
    Walter P. Hall, Secretary

                                   Page: 4 of 6

<PAGE>

STATE OF NORTH CAROLINA

COUNTY OF MECKLENBURG

         On this 21st day of July, 1989, before me, the undersigned Notary
Public, personally appeared Timothy A. Leichty , known to me to be the President
of U-Haul Co. of North Carolina, a North Carolina corporation that he is the
person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same., and that the
statements therein contained are true.

                                    /s/ [ILLEGIBLE]
                                    --------------------------------------------
                                    NOTARY PUBLIC

         (NOTARY SEAL)

                       My Commission Expires Nov 10, 1991

STATE OF NORTH CAROLINA

COUNTY OF MECKLENBURG

         On this 21st day of July, 1989, before me, the undersigned Notary
Public, personally appeared David J. Arthur, known to me to be the President of
Charlotte Rental Equipment Repair Shop, Inc., a North Carolina corporation, that
he is the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same., and that the
statements therein contained are true.

                                    /s/ [ILLEGIBLE]
                                    --------------------------------------------
                                    NOTARY PUBLIC

         (NOTARY SEAL)

                       My Commission Expires Nov 10, 1991

Page: 5 of 6

<PAGE>

STATE OF NORTH CAROLINA

COUNTY OF MECKLENBURG

         On this 28th day of August, 1989, before me, the undersigned Notary
Public, personally appeared Cassandra Goodman, known to me to be the Secretary
of U-Haul Co. of North Carolina, a North Carolina corporation, that he is the
person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same., and that the
statements therein contained are true.

                                    /s/ [ILLEGIBLE]
                                    --------------------------------------------
                                    NOTARY PUBLIC

         (NOTARY SEAL)

                       My Commission Expires Nov 10, 1991

STATE OF NORTH CAROLINA

COUNTY OF MECKLENBURG

         On this       day of August, 1989, before me, the undersigned Notary
Public, personally appeared Walter P. Hall known to me to be the Secretary of
Charlotte Rental Equipment Repair Shop, Inc., a North Carolina corporation, that
he is the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same., and that the
statements therein contained are true.

                                    /s/ [ILLEGIBLE]
                                    --------------------------------------------
                                    NOTARY PUBLIC

         (NOTARY SEAL)

                       My Commission Expires Nov 10, 1991

Page: 6 of 6

<PAGE>

[LOGO]                      STATE OF NORTH CAROLINA
                      DEPARTMENT OF THE SECRETARY OF STATE

                TO ALL WHOM THESE PRESENTS SHALL COME, GREETINGS:

  I, ELAINE F. MARSHALL, Secretary of State of the State of North Carolina, do
     hereby certify the following and hereto attached to be a true copy of

                              ARTICLES OF AMENDMENT

                                       OF

                          U-HAUL CO. OF NORTH CAROLINA

   the original of which was filed in this office on the 18th day of December,
                                      1975.

                                    IN WITNESS WHEREOF, I have hereunto set my
                                    hand and affixed my official seal at the
                                    City of Raleigh, this 5th day of August,
                                    2003
[LOGO]
                                                /s/ Elaine F. Marshall

                                              Secretary of State

Page: 1 of 9

<PAGE>

                               ARTICLES OF MERGER

                                       OF

                      U-HAUL CO. OF CENTRAL NORTH CAROLINA

                                      INTO

                        U-HAUL CO. OF WESTERN CAROLINAS

                           UNDER SECTION 55-109 OF THE

                     NORTH CAROLINA BUSINESS CORPORATION ACT

         The Plan of Merger which is attached hereto and by reference
incorporated herein was approved by the directors and the sole shareholder of
each of the Constituent Corporations in accordance with the laws of the State of
North Carolina.

         The number of shares outstanding, the number of shares entitled to vote
upon such Plan of Merger, and the number of shares voted for and against such
Plan as to each of the Constituent Corporations are as follows:

(1) U-Haul Co. of Central north Carolina:

<TABLE>
<CAPTION>
Number of Shares     Number of Shares      Number        Number
  Outstanding        Entitled To Vote    Voted For   Voted Against
- ----------------     ----------------    ---------   -------------
<S>                  <C>                 <C>         <C>
      500                  500              500           NONE
</TABLE>

(2) U-Haul Co. of Western Carolinas:

<TABLE>
<CAPTION>
Number Of Shares     Number Of Shares      Number       Number
  Outstanding        Entitled To Vote    Voted For   Voted Against
- ----------------     ----------------    ---------   -------------
<S>                  <C>                 <C>         <C>
      500                   500             500           NONE
</TABLE>

         Article I of the Articles of Incorporation of U-Haul Co. of Western
Carolinas the Surviving Corporation, is hereby amended to read as follows:

                                   "ARTICLE I

                  The name of the corporation shall be U-Haul Co. of Western
                  North Carolina."

         Executed this 9 day of Dec., 1975

Page: 2 of 9


<PAGE>

                                SURVIVOR:       U-Haul Co. of Western Carolinas,
                                                a North Carolina corporation

                                                By  /s/ [ILLEGIBLE]
                                                    ----------------------------
                                                                       President

                                                By  /s/ [ILLEGIBLE]
                                                    ----------------------------
                                                                       Secretary

                                ABSORBED:       H-Haul Co. of Central North
                                                Carolina, a North Carolina
                                                corporation

                                                By  /s/ [ILLEGIBLE]
                                                    ----------------------------
                                                                       President

                                                By  /s/ [ILLEGIBLE]
                                                    ----------------------------
                                                                       Secretary

Page: 3 of 9

<PAGE>

                                 PLAN OF MERGER

         This Plan of Merger dated this 12th day of September, 1975, entered
into by U-Haul Co. of Central North Carolina, Absorbed Corporation, and U-
Haul Co. of Western Carolinas, Surviving Corporation, both North Carolina
corporations and together referred to as Constituent Corporations, hereby
WITNESSETH THAT:

         1.       This Plan of Merger was authorized and adopted by the Board of
Directors and approved by the sole shareholder of each Constituent Corporation
in accordance with the applicable laws of the State of North Carolina, in which
each was formed.

         2.       The provisions for handling the shares of stock of the Con-
stituent Corporations are as follows:

                  a.       All issued and outstanding shares of stock of
Absorbed Corporations shall be cancelled.

                  b.       On the effective date of the merger and when the
aforementioned cancellation has been effected, the outstanding stock of the
Surviving Corporation shall be deemed for all corporate purposes to evidence the
ownership of the Constituent Corporations.

         3.       Article I of the Articles of Incorporation of U-Haul Co. of
Western Carolinas, the Surviving Corporation, is hereby amended to read as
follows:

                                   "ARTICLE I

                  The name of the corporation shall be U-Haul Co. of Western
                  North Carolina."

         4.       All the property, real and personal, causes of action and
every other asset of each of the Constituent Corporations shall vest in the
Surviving Corporation without further act or deed; and the Absorbed Corporation
hereby specifically assigns to the Surviving Corporation all right, title and
Interest in any and all U-Haul Dealership Contracts.

         5.       The Surviving Corporation shall assume and be liable for all
the liabilities, obligations and penalties of each of the Constituent
Corporations. No liability or obligation due or to become due, claim or demand
for any cause existing against any such corporation, officer or director
thereof, shall be released or impaired by such merger. No action or proceeding,
whether civil or criminal, then pending by or

Page: 4 of 9

<PAGE>

against any Constituent Corporation, officer or director thereof, shall abate or
be discontinued by such merger, but may be enforced, prosecuted, settled or
compromised as if such merger had not occurred, or such Surviving Corporation
may be substituted in such action or special proceeding in place of any
Constituent Corporation.

         6.       If the Surviving Corporation shall consider or be advised that
any assignment or assurances in law are necessary or desirable to vest or to
perfect or confirm of record in the Surviving Corporation the title to any
property or rights of the Absorbed Corporation, or to otherwise carry out the
provisions hereof, the proper officers and directors of the Absorbed Corporation
as of the effective date of the merger shall execute and deliver any assignments
and assurances in law, and do all things necessary or proper to vest or perfect
such rights in the Surviving Corporation and otherwise to carry out the
provisions hereof.

         7.       Each of the Constituent Corporations shall take or cause to be
taken all action or all things necessary, proper or advisable under the laws of
the State of North Carolina to consummate and make effective the merger subject,
however, to the consent of their sole shareholder, and the directors of each
Constituent Corporation are authorized and directed to perform all actions
required for accomplishing and filing this Plan of Merger.

         In Witness Whereof the corporate parties hereto, pursuant to authority
given by their respective Boards of Directors and sole shareholder, hereby
execute this Plan of Merger this 12th day of September, 1975.

                                SURVIVOR:       U-Haul Co. of Western Carolinas,
                                                a North Carolina corporation

                                                By  /s/ [ILLEGIBLE]
                                                    ----------------------------
                                                                       President

                                                By  /s/ [ILLEGIBLE]
                                                    ----------------------------
                                                                       Secretary

                                ABSORBED:       U-Haul Co. of Central North
                                                Carolina, a North Carolina
                                                corporation

                                                By  /s/ [ILLEGIBLE]
                                                    ----------------------------
                                                                       President

                                                By  /s/ [ILLEGIBLE]
                                                    ----------------------------
                                                                       Secretary

Page: 5 of 9

<PAGE>

STATE OF NORTH CAROLINA         )
                                ) ss.
COUNTY OF                       )

         On this the 9 day of Dec., 1975 before me, the undersigned Notary
Public, appeared [ILLEGIBLE] and [ILLEGIBLE] who, being duly sworn, did say that
they are the President and Secretary respectively of U-Haul Co. of Central
North Carolina, a North Carolina corporation, that they are the persons whose
names are subscribed to the foregoing instrument on behalf of said corporation
in the above-stated capacities, that said instrument was signed on behalf of
said corporation by authority of its Board of Directors and its sole shareholder
as the free act and deed of said corporation for the purposes therein stated;
further, that the facts therein stated are true to the best of their
knowledge,information and belief.

         IN WITNESS WHEREOF I set my hand and official seal.

                                                /s/ [ILLEGIBLE]
                                                --------------------------------
                                                Notary Public

                                My commission expires Sept. 17, 1978

(NOTARIAL SEAL)

Page: 6 of 9

<PAGE>

STATE OF                        )
                                ) ss.
COUNTY OF                       )

         On this the 9 day of Dec., 1975 before me, the undersigned Notary
Public, appeared [ILLEGIBLE] and [ILLEGIBLE], who, being duly sworn, did say
that they are the President and Secretary respectively of U-Haul Co. of Central
North Carolina, a North Carolina corporation, that they are the persons whose
names are subscribed to the foregoing instrument on behalf of said corporation
in the above-stated capacities, that said instrument was signed on behalf of
said corporation by authority of its Board of Directors and its sole shareholder
as the free act and deed of said corporation for the purposes therein stated;
further, that the facts therein stated are true to the best of their knowledge,
information and belief.

         IN WITNESS WHEREOF I set my hand and official seal.

                                                /s/ [ILLEGIBLE]
                                                --------------------------------
                                                Notary Public

                                My commission expires Sept. 17, 1978

(NOTARIAL SEAL)

Page: 7 of 9

<PAGE>

STATE OF                        )
                                ) ss.
COUNTY OF                       )

         On this the 9 day of Dec., 1975 before me, the undersigned Notary
Public, appeared [ILLEGIBLE] and [ILLEGIBLE] who, being duly sworn, did say that
they are the President and Secretary respectively of U-Haul Co. of Western
Carolinas, a North Carolina corporation, that they are the persons whose names
are subscribed to the foregoing instrument on behalf of said corporation in the
above-stated capacities, that said instrument was signed on behalf of said
corporation by authority of its Board of Directors and its sole shareholder as
the free act and deed of said corporation for the purposes therein stated;
further, that the facts therein stated are true to the best of their knowledge,
information and belief.

         IN WITNESS WHEREOF I set my hand and official seal.

                                                /s/ [ILLEGIBLE]
                                                --------------------------------
                                                Notary Public

                                My commission expires Sept. 17, 1978

(NOTARIAL SEAL)

Page: 8 of 9

<PAGE>

STATE OF NORTH CAROLINA         )
                                ) ss.
COUNTY OF                       )

         On this the 9 day of Dec., 1975 before me, the undersigned Notary
Public, appeared [ILLEGIBLE] and [ILLEGIBLE] who, being duly sworn, did say that
they are the President and Secretary respectively of U-Haul Co. of Western
Carolinas, a North Carolina corporation, that they are the persons whose names
are subscribed to the foregoing instrument on behalf of said corporation in the
above-stated capacities, that said instrument was signed on behalf of said
corporation by authority of its Board of Directors and its sole shareholder as
the free act and deed of said corporation for the purposes therein stated;
further, that the facts therein stated are true to the best of their knowledge,
information and belief.

         IN WITNESS WHEREOF I set my hand and official seal.

                                                /s/ [ILLEGIBLE]
                                                --------------------------------
                                                Notary Public

                                My commission expires Sept. 17, 1978

(NOTARIAL SEAL)

Page: 9 of 9

<PAGE>

                             STATE OF NORTH CAROLINA
                      DEPARTMENT OF THE SECRETARY OF STATE

                TO ALL WHOM THESE PRESENTS SHALL COME, GREETINGS:

  I, ELAINE F. MARSHALL, Secretary of State of the State of North Carolina, do
     hereby certify the following and hereto attached to be a true copy of

                              ARTICLES OF AMENDMENT

                                       OF

                          U-HAUL CO. OF NORTH CAROLINA

  the original of which was filed in this office on the 12th day of May, 1986.

                                    IN WITNESS WHEREOF, I have hereunto set my
                                    hand and affixed my official seal at the
                                    City of Raleigh, this 5th day of August,
                                    2003

                                                 /s/ Elaine F. Marshall

                                               Secretary of State

Page: 1 of 9

<PAGE>

                               ARTICLES OF MERGER

                                       FOR

                      U-HAUL CO. OF EASTERN NORTH CAROLINA

                                       AND

                      U-HAUL CO. OF WESTERN NORTH CAROLINA

         The Plan of Merger which is attached hereto and by reference
incorporated herein was approved by the directors and the sole shareholder of
each of the Constituent Corporations in accordance with the laws of the State of
North Carolina.

         The number of shares outstanding, the number of shares entitled to vote
upon such Plan of Merger, and the number of shares voted for and against such
Plan as to each of the Constituent Corporations are as follows:

                      U-HAUL CO. OF EASTERN NORTH CAROLINA

<TABLE>
<CAPTION>
Number of Shares     Number of Shares      Number        Number
  outstanding        Entitled to Vote    Voted For   Voted Against
- ------------------------------------------------------------------
<S>                  <C>                 <C>         <C>
      500                  500              500            -0
</TABLE>

                      U-HAUL CO. OF WESTERN NORTH CAROLINA

<TABLE>
<CAPTION>
Number of Shares     Number of Shares      Number        Number
  outstanding        Entitled to Vote    Voted For   Voted Against
- ------------------------------------------------------------------
<S>                  <C>                 <C>         <C>
      500                  500              500            -0
</TABLE>

         Article I of the Articles of Incorporation of U-Haul Co. of Western
North Carolina, the Surviving Corporation, is hereby amended to read as follows:

                                    ARTICLE I

         The name of the corporation shall be U-Haul Co. of North Carolina
Executed this 15 day of April, 1986.

                              SURVIVOR:  U-Haul Co. of Western North Carolina,
                                         a North Carolina Corporation

                                         By: /s/ Larry Bassett
                                             ---------------------------------
                                             Larry Bassett, Jr., President

                                         BY: /s/ Steve Chandler
                                             ---------------------------------
                                             Steve Chandler, Secretary

                              ABSORBED:  U-Haul Co. of Eastern North Carolina.
                                         a North Carolina Corporation

                                         BY: /s/ Leon Estep
                                             ---------------------------------
                                             Leon Estep, President

                                         BY: /s/ Gail L. Edwards
                                             ---------------------------------
                                             Gail L. Edwards, Secretary

Page: 2 of 9

<PAGE>

STATE OF NORTH CAROLINA         )
                                ) ss.
COUNTY OF                       )

         On this 15 day of April, 1986 before me, the undersigned Notary Public,
appeared Leon Estep, Sr., and Gail L. Edwards who, being duly sworn, did say
that they are the President and Secretary respectively of U-Haul Co. of Eastern
North Carolina, a North Carolina corporation, that they are the persons whose
names are subscribed to the foregoing instrument on behalf of said corporation
in the above-stated capacities, that said instrument was signed on behalf of
said corporation by authority of its Board of Directors and its sole shareholder
as the free act and deed of said corporation for the purpose therein stated;
further, that the facts therein stated are true to the best of their knowledge,
information and belief.

         IN WITNESS WHEREOF, I set my hand and official seal.

                                        /s/ [ILLEGIBLE]
                                        ---------------------------------------
                                            NOTARY PUBLIC

                       My Commission Expires June 26, 1988

         (NOTARIAL SEAL)

Page: 3 of 9

<PAGE>

STATE OF NORTH CAROLINA         )
                                ) ss.
COUNTY OF                       )

         On this 15 day of April, 1986 before me, the undersigned Notary Public,
appeared Larry Bassett, Jr., and Steve Chandler who, being duly sworn, did say
that they are the President and Secretary respectively of U-Haul Co. of Western
North Carolina, a North Carolina corporation, that they are the persons whose
names are subscribed to the foregoing instrument on behalf of said corporation
in the above-stated capacities, that said instrument was signed on behalf of
said corporation by authority of its Board of Directors and its sole shareholder
as the free act and deed of said corporation for the purpose therein stated;
further, that the facts therein stated are true to the best of their knowledge.
information and belief.

         IN WITNESS WHEREOF, I set my hand and official seal.

                                        /s/ [ILLEGIBLE]
                                        ---------------------------------------
                                            NOTARY PUBLIC

                       My Commission Expires June 26, 1988

         (NOTARIAL SEAL)

Page: 4 of 9
<PAGE>

                                 PLAN OF MERGER

         The Plan of Merger dated this 1st day of April, 1986, entered into by
U-Haul Co. of Eastern North Carolina, Absorbed Corporation, and U-Haul Co. of
Western North Carolina. Surviving Corporation, both North Carolina corporations
and together referred to as Constituent Corporations, hereby WITNESSETH THAT:

         1.       This Plan of Merger was authorized and adopted by the Board of
Directors and approved by the sole shareholder of each Constituent Corporation
in accordance with the applicable laws of the State of North Carolina, in which
each was formed.

         2.       The provisions for handling the shares of stock of the
Constituent Corporations are as follows:

                   a.       All issued and outstanding shares of stock of
Absorbed Corporations shall be cancelled.

                   b.       On the effective date of the merger and when the
aforementioned cancellation has been effected, the outstanding stock of the
Surviving Corporation shall be deemed for all corporate purposes to evidence the
ownership of the Constituent Corporations.

         3.        Article I of the Articles of Incorporation of U-Haul Co. of
Western North Carolina, the Surviving Corporation, is hereby amended to read as
follows:

                                    ARTICLE I

                  "The name of the corporation shall be U-Haul Co. of North
Carolina."

         4.        All the property, real and personal, causes of action and
every other asset of each of the Constituent Corporations shall vest in the
Surviving Corporation without further act or deed; and the Absorbed Corporation
hereby specifically assigns to the Surviving Corporation all right, title and
interest in any and all U-Haul Dealership Contracts.

         5.        The Surviving Corporation shall assume and be liable for all
the liabilities, obligations and penalties of each of the Constituent
Corporations. No liability or obligation due or to become due, claim or demand
for any cause existing against any such corporation, officer or director
thereof, shall be released or impaired by such merger. No action or proceeding,
whether civil or criminal, then pending by or against any Constituent
Corporation, officer or director thereof, shall abate or be discontinued by such
merger, but may be enforced, prosecuted, settled or compromised as if such
merger had not occurred, or such Surviving Corporation may be substituted in
such action or special proceeding in place of any Constituent Corporation.

Page: 5 of 9
<PAGE>

         6.       If the Surviving Corporation shall consider or be advised that
any assignment or assurances in law are necessary or desirable to vest or to
perfect or confirm of record in the Surviving Corporation the title to any
property or rights of the Absorbed Corporation, or to otherwise carry out the
provisions hereof, the proper officers and directors of the Absorbed Corporation
as of the effective date of the merger shall execute and deliver any assignments
and assurances in law, and do all things necessary or proper to vest or perfect
such rights in the Surviving Corporation and otherwise to carry out the
provisions hereof.

         7.       Each of th Constituent Corporations shall take or cause to be
taken all action or all things necessary, proper or advisable under the laws of
the State of North Carolina to consummate and make effective the merger subject,
however, to the consent of their sole shareholder, and the directors of each
Constituent Corporation are authorized and directed to perform all actions
required for accomplishing and filing this Plan of Merger.

         IN WITNESS WHEREOF the corporate parties hereto, pursuant to authority
given by their respective Boards of Directors and sole shareholder, hereby
execute this Plan of Merger this 1st day of April, 1986.

                                 SURVIVOR: U-Haul Co. of Western North Carolina,
                                           a North Carolina Corporation

                                           BY: /s/ [ILLEGIBLE]
                                               ---------------------------------
                                                                   President

                                           BY: /s/ [ILLEGIBLE]
                                               ---------------------------------
                                                                   Secretary

                                 ABSORBED: U-Haul Co. of Eastern North Carolina,
                                           a North Carolina Corporation

                                           BY: /s/ [ILLEGIBLE]
                                               ---------------------------------
                                                                   President

                                           BY: /s/ [ILLEGIBLE]
                                               ---------------------------------
                                                                   Secretary

Page: 6 of 9
<PAGE>

STATE OF NORTH CAROLINA     )
                            )      ss.
COUNTY OF                   )

         On this 15 day of April, 1986 before me, the undersigned Notary Public,
appeared Leon Estep, Sr., and Gail L. Edwards who, being duly sworn, did say
that they are the President and Secretary respectively of U-Haul Co. of Eastern
North Carolina, a North Carolina corporation, that they are the persons whose
names are subscribed to the foregoing instrument on behalf of said corporation
in the above-stated capacities, that said instrument was signed on behalf of
said corporation by authority of its Board of Directors and its sole shareholder
as the free act and deed of said corporation for the purpose therein stated;
further, that the facts therein stated are true to the best of their knowledge,
information and belief.

         IN WITNESS WHEREOF, I set my hand and official seal.

                                              /s/      [ILLEGIBLE]
                                           ------------------------------------
                                                      NOTARY PUBLIC

                  (NOTARIAL SEAL)

                   Comm. expires

Page: 7 of 9
<PAGE>

STATE OF NORTH CAROLINA    )
                           )  ss.
COUNTY OF                  )

         On this 15 day of April, 1986 before me, the undersigned Notary Public,
appeared Larry Bassett, Jr., and Steve Chandler who, being duly sworn, did say
that they are the President and Secretary respectively of U-Haul Co. of Western
North Carolina, a North Carolina corporation, that they are the persons whose
names are subscribed to the foregoing instrument on behalf of said corporation
in the above-stated capacities, that said instrument was signed on behalf of
said corporation by authority of its Board of Directors and its sole shareholder
as the free act and deed of said corporation for the purpose therein stated;
further, that the facts therein stated are true to the best of their knowledge,
information and belief.

         IN WITNESS WHEREOF, I set my hand and official seal.

                                                           /s/   [ILLEGIBLE]
                                                       -------------------------
                 My commission Expires June 26, 1988            NOTARY PUBLIC

                 (NOTARIAL SEAL)

Page: 8 of 9
<PAGE>

                       CERTIFICATE OF CORPORATE RESOLUTION

         I, John A. Lorentz, do hereby certify that I am the duly elected and
acting Secretary of AMERCO, a Nevada corporation, and that the following is a
true and accurate copy of the resolutions adopted by the Board of Directors at a
meeting duly called and held on the 1st day of April, 1986, as the same appears
on the books and records of this corporation:

                  RESOLVED: That this corporation, being the sole owner of all
                  of the outstanding stock of U-Haul Co. of Eastern North
                  Carolina and U-Haul Co. of Western North Carolina, hereby
                  authorizes and directs that the respective Boards of Directors
                  of said corporations proceed with such actions as will
                  accomplish the merger of said corporations, with U-Haul Co. of
                  Western North Carolina being the survivor corporation, and be
                  it further

                  RESOLVED: That in addition to such merger proceedings, the
                  name of the survivor corporation, U-Haul Co. of Western North
                  Carolina, be changed to U-Haul Co. of North Carolina, and be
                  it further

                  RESOLVED: That the Secretary of this corporation be and hereby
                  is directed to execute a Certificate of Corporate Resolution
                  to be submitted to the Office of the Secretary of State of
                  North Carolina, attesting to the aforesaid Resolution and
                  certifying that this corporation does hereby vote all of the
                  outstanding stock of said corporation in favor of such merger.

         IN WITNESS WHEREOF, I have set my hand and affixed the seal of this
corporation this 1st day of April, 1986.

                                             /s/ John A. Lorentz
                                          --------------------------------------
                                                 John A. Lorentz, Secretary

         (CORPORATE SEAL)

Page: 9 of 9

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.122
<SEQUENCE>121
<FILENAME>p68936exv3w122.txt
<DESCRIPTION>EXHIBIT 3.122
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.122

                                   BY-LAWS OF

                        U-HAUL CO. OF WESTERN CAROLINAS

                          A North Carolina Corporation

                                   ARTICLE I

                                                             DATE: March 5, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of North Carolina shall be
located in the city of Ashville. The corporation may have such other offices
either within or without the state of North Carolina as the Board of Directors
may designate or as the business of the corporation may require from time to
time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Wednesday in April of each year, at the office of the corporation in the
state of North Carolina or otherwise as provided in the notice of said meeting.
The purpose of said annual meeting shall be for the election of directors and
for the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, May be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                      -1-

<PAGE>

may be held within or without the state of North Carolina. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

        1st.     All persons claiming to hold proxies shall present them to the
                 tellers for verification.

        2nd.     Proof of due notice of meeting when applicable.

        3rd.     Reading and disposal of all unapproved minutes.

        4th.     Reports of officers and committees.

        5th.     Election of Directors.

        6th.     Unfinished business.

        7th.     New business.

        8th.     Adjournment.

                                      -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be affective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting . The meeting
may be held within or without the state of North Carolina.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of North Carolina.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as follow:

                                       -3-

<PAGE>

        1st.     Roll call; a quorum being present.

        2nd.     Reading of minutes of preceding meeting and action thereon.

        3rd.     Consideration of communications of the Board of Directors.

        4th.     Reports of officials and committees.

        5th.     Unfinished business.

        6th.     Miscellaneous business.

        7th.     New business.

        8th.     Adjournment.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

        1.       To purchase, lease, and acquire, in any lawful manner any and
                 all real or personal property including franchises, stocks,
                 bonds and debentures of other companies, business and good
                 will, patents, trade-marks in contracts, and interests
                 thereunder, and other rights and proprieties which in their
                 judgment may be beneficial for the purpose of this corporation,
                 and to issue shares of stock of this corporation in payment of
                 such property, and in payment for services rendered to this
                 corporation, when they deem it advisable.

        2.       To fix and determine and to vary, from time to time, the
                 amount or amounts to be set aside or retained as reserve funds
                 or as working capital of this corporation.

        3.       To issue notes and other obligations or evidences of the debt
                 of this corporation, and to secure the same, if deemed
                 advisable, and endorse and guarantee the notes, bonds, stocks,
                 and other obligations of other corporations with or without
                 compensation for so doing, and from time to time to sell,
                 assign, transfer

                                      -4-

<PAGE>

                 or otherwise dispose of any of the property of this
                 corporation, subject, however, to the laws of the State of
                 North Carolina, governing the disposition of the entire assets
                 and business of the corporation as a going concern.

        4.       To declare and pay dividends, both in the form of money and
                 stock, but only from the surplus or from the net profit
                 arising from the business of this corporation, after deducting
                 therefrom the amounts, at the time when any dividend is
                 declared which shall have been set aside by the Directors as a
                 reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized, by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the North Carolina statutes regulating the
appointment of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of President, Vice-President,
Secretary and Treasurer, and such other officers as shall from time to time be
provided for by the Board of Directors. Such officers shall be elected by ballot
or unanimous acclamation at the meeting of the Board of Directors after the
annual election of Directors. In order to hold any election there be a quorum
present, and any of officer receiving a majority vote shall be declared elected
and shall hold office for one year and until his or her respective successor
shall have been duly elected and qualified; provided, however, that all
officers, agents and employees of the corporation shall be subject to removal
from office pre-emptorily by vote of the Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with

                                      -5-

<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of a said corporation shall keep the minutes of all meetings of
the Board of Directors and the minutes of all meetings of the shareholders, and
also when requested by a committee, the minutes of such committee, in books
provided for the purpose. He shall attend to the giving and serving of notice
of the corporation. It shall be the duty of the Secretary to sign with the
President, in the name of the corporation, all contracts, notes, mortgages, and
other instruments and other obligations authorized by the Board of Directors,
and when so ordered by the Board of Directors, he shall affix the Seal of
Corporation thereto. The Secretary shall have charge of all books, documents,
and papers properly belonging to his office, and of such other books and papers
as the Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                      -6-

<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of North Carolina, the number and par value, if any, of each share
represented by it, the name of the person owning the shares represented thereby,
with the number of each share and the date of issue, and the stock thereby
represented is transferrable only upon the books of the corporation and upon the
signer of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the number of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation may be made by surrender of the certificate issued
therefor, and the written assignment thereof by the owner or his duly authorized
Attorney in Fact. Upon such surrender and assignment, a new certificate shall be
issued to the assignee as he may be entitled, but without such surrender and
assignment no transfer of stock shall be recognized by the corporation. The
Board of Directors shall have the power concerning the issue, transfer and
registration of certificate for agents and registrars of transfer, and may
require all stock certificates to bear signatures of either or both. The stock
transfer books shall be closed ten days before each meeting of the shareholders
and during such period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                      -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1.   Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF WESTERN CAROLINAS, are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly
adopted by the Board of Directors and that the same do now constitute the
By-Laws of this corporation.

                                         _____________________________
                                         President - Bill H. Fulcher

ATTEST:

_____________________________
Secretary - James R. Morris

      (CORPORATE SEAL)

                                      -8-
<PAGE>

                         U-HAUL CO. OF NORTH CAROLINA,
                         A NORTH CAROLINA CORPORATION

                            SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of North
Carolina, a North Carolina corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                           SHAREHOLDER:

                                           U-Haul International, Inc., a Nevada
                                           Corporation

                                           By:/s/ Gary V. Klinefelter
                                              ---------------------------------
                                           Name: Gary V. Klinefelter
                                           Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.123
<SEQUENCE>122
<FILENAME>p68936exv3w123.txt
<DESCRIPTION>EXHIBIT 3.123
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.123

                            ARTICLES OF INCORPORATION

                                       of

                               U-HAUL CO. OF FARGO

         WE, THE UNDERSIGNED natural persons of the age of twenty-one or more,
acting as incorporators under the North Dakota Business Corporation Act, adopt
the following Articles of Incorporation for such corporation:

                                    ARTICLE I

         The name of said corporation shall be U-HAUL CO. OF FARGO.

                                   ARTICLE II

         The period of its duration shall be perpetual.

                                   ARTICLE III

         The purposes for which the corporation is formed are to rent and lease
to the general public trailers, semi-trailers, trucks, passenger automobiles
and other equipment, tools, machinery, vehicles and property of any and every
kind and description, and to purchase or otherwise acquire and operate any
facilities useful for the conduct of the business enterprises of this
corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of North
Dakota, upon corporations, and to engage in any lawful activity within the
purposes for which corporations may be organized under the North Dakota Business
Corporation Act.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue is five hundred (500) shares of common stock of the par value
of Ten ($10.00) Dollars each, totaling Five Thousand ($5,000.00) Dollars of
authorized capital stock.

Page one of three pages

<PAGE>

                                    ARTICLE V

         The corporation shall not commence business until at least One Thousand
($1,000.00) Dollars has been received by it as consideration for the issuance of
shares.

                                   ARTICLE VI

         The address of the initial registered office of the corporation is c/o
C. T. Corporation System 320 North 4th Street, Bismarck, North Dakota 58501, and
the name of its initial resident agent at that address is C. T. Corporation
system.

                                   ARTICLE VII

         The number of directors consisting the initial Board of Directors in
three (3), and the names and addresses of the persons who are to serve as
directors until the first annual meeting of shareholders or until their
successors are elected and shall qualify are:

             Virgil A. Aarness             2106 South 19th Street
                                           Moorhead, Minnesota 56560

             Donald Dietrich               2106 South 19th Street
                                           Moorhead, Minnesota 56560

             Judith A. Aarness             2106 South 19th Street
                                           Moorhead, Minnesota 56560

                                  ARTICLE VIII

         The name and address of each incorporator is:

             John A. Lorentz               2727 North Central Avenue
                                           Phoenix, Arizona 85004

             David L. Helsten              2727 North Central Avenue
                                           Phoenix, Arizona 85004

             Arthur G. Seifert             2727 North Central Avenue
                                           Phoenix, Arizona 85004

         IN WITNESS WHEREOF, we have hereunto set our hands and seal this 27th
day of January, 1970.

                                            /s/ John A. Lorentz
                                            ----------------------------------
                                            John A. Lorentz

Page two of three pages
<PAGE>

                                                     /s/ David L. Helsten
                                                     ---------------------------
                                                     David L. Helsten

                                                     /s/ Arthur G. Seifert
                                                     ---------------------------
                                                     Arthur G. Seifert

STATE OF ARIZONA        )
                        )ss.
COUNTY OF MARICOPA      )

         I, Helen H. Delamater, a Notary Public for Arizona, hereby certify that
on the 27th day of January, 1970, personally appeared before me John A. Lorentz,
David L. Helsten and Arthur G. Seifert who being by me first duly sworn,
severally declared that they are the persons who signed the foregoing document
as incorporators, and that the statements therein contained are true.

                                        /s/ Helen H. Delamater
                                        ---------------------------
                                        Helen H. Delamater
                                        Notary Public for the State of Arizona
                                        Residing at Tempo, Arizona
                                        My Commission expires August 13, 1972

         (NOTARIAL SEAL)

Certificate no. 21799

STATE OF NORTH DAKOTA   )
   Department of State  )ss.

Filed for record the 30th
day of January 1970
/s/ [ILLEGIBLE]
- -------------------------------------
            SECRETARY OF STATE

- -------------------------------------
            DEPUTY

[ILLEGIBLE]

      Page three of three pages

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of North Dakota

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is U-HAUL CO., a corporation
         organized and existing under the laws of the State of North Dakota.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is: U-Haul Co. of
         Fargo

         IN WITNESS WHEREOF, this corporation has caused this consent to be
executed this 26 day of January, 1970.

                                               U-HAUL CO.

                                               By: Wayne G. Parker
                                                  ------------------------------
                                                                       President

STATE OF ARIZONA           )
                           ) ss.
COUNTY OF MARICOPA         )

         Before me, a Notary Public, personally appeared Wayne G. Parker known
to me to be the person who executed the foregoing instrument, and acknowledged
that he executed the same for the purpose therein contained and that the
statements therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
26, day of January, 1970.

                  By: Helen H. Delamater
                     ------------------------------
                           Notary Public
                      Helen H. Delamater

                                     My Commission Expires Aug. 13, [ILLEGIBLE]
<PAGE>

Certificate No. [ILLEGIBLE]

                                  [ILLEGIBLE]

                          [STATE OF NORTH DAKOTA LOGO]

                          CERTIFICATE OF INCORPORATION
                                       OF

                               U-HAUL CO. OF FARGO

         The undersigned, as Secretary of State of the State of North Dakota,
hereby certifies that duplicate originals of Articles of Incorporation for the
incorporation of

                               U-HAUL CO. OF FARGO

Duly signed and verified pursuant to the provisions of the North Dakota BUSINESS
corporation Act, have been received in this office and are found to conform to
law.

         ACCORDINGLY the undersigned, as such Secretary of State, and by virtue
of the authority vested in him by law, hereby issues this Certificate of
Incorporation to

                              U-HAUL CO. OF FARGO

and attaches hereto & duplicate original of the Articles of Incorporation.

                                    IN TESTIMONY WHEREOF, I have hereunto set my
                                    hand  and affixed the Great Seal of the
                                    State at the Capital

         Great Seal

                                    in the City of Bismarck, this 30th day of
                                    January A.D. 1970.

                                    /s/ BEN HEIER
                                    ------------------------------------
                                                    Secretary of State.

                                    By
                                      ----------------------------------
                                                                Deputy.


                           "Buy North Dakota Products"
<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of North Dakota

         The undersigned corporation hereby consents to the use of a similar
name :

1.       The name of the consenting corporation is AMERCO, a corporation
         organized and existing under the laws of the State of Arizona.


2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

         AMERCO MARKETING CO. OF FARGO

         In Witness Whereof, this corporation has [ILLEGIBLE] this consent to be
executed this _______ day of August, 1970.

                                          AMERCO, an Arizona corporation

                                      By: /s/ [ILLEGIBLE]
                                          -----------------------------------
                                             [ILLEGIBLE]        President

STATE OF ARIZONA   )
                   ) ss.
COUNTY OF MARICOPA )

         Before me, a Notary Public, personally appeared L.S. [ILLEGIBLE] known
to me to be the person who executed the foregoing instrument, and acknowledged
that he executed the same for the purpose therein contained and that the
statement therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
[ILLEGIBLE] day of August, 1970.

                                                /s/ HELEN H. DELAMATOR
                                                -------------------------
                                                HELEN H. DELAMATOR

<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

                              U-HAUL CO. OF FARGO

STATE OF MINNESOTA )
                   )ss.
COUNTY OF CLAY     )

         ANTHONY TORTORICE and EILEEN TORTORICE being first duly sworn, upon
their oath depose and say;

         1.       That they are the President and the Secretary respectively of
                  U-HAUL CO. OF FARGO.

         2.       That at meeting of the Board of Directors of said corporation,
                  duly held at Moorchead, Minnesota on August 12, 1970, the
                  following resolution was adopted:

                  "RESOLVED: That Article I of the Articles of Incorporation of
                  this corporation be amended to read as follows:

                           "The name of this corporation is AMERCO MARKETING CO.
                           OF FARGO."

         3.       That the shareholders have adopted sid amendment by resolution
                  at a meeting held at Moorchead, Minnesota on August 12, 1970.
                  That the wording of the amended articles, as set forth in the
                  shareholders' resolution, is the same as that set forth in the
                  directors' resolution in Paragraph [ILLEGIBLE] above.

         4.       That the number of shares which voted affirmatively for the
                  adoption of said resolution is 500, and that the total number
                  of shares entitled to vote on or consent to said amendment is
                  500.

                                                 /s/ [ILLEGIBLE]
                                                 -------------------------------
                                                                President

            (CORPORATE SEAL)

ATTEST:

    /s/ [ILLEGIBLE]
- ---------------------------
        Secretary

Page 1 of Two Pages

<PAGE>

STATE OF MINNESOTA )
                   )ss.
COUNTY OF CLAY     )

         On this 21st day of September, 1970, before no, Notary Public,
personally appeared ANTHONY TORTORICE and EILEEN TORTORICE known by me to be the
persons whose signatures are subscribed to the within instrument and who
acknowledged that they executed the same as their free act for the purposes
therein contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.
                                                   /s/ [ILLEGIBLE]
                                         ---------------------------------------
                                                       Notary Public

(NOTARIAL SEAL)

Page 2 of Two Pages

<PAGE>

Certificate No.  [ILLEGIBLE]

                          [STATE OF NORTH DAKOTA LOGO]

                            CERTIFICATE OF AMENDMENT
                                       OF

                              U-HAUL CO. OF FARGO

The undersigned, as Secretary of State of the State of North Dakota, hereby
certifies that duplicate originals of Articles of Amendment to the Articles of
Incorporation of U-HAUL CO. OF FARCO duly signed and verified pursuant to the
provisions of the North Dakota Business Corporation Act, Have been received in
the office and are found to conform to law.

ACCORDINGLY the undersigned, as such Secretary of State, and by virtue of the
authority vested in him by law, hereby issues this Certificate of Amendment to
the Articles of Incorporation of U-HAUL, CO. OF FARGO changing the corporate
name to AMERCO MARKETING CO. OF FARGO and attaches hereto a duplicate original
of the Articles of Amendment.

                                      IN TESTIMONY WHEREOF, I have hereunto set
                                      my hand and affixed the Grent Seal of the
                                      State at the Capital in the City of
                                      Bismarek, this 30th day of September A.D.,
                                      1970.

                                      -----------------------------------------
                                                          Secretary of State.

File No. [ILLEGIBLE]
DUPLICATE                             By ____________________________, Deputy.

                          "Buy North Dakota Products"
<PAGE>

AMENDMENTS-DOMESTIC CO., ORATIONS
(Execute in duplicate.)

                              ARTICLES OF AMENDMENT
                                     TO THE
                            ARTICLES OF INCORPORATION
                                       OF

                          AMERCO MARKETING CO. OF FARGO

         Pursuant to the provisions of Chapter 10-19 of the North Dakota Century
Code, the undersigned corporation adopts the following Articles of Amendment to
its Articles of Incorporation:

         ARTICLE 1. The name of the corporation is AMERCO MARKETING CO. OF FARGO

         ARTICLE 2. The following amendment of the Articles of incorporation
was adopted by the shareholders of the corporation on February 21, 1973. in the
manner prescribed by the North Dakota Century Code.

                                    ARTICLE I

         The name of the corporation is U-HAUL CO. OF FARGO.

         ARTICLE 3. The number of shares of the corporation outstanding at the
time of such adoption was 500, and the number of shares  [ILLEGIBLE] to vote
hereon was 500.

         ARTICLE 4. The designation and number of outstanding shares of each
class entitled to vote thereon as a class were as follows:

                           Class  NONE         Number of Shares

         ARTICLE 5. The number of shares voted for such amendment was 500; and
the number of shares voted against such amendment was NONE

         ARTICLE 6. The number of shares of each class, entitled to vote thereon
as a class, voted for and against such amendment, respectively, as follows:

                                            Number of Shares Voted
                           Class NONE       for            Against
<PAGE>

         ARTICLE 7. The manner, if not set forth in such amendment, in which
any exchange, reclassification, or cancellation of issued shares provided for in
the amendment shall be effected, is as follows:

..................................NO CHANGE......................................

.................................................................................

.................................................................................

.................................................................................

         ARTICLE 8.  The manner in which such amendment effects a change in the
amount of stated capital, and the amount of stated capital as changed by such
amendment, are as follows:

.................................NO CHANGE.......................................

.................................................................................

         Dated MARCH 2, 1973.

                                  AMERCO MARKETING CO. OF FARCO
                                  ----------------------------------------------
                                                   [ILLEGIBLE]

                                  By  /s/ Anthony Tortorice
                                      ------------------------------------------
                                      Anthony Tortorice President

                                  and /s/ Linda Cullen
                                      ------------------------------------------
                                      Linda Cullen Secretary

         Anthony Tortorice                   being first duly sworn says that he
- --------------------------------------------
          (One of officers who signed above)
President and that he has read the foregoing articles of amendment and
knows the contents thereof, and verily believes the statements made therein to
be true.

                                  /s/ Anthony Tortorice
                                  ----------------------------------------------
                                  Anthony Tortorice President-Verifying Officer.

         Subscribed and sworn to before me this 2 day of MARCH, 1973.

                                  /s/ [ILLEGIBLE]
                                  ----------------------------------------------
                                                Notary Public

                                  State of [ILLEGIBLE]

                                  My Commission expires [ILLEGIBLE] 1977
Fee $12.00.

Certificate No. 3747

Filing Date March 8 1973

/s/ [ILLEGIBLE]
- ---------------------------
         Secretary of State
By ________________________
                     Deputy

                          "Buy North Dakota Products"

<PAGE>

Certificate No. [ILLEGIBLE]

                          [STATE OF NORTH DAKOTA LOGO]

                            CERTIFICATE OF AMENDMENT

                                       OF

                         AMERCO MARKETING CO. OF FARCO
The undersigned, as Secretary of State of the State of North Dakota, hereby
certifies that duplicate originals of Articles of Amendment to the Articles of
Incorporation of AMERCO MARKETING CO. OF FARCO duly signed and verified
pursuant to the provisions of the North Dakota BUSINESS Corporation Act, have
been received in this office and are found to conform to law.

ACCORDINGLY the undersigned, as such Secretary of State, and by virtue of the
authority vested in him by law, hereby issues this Certificate of Amendment to
the Articles of Incorporation of AMERCO MARKETING CO. OF FARCO change
corporate name to U-HAUL CO. OF FARCO and attaches hereto a duplicate original
of the Articles of Amendment.

                                    IN TESTIMONY WHEREOF, I have hereunto set my
                                    hand and affixed the Great Seal of the State
                                    at the Capital in the City of Bismarek, this
                                    8th day of March A.D., 1973.

                                                 /s/ BEN MEIER
                                    --------------------------------------------
                                                         Secretary of State

[GREAT SEAL]

File No. [ILLEGIBLE]

DUPLICATE                           By _______________________________, Deputy.

                           "Buy North Dakota Products"

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1.       The name of the consenting corporation is U-HAUL CO., a
                  corporation organized and existing under the laws of the State
                  of North Dakota.

         2.       The name of the corporation to which consent is given and
                  which is about to amend its corporate name is:

                  AMERCO MARKETING CO. OF FARGO

         3.       The name the corporation shall adopt by amending its Articles
                  of Incorporation is:

                  U-HAUL CO. OF FARGO

         In Witness Whereof, this corporation has caused this consent to be
executed this 28th day of February, 1973.

                              U-HAUL CO., a [ILLEGIBLE] North Dakota corporation

                              By              /s/ Arthur G.
                                 -----------------------------------------
                                 Arthur G. Assistant Secretary Seifert

STATE OF ARIZONA    )
                    )ss.
COUNTY OF MARICOPA  )

         Before me, a Notary Public, personally appeared Arthur G. Seifert,
known to me to be the person who executed the foregoing instrument, and
acknowledged that he executed the same for the purpose therein contained and
that the statements therein contained are truly set forth.

         In Witness Whereof, I have hereunto set my hand and official seal this
[ILLEGIBLE] day of February, 1973.

(SEAL)                                             /s/ [ILLEGIBLE]
                                    --------------------------------------------
                                    Notary Public       -      State of Arizona

                                           My commission expires August 13, 1976
<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1.       The name of the consenting corporation is U-HAUL CO., a
                  corporation organized and existing under the laws of the State
                  of
                  __________________________

         2.       The name of the corporation to which consent is given and
                  which is about to amend its corporate name is:

                      _________________________________

         3.       The name the corporation shall adopt by amending its Articles
                  of Incorporation is:

                      _____________________________________

         In Witness Whereof, this corporation has caused this consent to be
executed this _________ day of _______________________, 19___.

                               U-HAUL CO., a (an) [ILLEGIBLE] Dakota corporation

                               By: /s/  [ILLEGIBLE]
                                   ---------------------------------------
                                        Assistant Secretary Seifert

STATE OF ARIZONA     )
                     )ss.
COUNTY OF MARICOPA   )

         Before me, a Notary Public, personally appeared Arthur G. Seifert,
known to me to be the person who executed the foregoing instrument, and-
acknowledged that he executed the same for the purpose therein contained and
that the statements therein contained are truly set forth.

         In Witness Whereof, I have hereunto set my hand and official seal this
[ILLEGIBLE] day of [ILLEGIBLE], 19[ILLEGIBLE].

(SEAL)                                               /s/ [ILLEGIBLE]
                                           -------------------------------------
                                           Notary Public    -   State of Arizona
                                           My commission expires August 13, 1976

<PAGE>

                    STATEMENT OF CHANGE OF REGISTERED OFFICE

TO THE SECRETARY OF STATE OF THE STATE OF NORTH DAKOTA:

         Pursuant to the provisions of Sections 10-19-10 or 10-22-09 of the
North Dakota Century Code, the undersigned registered agent submits the
following statement for the purpose of changing the registered office in the
State of North Dakota for each corporation for which it is acting as registered
agent.

         FIRST: The name of the corporation is

                               U-HAUL CO OF FARGO

         (This corporation is named, in the statement of change of registered
         office filed by its registered agent)

         SECOND: The address of the present registered office of such
         corporation is
            320 North 4th Street, c/o C T Corporation System, Bismarck, North
            Dakota 58501

         THIRD: The address to which its registered office is to be changed is
            314 East Thayer Avenue, c/o C T Corporation System, Bismarck, North
            Dakota 58501

         FOURTH: The name of the present registered agent of such corporation
is
                             C T Corporation System

         FIFTH: The address of the registered office of such corporation and the
         address of the business office of the registered agent as changed will
         be identical.

         SIXTH: A copy of this statement has been mailed to such corporation.

Dated September 21, 1973.                                 C T CORPORATION SYSTEM

                                             By /s/ [ILLEGIBLE] Vice President
                                                --------------------------------
                                                                         (Title)

Alfred L. Dempsey being first duly sworn says that he is the Vice President of
C T Corporation System and he has read the foregoing and knows the contents
thereof, and verily believes the statements made therein to be true.

                                             By /s/ [ILLEGIBLE]
                                                --------------------------------
                                                (Signature of Executive Officer)

Subscribed and sworn to before me this 21st day of September, 1973.

                                             /s/ [ILLEGIBLE],  Notary Public
                                             ---------------
NOTARIAL SEAL                                                  State of New York

                                             My Commission Expires [ILLEGIBLE]

<PAGE>

                          ARTICLES AND PLAN OF MERGER

         These Articles and Plan of Merger, dated this 18th day of February,
1983 entered into by U-Haul Co. of Sioux Falls, a South Dakota and Absorbed
Corporation, and U-Haul Co. of Fargo, a North Dakota and Surviving Corporation
and together referred to as Constituent Corporations, hereby WITNESSETH THAT:

         The members of the Board of Directors and the sole shareholder of the
Constituent Corporations have approved and adopted the following plan:

         (1)      U-Haul Co. of Sioux Falls, a South Dakota corporation shall be
                  merged into U-Haul Co. of Fargo, a North Dakota and Surviving
                  Corporation.

         (2)      The outstanding shares of Merging Corporation shall be
                  canceled and no shares of Surviving Corporation shall be
                  issued in exchange therefor.

         (3)      Absorbed Corporation shall, as and when requested by Surviving
                  Corporation, execute and deliver all such documents and
                  instruments and take all such action necessary and desirable
                  to evidence or carry out this merger.

         (4)      The Surviving Corporation shall pay all expenses of
                  accomplishing the merger.

         (5)      The Articles of Incorporation of Surviving Corporation shall
                  continue to be its Articles of Incorporation until altered or
                  amended, and shall not be affected by this merger.

         (6)      The number of shares outstanding, the number of shares
                  entitled to vote upon the Plan of Merger and the number of
                  shares voted for and against said Plan as to each corporation
                  was as follows:

<TABLE>
<CAPTION>
                                  Number of Shares
Name of Corporation                  Outstanding        Number Voted for        Number Voted Against
- -------------------               ----------------      ----------------        --------------------
<S>                               <C>                   <C>                     <C>
U-Haul Co. of Sioux Falls,               500                  500                       -0-
a South Dakota corporation

U-Haul Co. of Fargo, a                   500                  500                       -0-
North Dakota corporation
</TABLE>

         IN WITNESS WHEREOF the corporate parties hereto execute these Articles
and Plan of Merger this 18th day of February, 1983.

                        SURVIVING CORPORATION:  U-HAUL CO. OF FARGO,
                                                a North Dakota corporation

                                                By: /s/ Anthony F. Tortorice
                                                    ----------------------------
                                                    Anthony  F. Tortorice, Pres.

         (CORPORATE SEAL)

                                                BY: /s/ Judy L. Bosch
                                                    ----------------------------
                                                    Judy L. Bosch, Secretary

<PAGE>

                ABSORBED CORPORATION: U-HAUL CO. OF SIOUX FALLS,
                                      a South Dakota corporation

                                      By: /s/ Cecil L. Coolidge
                                          --------------------------------------
                                          Cecil L. Coolidge, Vice Pres.

(CORPORATE SEAL)

                                      By: /s/ Judy L. Bosch
                                          --------------------------------------
                                          Judy L. Bosch, Secretary

                                  VERIFICATIONS

         Anthony F. Tortorice, being first duly sworn, says that he is the
President of U-Haul Co. of Fargo and that he has read the foregoing Articles and
Plan of Merger and knows the contents thereof, and verily believes the
statements make therein to be true.

                                      /s/ Anthony F. Tortorice
                                      ------------------------------------------
                                      Anthony F. Tortorice

         Subscribed and sworn to before me this 28 day of February, 1983.

(NOTARIAL SEAL)
                                           /s/ [ILLEGIBLE]
                                      ----------------------------------
                                            Notary Public

                                      State of [ILLEGIBLE]

                                      County of [ILLEGIBLE]

                                      My Commission expires [ILLEGIBLE]

                                  ************

         Cecil L. Coolidge, being first duly sworn, says that he is the Vice
President of U-Haul Co. of Sioux Falls and that he has read the foregoing
Articles and Plan of Merger and knows the contents thereof, and verily believes
the statements made therein to be true.

                                      /s/ Cecil L. Coolidge
                                      ------------------------------------
                                      Cecil L. Coolidge

         Subscribed and sworn to before me this 28 day of February, 1983.

                                           /s/ [ILLEGIBLE]
                                      ----------------------------------
                                            Notary Public

                                      State of [ILLEGIBLE]

                                      County of [ILLEGIBLE]

                                      My Commission expires [ILLEGIBLE]

<PAGE>

Certificate No. 7535

                             STATE OF NORTH DAKOTA

To All to Whom these Presents shall [ILLEGIBLE]

         I, Ben Meier. Secretary of State of the State of North Dakota do hereby
certify, that duplicate originals of Articles of Merger of U-HAUL CO. OF SIOUX
FALLS, a South Dakota Corporation, into U-HAUL CO. OF FARGO, a North Dakota
Corporation, duly signed and verified pursuant to the provisions of the North
Dakota Business Corporation [ILLEGIBLE], have been received in this office and
are found to conform to law.

ACCORDINGLY, the undersigned, as such Secretary of State, and by virtue of the
authority vested in him by law, hereby issues this Certificate of Merger of
U-HAUL CO. OF SIOUX FALLS into U-HAUL CO. OF FARGO and attaches hereto a
duplicate original of the Articles of Merger.

                                   IN TESTIMONY WHEREOF, I have hereunto set
                                   my hand and affixed the Great Seal of the
                                   State, at the Capital in the City of
                                   Bismarek; this 21st day of March A.D., 1983.

                                   ___________________________________________
                                   Ben Meier                Secretary of State

File No. 10, 288                   By ________________________________________
                                                                        Deputy

<PAGE>

NORTH DAKOTA BUSINESS CORPORATION
SUBMIT DUPLICATE ORIGINALS                                           Fee: $25.00

                              ARTICLES OF AMENDMENT

                                     TO THE

                            ARTICLES OF INCORPORATION

     Pursuant to the provisions of Chapter 10-19 of the North Dakota Century
Code, the undersigned corporation adopts the following Articles of Amendment to
its Articles of Incorporation:

ARTICLE 1. The name of the corporation is U-Haul Co. of Fargo
________________________________________________________________________________

ARTICLE 2. The following amendment of the Articles of Incorporation was adopted
by the shareholders of the corporation on December 28, 1990, in the manner
prescribed by the North Dakota Century Code.

                                    ARTICLE I

           The name of the corporation is: U-HAUL CO. OF NORTH DAKOTA.

ARTICLE 3. The number of shares of the corporation outstanding at the time of
such adoption was 500; and the number of shares entitled to vote heron was 500.

ARTICLE 4. The designation and number of outstanding shares of each class
entitled to vote thereon as a class were as follows:

Class                                   Number of Shares
n/a

ARTICLE 5. The number of shares voted for such amendment was 500; and the number
of shares voted against such amendment was -0-.

ARTICLE 6. The number of shares of each class, entitled to vote thereon as a
class, voted for and against such amendment, respectively, as follows:

Class                                   Number of Shares Voted
n/a                                     For            Against

                             (Complete Other Side)

<PAGE>

ARTICLE 7. The manner, if not set forth in such amendment, in which any
exchange, reclassification, or cancellation of issued shares provided for in the
amendment shall be effected, is as follows:

                                       n/a
________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

ARTICLE 8. The manner in which such amendment effects a change in the amount of
stated capital, and the amount of stated capital as changed by such amendment,
are as follows:

                                       n/a
________________________________________________________________________________

________________________________________________________________________________

   Dated December 28, 1990.

                                          U-Haul Co. of Fargo
                                         --------------------------------
                                         (Exact Corporate Name)

                                         By /s/ [ILLEGIBLE]
                                            -----------------------------
                                                [ILLEGIBLE]

                                         and /s/ Gary V. Klinefelter
                                             -----------------------------------
                                                 Gary V. Klinefelter [ILLEGIBLE]

                                  VERIFICATION

          John A. Lorentz
- ------------------------------------, being first duly sworn says that he is the
(Name of one of the officers who signed above)

       President
- ----------------------- and that he has read the foregoing articles of amendment
      (Title)
and knows the contents thereof, and verily believes the statements made therein
to be true.

                                               /s/ [ILLEGIBLE]
                                         ------------------------------
                                               Verifying Officer

Subscribed and sworn to before me this 28th day of December, 1990.

                                              /s/ [ILLEGIBLE]
                                        -------------------------------
                                              Notary Public

                                        State of Arizona

                                        My Commission expires __________ 19 ___.

Office Use Only

Certificate No. ________________

Filed ________________, 19______

Mailed to: _____________________
/s/ [ILLEGIBLE]
________________________________

________________________________

______________________ By [ILLEGIBLE]
Secretary of State

                                     05-81

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.124
<SEQUENCE>123
<FILENAME>p68936exv3w124.txt
<DESCRIPTION>EXHIBIT 3.124
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.124

                                   BY-LAWS OF

                               U-HAUL CO. OF FARGO

                           A North Dakota Corporation

                                    ARTICLE I

                                                          DATE: February 6, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of North Dakota shall be
located in the city of Bismarck. The corporation may have such other offices
either within or without the state of North Dakota as the Board of Directors may
designate or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Second Wednesday in January of each year, at the office of the corporation in
the state of North Dakota or otherwise as provided in the notice of said
meeting. The purpose of said annual meeting shall be for the election of
directors and for the purpose of transacting such other business as may be
brought before said meeting. The Board of Directors may change the time and
place of the annual meeting providing such change of time and place be preceded
by a notice of such change to all stockholders of record. If said day of the
annual meeting is a legal holiday, then said meeting shall be held on the next
ensuing day not a holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and,
in case of special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the

                                       -1-
<PAGE>

shares entitled to vote at the meeting. All meetings of the shareholders may be
held within or without the state of North Dakota. Notice of the special meetings
will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

        1st.     All persons claiming to hold proxies shall present them to the
                 tellers for verification.

        2nd.     Proof of due notice of meeting when applicable.

        3rd.     Reading and disposal of all unapproved minutes.

        4th.     Reports of officers and committees.

        5th.     Election of Directors.

        6th.     Unfinished business.

        7th.     New business.

        8th.     Adjournment.

                                       -2-
<PAGE>

                                  ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are
not elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of North Dakota.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of North Dakota.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                       -3-
<PAGE>

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trade-marks in contracts, and interests
                  thereunder, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  state of North Dakota, governing the disposition of the entire
                  assets and business of the corporation as a going concern.

                                       -4-
<PAGE>

          4.  To declare and pay dividends, both in the form of money and stock,
              but only from the surplus or from the net profit arising from the
              business of this corporation, after deducting therefrom the
              amounts, at the time when any dividend is declared which shall
              have been act aside by the Directors as a reserve fund or as a
              working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the North Dakota statutes regulating the
appointment of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there shall be a quorum present, and any officer receiving a majority vote shall
be declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the

                                       -5-
<PAGE>

annual meeting of the shareholders. The President shall do and perform such
other duties as from time to time may be assigned by the Board of Directors to
him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the

                                       -6-
<PAGE>

corporation is organized under the laws of North Dakota, the number and par
value, if any, of each share represented by it, the name of the person owning
the shares represented thereby, with the number of each share and the date of
issue, and the stock thereby represented is transferrable only upon the books of
the corporation and upon the signer of such certificates. A stock transfer book,
known as the stock register shall be kept, in which shall be entered the number
of each certificate issued and the number of the person owning the shares
thereby represented, with the number of such shares and the date of issue. The
transfer of any share or shares of stock in the corporation may be made by
surrender of the certificate issued therefor, and the written assignment thereof
by the owner or his duly authorized Attorney in Fact. Upon such surrender and
assignment, a hew certificate shall be issued to the assignee as he may be
entitled, but without such surrender and assignment no transfer of stock shall
be recognized by the corporation. The Board of Directors shall have the power
concerning the issue, transfer and registration of certificate for agents and
registrars of transfer, and may require all stock certificates to bear
signatures of either or both. The stock transfer books shall be closed ten days
before each meeting of the shareholders and during such period no stock shall be
transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

                                       -7-
<PAGE>

 The foregoing By-Laws of U-HAUL CO. OF FARGO, are hereby accepted and adopted
 as the By-Laws of said corporation, and we, the undersigned, do hereby certify
 that the above foregoing By-Laws are duly adopted by the Board of Directors and
 that the same do now constitute the By-Laws of this corporation.

                                           _____________________________________
                                           President - Virgil A. Aarness

ATTEST:

_____________________________
Secretary - Judith A. Aarness

         (CORPORATE SEAL)

                                       -8-
<PAGE>

                           U-HAUL CO. OF NORTH DAKOTA,
                           A NORTH DAKOTA CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of North Dakota,
a North Dakota corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                           SHAREHOLDER:

                                           U-Haul International, Inc., a Nevada
                                           Corporation

                                           By: /s/ Gary V. Klinefelter
                                               -------------------------
                                           Name: Gary V. Klinefelter
                                           Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.125
<SEQUENCE>124
<FILENAME>p68936exv3w125.txt
<DESCRIPTION>EXHIBIT 3.125
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.125

                        OFFICE OF THE SECRETARY OF STATE

                               STATE OF OKLAHOMA,

                                     AMENDED

                          CERTIFICATE OF INCORPORATION

To all to Whom these Presents shall come, greetings:

         WHEREAS, Articles of Incorporation duly signed and verified of U-HAUL
CO. OF OKLAHOMA, INC. have been filed in the office of the Secretary of State on
the 9th day of March A.D., 1973, as provided by the Laws of the State of
Oklahoma.

         NOW THEREFORE, I, the undersigned, Secretary of State of the State of
Oklahoma by virtue of the [ILLEGIBLE] do hereby issue this Certificate of
Incorporation.

         IN TESTIMONY WHEREOF, [ILLEGIBLE] set my hand and cause to be
[ILLEGIBLE] the great Seal of the State of Oklahoma.

                             [ILLEGIBLE] at the City of Oklahoma City, this 9th
                             day of March A.D. 1973

                             /s/ [ILLEGIBLE]
                             -------------------------------------
                             Secretary of state

                             By: /s/ [ILLEGIBLE]
                                ----------------------------------

<PAGE>

                                                                       (minimum)
FORM NO. IA            AMENDED ARTICLES OF INCORPORATION         FEE: $11.00

PLEASE NOTE: This form must be filed with a letter from the Oklahoma Tax
Commission stating that the franchise tax has been paid for the current fiscal
year. If the authorized capital is increased, the fee is $8.00 PLUS $1.00 per
$1,000 Increase.

TO THE SECRETARY OF STATE OF THE STATE OF OKLAHOMA:

<TABLE>
<CAPTION>
We, the undersigned,               (ADDRESS)                (CITY AND STATE)
- --------------------------------------------------------------------------------
<S>                             <C>                    <C>
           JOHNNY L. JACKSON    1612 S.E. 25th St.     Oklahoma City, Oklahoma
- --------------------------------------------------------------------------------
           BELVIE DEAN ROSS            "                         "
- --------------------------------------------------------------------------------
           CARMEN COOK                 "                         "
- --------------------------------------------------------------------------------
</TABLE>

being persons legally competent to amend the Articles of Incorporation pursuant
to the provisions of the "Business Corporation Act" of the State of Oklahoma, do
hereby execute and submit the following amended Articles of Incorporation.

(1) The name of the corporation is Former; AMERCO MARKETING CO. OF OKLAHOMA,
    INC.

         NEW NAME: U-HAUL CO. OF OKLAHOMA, INC.
- --------------------------------------------------------------------------------
(If the corporate name is changed, please show the former name also).

(2) A. No Change, As Filed [X]

B.  As Amended - The address of the registered office in Oklahoma is___________
__________________________, City of_____________________, and the name of the
registered agent at such address is________________________________________.

(3) A. No Change, As Filed [X]

B. As Amended - The duration of the corporation is _____________ years.

(4) A. No Change, As Filed [X]

B. As Amended - The purpose or purposes for which the corporation is formed are:

(5) A. No Change, As Filed [X]

B. As Amended - The aggregate number of the authorized shares, itemized by
class, par value of shares, shares without par value, and series, if any, within
a class is:

<TABLE>
<CAPTION>
CLASS   SERIES    NUMBER OF SHARES        PAR VALUE - NO FAR VALUE
- -----   ------    ----------------        ------------------------
<S>     <C>       <C>                     <C>
</TABLE>

(6) A. No Change, As Filed [X]

B. As Amended - The amount of stated capital with which the corporation will
begin business is $___________________, which has been fully paid in (must be at
least $500)

(7) A. No Change, As Filed [X]

B. As Amended - The number and class of shares to be allotted by the corporation
before it shall begin business and the consideration to be received therefor
are:

<TABLE>
<CAPTION>
CLASS     SERIES      NUMBER OF SHARES          CONSIDERATION TO BE RECEIVED
- -----     ------      ----------------          ----------------------------
<S>       <C>         <C>                       <C>
</TABLE>

(8) A. No Change, As Filed [X]

B. As Amended - The number of directors to be elected at the first meeting of
the shareholders is____________________.

<PAGE>

PLEASE COMPLETE ONE OF THE FOLLOWING (9) (10) or (11) depending upon the method
of execution of the amended Articles of Incorporation.

(9) IF SUCH AMENDMENT BE BY THE CORPORATION UPON THE APPROVAL OF THE
SHAREHOLDERS, SUCH AMENDED ARTICLES SHALL FURTHER SET FORTH:

(a) Such amendment was proposed by a resolution of the Board of Directors on the
21st day of February, 1973.

(b) The amendment was adopted by a vote of the shareholders in accordance with
the provisions of 18 0. S. 1961, I 1.153.

(c) The meeting of the shareholders of the corporation at which the amendment
was adopted was held at OKLAHOMA CITY, OKLAHOMA.

(d) Notice of the meeting was given by Waiver________________________________
  for a period of 10 days

(e) The class and number of shares voted for and against such amendment was:

<TABLE>
<CAPTION>
CLASS                 NUMBER OF SHARES      VOTED FOR     VOTED AGAINST
- -----                 ----------------      ---------     -------------
<S>                   <C>                   <C>           <C>
   COMMON                  500                 500            -0-
</TABLE>

(Corporate Seal)                         AMERCO MARKETING CO. OF OKLAHOMA. INC.
                                         ---------------------------------------
                                           Exact Corporate Name

ATTEST:

/s/ Carmen Cook                          /s/ Johnny L. Jackson
- -----------------------------            ---------------------------------------
by its Secretary                         by its President
            Carmen Cook                                 Johnny L. Jackson

(10) IF SUCH AMENDMENT BE BY THE INCORPORATORS, SUCH AMENDED ARTICLES SHALL
FURTHER SET FORTH:

(a) No shares of the corporation have been allotted.

(b) The corporation has not begun or transacted any business or incurred any
indebtedness except such business or indebtedness as shall have been incidental
to its organization or to the obtaining of subscriptions or payment for its
shares; and

(c) No subscriptions have been taken and no shares have been subscribed for; OR
Subscriptions have been taken and ________ shares subscribed for, and the
subscribers for at least two/thirds of such number of shares have signed and
filed with the Incorporators-Secretary of the corporation their written consent
to the amendment.

(Majority of Incorporators must sign)    N/A

(Corporate Seal)                         _______________________________________

Subscribed and Sworn to before me this   ____________day of __________, 19_____.

(Notarial Seal)                          _______________________________________
                                         NOTARY PUBLIC

My Commission expires_____________.

(11) IF SUCH AMENDMENT BE BY THE BOARD OF DIRECTORS, SUCH AMENDED ARTICLES SHALL
FURTHER SET FORTH:

(a) The general nature of the amendment is _____________________________________

(b) As provided for in 18 0. S. 1961, I 1.162, a resolution of amendment was
adopted at a meeting duly called on the ____________day of _________, 19____.

(Majority of Directors must sign)        N/A

(Corporate Seal)                         _______________________________________

Subscribed and Sworn to before me this   ___________day of __________, 19___.

(Notarial Seal)                          _______________________________________
                                         NOTARY PUBLIC

My Commission expires_____________.

<PAGE>

                        OFFICE OF THE SECRETARY OF STATE

                               STATE OF OKLAHOMA,

                                    AMENDED

                          CERTIFICATE OF INCORPORATION

To all to Whom these Presents shall come, greetings:

         WHEREAS, Articles of Incorporation duly signed and verified of AMERCO
MARKETING CO. OF OKLAHOMA, INC. have been filed in the office of the Secretary
of State on the 12th day of January A.D. 1971 as provided by the times of the
State of Oklahoma.

         NOW THEREFORE, I, the undersigned, Secretary of State of the State of
Oklahoma by virtue of the [ILLEGIBLE] do hereby issue this Certificate of
Incorporation.

         IN TESTIMONY WHEREOF, [ILLEGIBLE] set my hand and cause to be
affixed the great Seal of the State of OklahOma.

                             [ILLEGIBLE] at the City of OklahOma City, this 12th
                             day of January A.D. 1971

                             [ILLEGIBLE]
                             --------------------------------------------------
                             Secretary of state

                             By: /s/ [ILLEGIBLE]
                                -----------------------------------------------

<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

                            U-HAUL CO. OKLAHOMA, INC.

STATE OF OKLAHOMA )
                  )ss.
COUNTY OKLAHOMA   )

         John L. Jackson and Norma J. Jackson being first duly sworn upon their
oath depose and say:

         1.       That they are the President and the Secretary respectively of
                  U-HAUL CO. OF OKLAHOMA, INC.

         2.       That at a meeting of the Board of Directors of said
                  corporation, duly held at Oklahoma City, Oklahoma on August
                  12, 1970, the following resolution was adopted:

                           "RESOLVED: That Article I of the Articles of
                           Incorporation be amended to read as follows:

                           The name of this corporation is AMERCO MARKETING CO.
                           OF OKLAHOMA, INC."

         3.       That the shareholders have adopted said amendment by
                  resolution at a meeting held at Oklahoma City, Oklahoma on
                  August 12, 1970. That the wording of the amended article, as
                  set forth in the shareholders' resolution, is the same as that
                  set forth in the directors' resolution in Paragraph 2 above.

         4.       That the number of shares which voted affirmatively for the
                  adoption of said resolution is 500, and that the total number
                  of shares entitled to vote on or consent to said amendment is
                  500.

                                             /s/ [ILLEGIBLE]
                                             ----------------------------------
                                                 President

                  (CORPORATE SEAL)

ATTEST:

/s/ [ILLEGIBLE]
- ----------------------------------
    Secretary

Page 1 of Two Pages

<PAGE>

STATE OF OKLAHOMA  )
                   ) ss.
COUNTY OF OKLAHOMA )

         On this 1st day of October, 1970, before me, a Notary Public,
personally appeared John L. Jackson and Norma J. Jackson known by me to be the
persons whose signatures are subscribed to the within instrument and who
acknowledged that they executed the same as their free act for the purposes
therein contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                             /s/ [ILLEGIBLE]
                                             ----------------------------------
                                             Notary Public

                My commission expires

(NOTARIAL SEAL)

Page 2 of Two Pages

<PAGE>

                        OFFICE OF THE SECRETARY OF STATE

                               STATE OF OKLAHOMA,

                         CERTIFICATE OF INCORPORATION

To all to Whom these Presents shall come, greetings:

         WHEREAS, Articles of Incorporation duly signed and verified of U-HAUL
CO. OF OKLAHOMA, INC. have been filed in the office of the Secretary of State on
the 5th day of MARCH A.D., 1970 as provided by the times of the State of
Oklahoma.

         NOW THEREFORE, I, the undersigned, Secretary of State of the State of
Oklahoma by virtue of the [ILLEGIBLE] do hereby issue this Certificate of
Incorporation.

         IN TESTIMONY WHEREOF, [ILLEGIBLE] set my hand and cause to be
affixed the great Seal of the State of Oklahoma.

                              [ILLEGIBLE] at the City of Oklahoma City, this 5th
                              day of MARCH A.D. 1970

                              /s/ [ILLEGIBLE]
                              ------------------------------------------
                              Secretary of state

                              By: /s/ [ILLEGIBLE]
                                 ---------------------------------------
                                      [ILLEGIBLE]

<PAGE>

FORM No. 1

                            ARTICLES OF INCORPORATION

FILE IN DUPLICATE

STATE OF ARIZONA   )
                   ) ss.
COUNTY OF MARICOPA )

                 TO SECRETARY OF STATE OF THE STATE OF OKLAHOMA

We, the undersigned Incorporators,

<TABLE>
<CAPTION>
NAME                NUMBER             STREET             CITY            STATE
<S>                 <C>       <C>                       <C>           <C>
David L. Helsten     2727     North Central Avenue,     Phoenix,      Arizona 85004
- -----------------------------------------------------------------------------------
Richard Rink         2727     North Central Avenue,     Phoenix,      Arizona 85004
- -----------------------------------------------------------------------------------
Arthur G. Saifert    2727     North Central Avenue,     Phoenix,      Arizona 85004

- -----------------------------------------------------------------------------------

- -----------------------------------------------------------------------------------

- -----------------------------------------------------------------------------------
</TABLE>

Being persons legally competent to enter into contracts, for the purpose of
forming a corporation under "The Business Corporation Act" of the State of
Oklahoma, do hereby adopt the following Articles of Incorporation:

                                  ARTICLE ONE

The same of this Corporation is:

                          U-HAUL CO. OF OKLAHOMA, INC.
- --------------------------------------------------------------------------------
   (must end with "Corporation", "Company", "Incorporated" or "Limited" or an
                             abbreviation of one).

                                  ARTICLE TWO

The address of its registered office in the State of Oklahoma is c/o The
Corporation Company 735 First National Building in the City of Oklahoma City
County of Oklahoma and the name of its registered agent is The Corporation
Company his address is 735 First National Building Oklahoma City 73102

                                 ARTICLE THREE

The duration of the corporation is: 50 years

                            (Not to exceed 50 years)

                                  ARTICLE FOUR

The purposes for which this corporation is formed are:

         The purpose or purposes for which the corporation is organized are to
rent and lease to the general public trailers, semi-trailers, trucks, passenger
automobiles and other equipment, tools, machinery, vehicles and property of any
and every kind and description, and to purchase or otherwise acquire and operate
any facilities useful for the conduct of the business enterprises of this
corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of Oklahoma upon corporation, and to engage in any lawful activity within
the purposes for which corporations may be organized under the Business
Corporation Act of the State of Oklahoma.

<PAGE>

(If additional space is needed to state purposes, Attach additional sheet
"Article 4 - Addendum")

Form No. 1                                                                PAGE 2

                                  ARTICLE FIVE

         The aggregate number of shares which the corporation shall have
authority to allot is 2,500 divided into one classes. The designation of each
class, the number of shares of each class,and the par value of the shares of
each class are as follows:

<TABLE>
<CAPTION>
CLASS     SERIES       NUMBER OF SHARES    PAR VALUE
<S>       <C>          <C>                 <C>
Common                 Common 2,500        $    10.00
                       Preferred

                                  Total    $25,000.00
                                           ----------
</TABLE>

                                   ARTICLE SIX

         The amount of stated capital with which it will begin business is $
500.00, which has been fully paid in. (Not less than $500.00)

                                  ARTICLE SEVEN

         The number and class of shares to be allotted by the corporation before
It shall begin business and the consideration to be received by the corporation
therefore, are:

<TABLE>
<CAPTION>
                                                     CONSIDERATION TO BE
CLASS OF SHARES            NUMBER OF SHARES           RECEIVED THEREFOR
<S>                        <C>                       <C>
Common                              50                     $500.00
</TABLE>

                                  ARTICLE EIGHT

The number of directors to be elected at the first meeting of the shareholders
is three (3)

                          (SIGNATURE OF INCORPORATORS)

                                       [ILLEGIBLE]

                                       [ILLEGIBLE]

                                       [ILLEGIBLE]

                                       -------------------------------------

                                       -------------------------------------

                                       -------------------------------------

STATE OF ARIZONA   )
                   )ss.
COUNTY OF MARICOPA )

         Before me, a Notary Public in and for said County and State on this 5th
day of February, 1970, personally appeared David L. holsten, Richard Rink and
Arthur G. Seifert_______________________________________________________________
________________________________________________________________________________
To me known to be the Identical persons who executed the foregoing Articles of
Incorporation and acknowledge to me that they executed the same as their free
and voluntary act and deed for the uses and purposes therein set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and
year above written.

                                           [ILLEGIBLE]
                                           -------------------------------------
                                           (Notary Public)

My Commission expires [ILLEGIBLE]
(SEAL)
<PAGE>

         (This form must be executed and attached to Articles of Incorporation)

                         AFFIDAVIT AS TO PAID IN CAPITAL

STATE OF ARIZONA                 )
                                 ) SS
COUNTY OF MARICOPA               )

David L. Helsten
Richard Rink

and Arthur C. Seifert , of lawful age, being first
duly sworn, each for himself deposes and says that the above-named affiants
constitute a majority of the incorporators of P-HAUL CO. OF OKLAHOMA. INC. ,

a proposed corporation, and that the amount of stated capital with which said
corporation will begin business, as set out in its attached articles of
incorporation, has been fully paid in.

___________________________________         [ILLEGIBLE]
___________________________________         [ILLEGIBLE]
___________________________________         [ILLEGIBLE]

                           Subscribed and sworn to before me this 5th day of
February, 1970.

                                             /s/ [ILLEGIBLE]
                                             -----------------------------------
                                                    Notary Public

My Commission Expires:

    [ILLEGIBLE]
- -------------------------


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.126
<SEQUENCE>125
<FILENAME>p68936exv3w126.txt
<DESCRIPTION>EXHIBIT 3.126
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.126

                                   BY-LAWS OF

                          U-HAUL CO. OF OKLAHOMA, INC.

                             An Oklahoma Corporation

                                    ARTICLE I

                                                             DATE: March 9, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Oklahoma shall be
located in the city of Oklahoma City. The corporation may have such other
offices either within or without the state of Oklahoma as the Board of Directors
may designate or as the business of the corporation may require from time to
time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Friday in January of each year, at the office of the corporation in the
state of Oklahoma or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                      -1-
<PAGE>

may be held within or without the state of Oklahoma. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

        1st.      All persons claiming to hold proxies shall present them to the
                  tellers for verification.

        2nd.      Proof of due notice of meeting when applicable.

        3rd.      Reading and disposal of all unapproved minutes.

        4th.      Reports of officers and committees.

        5th.      Election of Directors.

        6th.      Unfinished business.

        7th.      New business.

        8th.      Adjournment.

                                      -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organisation, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Oklahoma.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation,
or said special meeting may be called without notice by unanimous written
consent of all the members by the presence of all the members of said board at
any such meeting. The special meetings of the Board of Directors may be held
within or without the state of Oklahoma.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                      -3-
<PAGE>

        1st.      Roll call; a quorum being present.

        2nd.      Reading of minutes of preceding meeting and action thereon.

        3rd.      Consideration of communications of the Board of Directors.

        4th.      Reports of officials and committees.

        5th.      Unfinished business.

        6th.      Miscellaneous business.

        7th.      New business.

        8th.      Adjournment.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

        1.        To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trade-marks in contracts, and interests
                  thereunder, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

        2.        To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

        3.        To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer

                                      -4-
<PAGE>
           or otherwise dispose of any of the property of this corporation,
           subject, however, to the laws of the State of Oklahoma, governing the
           disposition of the entire assets and business of the corporation as a
           going concern.

        4. To declare and pay dividends, both in the form of money and stock,
           but only from the surplus or from the net profit arising from the
           business of this corporation, after deducting therefrom the amounts,
           at the time when any dividend is declared which shall have been set
           aside by the Directors as a reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Oklahoma statutes regulating the appointment
of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President, Vice
President, Secretary and Treasurer, and such other officers as shall from time
to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with

                                      -5-
<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,Vice-
President or Secretary's office, provided the Board of Directors indicates the
combination of these offices.

                                      -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Oklahoma, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferrable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                      -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF OKLAHOMA, INC., are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                                ________________________________
                                                President - John L. Jackson

ATTEST:

_________________________________
Secretary - Norma J. Jackson

             (CORPORATE SEAL)

                                      -8-
<PAGE>

                          U-HAUL CO. OF OKLAHOMA, INC.,
                             AN OKLAHOMA CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Oklahoma,
Inc., an Oklahoma corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                        SHAREHOLDER:

                                        U-Haul International, Inc., a Nevada
                                        Corporation

                                        By: /s/ Gary V. Klinefelter
                                            --------------------------------
                                        Name: Gary V. Klinefelter
                                        Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.127
<SEQUENCE>126
<FILENAME>p68936exv3w127.txt
<DESCRIPTION>EXHIBIT 3.127
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.127

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 1st day of August,
1989, entered into by U-Haul Co. of Oregon, an Oregon corporation, the surviving
corporation and Tigard Rental Equipment Repair Shop, Inc., an Oregon
corporation, the Absorbed Corporation, and together referred to as the
Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Oregon which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 800 Pacific Bldg., Portland Oregon 97204

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                             NUMBER OF
                           NUMBER OF          SHARES            NUMBER     NUMBER
      COMPANY               SHARES           ENTITLED           VOTED       VOTED
       NAME               OUTSTANDING        TO VOTE             FOR       AGAINST
- ----------------------------------------------------------------------------------
<S>                       <C>                <C>                <C>        <C>
U-HAUL CO. OF
OREGON                       500               500               500         -0-

TIGARD RENTAL
EQUIPMENT REPAIR SHOP,
INC.                         100               100               100         -0-
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Oregon, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Oregon.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                           Surviving Corporation: U-HAUL CO. OF
                                                  OREGON, an
                                                  Oregon Corporation

                           By: /s/ Terry Griswold
                               --------------------------------------
                               Terry Griswold, President

Verified

By: /s/ Jacqus Hedwall
   -------------------------------
   Jacqus Hedwall, Secretary

                           Absorbed Corporation: TIGARD RENTAL
                                                 EQUIPMENT REPAIR
                                                 SHOP, INC., an
                                                 Oregon Corporation

                           By: /s/ John M. Dodds
                               ------------------------------
                               John M. Dodds, President

Verified

By: /s/ John A. Lorentz
    --------------------------
    John A. Lorentz, Secretary

<PAGE>

STATE OF OREGON

COUNTY OF

         On this 14th day of August, 1989, before me, the undersigned Notary
Public, personally appeared Terry Griswold , known to me to be the President of
U-Haul Co. of Oregon, an Oregon corporation that he is the person who executed
this instrument on behalf of said corporation, and acknowledged to me that such
corporation executed the same.

                                      /s/ [ILLEGIBLE]
                                      ------------------------------------
                                      NOTARY PUBLIC

         (NOTARY SEAL)                             My Commission Expires 11/7/90

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 9th day of August, 1989, before me, the undersigned Notary
Public, personally appeared John M. Dodds, known to me to be the President of
Tigard Rental Equipment Repair Shop,Inc., an Oregon corporation, that he is the
person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                      /s/ [ILLEGIBLE]
                                      ------------------------------------
                                      NOTARY PUBLIC

(NOTARY SEAL)

<PAGE>

                         CONSENT OF THE SOLE STOCKHOLDER

                                       OF

                              U-HAUL CO. OF OREGON

                                       AND

                    TIGARD RENTAL EQUIPMENT REPAIR SHOP, INC.

                            BOTH OREGON CORPORATIONS

                                                        August 1, 1989

         AMERCO, a Nevada corporation, the sole shareholder of the above named
corporations, acting through John M. Dodds, on authority of the Executive
Management Team, the group designated by the Board of Directors of AMERCO to
vote the stock of all of its subsidiaries, hereby consents to and adopts the
following:

         RESOLVED: That this corporation, the sole shareholder of
         U-Haul Co. of Oregon, an Oregon corporation & Tigard Rental
         Equipment Repair Shop, Inc., an Oregon corporation, does
         hereby approve & adopt the Plan of Merger between said
         corporations, whereby Tigard Rental Equipment Repair Shop,
         Inc., an Oregon Corporation, shall be absorbed into U-Haul
         Co. of Oregon, being the surviving corporation, all in
         accordance with the Plan of Merger, and be it further

         RESOLVED: That the Board of Directors and Officers of said
         merging corporations be and they hereby are, authorized and
         directed to all further action and to execute all documents
         they deem necessary or advisable to consummate the said
         merger and to amend any of the terms of the said Plan of
         Merger, and further

         BE IT RESOLVED: That the Secretary of each said corporation
         is hereby authorized to certify as to the Consent of the sole
         shareholder of the Plan of Merger, or within the Articles of
         Merger.

                                                AMERCO, a Nevada corporation

                                                By: /s/ John M. Dodds
                                                    ---------------------------
                                                    John M. Dodds

<PAGE>

                                   CERTIFICATE

                                 STATE OF OREGON

                        OFFICE OF THE SECRETARY OF STATE

                              Corporation Division

I, BILL BRADBURY, Secretary of State of Oregon, and Custodian of the Seal of
said State, do hereby certify:

                      That the attached Document File for:

                              U-HAUL CO. OF OREGON

                    is a true copy of the original documents
                     that have been filed with this office.

                                   In Testimony Whereof, I have hereunto set my
                                   hand and affixed hereto the Seal of the State
                                   of Oregon.

                                   BILL BRADBURY, Secretary of State

                                   By /s/ Jana S. Breneman
                                      -------------------------------------
                                      Jana S. Breneman
                                      August 5, 2003

         Come visit us on the internet at http://www.filinginoregon.com
                               FAX (503) 378-4381

                                                                            1105

<PAGE>

[ILLEGIBLE] verifying and observing Articles of Incorporation in duplicate to
the Corporation Commissioner. The procedure for the formation of business
corporations is set forth in ORS [ILLEGIBLE] for the content of Articles of
Incorporation.

                                                                  FILE NO. 89712

                            ARTICLES OF INCORPORATION

                                       OF

                              U-HAUL CO. OF OREGON

         The undersigned natural person(s) of the age of twenty-one years or
more acting as incorporators under the Oregon Business Corporation Act, adopt
the following Articles of Incorporation:

ARTICLE I The name of this corporation is U-HAUL CO. OF OREGON

- --------------------------------------------------------------------------------
(The corporate name must contain the word "Corporation". "Company".
"Incorporated" or "Limited" or an abbreviation of one of such words.)

and its duration shall be PERPETUAL

ARTICLE II The purpose or purposes for which the corporation is organized are:

                  To rent and lease to the general public trailers,
         semi-trailers, trucks, passenger automobiles and other equipment,
         tools, machinery, vehicles and property of any and every kind and
         description, and to purchase or otherwise acquire and operate any
         facilities useful for the conduct of the business enterprises of this
         corporation.

                  In general, to carry on any other business in connection with
         the foregoing, and to have and exercise all powers conferred by the
         laws of the State of Oregon upon corporations, and to engage in any
         lawful activity within the purposes for which corporations may be
         organized under the Oregon Business Corporation Act.

(It is not necessary to set forth in the articles any of the corporate powers
enumerated in ORS 57.030 and 57.035. It is sufficient to state, either alone or
with other purposes. "That the corporation may engage in any lawful activity for
which corporations may be organized under ORS Chapter 57": however, it is
desirable to state the primary purpose of the corporation in conjunction with
such statement.)

ARTICLE III The aggregate number of shares which the corporation shall have
authority to issue is 2,500 shares of common stock with a par value of Ten
($10.00) Dollars per share

(Insert statement as to par value of such shares or a statement that all of such
shares are to be without per value. If there is more than one class of stock.
Insert a statement as to the preferences, limitations and relative rights of
each class.)

ARTICLE IV The address of the initial registered office of the corporation is
800 PACIFIC BUILDING,
PORTLAND, OREGON
- --------------------------------------------------------------------------------
                 Street Number                                (Zip Code)
and the name of its initial registered agent at such address is C.T. CORPORATION
SYSTEM

<PAGE>

ARTICLE V The number of directors constituting the initial board of directors of
the corporation is Three (3) and the names and address of the persons who are to
serve as directors until the first annual meeting of shareholders or until their
successors are elected and shall qualify are:

<TABLE>
<CAPTION>
      Name                                    Address
      ----                                    -------
<S>                        <C>
                           (Street and Number)   (City and State)  (Zip)
Kenneth D. Miller          8816 S.E. Foster Road, Portland, Oregon 97266
- -----------------------
Vern Satterlee             8816 S.E. Foster Road, Portland, Oregon 97266
- -----------------------
Gaylan [ILLEGIBLE]         8816 S.E. Foster Road, Portland, Oregon 97266
- -----------------------

- -----------------------    ---------------------------------------------

- -----------------------    ---------------------------------------------
</TABLE>

ARTICLE VI The name and address of each incorporation is:

<TABLE>
<CAPTION>
      Name                                   Address
      ----                                   -------
<S>                        <C>
                           (Street and Number)        (City and State) (Zip)
David L. Helsten           2727 North Central Avenue, Phoenix, Arizona 85004
- ------------------------   ----------------------------------------------------
- ------------------------   ----------------------------------------------------
- ------------------------   ----------------------------------------------------
- ------------------------   ----------------------------------------------------
- ------------------------   ----------------------------------------------------
</TABLE>

ARTICLE VII (Add provisions for the regulation of the internal affairs of the
corporation as may be appropriate.)

STATE OF ARIZONA,    )
                     ) ss.
County of MARICOPA.  )

         We, the undersigned, being all the incorporators, herewith execute the
foregoing, and being first duly sworn, declare the statements contained therein
are true.

                                             /s/ David L. Helsten
                                                 ----------------------------
                                                 David L. Helsten

         Subscribed and sworn to before me this 7TH day of May, 1970.

                                             Helen H. Delamater
                                             Notary Public for: State of Arizona
                                             My commission expires: 8-13-72

File with Corporation Commissioner, Commerce Bldg, 158 12th St., N.E.,
Oregon 97310.
<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Oregon

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is U-HAUL CO., a corporation
         organized and existing under the laws of the State of Oregon.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

             U-HAUL CO. OF OREGON and
             U-HAUL CO. OF SOUTHERN OREGON

         IN WITNESS WHEREOF, this corporation has caused this consent to be
executed this 29th day of January, 1970.

                                              U-HAUL CO.

                                              By: /s/ [ILLEGIBLE]
                                                  ------------------------------
                                                                       President

ATTEST:

By: /s/ [ILLEGIBLE]
    ------------------------------
                         Secretary

STATE OF OREGON          )
                         ) ss.
COUNTY OF  MULTNOMAH     )

         Before me, a Notary Public, personally appeared known to me to be the
person who executed the foregoing instrument, and acknowledged that he executed
the same for the purpose therein contained and that the statements therein
contained are truly set forth.

      IN WITNESS WHEREOF, I have hereunto set my hand and official seal this 29
day of Jan., 1970.

                                             By: /s/ [ILLEGIBLE]
                                                 -------------------------------
                                                       Notary Public

                                             My Commission Expires Aug 14, 1970

<PAGE>

                             ARTICLES OF AMENDMENT

                                       OF

                              U-HAUL CO. OF OREGON

         Pursuant to ORS 57.360 (1), a majority of the shareholders of the
corporation entitled to vote thereon adopt the following Articles of Amendment:

         1.       The name of the corporation prior to this amendment is U-HAUL
                  CO. OF OREGON.

         2.       The following amendment of the Articles of Incorporation was
                  adopted by the shareholders on August 12, 1970:

                                   "ARTICLE I.

                    The name of this corporation is AMERCO MARKETING CO. OF
                    OREGON, and its duration shall be perpetual."

         3.       The total number of shares which, at time of adoption of
                  amendment, were outstanding was 500; entitled to vote thereon
                  was 500; voted for amendment was 500; voted against amendment
                  was none.

         4.       No shares of any class were entitled to vote on such amendment
                  as a class.

         5.       The amendment does not provide for an exchange,
                  reclassification or cancellation of issued shares.

         6.       The amendment does not effect a change in amount of stated
                  capital.

STATE OF OREGON     )
                    ) ss.
COUNTY OF MULTNOMAH )

         We, the undersigned, herewith execute the foregoing and, being first
duly sworn, declare the statements contained therein are true.

/s/ Kenneth D. Miller                 and      /s/ Gaylan Rettke
- ----------------------------------            ----------------------------------
Kenneth D. Miller - President                    Gaylan Rettke - Secretary

Subscribed and sworn to before me this 22 day of September, 1970.

                                              /s/ [ILLEGIBLE]
                                              ----------------------------------
                                                  Notary Public for

                                              My commission expires Aug 31, 1974

(NOTARIAL SEAL)

<PAGE>

                              ARTICLES OF AMENDMENT

                                       OF

                         AMERCO MARKETING CO. OF OREGON
                       (Present (not new) Corporate Name)

         Pursuant to ORS 57.360(1), a majority of the shareholders of the
corporation entitled to vote there-on adopt the following Articles of
Amendment:

         1. The name of the corporation prior to this amendment is:

             AMERCO  MARKETING CO. OF OREGON

         2. The following amendment of the Articles of Incorporation was adopted
         by the shareholders on FEBRUARY 21, 1973.

         (The article or articles being amended should be set forth in full as
they will be amended to read.)

                                    ARTICLE I

             "The name of the corporation is U-HAUL CO. OF OREGON."

<PAGE>

         3. Indicate total number of shares which, at time of adoption of
amendment, were outstanding 500; entitled to vote thereon 500; voted for
amendment 500; voted against amendment -0-.

         4. If the shares of any class were entitled to vote on such amendment
as a class, designate the number of outstanding shares entitled to vote thereon
and the number of shares of each such class voted for and against such
amendment:

<TABLE>
<CAPTION>
                    NUMBER OF SHARES
                    OUTSTANDING AND       NUMBER OF SHARES VOTED
  CLASS            ENTITLED TO VOTE      FOR            AGAINST
  -----            -----------------     ---            -------
<S>                <C>                   <C>            <C>
Common                   500             500              -0-
</TABLE>

         5. If amendment provides for an exchange, reclassification or
cancellation of issued shares, and the manner in which the same shall be
effected is not otherwise set forth herein, the exchange, reclassification or
cancellation shall be effected as follows:

            [ILLEGIBLE]
            no change

         6. If amendment effects a change in amount of stated capital, the
amount of stated capital as changed is $ -0- Change effected as follows:

            no change

         We, the undersigned, declare under the penalties of perjury that we
have examined the foregoing and to the best of our knowledge and belief it is
true, correct and complete.

/s/ Kenneth D. Miller                  and          /s/ Deborah Hemphill
- ---------------------------------                   ----------------------------
    KENNETH D. MILLER                               DEBORAH HEMPHILL
                   President                                           Secretary

Dated 2-26, 1973

<PAGE>

                               ARTICLES OF MERGER

                                       OF

                         U-HAUL CO. OF SOUTHERN OREGON

                                      INTO

                              U-HAUL, CO. OF OREGON

         Pursuant to the Oregon Business Corporation Act, Section 57.470, the
undersigned corporations hereby adopt the following Articles of Merger for the
purpose of merging into one surviving corporation.

                                       I.

1.       The name of the Surviving Corporation is U-Haul Co. of Oregon, an
         Oregon corporation.

2.       The name of the Absorbed Corporation is U-Haul Co. of Southern Oregon,
         an Oregon corporation.

                                       II.

         The Plan of Merger which is attached hereto and by reference
incorporated herein was approved by the directors and the sole shareholder of
each of the Constituent Corporations in accordance with the laws of the State of
Oregon.

                                      III.

         The number of shares outstanding, the number of shares entitled to vote
upon the Plan of Merger and the number of shares voted for and against said Plan
as to each corporation was as follows:

         U-Haul Co. of Southern Oregon:

<TABLE>
<CAPTION>
Number of Shares      Number of Shares          Number            Number
  Outstanding         Entitled to Vote         Vote For        Voted Against
  -----------         ----------------         --------        -------------
<S>                   <C>                      <C>             <C>
      500                  500                   500               -0-
</TABLE>

         U-Haul Co. of Oregon;

<TABLE>
<CAPTION>
Number of Shares      Number of Shares          Number            Number
  Outstanding         Entitled to Vote         Vote For        Voted Against
  -----------         ----------------         --------        -------------
<S>                   <C>                      <C>             <C>
      500                  500                   500               -0-
</TABLE>

<PAGE>

Executed this 26 day of AUGUST, 1977

                                     U-Haul Co. of Oregon, an Oregon corporation

                                     By: /s/ Jim Martin
                                         ---------------------------------------
                                         Jim Martin - President

(CORPORATE SEAL)                     By: /s/ Jacque Hadwall
                                         ---------------------------------------
                                         Jacque Hadwall - Secretary

                                     U-Haul Co. of Southern Oregon,
                                     an Oregon corporation

                                     By: /s/ John A. Lorentz
                                         ---------------------------------------
                                         John A. Lorentz - President

(CORPORATE SEAL)                     By: /s/ George R. Olds
                                         ---------------------------------------
                                         George R. Olds - Secretary

         Jim Martin, being first duly sworn, for himself deposes and says: that
he has read the foregoing certificate and that the matters set forth therein are
true and correct of his own knowledge.

                                     By: /s/ Jim Martin
                                         ---------------------------------------
                                         Jim Martin

Subscribed and sworn to before me
this 2 day of Sept., 1977

         /s/ [ILLEGIBLE]
         ----------------------------------
         Notary Public

         [ILLEGIBLE]

         John A. Lorentz, being first duly sworn, for himself deposes and says:
that he has read the foregoing certificate and that the matters set forth
therein are true and correct of his own knowledge.

                                     By: /s/ John  A. Lorentz
                                         ---------------------------------------
                                         John  A. Lorentz

Subscribed and sworn to before me
this 26th day of August, 1977

         /s/ [ILLEGIBLE]
         ----------------------------------
                  Notary Public
         My Commission Expires Aug 13, 1980

                                      -3-

<PAGE>

         This Plan of Merger is entered into by U-Haul Co. of Southern Oregon,
Absorbed Corporation. U-Haul Co. of Oregon, Surviving Corporation, both Oragon
corporations and together referred to as Constituent Corporations, hereby
WITNESSETH THAT:

         The Boards of Directors, and the sole shareholder of the Constituent
Corporations by written consent, have determined it to be advisable that
Absorbed Corporation be merged into Surviving Corporation in accordance with the
Oregon Business Corporation Act Section 57.455 under which the following Plan is
adopted:

                                       I.

         Constituent Corporations shall be merged, by ABSORBED Corporation
merging into Surviving Corporation. The separate existence of ABSORBED
Corporation shall cease and the existence of Surviving Corporation shall
continue unaffected and unimpaired by the merger with all the rights,
privileges, immunities and powers, and subject to all the duties and liabilities
of a corporation organized under the Oregon Business Corporation Act.

                                       II.

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         1.       All issued and outstanding shares of stock of Absorbed
Corporation shall be cancelled.

         2.       On the effective date of the merger and when the
aforementioned cancellation has been affected, the outstanding stock of the
Surviving Corporation shall be deemed for all corporate purposes to evidence the
ownership of the Constituent Corporations.

                                      III.

         The Articles of Incorporation of Surviving Corporation shall continue
to be its Articles of Incorporation until altered or amended, and shall not be
affected by this merger.

<PAGE>

         Each of the Constituent Corporations shall take or cause to be taken
all action or all things necessary, proper or advisable under the laws of the
State of Oregon to consummate and make effective the merger subject, however, to
the consent of their sole shareholder, and the President and Secretary of each
Constituent Corporation are authorized and directed to perform all section
Required for accomplishing and filing this Plan of Merger.

         In Witness Whereof the corporate parties hereby execute this plan of
Merger this 27th day of April, 1977.

                  SURVIVOR:       U-Haul Co. of Oregon,
                                  an Oregon corporation

                                  By: /s/  Jim Martin
                                      ------------------------------------------
                                      Jim Martin, President

 (CORPORATE SEAL)

                                  By: /s/ Jacque Hedwall
                                      ------------------------------------------
                                      Jacque Hedwall, Secretary

                  ABSORBED:       U-Haul Co. of Southern Oregon,
                                  an Oregon corporation

                                  By: /s/ John A. Lorentz
                                      ------------------------------------------
                                      John A. Lorentz, President

(CORPORATE SEAL)
                                  By: /s/ George R. Olds
                                      ------------------------------------------
                                      George R. Olds, Secretary

                                       -2-

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 1st day of August,
1989, entered into by U-Haul Co. of Oregon an Oregon corporation, the surviving
corporation and Southgate Rental Equipment Repair Shop, Inc., an Oregon
corporation, the Absorbed Corporation, and together referred to as the
Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Oregon which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C.T.
Corporation System, 800 Pacific Bldg., Portland Oregon 97204

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                           NUMBER OF
                         NUMBER OF          SHARES          NUMBER    NUMBER
      COMPANY             SHARES           ENTITLED          VOTED    VOTED
       NAME             OUTSTANDING        TO VOTE            FOR     AGAINST
- -----------------------------------------------------------------------------
<S>                     <C>                <C>              <C>       <C>
U-HAUL CO. OF                500              500              500      -0-
OREGON

SOUTHGATE RENTAL
EQUIPMENT REPAIR SHOP,
INC.                       4,000            4,000            4,000      -0-
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Oregon, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Oregon.

                                       VI

         The surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                      Surviving Corporation: U-HAUL CO. OF
                                             OREGON, an
                                             Oregon Corporation

                      BY: /s/ Terry Griswold
                          ----------------------------------------------
                          Terry Griswold, President

Verified

By: /s/ Jacque Hedwall
    ------------------------------
    Jacque Hedwall, Secretary

                      Absorbed Corporation:  SOUTHGATE RENTAL
                                             EQUIPMENT REPAIR
                                             SHOP, INC., an
                                             Oregon Corporation

                      By: /s/ John Perini
                          ----------------------------------------------
                          John Perini, President

Verified

By: /s/ Dale Green
    ------------------------------
    Dale Green, Secretary
<PAGE>

STATE OF OREGON

COUNTY OF MULTNOMAH

         On this 14th day of August, 1989, before me, the undersigned Notary
Public, personally appeared Terry Griswold, known to me to be the President of
U-Haul Co. of Oregon, an Oregon corporation that he is the person who executed
this instrument on behalf of said corporation, and acknowledged to me that such
corporation executed the same.

                                                   /s/ [ILLEGIBLE]
                                                   -----------------------------
                                                            NOTARY PUBLIC
(NOTARY SEAL)                                      My Commission Expires 11/7/90

STATE OF OREGON

COUNTY OF MULTNOMAH

         on this 14th day Of August, 1989, before me, the undersigned Notary,
Public, personally appeared John Perini, known to me to be the President of
Southgate Rental Equipment Repair Shop,Inc., an Oregon corporation, that he is
the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                                /s/ [ILLEGIBLE]
                                                --------------------------------
                                                            NOTARY PUBLIC
(NOTARY SEAL)                                      My Commission Expires 11/7/90

<PAGE>

                         CONSENT OF THE SOLE STOCKHOLDER

                                       OF

                              U-HAUL CO. OF OREGON

                                       AND

                  SOUTHGATE RENTAL EQUIPMENT REPAIR SHOP, INC.

                            BOTH OREGON CORPORATIONS

         AMERCO, a Nevada corporation, the sole shareholder of the above named
corporations, acting through John M. Dodds, on authority of the Executive
Management Team, the group designated by the Board of Directors of AMERCO to
vote the stock of all of its subsidiaries, hereby consents to and adopts the
following:

         RESOLVED: That this corporation, the sole shareholder of
         U-Haul Co. of Oregon, an Oregon corporation & Southgate
         Rental Equipment Repair Shop, Inc., an Oregon corporation,
         does hereby approve & adopt the Plan of Merger between said
         corporations, whereby Southgate Rental Equipment Repair Shop,
         Inc., an Oregon Corporation, shall be absorbed into U-Haul
         Co. of Oregon, being the surviving corporation, all in
         accordance with the Plan of Merger, and be it further

         RESOLVED: That the Board of Directors and Officers of said
         merging corporations be and they hereby are, authorized and
         directed to all further action and to execute all documents
         they deem necessary or advisable to consummate the said
         merger and to amend any of the terms of the said Plan of
         Merger, and further

         BE IT RESOLVED: That the Secretary of each said corporation
         is hereby authorized to certify as to the Consent of the sole
         shareholder of the Plan of Merger, or within the Articles of
         Merger.

                                      AMERCO, a Nevada corporation

                                      BY: /s/ John M. Dodds
                                          ------------------------------------
                                          John M. Dodds


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.128
<SEQUENCE>127
<FILENAME>p68936exv3w128.txt
<DESCRIPTION>EXHIBIT 3.128
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.128

                                   BY-LAWS OF

                              U-HAUL CO. OF OREGON

                              An Oregon Corporation

                                    ARTICLE I

                                                              DATE: June 1, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Oregon shall be located
in the city of Portland. The corporation may have such other offices either
within or without the state of Oregon as the Board of Directors may designate or
as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
third Tuesday in January of each year, at the office of the corporation in the
state of Oregon or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each
shareholder of record entitled to vote at such meeting. If mailed, such notice
shall be deemed to be delivered when deposited in the United States mail
addressed to the shareholder at his address as it appears on the stock transfer
book of the corporation, with postage thereon prepaid. Provided, however, that
notice of any meeting of shareholders whether regular or special, may be waived
either before, at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less then one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                       -1-

<PAGE>

may be held within or without the state of Oregon. Notice of the special meeting
will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

        1st. All persons claiming to hold proxies shall present them to the
             tellers for verification.

        2nd. Proof of due notice of meeting when applicable.

        3rd. Reading and disposal of all unapproved minutes.

        4th. Reports of officers and committees.

        5th. Election of Directors.

        6th. Unfinished business.

        7th. New business.

        8th. Adjournment.

                                       -2-

<PAGE>

                                  ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
offices of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Oregon.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meeting of the Board of Directors may be held within or
without the state of Oregon.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the trans-
action of business, except where otherwise provided by statute or by these
By-laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                       -3-

<PAGE>

        1st. Roll call; a quorum being present.

        2nd. Reading of minutes of preceding meeting and action thereon.

        3rd. Consideration of communications of the Board of Directors.

        4th. Reports of officials and committees.

        5th. Unfinished business.

        6th. Miscellaneous business.

        7th. New business.

        8th. Adjournment.

                                 ARTICLE IV

                             POWER OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

        1.   To purchase, lease, and acquire, in any lawful manner any and all
             real or personal property including franchises, stocks, bonds and
             debentures of other companies, business and good will, patents,
             trade-marks in contracts, and interests thereunder, and other
             rights and proprieties which in their Judgment may be beneficial
             for the purpose of this corporation, and to issue shares of stock
             of this corporation in payment of such property, and in payment
             for services rendered to this corporation, when they deem it
             advisable.

        2.   To fix and determine and to vary, from time to time, the amount
             or amounts to be set aside or retained as reserve funds or as
             working capital of this corporation.

        3.   To Issue notes and other obligations or evidences of the debt of
             this corporation, and to secure the same, if deemed advisable,
             and endorse and guarantee the notes, bonds, stocks, and other
             obligations of other corporations with or without compensation
             for so doing, and from time to time to sell, assign, transfer

                                       -4-

<PAGE>

             or otherwise dispose of any of the property of this corporation,
             subject, however, to the laws of the State of Oregon, governing
             the disposition of the entire assets and business of the
             corporation as a going concern.

        4.   To declare and pay dividends, both in the form of money and
             stock, but only from the surplus or from the net profit arising
             from the business of this corporation, after deducting
             therefrom the amounts, at the time when any dividend is declared
             which shall have been set aside by the Directors as a reserve
             fund or as a working fund.

                                  ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Oregon statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with

                                       -5-

<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorised by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements
of its funds. He shall give such bond for the faithful performance of his duties
as the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                       -6-

<PAGE>

                                  ARTICLES VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organised under the
laws of Oregon, the number and par value. If any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferrable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorised Attorney in
Fact. Upon each surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                       -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF OREGON, are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the by-Laws of
this corporation.

                                                   _____________________________
                                                   President - Kenneth D. Miller

ATTEST:

___________________________
Secretary - Gaylan Rettke

     (CORPORATE SEAL)

                                       -8-
<PAGE>

                              U-HAUL CO. OF OREGON,
                             AN OREGON CORPORATION

                             SHAREHOLDER RESOLUTIONS


WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Oregon, an
Oregon corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.
<PAGE>

Dated: August 15, 2003

                                            SHAREHOLDER:

                                            U-Haul International, Inc., a Nevada
                                            Corporation

                                            By: /s/ Gary V. Klinefelter
                                                --------------------------------
                                            Name: Gary V. Klinefelter
                                            Its: Secretary


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.129
<SEQUENCE>128
<FILENAME>p68936exv3w129.txt
<DESCRIPTION>EXHIBIT 3.129
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.129

             C O M M O N W E A L T H  O F  P E N N S Y L V A N I A

                      D E P A R T M E N T  O F  S T A T E

                               SEPTEMBER 03, 2003

                TO ALL WHOM THESE PRESENTS SHALL COME, GREETING :

                           U-HAUL CO. OF PENNSYLVANIA

I, Pedro A. Cortes, Secretary of the Commonwealth of Pennsylvania do hereby
certify that the foregoing and annexed is a true and correct photocopy of
Articles of Incorporation and all Amendments

which appear of record in this department

                                                 IN TESTIMONY WHEREOF, I have
                                                 hereunto set my hand and caused
                                                 the Seal of the Secretary's
                                                 Office to be affixed, the day
                                                 and year above written.

                                                 /s/ [ILLEGIBLE]
                                                 -------------------------------
                                                 Secretary  of the  Commonwealth

                                                                          dboyer

<PAGE>
                          COMMONWEALTH OF PENNSYLVANIA
                               DEPARTMENT OF STATE
                               CORPORATION BUREAU

     In compliance with the requirements of section 204 of the Business
Corporation Law, act of May 5, 1933 (P. L. 364) (15 P. S. [ILLEGIBLE]1204) the
undersigned, desiring to be incorporated as a business corporation, hereby
certifies (certify) that:

1. The name of the corporation is:

                           REORG. CO. OF PENNSYLVANIA

2. The location and post office address of the initial registered office of the
corporation in this Common wealth is;

1635 Market Street,
- --------------------------------------------------------------------------------
(NUMBER)                                                             (STREET)

Philadelphia                          Pennsylvania                    19103
- --------------------------------------------------------------------------------
(CITY)                                                              (ZIP CODE)

3. The corporation is incorporated under the Business Corporation Law of the
Commonwealth of Pennsylvania for the following purpose or purposes:

         The corporation shall have unlimited power to engate in and to do any
         lawful act concerning any or all lawful business for which corporations
         may be incorporated under teh Pennsylvania Business Corporation Law.

4. The term for which the corporation is to exist is: Perpetual

5. The aggregate number of shares which the corporation shall have authority to
issue is:

         2,500 shares, Common stock, having a par value of $10.00 per share

<PAGE>
 6. The name and post office address of each incorporate and the number and
class of shares, subscribed by such Incorporator(s) is (are):

     NAME                            ADDRESS          NUMBER AND CLASS OF SHARES
                      (INCLUDING STREET AND NUMBER, IF ANY)

 John A. Lorentz         2721 N. Central Avenue         One share Common Stock
                         Phoenix, Arizona 85004

         IN TESTIMONY WHEREOF, the incorporator(s) has (have) signed and sealed
these Articles of Incorporation this 13th day of September, 1990.

- ------------------------ (SEAL)                    /s/ John A. Lorentz,  (SEAL)
                                                   ---------------------
                                                   John A. Lorentz, Incorporator

                                                   ---------------------- (SEAL)

INSTRUCTIONS FOR COMPLETION OF FORM:

         A.       For general Instructions relating to the Incorporation of
                  business corporations see 19 Pa. Code Ch. 35 (relating to
                  business corporations generally). These Instructions relate to
                  such matters as corporate name, stated purposes, term of
                  existence, authorized share structure and related authority of
                  the board of directors, inclusion of names of first directors
                  in the Articles of Incorporation, optional provisions on
                  cumulative voting for election of directors, etc.

         B.       One or more corporations or natural persons of full age may
                  incorporate a business corporation.

         C.       Optional provisions required or authorized by law may be added
                  as Paragraphs 7, 8, 9 ... etc.

         D.       The following shall accompany this form:

                  (1)      Three copies of Form DSCB:BCL -- 206 (Registry
                           Statement Domestic or Foreign Business Corporation).

                  (2)      Any necessary copies of Form DSCB:17.2 (Consent to
                           Appropriation of Name) or Form DSCB: 17.3 (Consent to
                           Use of Similar Name).

                  (3)      Any necessary governmental approvals.

         E.       BCL Section 205 (15 Pa. S. Section 11205) requires that the
                  incorporators shall advertise their intention to file or the
                  corporation shall advertise the filing of articles of
                  incorporation. Proofs of publication of such advertising
                  should not be delivered to the Department, but should be filed
                  with the minutes of the corporation.

<PAGE>
                          COMMONWEALTH OF PENNSYLVANIA
                              DEPARTMENT OF STATE
                               CORPORATION BUREAU

         In compliance with the requirements of section 806 of the Business
Corporation Law, act of May 5, 1933 (P. L.364) (15 P. S. Section 1806), the
undersigned corporation, desiring to amend its Articles, does hereby certify
that:

1. The name of the corporation is:

                           REORG. CO. OF PENNSYLVANIA

2. The location of its registered office in the Commonwealth is (the Department
of State is Hereby authorized to correct the following statement to conform to
the records of the Department).

   1635 Market Street
- --------------------------------------------------------------------------------
         (NUMBER)                                   (STREET)

     Philadelphia                                 Pennsylvania          19103
- --------------------------------------------------------------------------------
        CITY                                                          (ZIP CODE)

3. The statute by or under which it was incorporated is:

4. The date of its incorporation is: September 17, 1990

5. (Check , and if appropriate, complete one of the following):

         [ ] The meeting of the shareholders of the corporation at which the
amendment was adopted was held at the time and place and pursuant to the kind
and period of notice herein stated.

         Time: The ------------------------ day of ------------------, 19-------

         Place: ----------------------------------------------------------------

         Kind and period of notice ---------------------------------------------

         -----------------------------------------------------------------------

         [X] The amendment was adopted by a consent in writing, setting forth
the action so taken, signed by ail of the shareholders entitled to vote thereon
and filed with the Secretary of the corporation.

6. At the time of the action of shareholders:

         (a) The total number of shares outstanding was:

                  500

         (b) The number of shares entitled to vote was.

                  500

<PAGE>

7. In the action taken by the shareholders:

         (a) The number of shares voted in favor of the amendment was:

                  500

         (b) The number of shares voted against the amendment was:

                  -0-

8. The amendment adopted by the shareholders, set forth in full is as follows:

                                    ARTICLE I

         The name of the corporation is: U-HAUL CO. OF PENNSYLVANIA

                                                --------------------------------

         IN TESTIMONY WHEREOF, the undersigned corporation has cause these
Articles of Amendment to be signed by a duly authorized officer and its
corporate seal duly authorized officer and its corporate seal duly attested by
another such officer, to be hereunto affixed this 25th day of January 1991.

                                                   Reorg. Co. of Pennsylvania
                                                --------------------------------
Attest                                                   (NAME OF CORPORATION)

/s/Gary V. Klinefelter                          BY: /s/ John A. Lorentz
- -----------------------                             ----------------------------
Gary V. Klinefelter                                     John A. Lorentz

    Secretary                                               President
- ---------------------------                     --------------------------------
(TITLE SECRETARY, ASSISTANT                          (TITLE PRESIDENT, VICE
     SECRETARY ETC)                                       PRESIDENT ETC)

(CORPORATE SEAL)

INSTRUCTIONS FOR COMPLETION OF FORM

         A.       Any necessary copies of Form DSCB:17.2 (Consent to
                  Appropriation of Name) or Form DSCB:17.3 (Consent to Use of
                  Similar Name) shall accompany Articles of Amendment effecting
                  a change of name.

         B.       Any necessary governmental approvals shall accompany this
                  form.

         C.       Where action is taken by partial written consent pursuant to
                  the Articles, the second alternate of Paragraph 5 should be
                  modified accordingly.

         D        If the shares of any class were entitled to vote as a class,
                  the number of shares of each class so entitled and the number
                  of shares of all other classes entitled to vole should be set
                  forth in Paragraph 6(b).

         E.       If the shares of any class were entitled to vote as a class,
                  the number of shares of such class and the number of shares of
                  all other classes voted for and against such amendment
                  respectively should be set forth in paragraph 7(a) and 7(b).

         F.       BCL Section 807 (15 P. S. Section 1807) requires that
                  the corporation shall advertise its intention to file or the
                  filing of Articles of Amendment. Proofs of publication of such
                  advertising should not be delivered to the Department. but
                  should be filed with the minutes of the corporation.

<PAGE>
                        PENNSYLVANIA DEPARTMENT OF STATE
                               CORPORATION BUREAU

Entity Number

1606140

                Statement of Change of Registered Office by Agent
                             (15 Pa.C.S.Section 108)

Name

- ----------------------------------------------
ADDRESS
- ----------------------------------------------
CITY              State         Zip Code
- ----------------------------------------------

Document will be returned to the name and address you enter to the left.

Fee: $4

                                Filed in the Department of State on MAR 27, 2002

                                /s/ [ILLEGIBLE]
                                -----------------------------------------------
                                ACTING Secretary of the cCommonwealth

         In compliance with the requirements of 15 Pa.C.S. Section 108 (relating
to change in location or status of registered office provided by agent), the
undersigned person who maintains the registered office of an association and who
desires to change the following with respect to such agency hereby states that:

1.       The name of the association represented by the undersigned person is:

         U-HAUL CO. OF PENNSYLVANIA

2.       The address of the present registered office in this Commonwealth of
         the above-named association is:

1635 MARKET STREET           PHILADELPHIA    PA         19107          PHILA
- --------------------------------------------------------------------------------
Number and Street               City        State        Zip           County

3.       If the registered office address is to be changed, complete the
         follwing:

        The address in the same county to which the registered office in this
        Commonwealth of the above-name association is to be changed is:

1515 MARKET STREET           PHILADELPHIA         PA      19102         PHILA
- --------------------------------------------------------------------------------
Number and street              City             State      Zip         County

4.       The name of the person in care of the foregoing office:

                                                           Margaret E. Routzahn

         The person named immediately above in this paragraph has been
         designated in fact as the agent in care of the registered office in the
         Commonwealth of Pennsylvania of the association named in paragraph 1 of
         this statement.

<PAGE>

5.       Check one or more of the following, as appropriate:

________ This statement reflects a change in name of the agent.

   X     The change in registered office set forth in this statement
         reflects the removal of the place of business of the agent to a new
         location within the county.

________ The status of the agent as the provider of the registered office of the
         above-named association has been terminated.

                                    IN TESTIMONY WHEREOF, the undersigned person
                                    has caused this Statement of Change of
                                    Registered Office by Agent to be signed this

                                    27th day of March, 2002.

                                    U-HAUL CO. OF PENNSYLVANIA
                                    ---------------------------------------
                                                   Name

                                    /s/ Margaret E. Routzahn
                                    ---------------------------------------
                                                 Signature

                                    Margaret E. Routzahn, Special Ass't Se
                                    --------------------------------------
                                                  Title


<PAGE>
                          COMMONWEALTH OF PENNSYLVANIA
                               DEPARTMENT OF STATE
                               CORPORATION BUREAU

         In compliance with the requirements of section 806 of the Business
Corporation Law, act of May 5, 1933 (P. L. 364) (15 P. S. Section 1806). the
undersigned corporation, desiring to amend its Articles, does hereby certify
that:

1. The name of the corporation is:

                           REORG. CO. OF PENNSYLVANIA

2. The location of its registered office in this Commonwealth is (the Department
of State is hereby authorized to correct the following statement to conform to
the records of the Department):

         1635 Market Street
- --------------------------------------------------------------------------------
             (NUMBER)                                         (STREET)

         Philadelphia                  Pennsylvania             19103
- --------------------------------------------------------------------------------
           (CITY)                                            (ZIP CODE)

3. The statute by or under which it was incorporated is:

- --------------------------------------------------------------------------------

4. The date of its incorporation is: September 17 , 1990

5. (Check, and if appropriate, complete one of the following):

         [ ] The meeting of the shareholders of the corporation at which the
amendment was adopted was held at the time and place and pursuant to the kind
and period of notice herein stated.

         Time: The ----------------- day Of ------------------, 19-------------.

         Place: ----------------------------------------------------------------

         Kind and period of notice ---------------------------------------------

- --------------------------------------------------------------------------------

         [X] The amendment was adopted by a consent in writing, setting forth
the action so taken, signed by all of the shareholders entitled to vote thereon
and filed with the Secretary of the corporation.

6. At the time of the action of shareholders:

(a) The total number of shares outstanding was:

                  500

(b) The number of shares entitled to vote was:

                  500

<PAGE>

7. In the action taken by the shareholders:

         (a) The number of shares voted in favor of the amendment was:

                  500

         (b) The number of shares voted against the amendment was:

                  -0-

8. The amendment adopted by the shareholders, set forth in full, is as follows:

                                    ARTICLE I

           The name of the corporation is: U-HAUL CO. OF PENNSYLVANIA

         IN TESTIMONY WHEREOF, the undersigned corporation has caused these
Articles of Amendment to be signed by a duly authorized officer and its
corporate seal, duly attested by another such officer, to be hereunto affixed
this 25th day of January, 1991.

                                                      Reorg. Co. of Pennsylvania
                                                      --------------------------
Attest                                                (NAME OF CORPORATION)

                                                      By:

/s/ Gary V. Klinefelter                               /s/ John A. Lorentz
- -----------------------                               --------------------------
Gary V. Klinefelter                                   John A. Lorentz

      Secretary                                             President
- ---------------------------                           --------------------------
(TITLE SECRETARY ASSISTANT                            (TITLE PRESIDENT, VICE
 SECRETARY, ETC.)                                      PRESIDENT, ETC.)

(CORPORATE SEAL)

INSTRUCTIONS FOR COMPLETION OF FORM

         A.       Any necessary copies of Form DSCB: 17.2 (Consent to
                  Appropriation of Name) or Form DSCB:17.3 (Consent to Use of
                  Similar Name) shall accompany Articles of Amendment effecting
                  a change of name.

         B.       Any necessary governmental approvals shall accompany this
                  form.

         C.       Where action is taken by partial written consent pursuant to
                  the Articles, the second alternate of Paragraph 5 should be
                  modified accordingly.

         D.       If the shares of any class were entitled to vote as a class,
                  the number of shares of each class so entitled and the number
                  of shares of all other classes entitled to vote should be set
                  forth in Paragraph 6(b).

         E.       If the shares of any class were entitled to vote as a class,
                  the number of shares of such class and the number of shares of
                  all other classes voted for and against such amendment
                  respectively should be set forth in Paragraphs 7(a) and 7(b).

         F.       BCL Section 807 (15 P. S. Section 1807) requires that the
                  corporation shall advertise its intention to file or the
                  filing of Articles of Amendment. Proofs of publication of such
                  advertising should not be delivered to the Department, but
                  should be filed with the minutes of the corporation.

<PAGE>

                                           No. ------------------ Term, 19------

               PROOF OF PUBLICATION IN THE PHILADELPHIA DAILY NEWS

                    UNDER ACT NO. 587, APPROVED MAY 16, 1929

COPY OF NOTICE OR PUBLICATION

[ILLEGIBLE]

STATE OP PENNSYLVANIA    )
                         )  ss.:
COUNTY OP PHILADELPHIA   )

E. Smith being duly sworn, deposes and says that THE PHILADELPHIA DAILY NEWS is
a newspaper published daily, except Sunday, at Philadelphia, Pennsylvania, and
was established in said city in 1925, since which date said newspaper has been
regularly issued in said County, and that a copy of the printed notice or
publication is attached hereto exactly as the same was printed or published in
the regular editions and issues of the said newspaper on the ollowing dates,
viz.: February 1, 1991
- --------------------------------------------------------------------------------

and the ------------------- day of--------------------- A.D. 19-----------------

         Affiant further deposes and says that ---------- he is an employee of
the publisher of said newspaper and has been authorized to verify the foregoing
statement and that --------- he is not interested in the subject matter of the
aforesaid notice or publication, and that all allegations in the foregoing
statement as to time, place and character of publication are true.

                                                        /s/ E.Smith
                                                 -------------------------------

         Sworn to and subscribed before me this 1st day of February, 1991

                                                /s/ Virginia D. Graham
                                                --------------------------------
                                                Notary Public

My Commission Expires :

<PAGE>

                          COMMONWEALTH OF PENNSYLVANIA
                               DEPARTMENT OF STATE
                               CORPORATION BUREAU
                        ROOM 308, NORTH OFFICE BUILDING
                         HARRISBURG, PENNSYLVANIA 17120

U-HAUL CO. OF PENNSYLVANIA

         THE CORPORATION BUREAU IS HAPPY TO SEND YOU YOUR FILED DOCUMENT. PLEASE
NOTE THE FILE DATE AND SIGNATURE OF THE SECRETARY OF THE COMMONWEALTH. THE
CORPORATION BUREAU IS HERE TO SERVE YOU AND WANTS TO THANK YOU FOR DOING
BUSINESS IN PENNSYLVANIA.

                                              ENTITY NUMBER: 1606140

                                              MICROFILM NUMBER: 09109

                                                                0867-0868
<PAGE>

DSCB:BCL-204 (Rev. 8-72)

FILING FEE: $75                            ------------------------
AIB-7                                        (Line for numbering)

ARTICLES OF
INCORPORATIES--
DOMESTIC BUSINESS CORPORATION


                          COMMONWEALTH OF PENNSYLVANIA
                               DEPARTMENT OF STATE
                               CORPORATION BUREAU

         In compliance with the requirements of section 204 of the Business
Corporation Law, act of May 5, 1933 (P. L. 364) (15 P. S. Section 1204) the
undersigned, desiring to be incorporated as a business corporation, hereby
certifies (certify) that:

1. The name of the corporation is:

                           REORG. CO. OF PENNSYLVANIA
 -------------------------------------------------------------------------------

2. The location and post office address of the initial registered office of the
corporation in this Commonwealth is:

       1635 Market Street,
- --------------------------------------------------------------------------------
         (NUMBER)                     (STREET)

Philadelphia        PENNSYLVANIA          19103
- --------------------------------------------------------------------------------
(CITY)                                  (ZIP CODE)

3. The corporation is incorporated under the Business Corporation Law of the
Commonwealth of Pennsylvania for the following purpose or purposes:

                  The corporation shall have unlimited power to engate in and to
                  do any lawful act concerning any or all lawful business for
                  which corporations may be incorporated under teh Pennsylvania
                  Business Corporation Law.

4. The term for which the corporation is to exist is: Perpetual

5. The aggregate number of shares which the corporation shall have authority to
issue is:

                  2,500 shares, Common stock, having a par value of $10.00 per
                  share

ADVERTISING SPECIALTY SALES
P.O. BOX 387
UNIONTOWN, PA 15401
<PAGE>

6. The name and post office address of each incorporator and the number and
class of shares subscribed by such incorporator(s) is (are):

<TABLE>
<CAPTION>
                                            ADDRESS
NAME                          (Including Street and number. if any)  NUMBER AND CLASS OF SHARES
<S>                           <C>                                    <C>
John A. Lorentz                      2721 N. Central Avenue            One share Common Stock
                                     Phoenix, Arizona 85004
</TABLE>

         IN TESTIMONY WHEREOF, the incorporator(s) has (have) signed and sealed
these Articles of Incorporation this 13th day of September 1990.

                                           /s/ John A. Lorentz
- --------------------------------(SEAL)     -------------------------------(SEAL)
                                           John A. Lorentz, Incorporator

                                           -------------------------------(SEAL)

INSTRUCTIONS FOR COMPLETION OF FORM:

         A.       For general instructions relating to the incorporation of
                  business corporations see 19 Pa. Code Ch. 35 (relating to
                  business corporations generally). These instructions relate to
                  such matters as corporate name, stated purposes, term of
                  existence, authorized share structure and related authority of
                  the board of directors, inclusion of names of first directors
                  in the Articles of Incorporation, optional provisions on
                  cumulative voting for election of directors, etc.

         B.       One or more corporations or natural persons of full age may
                  incorporate a business corporation.

         C.       Optional provisions required or authorized by law may be added
                  as Paragraphs 7, 8, 9 ... etc.

         D.       The following shall accompany this form:

                  (1)      Three copies of Form DSCB:BCL--206 (Registry
                           Statement Domestic or Foreign Business Corporation).

                  (2)      Any necessary copies of Form DSCB:17.2 (Consent to
                           Appropriation of Name) or Form DSCB:17.3 (Consent to
                           Use of Similar Name).

                  (3)      Any necessary governmental approvals.

         E.       BCL Section 205 (15 Pa. S. Section 1205) requires that the
                  incorporates shall advertise their intention to file or the
                  corporation shall advertise the filing of articles of
                  incorporation. Proofs of publication of such advertising
                  should not be delivered to the Department, but should be filed
                  with the minutes of the corporation.

<PAGE>

                          COMMONWEALTH OF PENNSYLVANIA
                               DEPARTMENT OF STATE
                               CORPORATION BUREAU
                         ROOM 308, NORTH OFFICE BUILDING
                         HARRISBURG, PENNSYLVANIA 17120

                               SEPTEMBER 17, 1990

REORG. CO. OF PENNSYLVANIA

                  THE CORPORATION BUREAU IS HAPPY TO SEND YOU YOUR FILED
DOCUMENT. PLEASE NOTE THE FILE DATE AND SIGNATURE OF THE SECRETARY OF THE
COMMONWEALTH. THE CORPORATION BUREAU IS HERE TO SERVE YOU AND WANTS TO THANK YOU
FOR DOING BUSINESS IN PENNSYLVANIA.

                                                      ENTITY NUMBER: 1606140

                                                     MICROFILM NUMBER: 09045

                                                                       1700-1701

U HAUL INTERNATIONAL
ATTN: BLANCHE I PASSOLT
2727 N CENTRAL AVE PO BOX 21502
PHOENIX  AZ 85036-1502

<PAGE>

                                          No. ---------------- Term, 19---------

                 PROOF OF PUBLICATION IN THE PHILADELPHIA DAILY NEWS
                   UNDER ACT NO. 587,APPROVED MAY 16, 1929

STATE OF PENNSYLVANIA   )ss.:
COUNTY OF PHILADELPHIA  )

         E. Smith being duly sworn, deposes and says that THE PHILADELPHIA DAILY
NEWS is a newspaper published daily, except Sunday, at Philadelphia,
Pennsylvania, and was established in said city in 1925, since which date said
newspaper has been regularly issued in said County, and that a copy of the
printed notice or publication is attached hereto exactly as the same was printed
or published in the regular editions and issues of the said newspaper on the
following dates, viz.:--------------- october 29, 1990 --------------and the
- -------------- day of --------------- A.D. 19-----

         Affiant further deposes and says that -------- he is an employee of the
publisher of said newspaper and has been authorized to verify the foregoing
statement and that ------- he is not interested in the subject matter of the
aforesaid notice or publication, and that all allegations in the foregoing
statement as to time, place and character of publication are true.

                                                /s/ [ILLEGIBLE]
                                                --------------------------------

         Sworn to and subscribed before me this 29th day of october 1990

                                                /s/ VIRGINIA D. GRAHAM
                                                --------------------------------
                                                                   Notary Public

         My Commission Expires:

                                 NOTARIAL SEAL
                       VIRGINIA D. GRAHAM, Notary Public
                      City of Philadelphia, Phila. County
                       My Commission Expires June 6, 1994

                         COPY OF NOTICE OR PUBLICATION

                     NOTICE OF CERTIFICATE OF INCORPORATION

Notice is hereby given that REORG. CO. OF PENNSYLVANIA, was issued a Certificate
of Incorporation, under the provisions of the Act of May 5, 1933, P.L. 364, as
amended, for the principal purpose of renting trucks and trailers. Its
registered office being located at 1635 Market Street, Philadelphia,
Pennsylvania 19103,c/o C T Corporation System. Said Certificate of Incorporation
was issued by the Department of State on September 17, 1990.
<PAGE>

DSCB:BCL-806 (Rev. 8-72)

FILING FEE: $40                               -----------------------
AB-2                                           (Line for numbering)

ARTICLES OF AMENDMENT
DOMESTIC BUSINESS CORPORATION

                          COMMONWEALTH OF PENNSYLVANIA
                               DEPARTMENT OF STATE
                               CORPORATION BUREAU

         In compliance with the requirements of section 806 of the Business
Corporation Law, act of May 5, 1933 (P.L. 364. S. Section 1806), the undersigned
corporation desiring to amend its Articles, does hereby certify that:

1.       The name of the corporation is:

         U-HAUL CO. OF DELAWARE VALLEY
         -----------------------------------------------------------------------

2.       The location of its registered office in this Commonwealth is (the
         Department of State is hereby authorized to correct the following
         statement to conform to the records of the Department):

              123 South Broad Street,
         -----------------------------------------------------------------------
         (NUMBER)                                                       (STREET)

               Philadelphia             Pennsylvania                19109
         -----------------------------------------------------------------------
         (CITY)                                                  (ZIP CODE)

3.       The statute by or under which it was incorporated is:

                    The Pennsylvania Business Corporation Law
         -----------------------------------------------------------------------

4.       The date of its incorporation is: March 13, 1970

5.       (Check, and if appropriate, complete one of the following):

         [ ]      The meeting of the shareholders of the corporation at which
         the amendment was adopted was held at the time and place and pursuant
         to the kind and period of notice herein stated.

         Time: The ---------------- day of --------------------- , 19---.

         Place: ----------------------------------------------------------------

         Kind and period of notice ---------------------------------------------
         -----------------------------------------------------------------------

         [X]      The amendment was adopted by a consent in writing, setting
         forth the action so taken, signed by all of the shareholders entitled
         to vote thereon and filed with the Secretary of the corporation.

6.       At the time of the action of shareholders:

         (a)      The total number of shares outstanding was:

                                       500
         -----------------------------------------------------------------------

         (b)      The number of shares entitled to vote was:

                                       500
         -----------------------------------------------------------------------
<PAGE>

7.  In the action taken by the shareholders:

    (a)  The number of shares voted in favor of the amendment was: 500

    (b)  The number of shares voted against the amendment was: -0-

8.  The amendment adopted by the shareholders, set forth in full, is as follows:

                  RESOLVED: That the Articles of Incorporation of U-Haul Co. of
                  Delaware Valley, a Pennsylvania Corporation be amended as
                  follows:

                       1. The name of the corporation is:

                           U-HAUL CO. OF PENNSYLVANIA

    IN TESTIMONY WHEREOF, the undersigned corporation has caused these Articles
of Amendment to be signed by a duly authorized officer and its corporate seal,
duly attested by another such officer, to be hereunto affixed this 13th day of
November, 1989.

Attest:                                U-Haul Co. of  Delaware Valley
                                       ----------------------------------------
/s/ John A. Lorentz                          (NAME OF CORPORATION)
- ----------------------------
    (SIGNATURE)                        By: /s/ Gary V. Klinefelter
                                          -------------------------------------
                                                 (SIGNATURE)

John A. Lorentz, Secretary                 Gary V. Klinefelter, President
- ----------------------------           ----------------------------------------
(TITLE: SECRETARY, ASSISTANT            (TITLE: PRESIDENT, VICE PRESIDENT, ETC.)
       SECRETARY, ETC.)

(CORPORATE SEAL)

INSTRUCTIONS FOR COMPLETION OF FORM

    A.   Any necessary copies of Form DSCB: 17.2 (Consent to Appropriation of
         Name) or Form DSCB: 17.3 (Consent to Use of Similar Name) shall
         accompany Articles of Amendment effecting a change of name.

    B.   Any necessary governmental approvals shall accompany this form.

    C.   Where action is taken by partial written consent pursuant to the
         Articles, the second alternate of Paragraph 5 should be modified
         accordingly.

    D.   If the shares of any class were entitled to vote as a class, the number
         of shares of each class so entitled and the number of shares of all
         other classes entitled to vote should be set forth in Paragraph 6(b).

    E.   If the shares of any class were entitled to vote as a class, the number
         of shares of such class and the number of shares of all other classes
         voted for and against such amendment respectively should be set forth
         in Paragraphs 7(a) and 7(b).

    F.   BCL Section 807 (15 P. S. Section 1807) requires that the corporation
         shall advertise its intention to file or the filing of Articles of
         Amendment. Proofs of publication of such advertising should not be
         delivered to the Department, but should be filed with the minutes of
         the corporation.

<PAGE>

                                                    Filed this 20 day of
                                                    Nov 1989
APPLICANT'S ACC'T. NO.                              Commonwealth of Pennsylvania
DSCB.BCL--903 (Rev. 7-78)  -----------------------  Department of State
Filing Fee: $80 plus $20     (Line for numbering)
for each party corporation
in excess of two
AMB-9

                      COMMONWEALTH OF PENNSYLVANIA   /s/ [ILLEGIBLE]
Articles of Merger--       DEPARTMENT OF STATE     -----------------------------
Business Corporation       CORPORATION BUREAU      Secretary of the Commonwealth
- --------------------------------------------------------------------------------
                                                       (Box for Certification)

    In compliance with the requirements of section 903 of the Business
Corporation Law, act of May 5, 1933 (P.L 364) (15 P.S. Section 1903), the
undersigned corporations, desiring to effect a merger, hereby certify that:

1.  The name of the corporation surviving the merger is: U-HAUL CO. OF DELAWARE
    VALLEY

2.  (Check and complete one of the following):

    [X] The surviving corporation is a domestic corporation and the location of
its registered office in this Commonwealth is (the Department of State is hereby
authorized to correct the following statement to conform to the records of the
Department):

             123 South Broad Street
- -------------------------------------------------------------------------------
         (NUMBER)                                                   (STREET)

             Philadelphia                                             19109
- ----------------------------------------------------- Pennsylvania -------------
         (CITY)                                                     (ZIP CODE)

    [ ] The surviving corporation is a foreign corporation incorporated under

the laws of --------------------------------------------------------------------
                       (NAME OF JURISDICTION)
and the location of its office registered with such domiciliary jurisdiction is:

- -------------------------------------------------------------------------------
         (NUMBER)                                              (STREET)

- --------------------------------------------------------------------------------
         (CITY)                       (STATE)                 (ZIP CODE)

3.  The name and the location of the registered office of each other domestic
business corporation and qualified foreign business corporation which is a party
to the plan of merger are as follows:

    1.   There is one sole shareholder for both the Surviving Corporation and
         the Absorbed Corporation and he owns all of the stock for both
         corporations.

    2.   The Articles of Incorporation shall remain unchanged for the Surviving
         corporation.

         The  name of the Absorbed corporation is: FALLS MFG. CO.

<PAGE>

DSCB:BCL--903(Rev. 7-78)-2

4.  (Check, and if appropriate, complete one of the following):

    [X] The plan of merger shall be effective upon filing these Articles of
        Merger in the Department of State.

    [ ] The plan of merger shall be effective on _________________ at___________
                                                        (DATE)          (HOUR)

5.  The manner in which the plan of merger was adopted by each domestic
    corporation is as follows:

         NAME OF CORPORATION                          MANNER OF ADOPTION

Falls Mfg. Co., the absorbed corporation, all issued and outstanding shares of
stock of the corporation shall be cancelled.

U-Haul Co. of Delaware Valley, the surviving corporation shall pay all expenses
of accomplishing this merger. The Articles of Incorporation of the surviving
corporation shall continue to be its Articles of Incorporation until altered or
amended, and shall not be affected by this merger.

The Plan of Merger, attached and be referenced incorporated herein was adopted
and approved by the Board of Directors of each corporations.

6. (Strike out this paragraph if no foreign corporation is party to the merger.)
The plan was authorized, adopted or approved, as the case may be, by the foreign
corporation (or each of the foreign corporations) in accordance with the laws of
the jurisdiction in which it was formed.

7. The plan of merger is set forth in Exhibit A, attached hereto and made a part
hereof.

    IN TESTIMONY WHEREOF, each undersigned corporation has caused these Articles
of Merger to be signed by a duly authorized office and its corporate seal, duly
attested by another such officer, to be hereunto affixed this 15th day of
November, 1989.

                                               U-Haul Co. of Delaware Valley
                                        ----------------------------------------
                                                  (NAME OF CORPORATION)

                                     By: /s/ Gary V. Klinefelter
                                        ----------------------------------------
                                                        (SIGNATURE)

                                            Gary V. Klinefelter, President
                                        ----------------------------------------
                                        (TITLE: PRESIDENT, VICE PRESIDENT, ETC.)

Attest:

/s/ John A. Lorentz
- ---------------------------------
          (SIGNATURE)

John A.  Lorentz,  Secretary
- ---------------------------------
  (TITLE: SECRETARY, ASSISTANT
       SECRETARY, ETC.)
(CORPORATE SEAL)

                                                      Falls Mfg. Co.
                                        ----------------------------------------
                                                   (NAME OF CORPORATION)

                                     By: /s/ Gary V. Klinefelter
                                        ----------------------------------------
                                                        (SIGNATURE)

                                            Gary V. Klinefelter, President
                                        ----------------------------------------
                                        (TITLE: PRESIDENT, VICE PRESIDENT, ETC.)

Attest:

/s/ John A. Lorentz
- ---------------------------------
          (SIGNATURE)

John A. Lorentz, Secretary
- ---------------------------------
  (TITLE: SECRETARY, ASSISTANT
       SECRETARY, ETC.)
(CORPORATE SEAL)

<PAGE>

                                 PLAN OF MERGER

         This Plan of Merger dated this 15th day of November, 1989, by and
between U-Haul Co. of Delaware Valley, surviving corporation, and Falls Mfg.
Co., the absorbed corporation, both Pennsylvania corporations and together
referred to as constituent Corporations, hereby WITNESSETH THAT: WHEREAS:

         The respective Boards of Directors of the Constituent Corporations have
determined it is advisable that Absorbed Corporation, be merged into Surviving
Corporation, under the terms and conditions hereinafter set forth in accordance
with the applicable provisions to the laws of the State of Pennsylvania, where
permit such merger;

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The provision for handling the shares of stock of the Constituent
Corporation is as follows:

         All issued and outstanding shares of stock of Absorbed Corporation
shall be cancelled. On the effective date of the merger the outstanding stock of
Surviving Corporation shall be deemed for all corporate purposes to evidence the
ownership of the Constituent Corporations.

                                       II

         Surviving Corporation shall pay all expenses of accomplishing the
merger.

                                       III

         If surviving Corporation shall consider or be advised that any
assignment or assurances in law are necessary or desirable to vest or to perfect
or confirm of record in Surviving Corporation the title to any property or
rights of Absorbed Corporation, or to otherwise carry out the provisions hereof,
the proper officers and directors of Absorbed Corporation as of the effective
date of the merger shall execute and deliver any assignments and assurances in
law, and do all things necessary or proper to vest or perfect such rights in
Surviving Corporation and otherwise to carry out the provisions hereof.

<PAGE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or all things necessary, proper or advisable under the laws of the State of
Pennsylvania to consummate and make effective the merger; and the officers and
directors of each Constituent corporation are authorized and directed to perform
all actions required for accomplishing and filing this Plan of Merger.

         IN WITNESS WHEREOF the corporate parties hereto, pursuant to authority
given by their Board of Directors, hereby enter into this Plan of Merger,
executed and sealed this 15th day of November, 1989.

                             SURVIVOR:  U-HAUL CO. OF DELAWARE VALLEY, a
                                        Pennsylvania Corporation

                                        BY: /s/ Gary V. Klinefelter
                                           ------------------------------------
                                             Gary V. Klinefelter, President

                                        BY: /s/ John A. Lorentz
                                           ------------------------------------
                                             John A. Lorentz, Secretary

                             ABSORBED:  FALLS MFG. CO. a Pennsylvania
                                        Corporation

                                        BY: /s/ Gary V. Klinefelter
                                           ------------------------------------
                                             Gary V. Klinefelter, President

                                        BY: /s/ John A. Lorentz
                                           ------------------------------------
                                             John A. Lorentz, Secretary

<PAGE>

Articles                    Commonwealth of Pennsylvania
   of                           Department of State
Amendment                        Corporation Bureau

    In compliance with the requirements of Article VIII of the Business
Corporation Law approved the 5th day of May. 1933, P.L. 364, as amended, the
applicant desiring to amend its Articles hereby certifies, under its corporate
seal that

1.  The name of the corporation is: U-HAUL CO. OF DELAWARE VALLEY

2.  The location of its registered office is: c/o C. T. Corporation System, 123
S. Broad Street, Philadelphia, Pennsylvania

3.  The corporation was formed under the Act of 5/5/33, P.L. 364, as amended

4.  Its date of incorporation is: 3/13/70

5.  (Strike out (a) or (b) below, whichever is not applicable)

    (a) The meeting of the shareholders of the corporation at which the
amendment was adopted was held at the time and place and pursuant to the kind
and period of notice herein stated.

    Time: The 12th day of August, 1970.

    Place:  Horsham, Pennsylvania

    Kind and period of notice: 10 days notice to shareholders of meeting for
purpose of voting name change.

6.  At the time of the action of the shareholder:

    (a) The total number of shares outstanding was: 500

    (b) The number of shares entitled to vote was:* 500

7.  In the action taken by the shareholders:

    (a) The number of shares voted in favor of the amendment was:** 500

    (b) The number of shares voted against the amendment was:** None

    * If the shares of any class were entitled to vote as a class, the number of
shares of each class so entitled and the number of shares of all other classes
entitled to vote should be set forth.

    ** If the shares of any class were entitled to vote as a class, the number
of shares of such class and the number of shares of all other classes voted for
and against such amendment respectively should be set forth.

NOTE: If the effect of the amendment is to increase the authorized capital stock
of the corporation, excise tax at the rate of 1/5 of 1% on the amount of
increase will be due and payable with the filing of the amendment.

NOTE: Filing fee--$30.00. (In addition to any amount of excise tax due and
owing)

<PAGE>

8.  The amendment adopted by the shareholders, set forth in full, follows:

         "RESOLVED: That Article I of the Articles of Incorporation of this
         corporation be amended to read as follows:

                  "The name of this corporation is AMERCO MARKETING CO. OF
                  DELAWARE VALLEY."

    IN TESTIMONY WHEREOF, the applicant has caused these Articles of Amendment
to be signed by its President or Vice President and its corporate seal, duly
attested by its Secretary or Treasurer, to be hereunto affixed this 22nd day of
September, 1970.

                                        U-HAUL CO. OF DELWARE VALLEY

                                     By: /s/ Ronald J. Benes
                                         --------------------------------------
                                         (President Ronald J. Benes)

Attest:

/s/ Helen Benes
- ----------------------------------
(Secretary Helen Benes)

 (CORPORATE)
 (   SEAL  )

Approved and filed in the Department of State on the 2nd day of October A. D.
1970.
                                          /s/ [ILLEGIBLE]
                                         --------------------------------------
                                           Secretary of the Commonwealth
                                                                     san

<PAGE>

Articles                    Commonwealth of Pennsylvania
   of                           Department of State
Amendment                        Corporation Bureau

    In compliance with the requirements of Article VIII of the Business
Corporation Law approved the 5th day of May, 1933, P.L. 364, as amended, the
applicant desiring to amend its Articles hereby certifies, under its corporate
seal that:

1.  The name of the corporation is: AMERCO MARKETING CO. OF DELAWARE VALLEY

2.  The location of its registered office is: c/o C T CORPORATION SYSTEM 123
    South Broad Street, Philadelphia, PA

3.  The corporation was formed under the Act of May 5, 1933, P. L. 364, as
    amended

4.  Its date of incorporation is: March 13, 1970

5.  (Strike out (a) or (b) below, whichever is not applicable)

    (a) The meeting of the shareholders of the corporation at which the
amendment was adopted was held at the time and place and pursuant to the kind
and period of notice herein stated.

    Time: The 21st day of February, 1973.

    Place: Philadelphia, Pennsylvania

    Kind and period of notice: 10 days notice to shareholders of meeting for
    purpose of voting on change of corporate name.

    (b) The amendment was adopted by a consent in writing, setting forth the
action so taken, signed by all of the shareholders entitled to vote thereon and
filed with the Secretary of the corporation.

6.  At the time of the action of the shareholders:

    (a) The total number of shares outstanding was: 500

    (b) The number of shares entitled to vote was:* 500

7.  In the action taken by the shareholders:

    (a) The number of shares voted in favor of the amendment was:** 500

    (b) The number of shares voted against the amendment was:** -0-

    *If the shares of any class were entitled to vote as a class, the number of
shares of each class so entitled and the number of shares of all other classes
entitled to vote should be set forth.

    **If the shares of any class were entitled to vote as a class, the number of
shares of such class and the number of shares of all other classes voted for and
against such amendment respectively should be set forth.

NOTE: If the effect of the amendment is to increase the authorized capital stock
of the corporation, excise tax at the rate of 1/5 of 1% on the amount of
increase will be due and payable with the filing of the amendment.

NOTE: Filing fee--$40.00. (In addition to any amount of excise tax due and
owing)

<PAGE>

8.  The amendment adopted by the shareholders, set forth in full, follows:

              "The name of the corporation is U-HAUL CO. OF DELAWARE VALLEY."

    IN TESTIMONY WHEREOF, the applicant has caused these Articles of Amendment
to be signed by its President or Vice President and its corporate seal, duly
attested by its Secretary or Treasurer, to be hereunto affixed this 1st day of
March, 1973.

                                         AMERCO MARKETING CO.OF DELAWARE VALLEY

                                    BY: /s/ [ILLEGIBLE]
                                        ----------------------------------------
                                              (President or Vice President)

ATTEST:

/s/ [ILLEGIBLE]
- --------------------------------
   (Secretary or Treasurer)

(CORPORATE)
(   SEAL  )

Approved and filed in the Department of State on the_______day of __________
A. D. 19______.

                                         --------------------------------------
                                           Secretary of Commonwealth

<PAGE>

                       ARTICLES OF INCORPORATION

                                   of

                     U-HAUL CO. OF DELAWARE VALLEY

TO THE DEPARTMENT OF STATE

COMMONWEALTH OF PENNSYLVANIA

         In compliance with the requirements of the "Business Corporation Law",
approved the 5th day of May, A.D. 1933, P.L. 364, as amended, the undersigned,
desiring that they may be incorporated as a business corporation, do hereby
certify:

                                   ARTICLE I

         The name of the Corporation is U-HAUL CO. OF DELAWARE VALLEY.

                                   ARTICLE II

         The location and post office address of its initial registered office
in this Commonwealth is at 123 South Broad Street, c/o C. T. Corporation System,
Philadelphia, Philadelphia County.

                                  ARTICLE III

         The purpose or purposes of the corporation which shall be organized
under this Act are as follows:

         To engage in any lawful act or activity for which corporations may be
organized under this Act. Said purposes shall include, but in no way be limited
to renting and leasing to the general public trailers, semi-trailers, trucks,
passenger automobiles and other equipment, tools, machinery, vehicles and
property of any and every kind and description, and purchasing or otherwise
acquiring and operating any facilities useful for the conduct of the business
enterprises of this Corporation: and doing or carrying out all acts or
activities and exercising all lawful corporate powers necessary or proper to
accomplish any of the foregoing purposes.

                                   ARTICLE IV

         The term of its existence is perpetual.

Page one of three pages

<PAGE>

                                    ARTICLE V

         The aggregate number of shares which the corporation shall have
authority to issue is two thousand five hundred (2,500) shares of common stock
with a par value of Ten ($10.00) Dollars per share and with a total stated
capital of Twenty Five Thousand ($25,000.00) Dollars. There are no shares
authorized without par value.

                                   ARTICLE VI

         The names and addresses of each of the first directors, who shall serve
until the first annual meeting, are:

<TABLE>
<CAPTION>
     NAME                             ADDRESS
<S>                          <C>
Helen Benes                  132 Welsh Road
                             Horsham, Pennsylvania 19044

Garlan B. Helton             132 Welsh Road
                             Horsham, Pennsylvania 19044

Roy Allmond                  132 Welsh Road
                             Horsham, Pennsylvania 19044
</TABLE>

                                   ARTICLE VII

         The name and address of the incorporator and the number and class of
shares subscribed by him is:

<TABLE>
<CAPTION>
                                                     NUMBER AND CLASS
     NAME                      ADDRESS                  OF SHARES
<S>                    <C>                           <C>
David L. Helsten       2727 North Central Avenue       1 share of
                       Phoenix, Arizona 85004          common stock
</TABLE>

         IN TESTIMONY WHEREOF, the incorporator has signed and sealed these
Articles of Incorporation this 20th day of February, 1970.

                                        /s/ David L. Helsten
                                        ---------------------------------------
                                        David L. Helsten

Page two of three pages

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To The Commonwealth of Pennsylvania
Department of State

         The undersigned corporation hereby consents to use of similar name:

         1.       The name of the consenting corporation is U-HAUL CO., a
                  corporation organized and existing under the laws of the State
                  of Pennsylvania.

         2.       The name of the corporation to which this consent is given and
                  which is about to amend its corporate name is:

                       AMERCO MARKETING CO. OF DELWARE VALLEY

         3.       The name the corporation shall adopt by amending its Articles
                  of Incorporation is:

                       U-HAUL CO. OF DELAWARE VALLEY

                  IN WITNESS WHEREOF, this corporation has caused this consent
to be executed this 26th day of March, 1973.

                                        U-HAUL CO., a Pennsylvania corporation

                                        By: /s/ John A. Wallace
                                            ------------------------------------
                                              John A. Wallace, President
ATTEST:

/s/ David Houpt
- ----------------------------
David Houpt, Secretary

COMMONWEALTH OF PENNSYLVANIA )
                             ) ss
COUNTY OF___________________ )

         Before me, a Notary Public, personally appeared JOHN A. WALLACE known
to me to be the person who executed the forgoing instrument, and acknowledged
that he executed the same for the purpose therein contained and that the
statements therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
26 day of March, 1973.

                                            /s/ [ILLEGIBLE]
                                            -----------------------------------
                                                       Notary Public

<PAGE>

[LOGO]                   COMMONWEALTH OF PENNSYLVANIA
                             DEPARTMENT OF STATE
                              HARRISBURG 17120

                                                                  March 19, 1970

[ILLEGIBLE] Inc.
2727 North Central
Post Office Box 21502
Phoenix, Arizona [ILLEGIBLE]

ATTENTION: Arthur G. Seifert, Esquire Legal Department

In re [ILLEGIBLE]

Dear Sir:

                         Articles of Incorporation
of the foregoing have been approved and filed in the Department of State on
March 13, 1970, certificate in evidence of which will issue in due course.

                                           Very Truly Yours,

                                        /s/ John E. Groome
                                       ---------------------------------
llm                                         JOHN E. GROOME
                                      Director, Corporation Bureau

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.130
<SEQUENCE>129
<FILENAME>p68936exv3w130.txt
<DESCRIPTION>EXHIBIT 3.130
<TEXT>
<PAGE>
                                                                   EXHIBIT 3.130

                                   BY-LAWS OF

                          U-HAUL CO. OF DELAWARE VALLEY

                           A Pennsylvania Corporation

                                    ARTICLE I

                                                            DATE: March 25, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Pennsylvania shall be
located in the city of Horsham. The corporation may have such other offices
either within or without the state of Pennsylvania as the Board of Directors may
designate or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
third Friday in January of each year, at the office of the corporation in the
state of Pennsylvania or otherwise as provided in the notice of said meeting.
The purpose of said annual meeting shall be for the election of directors and
for the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                      -1-
<PAGE>

may be held within or without the state of Pennsylvania. Notice of the special
meetings will be had as provided under Section 2 of this Articles.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

        1st.     All persons claiming to hold proxies shall present them to the
                 tellers for verification.

        2nd.     Proof of due notice of meeting when applicable.

        3rd.     Reading and disposal of all unapproved minutes.

        4th.     Reports of officers and committees.

        5th.     Election of Directors.

        6th.     Unfinished Business.

        7th.     New Business.

        8th.     Adjournment.

                                      -2-
<PAGE>


                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are
not elected simultaneously and the vacancies on the Board of Directors
resulting therefrom shall be filled by the stockholders, or by the Board of
Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Pennsylvania.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Pennsylvania.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                      -3-
<PAGE>

        1st.     Roll call; a quorum being present.

        2nd.     Reading of minutes of preceding meeting and action thereon.

        3rd.     Consideration of communications of the Board of Directors.

        4th.     Reports of officials and committees.

        5th.     Unfinished business.

        6th.     Miscellaneous business.

        7th.     New business.

        8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

        1.       To purchase, lease, and acquire, in any lawful manner any and
                 all real or personal property including franchises, stocks,
                 bonds and debentures of other companies, business and good
                 will, patents, trade-marks in contracts, and interests
                 thereunder and other rights and proprieties which in their
                 judgment may be beneficial for the purpose of this
                 corporation, and to issue shares of stock of this corporation
                 in payment of such property, and is payment for services
                 rendered to this corporation, when they does it advisable.

        2.       To fix and determine and to vary, from time to time, the
                 amount or amounts to be set aside or retained as reserve
                 funds or as working capital of this corporation.

        3.       To issue notes and other obligations or evidences of the debt
                 of this corporation, and to secure the same, if deemed
                 advisable, and endorse and guarantee the notes, bonds,
                 stocks, and other obligations of other corporations with or
                 without compensation for so doing, and from time to time to
                 sell, assign, transfer

                                      -4-
<PAGE>

                 or otherwise dispose of any of the property of this
                 corporation, subject, however, to the laws of the State of
                 Pennsylvania, governing the disposition of the entire assets
                 and business of the corporation as a going concern.

        4.       To declare and pay dividends, both in the form of money and
                 stock, but only from the surplus or from the net profit
                 arising from the business of this corporation, after deducting
                 therefrom the amounts, at the time when any dividend is
                 declared which shall have been set aside by the Directors as a
                 reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Pennsylvania statutes regulating the
appointment of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
sea that their duties are properly performed. The President, in  conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with

                                       -5-
<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the
Board of Directors and by virtue of his office he shall be a member and Chairman
of the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have each powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by Resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements
of its funds. He shall give such bond for the faithful performance of his duties
as the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                      -6-
<PAGE>


                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Pennsylvania, the number and par value, if any, of each share
represented by it, the name of the person owning the shares represented thereby,
with the number of each share and the date of issue, and the stock thereby
represented is transferrable only upon the books of the corporation and upon the
signer of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the number of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation may be made by surrender of the certificate issued
therefor, and the written assignment thereof by the owner or his duly authorized
Attorney in Fact. Upon such surrender and assignment, a new certificate shall be
issued to the assignee as he may be entitled, but without such surrender and
assignment no transfer of stock shall be recognized by the corporation. The
Board of Directors shall have the power concerning the issue, transfer and
registration of certificate for agents and registrars of transfer, and may
require all stock certificates to bear signatures of either or both. The stock
transfer books shall be closed ten days before each meeting of the shareholders
and during such period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                       -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF DELAWARE VALLEY, are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                                     ___________________________
                                                     President - Ronald J. Benee

ATTEST:
_______________________________
Secretary - [ILLEGIBLE]

        (CORPORATE SEAL)

                                      -8-
<PAGE>

                           U-HAUL CO. OF PENNSYLVANIA
                           A Pennsylvania corporation

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Pennsylvania,
a Pennsylvania corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1, of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the Shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2, to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the President, Secretary, Treasurer, Assistant Secretary
and/or Assistant Treasurer of Company (collectively, the "Authorized Officers")
be, and each of them hereby is, authorized and empowered to certify to the
passage of the foregoing resolutions under the seal of Company or otherwise.

<PAGE>

Dated: August 15, 2003.

                                     SHAREHOLDER:

                                     U-Haul International, Inc.
                                     a Nevada Corporation

                                     By: /s/ Gary V. Klinefelter
                                         ------------------------
                                     Name: Gary V. Klinefelter
                                     Its: Secretary


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.131
<SEQUENCE>130
<FILENAME>p68936exv3w131.txt
<DESCRIPTION>EXHIBIT 3.131
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.131

[LOGO]           STATE OF RHODE ISLAND AND PROVIDENCE PLANTATIONS
                 Office of the Secretary of State

                 MATTHEW A. BROWN
                 Secretary of State

                              Date: AUGUST 6, 2003

                           U-HAUL CO. OF RHODE ISLAND
                                    (8 PAGES)

                A TRUE COPY WITNESSED UNDER THE SEAL OF THE STATE
                   OF RHODE ISLAND AND PROVIDENCE PLANTATIONS

                                                     /s/ Matthew A. Brown
                                                     ---------------------------
                                                      Secretary of State

                                                   By [ILLEGIBLE]
                                                      --------------------------

                                  [GCIU LOGO]
<PAGE>

Filing Fee 50.00

                STATE OF RHODE ISLAND AND PROVIDENCE PLANTATIONS
                                   ORIGINAL OF
                              ARTICLES OF AMENDMENT
                                     TO THE
                            ARTICLES OF INCORPORATION
                                       OF

                           REORG. CO. OF RHODE ISLAND

         Pursuant to the provisions of Section 7-1.1-56 of the General Laws,
1956, as amended, the undersigned corporation adopts the following Articles of
Amendment to its Articles of Incorporation:

         FIRST: The name of the corporation is Reorg. Co. Of Rhode Island

         SECOND: The shareholders of the corporation on September 9, 1992, in
the manner prescribed by Chapter 7-1.1 of the General Laws, 1956, as amended,
adopted the following amendment(s) to the Articles of Incorporation:

                             [Insert Amendment(s)]

                                 ARTICLE I

              The name of the corporation shall be:

                           U-Haul Co. of Rhode Island

<PAGE>

         THIRD: The number of shares of the corporation outstanding at the time
of such adoption was 500; and the number of shares entitled to vote thereon was
5,000

         FOURTH: The designation and number of outstanding shares of each class
entitled to vote thereon as a Class were as follows: (if inapplicable, insert
"none")

<TABLE>
<CAPTION>
Class                  Number of Shares
- -----                  ----------------
<S>                    <C>
None                        None
</TABLE>

         FIFTH: The number of shares voted for such amendment was 500; and the
number of shares voted against such amendment was -0-.

         SIXTH: The number of shares of each class entitled to vote thereon as a
class voted for and against such amendment, respectively, was: (if inapplicable,
insert "none")

<TABLE>
<CAPTION>
                              Number of Shares Voted
                              ----------------------
Class                         For            Against
- -----                         ---            -------
<S>                           <C>            <C>
None                          None            None
</TABLE>

         SEVENTH: The manner, if not set forth in such amendment, in which any
exchange, reclassification, or cancellation of issued shares provided for in the
amendment shall be effected, is as follows: (If no change, so state)

              No change

         EIGHTH: The manner in which such amendment effects a change in the
amount of stated capital, and the amount of stated capital as changed by such
amendment, are as follows: (If no change, so state)

              No change

Dated September 10, 1992                Reorg. Co. of Rhode Island

                                        By /s/ Robert Bolton
                                           ------------------------------------
                                           Robert Bolton
                                           Its President

                                        and /s/ Gary V. Klinefelter
                                           -------------------------------------
                                           Gary V. Klinefelter
                                           Its Secretary
<PAGE>

STATE OF ARIZONA                )
                                ) Sc.
COUNTY OF MARICOPA              )

         At Phoenix in said county on this 10th day of September, 1992,
personally appeared before me Gary V. Klinefelter, who, being by me first duly
sworn, declared that he is the secretary of Reorg. Co. of Rhode Island that he
signed the foregoing document as Secretary of the corporation, and that the
statements therein contained are true.

                                        /s/ Blanche I. Passolt
                                        ----------------------------------------
                                                   Notary Public

                STATE OF RHODE ISLAND AND PROVIDENCE PLANTATIONS
                        OFFICE OF THE SECRETARY OF STATE

                            CERTIFICATE OF AMENDMENT
                         TO ARTICLES OF INCORPORATION OF
<PAGE>

                State of Rhode Island and Providence Plantations
                              BUSINESS CORPORATION

                       ORIGINAL ARTICLES OF INCORPORATION

         The undersigned acting as incorporator(s) of a corporation under
Chapter 7-1.1 of the General Laws, 1956, as amended, adopt (s) the following
Articles of Incorporation for such corporation:

         FIRST. The name of the corporation is REORG. CO. OF RHODE ISLAND

(A close corporation pursuant to Section 7-1.1-51 of the General Laws, 1956, as
amended) (strike if inapplicable)

         SECOND. The period of its duration is (if perpetual, so state)
Perpetual

         THIRD. The purpose or purposes for which the corporation is organized
are:

                  To rent and lease to the general public trailers,
         semi-trailers, trucks, passenger automobiles and other equipment,
         tools, machinery, vehicles and property of any and every kind and
         description, and to purchase of otherwise acquire and operate any
         facilities useful for the conduct of the business enterprises of this
         corporation.

                  In general, to carry on any other business in connection with
         the foregoing, and to have and exercise all powers conferred by the
         Laws of the State of Rhode Island upon corporations, and to engage in
         any lawful activity within the purposes for which corporations may be
         organized under the laws of the State of Rhode Island.

         The corporation shall have power: (See Section 7-1.1-4 of the General
Laws, 1956, as amended.)

         (a) To have perpetual succession by its corporate name unless a limited
period of duration is stated in its articles of incorporation.

         (b) To sue and be sued, complain and defend, in its corporate name.

         (c) To have a corporate seal which may be altered at pleasure, and to
use the same by causing it, or a facsimile thereof, to be impressed or affixed
or in any other manner reproduced.

         (d) To purchase, take, receive, lease, or otherwise acquire, own, hold,
improve, use and otherwise deal in and with, real or personal property, or any
interest therein, wherever situated.

         (e) To sell, convey, mortgage, pledge, lease, exchange, transfer and
otherwise dispose of all or any part of its property and assets.

         (f) To lend money and to use its credit to assist its employees.

         (g) To purchase, take, receive, subscribe for, or otherwise acquire,
own, hold, vote, use, employ, sell, mortgage, lend, pledge or otherwise dispose
of, and otherwise use and deal in and with, shares or other interests in, or
obligations of, other domestic or foreign corporations, associations,
partnerships or individuals, or direct or indirect obligations of the United
States or of any other government, state, territory, governmental district or
municipality or of any instrumentality thereof.

         (h) To make contracts and guarantees and incur liabilities, borrow
money at such rates of interest as the corporation may determine; issue its
notes, bonds, and other obligations, and secure any of its obligations by
mortgage or pledge of all or any of its property, franchises, and income.

         (i) To lend money for its corporate purposes, invest and reinvest its
funds, and take and hold real and personal property as security for the payment
of funds so loaned or invested.

         (j) To conduct its business, carry on its operations, and have offices
and exercise the powers granted by this chapter, within or without this state.

         (k) To elect or appoint officers and agents of the corporation, and
define their duties and fix their compensation.

         (l) To make and alter by-laws, not inconsistent with its articles of
incorporation or with the laws of this state, for the administration and
regulation of the affairs of the corporation.

         (m) To make donations for the public welfare or for charitable,
scientific or educational purposes.

         (n) To transact any lawful business which the board of directors shall
find will be in aid of governmental authority.

         (o) To pay pensions and establish pension plans, pension trusts,
profit-sharing plans, stock bonus plans, stock option plans and other incentive
plans for any or all of its directors, officers and employees.

         (p) To provide insurance for its benefit on the life of any of its
directors, officers, or employees, or on the life of any stockholder for the
purpose of acquiring at his death shares of its stock owned by such stockholder.

         (q) To be a promoter, partner, member, associate, or manager of any
partnership, enterprise or venture.

         (r) To have and exercise all powers necessary or convenient to effect
its purposes.

Form 11A 10M [ILLEGIBLE]                                                  (OVER)

<PAGE>

         FOURTH. The aggregate number of shares which the corporation shall have
authority to issue is:

         (a) If only one class: Total number of shares 5,000 of common stock

                  (If the authorized shares are to consist of one class only,
         state the par value of such shares or a statement that all of such
         shares are to be without par value.)

                  The par value shall be Ten ($10.00) Dollars per share.

                                       or

         (b) If more than one class: Total number of shares _____________

                  (State (A) the number of shares of each class thereof that are
         to have a par value and the par value of each share of each such class,
         and/or (B) the number of such shares that are to be without par value,
         and (C) a statement of all or any of the designations and the powers,
         preferences and rights, including voting rights, and the
         qualifications, limitations or restrictions thereof, which are
         permitted by the provisions of title 7 of the General Laws in respect
         of any class or classes of stock of the corporation and the fixing of
         which by the articles of association is desired, and an express grant
         of such authority as it may then be desired to grant to the board of
         directors to fix by vote or votes any thereof that may be desired but
         which shall not be fixed by the articles.)

         FIFTH. Provisions (if any) dealing with the preemptive right of
shareholders pursuant to Section 7-1.1-24 of the General Laws, 1956, as
amended:

<PAGE>

         SIXTH. Provisions (if any) for the regulation of the internal affairs
of the corporation:

         SEVENTH. The address of the initial registered office of the
corporation is 123 Dryer Street, Providence, R.I. 02903 (add Zip Code) and the
name of its initial registered agent at such address is: C. T. Corporation
System

         EIGHTH. The number of directors constituting the initial board of
directors of the corporation is 3 and the names and addresses of the persons who
are to serve as directors until the first annual meeting of shareholders or
until their successors are elected and shall qualify are:

         (If this is a close corporation pursuant to Section 7-1.1-51 of the
General Laws, 1956, as amended, state the name(s) and address(es) of the
officers of the corporation.)

<TABLE>
<CAPTION>
      Name                                    Address
<S>                       <C>
Robert Bolton             738 N. Broadway, E. Providence, RI 02914-3594
John D. Thompson          738 N. Broadway, E. Providence, RI 02914-3594
Don Riley                 738 N. Broadway, E. Providence, RI 02914-3594
</TABLE>

         NINTH. The name and address of each incorporator is:

<TABLE>
<CAPTION>
      Name                                    Address
<S>                      <C>
John A. Lorentz          2721 N. Central Avenue, Phoenix, Arizona 85004
</TABLE>

         TENTH. Date when corporate existence to begin (not more than 30 days
after filing of these articles of incorporation):

                           Upon the Issuance of the Certificate of Incorporation

Dated May 3, 1990

                                                 /s/ John A. Lorentz
                                                 ------------------------------
                                                 John A. Lorentz, Incorporator

<PAGE>

STATE OF ARIZONA        )       City    )
                        ) In the        )  of Phoenix,
COUNTY OF MARICOPA      )       Town    )

in said county this 3rd day of May, A.D. 1990 then personally appeared before me
John A. Lorentz each and all known to me and known by me to be the parties
executing the foregoing instrument, and they severally acknowledged said
instrument by them subscribed to be their free act and deed.

                                                /s/ Blanche I. Passolt
                                                --------------------------------
                                                          Notary Public


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.132
<SEQUENCE>131
<FILENAME>p68936exv3w132.txt
<DESCRIPTION>EXHIBIT 3.132
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.132

                                   BY-LAWS OF

                           REORG. CO. OF RHODE ISLAND

                           A RHODE ISLAND CORPORATION

                                   ARTICLE I

                                                              DATE: June 5, 1990

SECTION 1. Offices:

The principal office of the corporation in the State of Rhode Island shall be
located at such place as the Board of Directors may from time to time select.
The corporation may have such other offices either within or without the State
of Rhode Island as the Board of Directors may designate or as the business of
the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Second Monday in April of each year, at the office of the corporation in the
State of Rhode Island or otherwise as provided in the notice of said meeting.
The purpose of said annual meeting shall be for election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

                                      -1-
<PAGE>

SECTION 3. Special meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Rhode Island. Notice of the special meeting will
be had as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

           1st.   All persons claiming to hold proxies shall present them to the
                  tellers for verification.

           2nd.   Proof of due notice of meeting when applicable.

           3rd.   Reading and disposal of all unapproved minutes.

           4th.   Reports of officers and committees.

           5th.   Election of Directors.

           6th.   Unfinished business.

           7th.   New business.

           8th.   Adjournment.

                                      -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Office:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the term of office of all or any of the Directors by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Rhode Island.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of Rhode Island.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

                                      -3-
<PAGE>

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

           1st.   Roll call; a quorum being present.

           2nd.   Reading of minutes of preceding meeting and action thereon.

           3rd.   Consideration of communications of the Board of Directors.

           4th.   Reports of officials and committees.

           5th.   Unfinished business.

           6th.   Miscellaneous business.

           7th.   New business.

           8th.   Adjournment.

SECTION 7. Meetings By Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

                                      -4-
<PAGE>

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trademarks in contracts, and interests
                  thereunder, and other judgment may be beneficial for the
                  purpose of this corporation, and to issue shares of stock of
                  this corporation in payment of such property, and in payment
                  for services rendered to this corporation, when they deem it
                  advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  State of Rhode Island, governing the disposition of the entire
                  assets and business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statues regulating the appointment of
committees.

                                   ARTICLE VI

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided

                                      -5-
<PAGE>

for by the Board of Directors. Such officers shall be elected by ballot or
unanimous acclamation at the meeting of the Board of Directors after the annual
election of Directors. In order to hold any election there shall be a quorum
present, and any officer receiving a majority vote shall be declared elected and
shall hold office for one year and until his or her respective successor shall
have been duly elected and qualified; provided, however, that all officers,
agents and employees of the corporation shall be subject to removal from office
pre-emptorily by vote of the Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or Instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                      -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Rhode Island, the number and par value, if any, of each share
represented by it, the name of the person owning the shares represented thereby,
with the number of each share and the date of issue, and the stock thereby
represented is transferable only upon the books of the corporation and upon the
signing of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the name of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation may be made by surrender of the certificate issued
therefore, and the written assignment thereof by the owner or his duly
authorized Attorney in Fact. Upon such surrender and assignment, a new
certificate shall be issued to the assignee as he may be entitled, but without
such surrender and assignment no transfer of stock shall be recognized by the
corporation. The Board of Directors shall have the power concerning the issue,
transfer and registration of certificate for agents and registrars of transfer,
and may require all stock certificates to bear signatures of either or both. The
stock transfer books shall be closed ten days before each meeting of the
shareholders and during such period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of the year.

                                      -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of New Co. of Rhode Island are hereby accepted and adopted
as the By-Laws of said corporation, and we, the undersigned, do hereby certify
that the above foregoing By-Laws are duly adopted by the Board of Directors and
that the same do now constitute the By-Laws of this corporation.

                                                /s/ Robert Bolton
                                                ---------------------------
                                                Robert Bolton, President

ATTEST:

/s/ Don Riley
- -------------------------------
Don Riley, Secretary

(CORPORATE SEAL)

                                      -8-
<PAGE>

                           U-HAUL CO. OF RHODE ISLAND,
                           A RHODE ISLAND CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Rhode Island,
a Rhode Island corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the Shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.


<PAGE>

Dated: August 15, 2003

                                            SHAREHOLDER:

                                            U-Haul International, Inc., a Nevada
                                            Corporation

                                            By: /s/ Gary V. Klinefelter
                                                --------------------------------
                                            Name: Gary V. Klinefelter
                                            Its: Secretary


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.133
<SEQUENCE>132
<FILENAME>p68936exv3w133.txt
<DESCRIPTION>EXHIBIT 3.133
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.133

         [ILLEGIBLE] CORRECT STATE OF SOUTH CAROLINA
         [ILLEGIBLE]

                               SECRETARY OF STATE
                              ARTICLES [ILLEGIBLE]

                       To The Articles of Incorporation of

                             AMERCO MARKETING CO. OF
                              SOUTH CAROLINA, INC.

                         (File This Form in Duplicate)

         Pursuant to Authority of Section 9.6 the South Carolina Business
Corporation Act of 1962, the undersigned Corporation adopts the following
Articles of Amendment to its Articles of Incorporation: (12--19.6 Supplement
Code 1962)


1.       The name of the Corporation is AMERCO MARKETING CO. OF SOUTH. CAROLINA,
         INC.

2.       The Registered Office of the Corporation is 409 E. North Street
                                                     --------------------
                                                        (Street and No.)

        in the City of Greenville , County of Greenville and the State of South
        Carolina and the name of the Registered Agent at such address is
        C T Corporation System.

(Complete item 3 or 4 whichever is relevant)

3.       a. The following Amendment of the Articles of Incorporation was adopted
         by the shareholders of the Corporation on February 21, 1973

                               (Text of Amendment)

                                    ARTICLE I

      "The name of the corporation is U-HAUL CO. OF SOUTH CAROLINA, INC."

b.       At the date of adoption of the Amendment, the total number of all
         outstanding shares of the Corporation was 500. The total of such shares
         entitled to vote, and the vote of such shares was:

<TABLE>
<CAPTION>
Total Number of
Shares Entitled                       Number of Share Voted
    to vote                            FOR        Against
<S>                                    <C>        <C>
     500                               500         -0-
</TABLE>

<PAGE>

                                   [ILLEGIBLE]

<TABLE>
<CAPTION>
                     Number OF SHARES                 Number OF SHARES VOTED
 Class               Entitled to Vote                  For        Against
 -----               ----------------                  ---        -------
<S>                  <C>                               <C>        <C>

Common                    500                          500          -0-
</TABLE>

4        a. Prior to the organizational meeting the Corporation and with the
         consent of the subscribers, the following Amendment was adopted by the
         Incorporator (s) on -------------.

                               (Text of Amendment)

         N/A

         b. The number of withdrawals of subscribers, if such be the case is
         N/A.

         c. The number of Incorporators are N/A. and the number voting for the
         Amendment was N/A and the number voting against the Amendment was N/A.

5.       The manner, if not set forth in the Amendment, in which any exchange,
         reclassification, or cancellation or issued shares provided for in the
         Amendment shall be effected, is as follows: (if not applicable, insert
         "no change")

              No Change

<PAGE>

                                    [ILLEGIBLE]

Date FEBRUARY 28, 1973              AMERCO MARKETING CO. OF SOUTH CAROLINA, INC.
                                    --------------------------------------------
                                               (NAME OF CORPORATION)

                                               /s/ Robert L. Edwards
                                               ---------------------------------
                                                   Robert L. Edwards



Note:    Any person signing this form,                  President
         shall either opposite or beneath      ---------------------------------
         his signature, clearly and legibly
         state his name and the capacity       /s/ Mark Wherry
         in which he signs. Must be signed     ---------------------------------
         in accordance with Section (1.4)          Mark Wherry
         Act of 1062 (12-11.4). Supplement
         Code 1962.                                   Secretary
                                               ---------------------------------

STATE OF   SOUTH CAROLINA            )
                                     ) SS.
COUNTY OF LEXINGTON                  )

   The undersigned ROBERT L. EDWARDS and MARK WHERRY do hereby certify that they
are the duly elected and acting PRESIDENT and SECRETARY respectively, of AMERCO
MARKETING CO. OF SOUTH CAROLINA, INC, and are authorized to execute this
document; that each of the undersigned for himself does hereby further certify
that he signed and was so authorized, has read the foregoing document,
understands the meaning and purport of the statements therein contained and the
same are true to the best of his information and belief.

         Dated at WEST COLUMBIA, S.C., this 28th day of February, 1973.

                                               /s/ Robert L. Edwards
                                               ---------------------------------
                                                   Robert L. Edwards

                                               /s/ Mark Wherry
                                               ---------------------------------
                                                   Mark Wherry
               SCHEDULE OF FEES
(Payable at time of filing application with Secretary of State)

<TABLE>
<S>             <C>
Filing Fee      $ 5.00
Taxes            40.00
                ------
Total Fee       $45.00
</TABLE>

Note: If The Amendment effects an
      increase in capital stock, in
      lieu of the above, the filing
      fees will be as follows:

<TABLE>
<S>                                      <C>
Fee for filing application               $    5.00
In addition  to the above, $40 for
each $1,000.00 of the total increase
in the aggregate value of authorized
shares,
but in no case less than                     40.00
nor more than                             1.000.00
</TABLE>

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1.       The name of the consenting corporation is U-HAUL CO., a
                  corporation organized and existing under the laws of the State
                  of NORTH CAROLINA.

         2.       The name of the corporation to which this consent is given and
                  which is about to amend its corporate name is: AMERCO
                  MARKETING CO. OF SOUTH CAROLINA

         3.       The name the corporation shall adopt by amending its Articles
                  of Incorporation is: U-HAUL CO. OF SOUTH CAROLINA

         In Witness Whereof, this corporation has caused this consent to be
executed this 2nd day of March, 1973.

                                    U-HAUL CO., a (an)NORTH CAROLINA Corporation

                                    By: [ILLEGIBLE]
                                        ----------------------------------------
                                                Assistant Secretary

STATE OF ARIZONA    )
                    ) ss.
COUNTY OF MARICOPA  )

         Before me, a Notary Public, personally appeared ARTHUR G. SEIFERT,
known to me to be the person who executed the foregoing instrument, and
acknowledged that he executed the sane for the purpose therein contained and
that the statements therein contained are truly set forth.

         In Witness Whereof, I have hereunto set my hand and official seal this
2nd day of March, 1973.

(SEAL)                                         (ILLEGIBLE
                                    --------------------------------------------
                                     Notary Public State of Arizona

<PAGE>

                             STATE OF SOUTH CAROLINA
                               SECRETARY OF STATE
                              ARTICLES OF AMENDMENT

                       To The Articles of Incorporation of

                          U-HAUL CO. OF SOUTH CAROLINA               [ILLEGIBLE]
                               Secretary of State

                             (File This Form in Duplicate)

         Pursuant to Authority of Section 9.6 the South Carolina Business
Corporation Act of 1962, the undersigned Corporation adopts the following
Articles of Amendment to its Articles of Incorporation: (12--19.6 Supplement
Code 1962)

1.       The name of the Corporation is U-Haul Co. of South Carolina Inc.

2.       The Registered Office of the Corporation is 409 East North Street
         (ILLEGIBLE) in the City Of (ILLEGIBLE)., County of
         (ILLEGIBLE) and the State of South Carolina and the name of the
         Registered Agent at such address is C. T. Corporation System

 (Complete item 3 or 4 whichever is relevant)

3.       a. The following Amendment of the Articles of Incorporation was adopted
         by the shareholders of the Corporation on August 12, 1970.

                               (Text of Amendment)

                                    ARTICLE 1

         The name of the corporation shall he AMERCO (ILLEGIBLE) CO. OF SOUTH
CAROLINA, INC.

                                                        (ILLEGIBLE)

         b. At the date of adoption of the Amendment, the total number of all
         outstanding shares of the Corporation was 500. The total of such shares
         entitled to vote, and the vote of such shares was:

<TABLE>
<CAPTION>
Total Number of
Shares Entitled                       Number of Shares Voted
   to vote                             For        Against
   -------                             ---        -------
<S>                                    <C>        <C>
     500                               500
</TABLE>

<PAGE>

                       ARTICLES OF AMENDMENT (Continued)

c.       At the date of adoption of the Amendment, the number of outstanding
         shares of each class (ILLEGIBLE). titled to vote as a class on the
         Amendment, and the vote of such shares, was: (if inapplicable insert
         "note")

<TABLE>
                    Number of Shares          Number of Shares Voted
Class               Entitled to Vote           For         Against
- -----               ----------------           ---         -------
<S>        <C>      <C>                        <C>         <C>
           N/A
</TABLE>

4.       a. Prior to the organizational meeting the Corporation and with the
         consent of the subscribers, the following Amendment was adopted by the
         Incorporator (s) on N/A

                               (Text of Amendment)

         b. The number of withdrawals of subscribers, if such be the case is
         N/A.

         c. The number of Incorporators are N/A and the number voting for the
         Amendment was N/A and the number voting against the Amendment was N/A.

5.       The manner, if not set forth in the Amendment, in which any exchange,
         reclassification, or cancellation or issued shares provided for in the
         Amendment shall be effected, is as follows: (if not applicable, insert
         "no change")

               No Change

<PAGE>

6.       The manner in which the Amendment effects a change in the amount of
         stated capital, and amount of stated capital, expressed in dollars, as
         changed by the Amendment, is as follows: (if not applicable, insert "no
         change")

               No Change

Date November 9th 1970                        U-HAUL CO. OF SOUTH CAROLINA, INC.
                                              ----------------------------------
                                                    (NAME OF CORPORATION)

                                              by: /s/ Philip R. Ramponi
                                                  ------------------------------
                                                  Philip R. Ramponi, President

Note: Any person signing this form,
      shall either opposite or beneath
      his signature, clearly and legibly      by: /s/ Douglas W. Seaman
      state his name and the capacity in          ------------------------------
      which he signs. Must be signed in           Douglas W. Seaman, Secretary
      accordance with Section (1.4) Act
      of [ILLEGIBLE] (12.11.4). Supplement
      Code 1902.

STATE OF SOUTH CAROLINA   )
                          ) SS.
COUNTY OF RICHLAND        )

         The undersigned .Philip R. Ramponi and Douglas W. Seaman do hereby
certify that they are the duly elected and acting President and Secretary
respectively, of U-HAUL CO. OF SOUTH CAROLINA, INC. and are authorized to
execute this document: that each of the undersigned for himself does hereby
further certify that he signed and was so authorized, has read the foregoing
document, understands the meaning and purport of the statements therein
contained and the name are true to the best of his information and belief.

         Dated at .Columbia, S.C., this 9th day of November, 1970

                                              /s/ Philip R. Ramponi
                                              ----------------------------------
                                              Philip R. Ramponi

                                              /s/ Douglas W. Seaman
                                              ----------------------------------
                                              Douglas W. Seaman

           SCHEDULE OF FEES
(Payable at time of filing application with
 Secretary of State)

<TABLE>
<S>             <C>
Filing Fee      $ 5.00
Taxes            40.00
                ------
Total Fee       $45.00
</TABLE>

Note: If The Amendment  effects an increase in
      capital stock, in lieu of the above, the
      filing fees will be as follows:

<TABLE>
<S>                                     <C>
Fee for filing application              $    5.00
In addition to the above, $.40 for
each $1,000.00 of the total increase
in the aggregate value of authorized
shares, but [ILLEGIBLE]                     10.00

nor more than                            1,000.00
</TABLE>
<PAGE>

                            ARTICLES OF INCORPORATION

                                       of

                       U-HAUL CO. OF SOUTH CAROLINA, INC.

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a corporation
under the laws of the State of South Carolina.

                                    ARTICLE I

         The name of the corporation is U-HAUL CO. OF SOUTH CAROLINA, INC.

                                   ARTICLE II

         The period of duration of the corporation is perpetual.

                                   ARTICLE III

         The purpose or purposes for which the corporation is organized are to
rent and lease to the general public trailers, semi-trailers, trucks, passenger
automobiles and other equipment, tools, machinery, vehicles and property of any
and every kind and description, and to purchase or otherwise acquire and operate
any facilities useful for the conduct of the business enterprises of this
corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of South Carolina upon corporations, and to engage in any lawful activity
within the purposes for which corporations may be organized under the laws of
the State of South Carolina.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue are Five Thousand (5,000) shares of common stock with a par
value of Ten ($10.00) Dollars each, or a total capitalization of Fifty Thousand
($50,000.00) Dollars.

                                    ARTICLE V

         The corporation will not commence business until the consideration of
at least One Thousand ($1,000.00) Dollars has been received for the issuance of
shares.

Page 1 of 2 pages

<PAGE>

                                   ARTICLE VI

         The address of its registered office shall be c/o C. T. Corporation
System, 409 East North Street, Greenville, South Carolina 29602, and the name of
the resident agent at said address is C. T. Corporation System.

                                  ARTICLE VII

         The initial Board of Directors shall consist of three (3) members, and
the initial Board who shall act until the first annual meeting of stockholders
and their successors have been elected and qualified are:

         Phillip R. Ramponi      225 Stirlington Road
                                 Columbia, South Carolina 29210

         Samuel J. Benford       225 Stirlington Road
                                 Columbia, South Carolina 29210

         Douglas W. Sedman       225 Stirlington Road
                                 Columbia, South Carolina 29210

                                  ARTICLE VIII

         The name and address of each incorporator is as follows:

         David L. Helsten        2727 North Central Avenue
                                 Phoenix, Arizona 85004

         IN WITNESS WHEREOF, I have hereunto set my hand and seal this 27th day
of February, 1970.

                                               /s/ David L. Helsten
                                               ---------------------------------
                                               David L. Helsten

STATE OF ARIZONA    )
                    ) ss:
COUNTY OF MARICOPA  )

         On this 27th Day of February, 1970, before me, a Notary Public for the
State of Arizona, personally appeared David L. Helsten, known to me to be the
person named in and who executed the foregoing instrument, and who acknowledged
that he had executed the same and that the matters therein contained are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal this 27th day of February, 1970.

                                          /s/ Helen H. Delamater
                                          --------------------------------------
                                          Helen H. Delamater
                                          Notary Public for the State of Arizona
                                          Residing at Tempe, Arizona
                                          My Commission expires August 13, 1972

         (NOTARIAL SEAL)

Page 2 of 2
<PAGE>

                             CERTIFICATE OF ATTORNEY

         I, Jean H. Toal, an attorney licensed to practice in the State of South
Carolina, certify that the corporation, to whose articles of incorporation this
certificate is attached, has complied with the requirements of chapter 4 of the
South Carolina Business Corporation Act of 1962, relating to the organization of
corporations, and that in my opinion, the corporation is organized for a lawful
purpose.

March 2, 1970                             /s/ Jean H. Toal
                                          --------------------------------------
                                          Jean H. Toal
                                          409 East North Street
                                          Greenville, S. C. 29602


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.134
<SEQUENCE>133
<FILENAME>p68936exv3w134.txt
<DESCRIPTION>EXHIBIT 3.134
<TEXT>
<PAGE>
                                                                   EXHIBIT 3.134

                                   BY-LAWS OF

                       U-HAUL CO. OF SOUTH CAROLINA, INC.

                          A South Carolina Corporation

                                    ARTICLE I

                                                             DATE: March 9, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of South Carolina shall be
located in the city of Columbia. The corporation stay have such other offices
either within or without the state of South Carolina as the Board of Directors
may designate or as the business of the corporation may require from time to
time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Wednesday in April of each year, at the office of the corporation in the
state of South Carolina or otherwise as provided in the notice of said meeting.
The purpose of said annual meeting shall be for the election of directors and
for the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                       -1-

<PAGE>

may be held within or without the state of South Carolina. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the, majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

          1st. All persons claiming to hold proxies shall present them to the
               tellers for verification.

          2nd. Proof of due notice of meeting when applicable.

          3rd. Reading and disposal of all unapproved minutes.

          4th. Reports of officers and committees.

          5th. Election of Directors.

          6th. Unfinished business.

          7th. New business.

          8th. Adjournment.

                                       -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of South Carolina.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefore, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of South Carolina.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                       -3-

<PAGE>

          1st. Roll call; a quorum being present.

          2nd. Reading of minutes of preceding meeting and action thereon.

          3rd. Consideration of communications of the Board of Directors.

          4th. Reports of officials and committees.

          5th. Unfinished business.

          6th. Miscellaneous business.

          7th. New business.

          8th. Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

          1.   To purchase, lease, and acquire, in any lawful manner any and all
               real or personal property including franchises, stocks, bonds and
               debentures of other companies, business and good will, patents,
               trade-marks in contracts, and interests thereunder, and other
               rights and proprieties which in their judgment may be beneficial
               for the purpose of this corporation, and to issue shares of stock
               of this corporation in payment of such property, and in payment
               for services rendered to this corporation, when they deem it
               advisable.

          2.   To fix and determine and to vary, from time to time, the amount
               or amounts to be set aside or retained as reserve funds or as
               working capital of this corporation.

          3.   To issue notes and other obligations or evidences of the debt of
               this corporation, and to secure the same, if deemed advisable,
               and endorse and guarantee the notes, bonds, stocks, and other
               obligations of other corporations with or without compensation
               for so doing, and from time to time to sell, assign, transfer

                                       -4-

<PAGE>

               or otherwise dispose of any of the property of this corporation
               subject, however, to the laws of the State of South Carolina,
               governing the disposition of the entire assets and business of
               the corporation as a going concern.

          4.   To declare and pay dividends, both in the form of money and
               stock, but only from the surplus or from the net profit arising
               from the business of this corporation, after deducting therefrom
               the amounts, at the time when any dividend is declared which
               shall have been set aside by the Directors as a reserve fund or
               as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the South Carolina statutes regulating the
appointment of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-president, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shell be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified, provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. Be shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with

                                       -5-

<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation end in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                      -6-
<PAGE>


                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of South Carolina, the number and par value, if any, of each share
represented by it, the name of the person owning the shares represented thereby,
with the number of each share and the date of issue, and the stock thereby
represented is transferrable only upon the books of the corporation and upon the
signer of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the number of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation may be made by surrender of the certificate issued
therefor, and the written assignment thereof by owner or his duly authorized
Attorney in Fact. Upon such surrender and assignment, a new certificate shall be
issued to the assignee as he may be entitled, but without such surrender and
assignment no transfer of stock shall be recognized by the corporation. The
Board of Directors shall have the power concerning the issue, transfer and
registration of certificate for agents and registrars of transfer, and may
require all stock certificates to bear signatures of either or both. The stock
transfer books shall be closed ten days before each meeting of the shareholders
and during such period no stock Shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorata to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                      -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The by-laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF SOUTH CAROLINA, INC., are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of directors and that the same do now constitute the By-Laws of
this corporation.

                                                  ______________________________
                                                  President - Philip R. Ramponi

ATTEST:

_____________________________
Secretary - Douglas W. Sedman

         (CORPORATE SEAL)

                                      -8-
<PAGE>

                  MINUTES OF A SPECIAL SHAREHOLDERS MEETING OF

    AMERCO MARKETING CO. OF SOUTH CAROLINA INC., A SOUTH CAROLINA CORPORATION

                                     HELD BY

                    U-HAUL CO., A NORTH CAROLINA CORPORATION

                               AS SOLE SHAREHOLDER

                                                                   June 24, 1971

         U-HAUL CO., a North Carolina corporation, being the sole stockholder of
AMERCO MARKETING CO. OF SOUTH CAROLINA, INC., a South Carolina corporation,
hereby waives any and all notice of this special stockholders meeting, and
consents to and agrees that said meeting be held at Charlotte, North Carolina at
the hour of 10:00 o'clock a.m. on June 24, 1971, for the purpose of [ILLEGIBLE]
the By-Laws of AMERCO MARKETING CO. OF SOUTH CAROLINA, INC.

         The meeting was called to order and U-HAUL CO., a North Carolina
corporation, as sole stockholder of AMERCO MARKETING CO. OF SOUTH CAROLINA,
INC., thereupon adopted the following resolution:

         RESOLVED: That the following articles of the By-Laws of AMERCO
         MARKETING CO. OF SOUTH CAROLINA, INC., a South Carolina corporation, be
         amended to read as follows:

                                  ARTICLE VIII

                                   FISCAL YEAR

                  SECTION 1. Fiscal Year:

                  The fiscal year of the corporation shall commence with the
                  opening of business on the first day of April of each calendar
                  year and shall close on the 31st day of March of the year.

         There being no further business to come before the meeting, it was upon
a motion duly made and seconded, adjourned.

                                                U-HAUL CO.
                                                a North Carolina corporation

                                            BY: /s/ [ILLEGIBLE]
                                                --------------------------------
                                                [ILLEGIBLE], President

<PAGE>

                       U-HAUL CO. OF SOUTH CAROLINA, INC.,
                          A SOUTH CAROLINA CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of South
Carolina, Inc., a South Carolina corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the Shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                            SHAREHOLDER:

                                            U-Haul International, Inc., a Nevada
                                            Corporation

                                            By: /s/ Gary V. Klinefelter
                                                --------------------------------
                                            Name: Gary V. Klinefelter
                                            Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.135
<SEQUENCE>134
<FILENAME>p68936exv3w135.txt
<DESCRIPTION>EXHIBIT 3.135
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.135
[STATE OF SOUTH DAKOTA SEAL]

                              STATE OF SOUTH DAKOTA

                               SECRETARY OF STATE

                          Certificate Of Incorporation
                              Business Corporation

         I, JOYCE HAZELTINE, Secretary of State of the State of South Dakota,
hereby certify that the Articles of Incorporation of____________________________
U-HAUL CO, OF SOUTH DAKOTA, INC. duly signed and verified, pursuant to the
provisions of the South Dakota Business Corporation Act, have been received in
this office and are found to conform to law.

         ACCORDINGLY and by virtue of the authority vested in me by law, I
hereby issued this Certificate of Incorporation of
U-HAUL CO, OF SOUTH DAKOTA, INC.
________________________________________________________________________________

and attach hereto a duplicate of the Articles of Incorporation.

                                  IN TESTIMONY WHEREOF, I have hereunto
                                  set my hand and affixed the Great Seal of the
                                  State of South Dakota, at Pierre, the Capital
                                  this_____________5th__________ day of
                                  November A.D. 1990

                                  [ILLEGIBLE]

                                                             Secretary of State

                                  _____________________________________________
                                                                         Deputy

<PAGE>

                            ARTICLES OF INCORPORATION

 Executed by the undersigned for the purpose of forming a SOUTH DAKOTA BUSINESS
                                CORPORATION under

Chapter 47 of SDCL.                                           Secretary of State

                                    ARTICLE I

         The name of the corporation is U-Haul Co. Of South Dakota, Inc.

         ______________________________________________________________________

                                   ARTICLE II

        The period of existence is Perpetual

                                   ARTICLE III

        The purpose or purposes for which the corporation is organized

                          Rental of trucks and trailers

                                   ARTICLE IV

         The number of shares which it shall have authority to issue, itemized
by class, par value of shares, shares without par value, and series, if any,
within a class:

<TABLE>
<CAPTION>
                                                   Par value per share or
                             Number of             statement that shares
Class          Series         shares               are without par value
<S>            <C>           <C>                   <C>
COMMON          None          5,000                   $10.00 par value
</TABLE>

                                    ARTICLE V

The preferences, limitations, designation and relative rights of each class or
series of stock:

N/a

                                   ARTICLE VI

The corporation will not commence business until consideration of the value of
at least One Thousand Dollars($1,000.00) has been received for the issuance of
shares.

                                   ARTICLE VII

         The address of its registered office is 319 South Coteau, Pierre, South
Dakota 57501 and the name of its registered agent at such address is C. T.
Corporation System

<PAGE>

                                  ARTICLE VIII

The number of directors constituting the initial board of directors is One and
the names and addresses of the persons who are to serve as directors:

<TABLE>
<CAPTION>
               Name                                      Address
<S>                                      <C>
John A. Lorentz                          2721 N. Central Avenue

__________________________________       Phoenix, Arizona 85004

__________________________________       _______________________________________

__________________________________       _______________________________________

__________________________________       _______________________________________

__________________________________       _______________________________________

__________________________________       _______________________________________

__________________________________       _______________________________________
</TABLE>

                                   ARTICLE IX

The names and addresses of the incorporators:

<TABLE>
<CAPTION>
               Name                                      Address
<S>                                      <C>
John A. Lorentz                          2721 N. Central Avenue

__________________________________       Phoenix, Arizona 85004

__________________________________       _______________________________________

__________________________________       _______________________________________

__________________________________       _______________________________________

__________________________________       _______________________________________

__________________________________       _______________________________________

__________________________________       _______________________________________
</TABLE>

                                    ARTICLE X
                               (Other provisions)

                           None

ALL INCORPORATORS MUST SIGN BELOW AND SIGNATURES MUST BE NOTARIZED.

These Articles may be amended in the manner authorized by law at the time of
Amendment.

Executed in duplicate on the 18th day of October 1990.

                                         /s/ John A. Lorentz
                                         John A. Lorentz, Incorporator

__________________________________       _______________________________________

__________________________________       _______________________________________

__________________________________       _______________________________________

__________________________________       _______________________________________

__________________________________       _______________________________________

__________________________________       _______________________________________

__________________________________       _______________________________________

<PAGE>

STATE OF ARIZONA

County of MARICOPA

         On this the 18th day of October, 1990, before me. Blanche I. Passolt,
the undersigned officer, personally appeared John A. Lorentz ___________________
________________________________________________________________________________

________________________________________________________________________________

Known to me or satisfactorily proven to be the person(s) whose name(s)
subscribed to the within instrument and acknowledged that he [X] executed the
same for the purposes therein contained.

         IN WITNESS WHEREOF I hereunto set my hand and official seal

                                                  [ILLEGIBLE]
                                                  ----------------------------
                                                            Notary Public.

STATE OF________________________ )
                                 )ss.
County of_______________________ )

On this the________________________day of_______________.19___________before me.
the undersigned officer, personally appeared____________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________

Known to me or satisfactorily proven to be the person(s) whose name(s)__________
Subscribed to the within instrument and acknowledged that --he-- executed the
same for the purposes therein contained.

         IN WITNESS WHEREOF I hereunto set my hand and official seal.

                                              __________________________________
Notarial Seal.                                                Notary Public

FORMS MUST BE SUBMITTED AS DUPLICATE ORIGINALS AND BOTH MUST CARRY ORIGINAL
SIGNATURES OF ALL INCORPORATORS AND OF NOTARY PUBLIC.

         SDCL 47-9-7. Amounts of fees. The secretary of state shall charge and
         collect for:

                  (1) Filing articles of incorporation and issuing a certificate
                  of incorporation

<TABLE>
<S>                                     <C>                  <C>          <C>
Authorized capital stock of             $   25.000           or less      $  40
Over $25,000 and not exceeding             100,000                           60
Over $100,000 and not exceeding            500,000                           80
Over $500,000 and not exceeding          1,000,000                          100
Over $ 1,000,000 and not exceeding       1,500,000                          150
Over $1500,000 and not exceeding         2,000,000                          200
Over $2,000,000 and not exceeding        2,500,000                          250
Over $2,500,000 and not exceeding        3,000,000                          300
Over $3,000,000 and not exceeding        3,500,000                          350
Over $3,500,000 and not exceeding        4,000,000                          400
Over $4,000,000 and not exceeding        4,500,000                          450
Over $4,500,000 and not exceeding        5,000,000                          500
</TABLE>

For purpose only of computing fees under this section, the dollar value of each
authorized share having a par value shall be equal to such par value and the
value of each authorized share having no par value shall be equal to one hundred
dollars per share.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.136
<SEQUENCE>135
<FILENAME>p68936exv3w136.txt
<DESCRIPTION>EXHIBIT 3.136
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.136

                                   BY-LAWS OF

                        U-HAUL CO. OF SOUTH DAKOTA, INC.

                           A SOUTH DAKOTA CORPORATION

                                    ARTICLE I

                                                          DATE: November 5, 1990

SECTION 1. Offices:

The principal office of the corporation in the State of Second Wednesday in May
shall be located at such place as the Board of Directors may from time to time
select. The corporation may have such other offices either within or without the
State of South Dakota as the Board of Directors may designate or as the business
of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Second Wednesday in May of each year, at the office of the corporation in the
State of South Dakota or otherwise as provided in the notice of said meeting.
The purpose of said annual meeting shall be for election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

                                      -1-
<PAGE>

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of South Dakota. Notice of the special meeting will
be had as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

        1st.     All persons claiming to hold proxies shall present them to the
                 tellers for verification.

        2nd.     Proof of due notice of meeting when applicable.

        3rd.     Reading and disposal of all unapproved minutes.

        4th.     Reports of officers and committees.

        5th.     Election of Directors.

        6th.     Unfinished business.

        7th.     New business.

        8th.     Adjournment.

                                      -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Office:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the term of office of all or any of the Directors by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of South Dakota.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of South Dakota.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

                                      -3-
<PAGE>

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

SECTION 7. Meetings By Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

                                      -4-
<PAGE>

          1.   To purchase, lease, and acquire, in any lawful manner any and all
               real or personal property including franchises, stocks, bonds and
               debentures of other companies, business and good will, patents,
               trademarks in contracts, and interests thereunder, and other
               judgment may be beneficial for the purpose of this corporation,
               and to issue shares of stock of this corporation in payment of
               such property, and in payment for services rendered to this
               corporation, when they deem it advisable.

          2.   To fix and determine and to vary, from time to time, the amount
               or amounts to be set aside or retained as reserve funds or as
               working capital of this corporation.

          3.   To issue notes and other obligations or evidences of the debt of
               this corporation, and to secure the same, if deemed advisable,
               and endorse and guarantee notes, bonds, stocks, and other
               obligations of other corporations with or without compensation
               for so doing, and from time to time to sell, assign, transfer or
               otherwise dispose of any of the property of this corporation,
               subject, however, to the laws of the State of South Dakota,
               governing the disposition of the entire assets and business of
               the corporation as a going concern.

          4.   To declare and pay dividends, both in the form of money and
               stock, but only from the surplus or from the net profit arising
               from the business of this corporation, after deducting therefrom
               the amounts, at the time when any dividend is declared which
               shall have been set aside by the Directors as a reserve fund or
               as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statues regulating the appointment of
committees.

                                   ARTICLE VI

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided

                                      -5-
<PAGE>

for by the Board of Directors. Such officers shall be elected by ballot or
unanimous acclamation at the meeting of the Board of Directors after the annual
election of Directors. In order to hold any election there shall be a quorum
present, and any officer receiving a majority vote shall be declared elected and
shall hold office for one year and until his or her respective successor shall
have been duly elected and qualified; provided, however, that all officers,
agents and employees of the corporation shall be subject to removal from office
pre-emptorily by vote of the Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                      -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of South Dakota, the number and par value, if any, of each share
represented by it, the name of the person owning the shares represented thereby,
with the number of each share and the date of issue, and the stock thereby
represented is transferable only upon the books of the corporation and upon the
signing of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the name of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation may be made by surrender of the certificate issued
therefore, and the written assignment thereof by the owner or his duly
authorized Attorney in Fact. Upon such surrender and assignment, a new
certificate shall be issued to the assignee as he may be entitled, but without
such surrender and assignment no transfer of stock shall be recognized by the
corporation. The Board of Directors shall have the power concerning the issue,
transfer and registration of certificate for agents and registrars of transfer,
and may require all stock certificates to bear signatures of either or both. The
stock transfer books shall be closed ten days before each meeting of the
shareholders and during such period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the First day of April of each year and shall close on the 31st day of March
of each year.

                                      -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-Haul Co. of South Dakota, Inc. are hereby accepted
and adopted as the By-Laws of said corporation, and we, the undersigned, do
hereby certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.


                                         /s/ John A. Lorentz
                                        -----------------------------------
                                        John A. Lorentz, President

ATTEST:

/s/ Gary V. Klinefelter
- ------------------------------
Gary V. Klinefelter, Secretary

       (CORPORATE SEAL)

                                      -8-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.137
<SEQUENCE>136
<FILENAME>p68936exv3w137.txt
<DESCRIPTION>EXHIBIT 3.137
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.137

         SECRETARY OF STATE               ISSUANCE DATE: 08/05/2003
    DIVISION OF BUSINESS SERVICES         REQUEST NUMBER: 03217554
       312 EIGHTH AVENUE NORTH
6TH FLOOR, WILLIAM R. SNODGRASS TOWER     CHARTER/QUALIFICATION DATE: 02/27/1970
       NASHVILLE, TENNESSEE 37243         STATUS: ACTIVE
                                          CORPORATE EXPIRATION DATE: PERPETUAL
                                          CONTROL NUMBER: 0032410
                                          JURISDICTION: TENNESSEE

TO:                                       REQUESTED BY:
CFS                                       CFS
8161 HWY 100                              8161 HWY 100
NASHVILLE, TN 37221                       NASHVILLE, TN 37221

I, RILEY C DARNELL, SECRETARY OF STATE OF THE STATE OF TENNESSEE DO HEREBY
CERTIFY THAT

                            "U-HAUL CO. OF TENNESSEE"

WAS INCORPORATED OR QUALIFIED TO DO BUSINESS IN THE STATE OF TENNESSEE ON THE
ABOVE DATE, AND THAT THE ATTACHED DOCUMENT(S) WAS/WERE FILED IN OFFICE ON THE
DATE(S) AS BELOW INDICATED:

<TABLE>
<CAPTION>
REFERENCE                                                        FILING ACTION
 NUMBER             DATE FILED         FILING TYPE     NAM DUR STK PRN OFC AGT INC MAL FYC
<S>                 <C>               <C>              <C>
BC01P7135           02/27/1970        CHART-PROFIT
BP53P5819           10/29/1970        AMEND-CHARTER     X
BP54P5271           03/12/1973        AMEND-CHARTER     X
096 01095           08/08/1979        OFFICE CHANGE                     X   X
1394-0902A          08/07/1989        MERGER
1996-0480           11/26/1990        AMEND-CHARTER     X
2149-0050           04/15/1991        MERGER                        X
3963-1518           07/28/2000        ASSUMED-ADD
3963-1520           07/28/2000        ASSUMED-ADD
3963-1523           07/28/2000        ASSUMED-ADD
4092-3210           01/18/2001        AMEND-CHARTER                 X
4847-1811           06/24/2003        AN RPT                        X
</TABLE>

FOR: REQUEST FOR COPIES                                       ON DATE: 08/05/03
                                                                FEES

FROM:                                             RECEIVED:     $80.00    $0.00
CFS
8161 HIGHWAY 100                               TOTAL PAYMENT RECEIVED:    $80.00
#172
NASHVILLE, TN 37221-0000                             RECEIPT NUMBER: 00003340450
                                                     ACCOUNT NUMBER: 00101230

                                                      /s/ Riley C. Darnell
                                                      --------------------------
                                                      RILEY C. DARNELL
                                                      SECRETARY OF STATE

<PAGE>

FEBRUARY 27, 1970                                          VOLUME C-1, PAGE 7135

                            ARTICLES OF INCORPORATION

                                       of

                             U-HAUL CO. OF NASHVILLE

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a corporation
under the laws of the State of Tennessee.

                                    ARTICLE I

         The name of the corporation is U-HAUL CO. OF NASHVILLE.

                                   ARTICLE II

         The period of duration of the corporation is perpetual.

                                   ARTICLE III

         The purpose or purposes for which the corporation is organized are to
rent and lease to the general public trailers, semi-trailers, trucks,
passenger automobiles and other equipnent, tools, machinery, vehicles and
property of any and erery kind and description, and to purchase or otherwise
acquire and operate any facilities useful for the conduct of the business
enterprises of this corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of Tennessee upon corporations, and to engage in any lawful activity
within the purposes for which corporations may be organized under the laws of
the State of Tennessee.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue are One Thousand (1,000) shares of common stock with a par
value of Fifty ($50.00) Dollars each, or a total capitalization of Fifty
Thousand ($50,000.00) Dollars.

                                    ARTICLE V

         The corporation will not commence business until the consideration

Page one of two pages

<PAGE>

FEBRUARY 27, 1970                                          VOLUME C-1, PAGE 7136

of at least One Thousand ($1,000.00) Dollars has been received for the issuance
of shares.

                                   ARTICLE VI

         The address of its principal office shall be 1607 County Hospital Road,
Nashville, Davidson County, Tennessee 37218.

                                   ARTICLE VII

         The initial Board of Directors shall consist of three (3) members, and
the initial Board who shall act until the first annual meeting of stockholders
and their successors have been elected and qualified are:

                 Charles Fillmore            1607 County Hospital Road
                                             Nashville, Tennessee 37218

                 Robert Edwards              1607 County Hospital Road
                                             Nashville, Tennessee 37218

                 Martha Frank                1607 County Hospital Road
                                             Nashville, Tennessee 37218

                                  ARTICLE VIII

           The name and address of each incorporator is as follows:

            David L. Helsten                 2727 North Central Avenue
                                             Phoenix, Arizona  85004

         IN WITNESS WHEREOF, I have hereunto set my hand and seal this 23rd day
of February, 1970.

                                          /s/ David L. Helsten
                                          --------------------------------------
                                          David L. Helsten

STATE OF ARIZONA                )
                                ) ss:
COUNTY OF MARICOPA              )

         On this 23rd Day of February, 1970, before me, a Notary Public for the
State of Arizona, personally appeared David L. Helsten, known to me to be the
person named in and who executed the foregoing instrument, and who acknowledged
that he had executed the same and that the matters therein contained are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
Notarial Seal this 23rd day of February, 1970.

                                          /s/ Helen H. Delamater
                                          --------------------------------------
                                          Helen H. Delamater
                                          Notary Public for the State of Arizona
                                          Residing at Tempe, Arizona
                                          My Commission expires August 13, 1972

      (NOTARIAL SEAL)

Page two of two pages

<PAGE>

                                                           VOLUME C-1, PAGE 7137

         I, JOE C. CARR, Secretary of State, do certify that this Charter, with
certificate attached, the foregoing of which is a true copy, was this day
registered and certified to by me.

         This the 27th day of February, 1970.

                                          JOE C. CARR,

                                          SECRETARY OF STATE

                                            FEE: $ 20.00

<PAGE>

OCTOBER 29, 1970                                                 P-53, PAGE 5819

                            CERTIFICATE OF AMENDMENT

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

                             U-HAUL CO. OF NASHVILLE

STATE OF TENNESSEE              )
                                ) ss.
COUNTY OF DAVIDSON              )

         ROBERT L. EDWARDS and CAROL R. EDWARDS being first duly sworn, upon
their oath depose and say;

     1.  That they are the President and the Secretary respectively or U-HADL
         CO. OF NASHVILLE.

     2.  That at a meeting of the Board of Directors of said corporation, duly
         held at Nashville, Tennessee on August 12, 1970, the following
         resolution was adopted:

           "RESOLVED: That Article I of the Articles of Incorporation of this
            corporation be amended to read as follows:

             "The name of this corporation is AMERCO MARKETING CO. OF
              NASHVILLE."

     3.  That the shareholders of said corporation have adopted said amendment
         by resolution at a meeting held at Nashville, Tennessee on August 12,
         1970. That the wording of the amended article, as set forth in the
         shareholders' resolution, is the same as that set forth in the
         directors' resolution in Paragraph 2 above.

     4.  That the number of shares which voted affirmatively for the adoption of
         said resolution is 100, and that the total number of shares entitled to
         vote on or consent to said amendment is 100.

                                                /s/ Robert L. Edwards
                                                --------------------------------
                                                           President

(CORPORATE SEAL)

ATTEST:

/s/ Carol R. Edwards
- ---------------------------
     Secretary

Page One of Two Pages

<PAGE>

OCTOBER 29, 1970                                                 P-53, PAGE 5820

STATE OF TENNESSEE              )
                                ) ss.
COUNTY OF DAVIDSON              )

         On this 13 day of October, 1970, before me, a Notary Public, personally
appeared ROBERT L. EDWARDS and CAROL R. EDWARDS known by me to be the persons
whose signature are subcribed to the within instrument and who acknowledged to
me that they executed the same as their free act for the purposes therein
contained.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

                                                /s/ Marie McBride
                                                --------------------------------
                                                         Notary Public

                                                  My commission expires 11-18-71

(NOTARIAL SEAL)

Page Two of Two Pages

<PAGE>

                                                                 P-53, PAGE 5821

         I, JOE C. CARR, Secretary of State, do hereby certify that this
amendment to charter, with certificate attached, the foregoing of which is a
true copy, was this day registered and certified to by me. This the 29th day of
October, 1970.

                                                JOE C. CARR.

                                                SECRETARY OF STATE

                                                  FEE: $10.00
<PAGE>

MARCH 12, 1973                                                   P-54, PAGE 5271

                                                                 Form No. 6
                                                                 Section 48-303
                                                                 For Profit

                      ARTICLES OF AMENDMENT TO THE CHARTER

                                       OF

                       AMERCO MARKETING CO. OF NASHVILLE

         Pursuant to the provisions of Section 48-303 of the Tennessee General
Corporation Act, the undersigrsd corporation adopts the following articles of
amendment to its charter:

         1.       The name of the corporation is AMERCO MARKETING CO. OF
NASHVILLE.

         2.       The amendment adopted is ARTICLE I.

         The name of the corporation is U-HAUL CO. OF NASHVILLE.

         3.       The amendment was duly adopted at a meeting of the
shareholders on February 21, 1973.

         4.       If a corporation for profit, the manner, if not set forth in
such amendment, in which any exchange, reclassification or cancellation of
issued shares provided for in the amendment shall be effected is as follows:

                                    NO CHANGE

         5.       If the amendment is not to be effective when these articles
are filed by the Secretary of State, the date it will be effective is N/A,
1973.

Dated March [ILLEGIBLE] , 1973.

                                            AMERCO MARKETING CO. OF NASHVILLE

                                            By /s/ George Brown
                                               ---------------------------------
                                               George Brown            President

<PAGE>

                                                                 P-54, PAGE 5272

         I, JOE C. CARR, Secretary of State, do hereby certify that this
amendment to charter, with certificate attached, the foregoing of which is a
true copy, was this day registered and certified to by me. This the 12th day of
March, 1973.

                                                   JOE C. CARR,

                                                   SECRETARY OF STATE

                                                       FEE: $10.00

<PAGE>

                             U-HAUL CO OF NASHVILLE

To the Secretary of State of Tennessee:

         Pursuant to the provisions of Section 48-1201(7) of the Tennessee Code
Annotated, C T CORPORATION SYSTEM, the undersigned registered agent for the
above corporation, submits the following statement for the purpose of changing
the address of said agent in the State of Tennessee:

         1.       The corporation named above was organized under the laws of

                                    TENNESSEE

         2.       The address of the registered agent is hereby changed to

 C T CORPORATION SYSTEM, 530 Gay Street, Knoxville, Tennessee 37902.

Dated July 27, 1979

                                               C T CORPORATION SYSTEM
                                                     Registered Agent

                                               By /s/ [ILLEGIBLE]
                                                  ------------------------------
                                                    Assistant Vice President

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 1st day of August
1989 entered, into by U-Haul Co. of Nashville, a Tennessee corporation, the
surviving corporation and Kar-Go Service Center of Nashville, a Tennessee
corporation, the Absorbed Corporation, and together referred to as the
constituent corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the surviving corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the state of Tennessee which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is c. T.
Corporation System, 530 Gay Street, Knoxville, Tennessee 37902.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                            NUMBER OF
                          NUMBER OF          SHARES       NUMBER       NUMBER
  COMPANY                   SHARES          ENTITLED      VOTED         VOTED
   NAME                  OUTSTANDING        TO VOTE        FOR         AGAINST
   ----                  -----------        -------        ---         -------
<S>                      <C>                <C>           <C>          <C>
U-HAUL CO. OF
NASHVILLE                    100               100         100           -0-

KAR-GO SERVICE
CENTER OF NASHIVILLE INC.    900               900         900           -0-
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Tennessee, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Tennessee.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                           Surviving Corporation: U-HAUL CO. OF
                                                  NASHVILLE, a
                                                  Tennessee  Corporation

                           BY : /s/ Donald Walker
                              ------------------------------------
                               Donald Walker, President

Verified

By: /s/ Mary Jordon
    -------------------------
    Mary Jordon Secretary

                           Absorbed Corporation:  KAR-GO SERVICE CENTER OF
                                                  KNOXVILLE, INC., a Tennessee
                                                  Corporation

                           By: /s/ Sammy W. Bean
                               -----------------------------------
                               Sammy W. Bean, President

Verified

By: /s/ Julia E. Bean
    ----------------------------
    Julia E. Bean, Secretary

<PAGE>

STATE OF TENNESSEE

COUNTY OF DAVIDSON

         On this 4 day of August, 1989, before me, the undersigned Notary
Public, personally appeared donald walker , known to me to be the president of
U-Haul Co. of Nashville, a Tennessee corporation that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                        /s/ [ILLEGIBLE]
                                        ----------------------------------------
                                        NOTARY PUBLIC

         (NOTARY SEAL)

STATE OF TENNESSEE

COUNTY OF DAVIDSON

         On this 4 day of August, 1989, before me, the undersigned Notary
Public, personally appeared Sammy W. Bean, known to me to be the President of
Kar-Go Service Center of Nashville, Inc., a Tennessee corporation, that he is
the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation, executed the same.

                                        /s/ [ILLEGIBLE]
                                        ----------------------------------------
                                        NOTARY PUBLIC
       (NOTARY SEAL)

<PAGE>

                         CONSENT OF THE SOLE STOCKHOLDER

                                       OF

                            U-HAUL CO. OF NASHVILLE

                                       AND

                    KAR-GO SERVICE CENTER OF NASHVILLE, INC.

                          BOTH TENNESSEE CORPORATIONS

         AMERCO, a Nevada corporation, the sole shareholder of the above named
corporations, acting through John M. Dodds, on authority of the Executive
Management Team, the group designated by the Board of Directors of AMERCO to
vote the stock of all of its subsidiaries, hereby consents to and adopts the
following:

         RESOLVED: That this corporation, the sole shareholder of U-Haul Co. of
         Nashville, a Tennessee corporation & Kar-Go Service Center of
         Nashville, Inc., a Tennessee corporation, does hereby approve & adopt
         the Plan of Merger between said corporations, whereby Kar-Go Service
         Center of Nashville, a Tennessee Corporation, shall be absorbed into
         U-Haul Co. of Nashville, being the surviving corporation, all in
         accordance with the Plan of Merger, and be it further

         RESOLVED: That the Board of Directors and Officers of said merging
         corporations be and they hereby are, authorized and directed to all
         further action and to execute all documents they deem necessary or
         advisable to consummate the said merger and to amend any of the terms
         of the said Plan of Merger, and further

         BE IT RESOLVED: That the Secretary of each said corporation is hereby
         authorized to certify as to the Consent of the sole shareholder of the
         Plan of Merger, or within the Articles of Merger.

                                           AMERCO, a Nevada corporation

                                           By: /s/ John M. Dodds
                                              ----------------------------------
                                              John M. Dodds

<PAGE>

TO:       Mr. Donald  Walker, President
          U-Haul Co. of Nashville
          Co. 772

FROM:     Blanche I. Passolt
          Legal Department

RE:       Merger: Kar-Go Service Center of Nashville Inc.
           merged into U-Haul Co. of Nashville

Dear Mr. Walker:

Enclosed are two packets for the above mentioned Merger. Please follow the steps
below for completion:

                  1.       President signs Plan/Agreement/Articles of Merger.

                  2.       Secretary signs to verify.

                  3.       Signatures are notarized (bottom of page).

                  4.       Unanimous Consent is signed by the Board of
                           Directors.

                  5.       Forward letter, Plan/Agreement/Articles of Merger
                           along with the attached check to the Secretary of
                           State, in the enclosed envelope.

                  6.       Return all copies of the signed Consent to me.

The Secretary of State will then correspond with me from that point on.

Thanks for your help and promptness in mailing these documents.

                                            Sincerely,

                                            /s/ Blanche I. Passolt
                                            ---------------------------------
                                            Blanche I. Passolt
                                            Legal Department

<PAGE>

                      ARTICLES OF AMENDMENT TO THE CHARTER

                                       OF

                             U-HAUL CO. OF NASHVILLE

Pursuant to the provisions of Section 48-303 of the Tennessee General
Corporation Act, the undersigned corporation adopts the following articles of
amendment to its charter:

         FIRST:   The name of the corporation is U-Haul Co. of Nashville.

         SECOND:  The amendment adopted is ARTICLE I.

           The name of the corporation is U-HAUL CO. OF TENNESSEE.

         THIRD:   The amendment was duly adopted at a meeting of the
                  shareholders on November 19, 1990.

         FOURTH:  If a corporation for profit, the manner, if not set forth in
                  such amendment, in which any exchange, reclassification or
                  cancellation of issued shares provided for in the amendment
                  shall be effected is as follows: No Change

         FIFTH:   The effective date of the amendment will be when the Secretary
                  of State files it.

DATED: November 19, 1990.

                                       U-HAUL CO.  OF NASHVILLE

                                       BY: /s/ John A. Lorentz
                                           -------------------------------------
                                           John A. Lorentz, President

                                       BY: /s/ Gary V. Klinefelter
                                           -------------------------------------
                                           Gary V. Klinefelter, Secretary
<PAGE>
                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 29th day of March,
1991, entered into by U-Haul Co. of Tennessee, the surviving corporation and
U-Haul Co. of Knoxville and U-Haul Co. of Memphis, the absorbed Corporation, all
Tennessee corporations and together referred to as the Constituent Corporations
hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth is accordance with the applicable provisions of the General
Corporation Laws of the State of Tennessee which laws permit such mergers.

             NOW THEREFORE, the parties hereto do agree as follows:

                                       I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is John A.
Lorentz, 2721 N. Central Avenue, Phoenix, Arizona 85004.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Absorbed Corporation shall be cancelled.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Surviving
                           Corporation.

<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PIAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                                NUMBER OF
                           NUMBER OF             SHARES               NUMBER              NUMBER
    COMPANY                 SHARES              ENTITLED               VOTED               VOTED
     NAME                 OUTSTANDING           TO VOTE                 FOR               AGAINST
- -------------------------------------------------------------------------------------------------
<S>                       <C>                   <C>                   <C>                 <C>
U-HAUL CO. OF
TENNESSEE                     100                 100                   100                -0-

U-HAUL CO. OF
KNOXVILLE                     100                 100                   100                -0-

U-HAUL CO. OF
MEMPHIS                       100                 100                   100                -0-
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the States of Tennessee, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Tennessee.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C. T. Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P. O. Box 21502, Phoenix, Arizona 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

         The Plan of Merger was approved by the Sole Shareholder of each of the
Constituent corporations on the 29th day of March, 1991.

<PAGE>

                                      VIII

         The effective date of the merger shall be January 1, 1991, for
accounting purposes only.

                               Surviving Corporation: U-HAUL CO. TENNESSEE,
                                                      A Tennessee Corporation

                                 BY: /s/ John A. Lorentz
                                     ------------------------------------------
                                     John A. Lorentz, President

Verified:

By: /s/ Gary V. Klinefelter
    -----------------------------------
    Gary V. Klinefelter, Secretary

                               Absorbed Corporation: U-HAUL CO. OF KNXOVILLE,
                                                     A Knoxville Corporation

                                 By: /s/ John A. Lorentz
                                     -------------------------------------------
                                     John A. Lorentz, President

Verified:

By: /s/ Gary V. Klinefelter
    -------------------------------------
    Gary V. Klinefelter, Secretary

                                Absorbed Corporation: U-HAUL CO.OF MEMPHIS
                                                      a Tennessee Corporation

                                 By: /s/ John A. Lorentz
                                     -------------------------------------------
                                     John A. Lorentz, President

Verified:

By: /s/ Gary V. Klinefelter
    -------------------------------------
    Gary V. Klinefelter, Secretary

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 29th day of March, 1991, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the President of
U-Haul Co. of Tennessee, a Tennessee Corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                          /s/ Blanche I. Passolt
                                          --------------------------------------
                                                  NOTARY PUBLIC

 (NOTARY SEAL)

STATE OF ARIZONA

COUNTY OF MARICOPA

         On this   day of March, 1991 before me, the undersigned Notary Public,
personally appeared John A. Lorentz known to me to be the President of U-Haul
Co. of Knoxville and U-Haul Co. of Memphis, both Tennessee Corporations, that he
is the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                          /s/ Blanche I. Passolt
                                          --------------------------------------
                                                  NOTARY PUBLIC

<PAGE>

                                                             For Office Use Only

         STATE OF TENNESSEE              APPLICATION FOR
      [STATE OF TENNESSEE LOGO]          REGISTRATION OF
         DEPARTMENT OF STATE            ASSUMED CORPORATE
          Corporate Filings                  NAME
       312 Eighth Avenue North
6th Floor, William R. Snodgrass Tower
         Nashville, TN 37243

         Pursuant to the provisions of Section 48-14-101(d) of the Tennessee
Business Corporation Act or Section 48-54-101(d) of the Tennessee Nonprofit
Corporation Act, the undersigned corporation hereby submits this application:

1. The true name of the corporation is U-Haul Co. of Tennessee
                                                                               .
- -------------------------------------------------------------------------------

2. The state or country of incorporation is Tennessee.

3. The corporation intends to transact business in Tennessee under an assumed
corporate name.

4. The assumed corporate name the corporation proposes to use is U-Haul Co. of
Knoxville.

[NOTE: The assumed corporate name must meet the requirements of Section
48-14-101 of the Tennessee Business Corporation Act or Section 48-54-101 of the
Tennessee Nonprofit Corporation Act.]

July 21, 2000                              U-Haul Co. of Tennessee
- ------------------------------             -------------------------------------
Signature Date                             Name of Corporation

Secretary                                  /s/ Gary Klinefelter
- ------------------------------             -------------------------------------
Signer's Capacity                          Signature

                                           Gary Klinefelter
                                           -------------------------------------
                                           Name (typed or printed)

<PAGE>

                                                             For Office Use Only

         STATE OF TENNESSEE              APPLICATION FOR
      [STATE OF TENNESSEE LOGO]          REGISTRATION OF
         DEPARTMENT OF STATE            ASSUMED CORPORATE
          Corporate Filings                  NAME
       312 Eighth Avenue North
6th Floor, William R. Snodgrass Tower
         Nashville, TN 37243

         Pursuant to the provisions of Section 48-14-101(d) of the Tennessee
Business Corporation Act or Section 48-54-101(d) of the Tennessee Nonprofit
Corporation Act, the undersigned corporation hereby submits this application:

1. The true name of the corporation is U-Haul Co. of Tennessee
                                                                               .
- -------------------------------------------------------------------------------

2. The state or country of incorporation is Tennessee.

3. The corporation intends to transact business in Tennessee under an assumed
corporate name.

4. The assumed corporate name the corporation proposes to use is U-Haul Co. of
Nashville.

[NOTE: The assumed corporate name must meet the requirements of Section
48-14-101 of the Tennessee Business Corporation Act or Section 48-54-101 of the
Tennessee Nonprofit Corporation Act.]

July 21, 2000                              U-Haul Co. of Tennessee
- ------------------------------             -------------------------------------
Signature Date                             Name of Corporation

Secretary                                  /s/ Gary Klinefelter
- ------------------------------             -------------------------------------
Signer's Capacity                          Signature

                                           Gary Klinefelter
                                           -------------------------------------
                                           Name (typed or printed)

<PAGE>

                                                             For Office Use Only

         STATE OF TENNESSEE              APPLICATION FOR
      [STATE OF TENNESSEE LOGO]          REGISTRATION OF
         DEPARTMENT OF STATE            ASSUMED CORPORATE
          Corporate Filings                  NAME
       312 Eighth Avenue North
6th Floor, William R. Snodgrass Tower
         Nashville, TN 37243

         Pursuant to the provisions of Section 48-14-101(d) of the Tennessee
Business Corporation Act or Section 48-54-101(d) of the Tennessee Nonprofit
Corporation Act, the undersigned corporation hereby submits this application:

1. The true name of the corporation is U-Haul Co. of Tennessee
                                                                               .
- -------------------------------------------------------------------------------

2. The state or country of incorporation is Tennessee.

3. The corporation intends to transact business in Tennessee under an assumed
corporate name.

4. The assumed corporate name the corporation proposes to use is U-Haul Co. of
Memphis.

[NOTE: The assumed corporate name must meet the requirements of Section
48-14-101 of the Tennessee Business Corporation Act or Section 48-54-101 of the
Tennessee Nonprofit Corporation Act.]

July 21, 2000                              U-Haul Co. of Tennessee
- ------------------------------             -------------------------------------
Signature Date                             Name of Corporation

Secretary                                  /s/ Gary Klinefelter
- ------------------------------             -------------------------------------
Signer's Capacity                          Signature

                                           Gary Klinefelter
                                           -------------------------------------
                                           Name (typed or printed)

<PAGE>

                                                             For Office Use Only

         STATE OF TENNESSEE              ARTICLES OF AMENDMENT
      [STATE OF TENNESSEE LOGO]             TO THE CHARTER
         DEPARTMENT OF STATE                (for-Profit)
          Corporate Filings
       312 Eighth Avenue North
6th Floor, William R. Snodgrass Tower
         Nashville, TN 37243

CORPORATE CONTROL NUMBER (IF KNOWN) 0032410.

PURSUANT TO THE PROVISIONS OF SECTION 48-20-106 OF  THE TENNESSEE BUSINESS
CORPORATION ACT. THE UNDERSIGNED CORPORATION ADOPTS THE FOLLOWING ARTICLES OF
AMENDMENT TO ITS CHARTER:

1. PLEASE INSERT THE NAME OF THE CORPORATION AS IT APPEARS OF RECORD:

         U-Haul Co. of Tennessee
   ------------------------------------------------------------
   IF CHANGING THE NAME, INSERT THE NEW NAME ON THE LINE BELOW:

   ------------------------------------------------------------

2. PLEASE MARK THE BLOCK THAT APPLIES:

[X] AMENDMENT IS TO BE EFFECTIVE WHEN FILED BY THE SECRETARY OF STATE.
[ ] AMENDMENT IS TO BE EFFECTIVE,                         (MONTH, DAY, YEAR)
                                  -----------------------
(NOTE TO BE LATER THAN THE 90TH DAY AFTER THE DATE THIS DOCUMENT IS FILED IN
 EITHER BLOCK IS CHECKED THE AMENDMENT WILL EFFECTIVE THE TIME OF FILING.

3. PLEASE INSERT ANY CHANGES THAT APPLY:

                                            Change in Principle
                                            Office Address:

         121 Moving Center Court
         Madison, TN 37115
          (Davidson County)

[NOTE: IF CHANGING THE PRINCIPAL OR REGISTERED AGENT ADDRESS, COMPLETE STREET
ADDRESS INCLUDING CITY, STATE, ZIP CODE, AND COUNTY MUST BE PROVIDED.]

4. THE CORPORATION IS FOR PROFIT.

5. THE MANNER (IF NOT SET FORTH IN THE AMENDMENT) FOR IMPLEMENTATION OF ANY
EXCHANGE, RECLASSIFICATION, OR CANCELLATION OF ISSUED SHARES IS AS FOLLOWS:

6. THE AMENDMENT WAS DULY ADOPTED ON January 10, 2001 (MONTH, DAY, YEAR)
BY (Please mark the block that applies):

[ ] THE INCORPORATORS WITHOUT SHAREHOLDER ACTION, AS SUCH WAS NOT REQUIRED.
[X] THE BOARD OF DIRECTORS WITHOUT SHAREHOLDER APPROVAL AS SUCH WAS NOT
    REQUIRED.
[ ] THE SHAREHOLDERS.

Secretary                                      /s/ Gary V. Klinefelter
- ------------------------------------------    ----------------------------------
SIGNER'S CAPACITY                             SIGNATURE

January 10, 2001                                  Gary V. Klinefelter
- ------------------------------------------    ----------------------------------
DATE                                          NAME OF SIGNER (TYPED OR PRINTED)

<PAGE>

                     CHANGE OF ADDRESS OF REGISTERED AGENT

                                       OF

                             U-HAUL CO OF NASHVILLE

         To the Secretary of State of Tennessee:

                  Pursuant to the provisions of Section 48-1201(7) of the
         Tennessee Code Annotated, C T CORPORATION SYSTEM, the undersigned
         registered agent for the above corporation, submits the following
         statement for the purpose of changing the address of said agent in the
         State of Tennessee:

                  1.       The corporation named above was organized under the
         laws of

                                    TENNESSEE

                  2.       The address of the registered agent is hereby changed
         to CT CORPORATION SYSTEM. 530 Gay Street. Knoxville. Tennessee 37902.

Dated July 27, 1979

                                            C T CORPORATION SYSTEM
                                              Registered Agent

                                            By: [ILLEGIBLE]
                                                --------------------------------
                                                Assistant Vice President
<PAGE>

                           CORPORATION ANNUAL REPORT

                                                Please return completed form to:
                                                TENNESSEE SECRETARY OF STATE
                                                Attn: Annual Report
                                                312 Eighth Ave. N. 6th Floor
                                                William R. Snodgrass Tower
                                                Nashville. TN. 37243
Annual Report Filing Fee Due:
$20, if no changes are made in block #6 to the registered agent/office, or
$40, if any changes are made in block #6 to the registered agent/office

CURRENT FISCAL YEAR CLOSING MONTH 03  IF DIFFERENT.   THIS REPORT IS DUE
CORRECT MONTH IS ______________                       ON OR BEFORE 07/01/03

(1) SECRETARY OF STATE CONTROL NUMBER 0032410

(2A) NAME AND MAILING ADDRESS OF CORPORATION          (2B) STATE OR COUNTRY OF
                                                           INCORPORATION
                                                         TENNESSEE
        U-HAUL CO. OF TENNESSEE
        121 MOVING CENTER CT                          (2C.) ADD OR CHANGE
        MADISON, TN 37115                                   MAILING ADDRESS:
                                                       2721 N. Central Ave.
                                                       Phoenix, AZ 85004-1127

       D    02/27/1970           FOR PROFIT

(3)      A PRINCIPAL ADDRESS INCLUDING CITY. STATE. ZIP CODE
         121 MOVING CENTER CT. MADISON. TN 37115

         B CHANGE OF PRINCIPAL ADDRESS:

             STREET            CITY             STATE            ZIP CODE + 4

(4) NAME AND BUSINESS ADDRESS INCLUDING ZIP CODE OF THE PRESIDENT SECRETARY AND
    OTHER PRINCIPAL OFFICERS (ATTACH ADDITIONAL SHEET IF NECESSARY)

      TITLE              NAME     BUSINESS ADDRESS     CITY, STATE, ZIP CODE + 4
PRESIDENT Dennis C. McQuade 10833 Kingstone Pike, TN 37922-3053
SECRETARY Gary V. Klinefelter 2721 N. Central Ave. Phoenix, AZ 85004-1127
VICE PRES. Michael Basham 3555, [ILLEGIBLE] TN 38115-4576
VICE PRES. Jon Erickson 121 Moving Center Ct., Madison, TN 37115-4620

(5) BOARD OF DIRECTORS (NAMES, BUSINESS ADDRESS INCLUDING ZIP CODE) (ATTACH
    ADDITIONAL SHEET IF NECESSARY) [ ] SAME AS ABOVE [ ] NONE
    OR LISTED BELOW:      NAME   BUSINESS ADDRESS CITY, STATE, ZIP CODE + 4
    Philip R. Ryan 7716 Stockton Way, Florence, KY 41042-8229
    Ronald Frank 2727 N. Central Ave., Phoenix, AZ 85004-1155
    Dennis C. McQuade 10833 Kingston Pike, Farraqut, TN 37922-3053

(6) A NAME OF REGISTERED AGENT AS APPEARS ON SECRETARY OF STATE RECORDS
    C T CORPORATION SYSTEM
    B. REGISTERED ADDRESS AS APPEARS ON SECRETARY OF STATE RECORDS.
    530 GAY STREET, KNOXVILLE, TN 37902
    C. INDICATE BELOW ANY CHANGES TO THE REGISTERED AGENT NAME AND/OR REGISTERED
       OFFICE

       (I). CHANGE OF REGISTERED AGENT:
        ________________________________________________________________________
       (II). CHANGE OF REGISTERED OFFICE:
        ________________________________________________________________________
                          STREET          CITY      STATE    ZIP CODE + 4 COUNTY
                                                     TN

(7) A. THIS BOX APPLIES ONLY TO NONPROFIT CORPORATIONS. OUR RECORDS REFLECT THAT
       YOUR NONPROFIT CORPORATION IS A PUBLIC BENEFIT OR A MUTUAL BENEFIT
       CORPORATION AS INDICATED:

       IF BLANK OR INCORRECT, PLEASE CHECK APPROPRIATE BOX:           [ ] PUBLIC
                                                                      [ ] MUTUAL

    B. IF A TENNESSEE RELIGIOUS CORPORATION. PLEASE CHECK
       BOX IF BLANK                                      [ ] RELIGIOUS

(8)    SIGNATURE  /s/ Gary V. Klinefelter           (9)  DATE
                                                         6/18/03

(10)  TYPE PRINT NAME OF SIGNER:                    (11) TITLE OF SIGNER
      Gary V. Klinefelter                                Secretary

                   ** THIS REPORT MUST BE DATED AND SIGNED**

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.138
<SEQUENCE>137
<FILENAME>p68936exv3w138.txt
<DESCRIPTION>EXHIBIT 3.138
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.138

                                   BY-LAWS OF

                             U-HAUL CO. OF NASHVILLE

                             A Tennessee Corporation

                                    ARTICLE I

                                                            DATE: March 11, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Tennessee shall be
located in the city of Nashville. The corporation may have such other offices
either within or without the state of Tennessee as the Board of Directors may
designate or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Thursday of February of each year, at the office of the corporation in the
state of Tennessee or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the

                                      -1-

<PAGE>

shares entitled to vote at the meeting. All meetings of the shareholders may be
held within or without the state of Tennessee. Notice of the special meetings
will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

        1st.     All persons claiming to hold proxies shall present them to the
                 tellers for verification.

        2nd.     Proof of due notice of meeting when applicable.

        3rd.     Reading and disposal of all unapproved minutes.

        4th.     Reports of officers and committees.

        5th.     Election of Directors.

        6th.     Unfinished business.

        7th.     New business.

        8th.     Adjournment.

                                      -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Tennessee.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Tennessee.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                      -3-

<PAGE>

        1st.     Roll call; a quorum being present.

        2nd.     Reading of minutes of preceding meeting and action thereon.

        3rd.     Consideration of communications of the Board of Directors.

        4th.     Reports of officials and committees.

        5th.     Unfinished business.

        6th.     Miscellaneous business.

        7th.     New business.

        8th.     Adjournment.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

        1.       To purchase, lease, and acquire, in any lawful manner any and
                 all real or personal property including franchises, stocks,
                 bonds and debentures of other companies, business and good
                 will, patents, trade-marks in contracts, and interests
                 thereunder, and other rights and proprieties which in their
                 judgment may be beneficial for the purpose of this
                 corporation, and to issue shares of stock of this corporation
                 in payment of such property, and in payment for services
                 rendered to this corporation, when they deem it advisable.

        2.       To fix and determine and to vary, from time to time, the
                 amount or amounts to be set aside or retained as reserve
                 funds or as working capital of this corporation.

        3.       To issue notes and other obligations or evidences of the debt
                 of this corporation, and to secure the same, if deemed
                 advisable, and endorse and guarantee the notes, bonds, stocks,
                 and other obligations of other corporations with or without
                 compensation for so doing, and from time to time to sell,
                 assign, transfer or otherwise dispose of any of the property
                 of this corporation, subject, however, to the laws of the
                 state of Tennessee, governing the disposition of the entire
                 assets and business of the corporation as a going concern.

                                      -4-

<PAGE>

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as
                  a reserve fund or as a working fund.

                                   ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Tennessee statutes regulating the appointment
of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there shall be a quorum present, and any officer receiving a majority vote shall
be declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office be shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the

                                      -5-

<PAGE>

annual meeting of the shareholders. The President shall do and perform such
other duties as from time to time may be assigned by the Board of Directors to
him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of
the corporation, and deposit the same in the name of the corporation in such
bank or banks or other depository as the Directors may select. He shall sign
checks, drafts, notices, and orders for the payment of money, and he shall pay
out and dispose of the same under the direction of the Board of Directors, but
checks may be signed as directed by the Board by resolution. It shall be the
duty of the Treasurer at all reasonable time to exhibit his books and accounts
to any Director or stockholder of the corporation upon application at the office
of the corporation during business hours, and generally perform the duties of
and act as the financial agent for the corporation for the receipts and
disbursements of its funds. He shall give such bond for the faithful performance
of his duties as the Board of Directors may determine. The office of the
Treasurer of said corporation, may be held by the same person holding the
President, Vice-President or Secretary's office, provided the Board of Directors
indicates the combination of these offices.

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates
shall be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the

                                      -6-

<PAGE>

corporation is organized under the law of Tennessee, the number and par
value, if any, of each share represented by it, the name of the person owning
the shares represented thereby, with the number of each share and the date of
issue, and the stock thereby represented is transferrable only upon the books of
the corporation and upon the signer of such certificates. A stock transfer book,
known as the stock register shall be kept, in which shall be entered the, number
of each certificate issued and the number of the person owning the shares
thereby represented, with the number of such shares and the date of issue. The
transfer of any share or shares of stock in the corporation may be made by
surrender of the certificate issued therefor, and the written assignment thereof
by the owner or his duly authorized Attorney in Fact. Upon such surrender and
assignment, a new certificate shall be issued to the assignee as he may be
entitled, but without such surrender and assignment no transfer of stock shall
be recognized by the corporation. The Board of Directors shall have the power
concerning the issue, transfer and registration of certificate for agents and
registrars of transfer, and may require all stock certificates to bear
signatures of either or both. The stock transfer books shall be closed ten days
before each meeting of the shareholders and during such period no stock shall
be transferred.

SECTION 2.   Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of, the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholder of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders said corporation at
any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

                                      -7-

<PAGE>

The foregoing By-Law of D-HAUL CO. OF NASHVILLE, are hereby accepted and adopted
as the By-Laws of said corporation, and we, the undersigned, do hereby certify
that the above foregoing By-Laws are duly adopted by the Board of Directors and
that the same do now constitute the By-Laws of this corporation.

                                         ___________________________
                                         President - Charles Filmore

ATTEST:

________________________
Secretary - Martha Frank

         (CORPORATE SEAL)

                                      -8-

<PAGE>

                            U-HAUL CO. OF TENNESSEE,

                             A TENNESSEE CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Tennessee, a
Tennessee corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the Shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                           SHAREHOLDER:

                                           U-Haul International, Inc., a Nevada
                                           Corporation

                                           By: /s/ Gary V. Klinefelter
                                              ---------------------------------
                                           Name: Gary V. Klinefelter
                                           Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.139
<SEQUENCE>138
<FILENAME>p68936exv3w139.txt
<DESCRIPTION>EXHIBIT 3.139
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.139

                            ARTICLES OF INCORPORATION

                                       of

                             U-HAUL CO. OF DAL-WORTH

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a corporation
under the laws of the State of Texas.

                                    ARTICLE I

         The name of the corporation is U-HAUL CO. OF DAL-WORTH.

                                   ARTICLE II

         The period of duration of the corporation is perpetual.

                                   ARTICLE III

         The purpose or purposes for which the corporation is organized are to
rent and lease to the general public trailers, semi-trailers, trucks, passenger
automobiles and other equipment, tools, machinery, vehicles and property of any
and every kind and description, and to purchase or otherwise acquire and operate
any facilities useful for the conduct of the business enterprises of this
corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of Texas upon corporations, and to engage in any lawful activity within
the purposes for which corporations may be organized under the laws of the State
of Texas.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue are five thousand (5,000) shares of common stock with a par
value of Ten ($10.00) Dollars each, or a total capitalization of Fifty Thousand
($50,000.00) Dollars.

                                    ARTICLE V

         The corporation will not commence business until the consideration

Page one of three pages

<PAGE>

of at least One Thousand ($1,000.00) Dollars has been received for the issuance
of shares.

                                   ARTICLE VI

         The address of its registered office shall be Republic National Bank
Building, c/o C. T. Corporation System, Dallas, Texas 75201, and the name of the
resident agent at said address is C. T. Corporation System.

                                   ARTICLE VII

         The initial Board of Directors shall consist of three (3) members, and
the initial Board who shall act until the first annual meeting of stockholders
and their successors have been elected and qualified are:

         Robert C. Minyard           920 Meyers Road
                                     Grand Prairie, Texas 75050

         Bryant McMillian            920 Meyers Road
                                     Grand Prairie, Texas 75050

         C. M. Wigand                920 Meyers Road
                                     Grand Prairie, Texas 75050

                                  ARTICLE VIII

         The name and address of each incorporator, all of whom are over 21
years of age and citizens of the State of Texas, is as follows:

         James M. Oakley             920 Meyers Road
                                     Grand Prairie, Texas 75050

         Robert Vaughn               920 Meyers Road
                                     Grand Prairie, Texas 75050

         George E. Cox               920 Meyers Road
                                     Grand Prairie, Texas 75050

          IN WITNESS WHEREOF, We have hereunto set our hand and seal this 27 day
of February, 1970.

                                     /s/ James M. Oakley
                                     ------------------------------------------
                                     James M. Oakley

                                     /s/ Robert Vaughn
                                     -------------------------------------------
                                     Robert Vaughn

                                     /s/ George E. Cox
                                     -------------------------------------------
                                     George E. Cox

Page two of three pages

<PAGE>

STATE OF TEXAS    )
                  )ss:
COUNTY OF DALLAS  )

         I, the undersigned Notary Public, do hereby certify that personally
appeared before me, James M. Oakley, Robert Vaughn, and George E. Cox, and after
being duly sworn, severally declared that they are the persons named in and who
signed the foregoing document as incorporators, and that the statements
contained therein are true.

         GIVEN under my hand and seal of office this 27 day of February, 1970.

                                     /s/ [ILLEGIBLE]
                                     -------------------------------------------
                                     Notary Public

Page three of three pages

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Texas

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is U-HAUL CO., a corporation
         organized and existing under the laws of the State of Texas

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

                             U-HAUL CO. OF DAL-WORTH

         IN WITNESS WHEREOF, this corporation has caused this consent to be
executed this 26th day of January, 1970.

                                     U-HAUL CO.

                                     By: /s/ James M. Oakley
                                         ---------------------------------------
                                                                       President

ATTEST:

/s/ Winnie D. Oakley
- -------------------------------------
                            Secretary

STATE OF TEXAS     )
                   ) ss.
COUNTY OF DALLAS   )

         Before me, a Notary Public, personally appeared James M. Oakley and
Winnie D. Oakley known to me to be the person who executed the foregoing
instrument, and acknowledged that he executed the same for the purpose therein
contained and that the statements therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
26th day of January, 1970.

                                     /s/ Robert Vaughn
                                     -------------------------------------------
                                                   Notary Public

<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

                             U-HAUL CO. OF DAL-WORTH

STATE OF TEXAS     )
                   )ss.
COUNTY OF DALLAS   )

         Robert C. Minyard and Edns S. Minyard being first duly sworn upon their
oath depose and say:

         1.       That they are the President and the Secretary respectively of
                  U-HAUL CO. OF DAL-WORTH.

         2.       That at a meeting of the Board of Directors of said
                  corporation, duly held at Grand Prairie, Texas on August 12,
                  1970, the following resolution was adopted:

                           "RESOLVED: That Article I of the Articles of
                           Incorporation be amended to read as follows:

                           The name of this corporation is AMERCO MARKETING CO.
                           OF DAL-WORTH."

         3.       That the shareholders have adopted said amendment by
                  resolution at a meeting held at Grand Prairie, Texas on August
                  12, 1970. That the wording of the amended article, as set
                  forth in the shareholders' resolution, is the same as that set
                  forth in the directors' resolution in Paragraph 2 above.

         4.       That the number of shares which voted affirmatively for the
                  adoption of said resolution is 500, and that the total number
                  of shares entitled to vote on or consent to said amendment is
                  500.

                                     /s/ Robert C. Minyard
                                     -------------------------------------------
                                                    President

(CORPORATE SEAL)

                                     /s/ Edns S. Minyard
                                     -------------------------------------------
                                                    Secretary

Page One of Two Pages

<PAGE>

STATE OF TEXAS     )
                   ) ss.
COUNTY OF DALLAS   )

         Robert C. Minyard and Edns S. Minyard, being sworn severally, each for
himself, on his oath deposes and says that he is the person who executed the
foregoing instrument; that he has read the same and knows the contents thereof;
that the matters stated therein are true to his knowledge, except such matters
as are stated to be upon information and belief and as to those matters he
believes them to be true.

                                     /s/ Robert C. Minyard
                                     -------------------------------------------
                                                    President

                                     /s/ Edns S. Minyard
                                     -------------------------------------------
                                                    Secretary

         Severally sworn to and subscribed before me this 19 day of October,
1970.

                                     /s/ Robert Vaughn
                                     -------------------------------------------

Notary Public in and for the County of Dallas, State of Texas

    (NOTARIAL SEAL)

Page Two of Two Pages

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To The Secretary of State
State of Texas

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is AMERCO, a corporation
         organized and existing under the laws of the State of Arizona.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is: AMERCO MARKETING
         CO. OF DAL-WORTH

         In Witness Whereof, this corporation has caused this consent to be
executed this 12 day of August, 1970.

                                     AMERCO, an Arizona corporation

                                     By: /s/ L. S. Shoen
                                         ---------------------------------------
                                         L. S. Shoen - President

STATE OF ARIZONA    )
                    ) ss.
COUNTY OF MARICOPA  )

         Before me, a Notary Public, personally appeared L. S. Shoen known to me
to be the person who executed the foregoing instrument, and acknowledged that he
executed the same for the purpose therein contained and that the statements
therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
12th day of August, 1970.

                                     /s/ Helen H. Delamater
                                     -------------------------------------------
                                                   Notary Public

                                             My Commission Expires Aug. 13, 1972
<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

                        AMERCO MARKETING CO. OF DAL-WORTH

STATE OF ARIZONA    )
                    ) SS.
COUNTY OF MARICOPA  )

         David L. Helsten and John A. Lorentz being first duly sworn upon their
oath depose and say:

1.       That they are the Vice-President and Assistant Secretary respectively
         of AMERCO MARKETING CO. OF DAL-WORTH.

2.       That at a meeting of the Board of Directors of said corporation, duly
         held at Grand Prairie, Texas on January 11, 1971, the following
         resolution was adopted:

                  "RESOLVED: That Article I of the Articles of Incorporation be
                  amended to read as follows:

                           The name of this corporation is AMERCO MARKETING CO.
                           OF DALLAS."

3.       That the shareholders have adopted said amendment by resolution at a
         meeting held at Grand Prairie, Texas, on January 11, 1971, That the
         wording of the amended article, as set forth in the shareholders'
         resolution, is the same as that set forth in the directors' resolution
         in Paragraph 2 above.

4.       That the number of shares which voted affirmatively for the adoption of
         said resolution is 500, and that the total number of shares entitled to
         vote on or consent to said amendment is 500, and the number of shares
         outstanding is 500.

                                     /s/ David L. Helsten
                                     -------------------------------------------
                                     Vice-President, David L. Helsten

                                     /s/ John A. Lorentz
                                     -------------------------------------------
                                     Assistant Secretary, John A. Lorentz

  (CORPORATE SEAL)

Page One of Two Pages

<PAGE>

STATE OF ARIZONA    )
                    ) SS.
COUNTY OF MARICOPA  )

         David L. Helsten and John A. Lorentz, being sworn severally, each for
himself, on his oath deposes and says that he is the person who executed the
foregoing instrument; that he has read the same and knows the contents thereof;
that the matters stated therein are true to his knowledge, except such matters
as are stated to be upon information and belief and as to those matters he
believes them to be true.

                                     /s/ David L. Helsten
                                     -------------------------------------------
                                     Vice-President, David L. Helsten

                                     /s/ John A. Lorentz
                                     -------------------------------------------
                                     Assistant Secretary, John A. Lorentz

         Severally sworn to and subscribed before me this 18th day of January,
1971.

                                     /s/ Helen H. Delamater
                                     -------------------------------------------
                                                    Notary Public

                                             My Commission Expires Aug. 13, 1972

               In and for the County of Maricopa, State of Arizona

   (NOTARIAL SEAL)

Page Two of Two Pages

<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

                         AMERCO MARKETING CO. OF DALLAS

STATE OF TEXAS    )
                  )ss.
COUNTY OF DALLAS  )

         Bryant L. McMillan and Jo Ann McMillan being first duly sworn upon
their oath depose and say:

         1.       That they are the President and the Secretary respectively of
                  AMERCO MARKETING CO. OF DALLAS.

         2.       That at a meeting of the Board of Directors of said
                  corporation, duly held at Grand Prairie, Texas on February 21,
                  1973, the following resolution was adopted:

                           "RESOLVED: That Article I of the Articles of
                           Incorporation be amended to read as follows:

                           The name of this corporation is U-HAUL CO. OF
                           DALLAS."

         3.       That the shareholders have adopted said amendment by
                  resolution at a meeting held at Grand Prairie, Texas on
                  February 21, 1973. That the wording of the amended article, as
                  set forth in the shareholders' resolution, is the same as that
                  set forth in the directors' resolution in Paragraph 2 above.

         4.       That the number of shares which voted affirmatively for the
                  adoption of said resolution is 500, and that the total number
                  of shares entitled to vote on or consent to said amendment is
                  500, and the number of shares outstanding is 500.

                                     /s/ Bryant L. McMillan
                                     -------------------------------------------
                                                    President

  (CORPORATE SEAL)

                                     /s/ Jo Ann McMillan
                                     -------------------------------------------
                                                    Secretary

Page 1 of Two Pages

<PAGE>

STATE OF TEXAS    )
                  ) ss.
COUNTY OF DALLAS  )

         Bryant L. McMillan, and Jo Ann McMillan, being sworn severally, each
for himself, on his oath deposes and says that he is the person who executed the
foregoing instrument; that he has read the same and knows the contents thereof;
that the matters stated therein are true to his knowledge, except such matters
as are stated to be upon information and belief and as to those matters he
believes them to be true.

                                     /s/ Bryant L. McMillan
                                     -------------------------------------------
                                                    President

                                     /s/ Jo Ann McMillan
                                     -------------------------------------------
                                                    Secretary

         Severally sworn to and subscribed before me this 13 day of March, 1973.

                                     /s/ [ILLEGIBLE]
                                     -------------------------------------------
         Notary Public in and for the County of Dallas, State of Texas

  (NOTARIAL SEAL)

Page 2 of Two Pages

<PAGE>

                               ARTICLES OF MERGER

                                       OF

                          U-HAUL CO. OF NORTHEAST TEXAS

                                      INTO

                              U-HAUL CO. OF DALLAS

            UNDER ARTICLE 5-04 Of THE TEXAS BUSINESS CORPORATION ACT

                                        I

         The Plan of Merger which is attached hereto and by reference
incorporated herein was approved by the Board of Directors and the sole
shareholder of each of the Constituent Corporations in accordance with the laws
of the State of Texas.

                                       II

         The number of shares outstanding, the number of shares entitled to vote
upon such Plan of Merger, and the number of shares voted for and against such
Plan as to each of the Constituent Corporations are as follows:

(1)      U-Haul Co. of Northeast Texas:

<TABLE>
<CAPTION>
Number of Shares   Number of Shares    Number        Number
  Outstanding      Entitled to Vote   Voted for   Voted Against
- ----------------   ----------------   ---------   -------------
<S>                <C>                <C>         <C>
      #500               #500           #500          NONE
</TABLE>

(2)      U-Haul Co. of Dallas:

<TABLE>
<CAPTION>
Number of Shares   Number of Shares    Number        Number
  Outstanding      Entitled to Vote   Voted for   Voted Against
- ----------------   ----------------   ---------   -------------
<S>                <C>                <C>         <C>
      #500               #500           #500          NONE
</TABLE>

Executed this 14th day of January, 1975.

                                     SURVIVOR: U-Haul Co. of Dallas, a Texas
                                               corporation

                                               By /s/ [ILLEGIBLE]
                                                  ------------------------------
                                                                       President

  (CORPORATE SEAL)

                                               By /s/ [ILLEGIBLE]
                                                  ------------------------------
                                                                       Secretary

                                     ABSORBED: U-Haul Co. of Northeast Texas, a
                                               Texas corporation

                                               By /s/ [ILLEGIBLE]
                                                  ------------------------------
                                                                       President

  (CORPORATE SEAL)

                                               By /s/ [ILLEGIBLE]
                                                  ------------------------------
                                                                       Secretary

<PAGE>

                                 PLAN OF MERGER

         This Plan of Merger dated this 14th day of January, 1976, entered into
by U-Haul Co. of Northeast Texas, Absorbed Corporation, and U-Haul Co. of
Dallas, hereinafter designated Surviving Corporation, both Texas corporations
and together referred to as Constituent Corporations, hereby WITNESSETH THAT:

                                        I

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         1.       All issued and outstanding shares of stock of Absorbed
Corporation shall be cancelled.

         2.       On the effective date of the merger and when the
aforementioned cancellation has been effected, the outstanding stock of the
Surviving Corporation shall be deemed for all corporate purposes to evidence the
ownership of the Constituent Corporations.

                                       II

         Article I of the Articles of Incorporation of U-Haul Co. of Dallas, the
Surviving Corporation, is hereby amended to read as follows:

                                   "ARTICLE I

                  The name of the corporation shall be U-Haul Co. of Dallas-Fort
                  Worth."

                                       III

         All the property, real and personal, causes of action and every other
asset of each of the Constituent Corporations shall vest in the Surviving
Corporation without further act or deed; and the Absorbed Corporation hereby
specifically assigns to the Surviving Corporation all right, title and interest
in any and all U-Haul Dealership Contracts.

                                       IV

         The Surviving Corporation shall assume and be liable for all the
liabilities, obligations and penalties of each of the Constituent Corporations.
No liability or obligation due or to become due, claim or demand for any cause
existing against any such corporation, officer or director thereof, shall be
released or impaired by such merger. No action or proceeding, whether civil or
criminal, then pending by or against any Constituent Corporation, officer or
director thereof, shall

<PAGE>

abate or be discontinued by such merger, but may be enforced, prosecuted,
settled or compromised as if such merger had not occurred, or such Surviving
Corporation may be substituted in such action or special proceeding in place of
any Constituent Corporation.

         If the Surviving Corporation shall consider or be advised that any
assignment or assurances in law are necessary or desirable to vest or to perfect
or confirm of record in the Surviving Corporation the title to any property or
rights of the Absorbed Corporation, or to otherwise carry out the provisions
hereof, the proper officers and directors of the Absorbed Corporation as of the
effective date of the merger shall execute and deliver any assignments and
assurances in law, and do all things necessary or proper to vest or perfect such
rights in the Surviving Corporation and otherwise to carry out the provisions
hereof.

         Each of the Constituent Corporations shall take or cause to be taken
all action or all things necessary, proper or advisable under the laws of the
State of Texas to consummate and make effective the merger subject, however, to
the consent of their sole shareholder, and the directors of each Constituent
Corporation are authorized and directed to perform all actions required for
accomplishing and filing this Plan of Merger.

         In Witness Whereof the corporate parties hereto, pursuant to authority
given by their respective Boards of Directors and sole shareholder, hereby
execute this Plan of Merger this 14th day of January 1976.

                                     SURVIVOR: U-Haul Co. of Dallas, a Texas
                                               corporation

                                               By /s/ [ILLEGIBLE]
                                                  ------------------------------
                                                                       President

  (CORPORATE SEAL)

                                               By /s/ [ILLEGIBLE]
                                                  ------------------------------
                                                                       Secretary

                                     ABSORBED: U-Haul Co. of Northeast Texas, a
                                               Texas corporation

                                               By /s/ [ILLEGIBLE]
                                                  ------------------------------
                                                                       President

  (CORPORATE SEAL)

                                               By /s/ [ILLEGIBLE]
                                                  ------------------------------
                                                                       Secretary

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1.       The name of the consenting corporation is U-HAUL CO., a
                  corporation organized and existing under the laws of the State
                  of Texas.

         2.       The name of the corporation to which this consent is given and
                  which is about to amend its corporate name is: AMERCO
                  MARKETING CO. OF DALLAS

         3.       The name the corporation shall adopt by amending its Articles
                  of Incorporation is: U-HAUL CO. OF DALLAS

         In Witness Whereof, this corporation has caused this consent to be
executed this 18th day of December, 1972.

                                     U-HAUL CO., a(an) Texas corporation

                                     By: /s/ Helen H. Delamater
                                        ----------------------------------------
                                                    Assistant Secretary

STATE OF ARIZONA     )
                     ) ss.
COUNTY OF MARICOPA   )

         Before me, a Notary Public, personally appeared Helen H. Delamater,
known to me to be the person who executed the foregoing instrument, and
acknowledged that he executed the same for the purpose therein contained and
that the statements therein contained are truly set forth.

         In Witness Whereof, I have hereunto set my hand and official seal this
18th day of December, 1972.

(SEAL)

                                     /s/ [ILLEGIBLE]
                                     -------------------------------------------
                                     Notary Public - State of Arizona

                                             My Commission Expires June 23, 1976

<PAGE>

STATE OF TEXAS    )
                  ) ss.
COUNTY OF DALLAS  )

         [ILLEGIBLE] and [ILLEGIBLE] being sworn severally, each for himself, on
their oath depose and say that they are the persons who executed the foregoing
instrument on behalf of U-Haul Co. of Northeast Texas by authority of its Board
of Directors and its sole shareholder, that they have read the same and know the
contents thereof; that the matters stated therein are true to their knowledge,
except such matters as are stated to be upon information and belief and as to
those matters they believe them to be true.

                                     /s/ [ILLEGIBLE]
                                     -------------------------------------------
                                                    President

                                     /s/ [ILLEGIBLE]
                                     -------------------------------------------
                                                    Secretary

         Severally sworn to and subscribed before me this 14 day of [ILLEGIBLE],
1976.

                                     /s/ [ILLEGIBLE]
                                     -------------------------------------------

Notary Public in and for the County of Dallas, State of Texas.

(NOTARIAL SEAL)

<PAGE>

STATE OF TEXAS    )
                  ) ss.
COUNTY OF DALLAS  )

         [ILLEGIBLE] and [ILLEGIBLE] being sworn severally, each for himself, on
their oath depose and say that they are the persons who executed the foregoing
instrument on behalf of U-Haul Co. of Dallas by authority of its Board of
Directors and its sole shareholder, that they have read the same and know the
contents thereof; that the matters stated therein are true to their knowledge,
except such matters as are stated to be upon information and belief and as to
those matters they believe them to be true.

                                     /s/ [ILLEGIBLE]
                                     -------------------------------------------
                                                    President

                                     /s/ [ILLEGIBLE]
                                     -------------------------------------------
                                                    Secretary

         Severally sworn to and subscribed before me this 14 day of [ILLEGIBLE],
1976.

                                     /s/ [ILLEGIBLE]
                                     -------------------------------------------

Notary Public in and for the County of Dallas, State of Texas.

(NOTARIAL SEAL)

<PAGE>

STATE OF TEXAS    )
                  ) ss.
COUNTY OF DALLAS  )

         [ILLEGIBLE] and [ILLEGIBLE] being sworn severally, each for himself, on
their oath depose and says that they are the persons who executed the foregoing
instrument on behalf of the U-Haul Co. of Northeast Texas by authority of its
Board of Directors and its sole shareholder, that they have read the same and
know the contents thereof; that the matters stated therein are true to their
knowledge, except such matters as are stated to be upon information and belief
and as to those matters they believe them to be true.

                                     /s/ [ILLEGIBLE]
                                     -------------------------------------------
                                                    President

                                     /s/ [ILLEGIBLE]
                                     -------------------------------------------
                                                    Secretary

         Severally sworn to and subscribed before me this 14 day of [ILLEGIBLE],
1976.

                                     /s/ [ILLEGIBLE]
                                     -------------------------------------------

Notary Public in and for the County of Dallas, State of Texas.

(NOTARIAL SEAL)

<PAGE>

STATE OF TEXAS    )
                  ) ss.
COUNTY OF DALLAS  )

         [ILLEGIBLE] and [ILLEGIBLE] being sworn severally, each for himself, on
their oath deposes and says that they are the persons who executed the foregoing
instrument on behalf of the U-Haul Co. of Dallas, by authority of its Board of
Directors and its sole shareholder, that they have read the same and know the
contents thereof; that the matters stated therein are true to their knowledge,
except such matters as are stated to be upon information and belief and as to
those matters they believe them to be true.

                                     /s/ [ILLEGIBLE]
                                     -------------------------------------------
                                                    President

                                     /s/ [ILLEGIBLE]
                                     -------------------------------------------
                                                    Secretary

         Severally sworn to and subscribed before me this 14 day of [ILLEGIBLE],
1976.

                                     /s/ [ILLEGIBLE]
                                     -------------------------------------------

Notary Public in and for the County of Dallas, State of Texas.

(NOTARIAL SEAL)

<PAGE>

                              ARTICLES OF AMENDMENT

                                     OF THE

                            ARTICLES OF INCORPORATION

                                       OF

                         U-HAUL CO. OF DALLAS-FORT WORTH

                               A TEXAS CORPORATION

         Pursuant to the provisions of the Texas Business Corporation Act, the
undersigned corporation executes the following Articles of the Amendment to the
Articles of Incorporation:

         1.       The name of the corporation is U-Haul Co. of Dallas-Fort
         Worth.

         2.       Article I of the Articles of Incorporation of U-Haul Co. of
         Dallas-Fort Worth, a Texas corporation shall be amended as follows:

                                    ARTICLE I

                         The name of the corporation is:
                              U-HAUL CO. OF TEXAS.

         3.       The proposed amendment was adopted by written consent of the
         shareholder on the 28th day of December, 1990.

         4.       The total number of shares issued and outstanding and entitled
         to vote was 500. The number of shares which voted affirmatively for the
         adoption of said resolution was 500. The number of shares voted against
         such amendment was none.

DATED: December 28, 1990.

                                     U-HAUL CO. OF DALLAS-FORT WORTH

                                     BY: /s/ John A. Lorentz
                                         ---------------------------------------
                                         John A. Lorentz, President

                                     BY: /s/ Gary V. Klinefelter
                                         ---------------------------------------
                                         Gary V. Klinefelter, Secretary

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         John A. Lorentz, being duly sworn, on his oath deposes and says that he
is the person who executed the foregoing instrument as President; and he was
read the same and knows the contents thereof; that the matters stated therein
are true to his knowledge, except such matters as are stated to be upon
information and belief and as to those matters he believes them to be true.

                                     /s/ John A. Lorentz
                                     -------------------------------------------
                                     John A. Lorentz, President

         Sworn to and subscribed before me this 28th day of December, 1990.

                                     /s/ Blanche I. Passolt
                                     -------------------------------------------
                                              NOTARY PUBLIC

         Notary Public in and for the County of Maricopa, State of Arizona.

         (NOTARIAL SEAL)


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.140
<SEQUENCE>139
<FILENAME>p68936exv3w140.txt
<DESCRIPTION>EXHIBIT 3.140
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.140

                  MINUTES OF A SPECIAL SHAREHOLDERS MEETING OF

               AMERCO MARKETING CO. OF DALLAS, A TEXAS CORPORATION

                                     HELD BY

                         U-HAUL CO., A TEXAS CORPORATION

                               AS SOLE SHAREHOLDER

                                                                   June 25, 1971

         U-HAUL CO., a Texas corporation, being the sole stockholder of AMERCO
MARKETING CO. OF DALLAS, a Texas corporation, hereby waives any and all notice
of this special Stockholders meeting, and consents to and agrees that said
meeting be held at Grand Prairie, Texas at the hour of 10:00 o'clock a.m. on
June 25, 1971, for the purpose of amending the By-Laws of AMERCO MARKETING CO.
OF DALLAS.

         The meeting was called to order and U-HAUL CO., a Texas corporation, as
sole stockholder of AMERCO MARKETING CO. OF DALLAS, thereupon adopted the
following resolution:

         RESOLVED: That the following articles of the By-Laws of
         AMERCO MARKETING CO. OF DALLAS, a Texas corporation, be amended to read
         as follows:

                                   ARTICLE II

                                  STOCKHOLDERS

                  SECTION 1. Annual Meeting:

                  The annual meeting of the shareholders of the corporation
                  shall be held on the Second Monday in June each year, at the
                  office of the corporation in the state of texas or otherwise
                  as provided in the notice of said meeting. The purpose of said
                  annual meeting shall be for the election of directors and for
                  the purpose of transacting such other business as may be
                  brought before said meeting. The Board of Directors may change
                  the time and place of the annual meeting providing such change
                  of time and place be preceded by a notice of such change to
                  all stockholders of record. If said day of the annual meeting
                  is a legal holiday, then said meeting shall be held on the
                  next ensuing day not a holiday.

<PAGE>

                                  ARTICLE VIII

                                  FISCAL YEAR

                  SECTION 1. Fiscal Year:

                  The fiscal year of the corporation shall commence with the
                  opening of business on the first day of April of each calendar
                  year and shall close on the 31st day of March of the year.

         There being no further business to come before the meeting, it was upon
a motion duly made and seconded, adjourned.

                                                U-HAUL CO.
                                                a Texas corporation

                                            BY: /s/ James M. Oaklay
                                                --------------------------------
                                                James M. Oaklay, President

<PAGE>

                                   BY-LAWS OF

                             U-HAUL CO. OF DAL-WORTH

                               A Texas Corporation

                                    ARTICLE I

                                                            DATE: April 24, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Texas shall be located
in the city of Grand Prairie. The corporation may have such other offices either
within or without the state of Texas as the Board of Directors may designate or
as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
second Monday of March of each year, at the office of the corporation in the
state of Texas or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and,
in case of special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                      -1-
<PAGE>

may be hold within or without the state of Texas. Notice of the special meetings
will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a Majority of the outstanding shares are represented
at a meetings, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualification of all persons offering to vote at each meeting
and count the ballots. The elections shall be by secret ballet, or in case there
is only one nomination for a certain office, the election may be by acclamation.
Each shareholders of record shall be entitled to one vote for each share of
stock held by him.

SECTION 7. Order of Business:

        1st.     All person claiming to hold proxies shall present them to the
                 tellers for verification.

        2nd.     Proof of due notice of meeting when applicable.

        3rd.     Reading and disposal of all unapproved minutes.

        4th.     Reports of officers and committees.

        5th.     Election of Directors.

        6th.     Unfinished business.

        7th.     Now business.

        8th.     Adjournment.

                                      -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes, Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Texas.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Texas.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
by-laws, but if any meeting of the Board be less then a quorum present, a
majority of these present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                       -3-

<PAGE>

        1st.     Roll call; a quorum being present.

        2nd.     Reading of minutes of preceding meeting and action thereon.

        3rd.     Consideration of communications of the Board of Directors.

        4th.     Reports of officials and committees.

        5th.     Unfinished business.

        6th.     Miscellaneous business.

        7th.     New business.

        8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

        1.       to purchase, lease, and acquire, in any lawful manner and all
                 real or personal property including franchises, stocks, bonds
                 and debentures of other companies, business and good will,
                 patents, trade-marks in contracts, and interests thereunder,
                 and other rights and proprieties which in their judgment may
                 be beneficial for the purpose of this corporation, and to
                 issue shares of stock of this corporation in payment of such
                 property, and in payment for services rendered to this
                 corporation, when they deem it advisable.

        2.       To fix and determine and to very, from time to time, the
                 amount or amounts to be set aside or retained as reserve funds
                 or as working capital of this corporation.

        3.       To issue notes and other obligations or evidences of the debt
                 of this corporation, and to secure the same, if deemed
                 advisable, and endorse and guarantee the notes, bonds, stocks,
                 and other obligations of other corporations with or without
                 compensation for so doing, and from time to time to sell,
                 assign, transfer

                                       -4-
<PAGE>

             or otherwise dispose of any of the property of this corporation,
             subject, however, to the laws of the State of Texas, governing the
             disposition of the entire assets and business of the corporation as
             a going concern.

        4.   To declare and pay dividends, both in the form of money and stock,
             but only from the surplus or from the net profit arising from the
             business of this corporation, after deducting therefrom the
             amounts, at the time when any dividend is declared which shall have
             been set aside by the Directors as a reserve fund or as a working
             fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Texas statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with

                                      -5-
<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements
of its funds. He shall give such bond for the faithful performance of his duties
as the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                      -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Texas, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferrable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment of
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock Shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                      -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF DAL-WORTH, are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of directors and that the same do now constitute the By-Laws of
this corporation.

                                            President - Robert C. Minyard

ATTEST:

Secretary - Edna s. Minyard

         (CORPORATE SEAL)

                                      -8-
<PAGE>

                              U-HAUL CO. OF TAXES,
                               A TEXAS CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Taxes, a Texas
corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the Shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                            SHAREHOLDER:

                                            U-Haul International, Inc., a Nevada
                                            Corporation

                                            By: /s/ Gary V. Klinefelter
                                                --------------------------------
                                            Name: Gary V. Klinefelter
                                            Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.141
<SEQUENCE>140
<FILENAME>p68936exv3w141.txt
<DESCRIPTION>EXHIBIT 3.141
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.141

                           UTAH DEPARTMENT OF COMMERCE
                   DIVISION OF CORPORATIONS & COMMERCIAL CODE
                 160 EAST 300 SOUTH, 2ND FLOOR, S.M. BOX 146705
(SEAL)                  SALT LAKE CITY, UT 84114-6705
                              PHONE: (801) 530-4849
                     TOLL FREE: (877)526-3994 UTAH RESIDENTS
                               FAX:(801) 530-6438
                     WEB SITE: HTTP://WWW.COMMERCE.UTAH.GOV

Registration Number: 619498-0142                                 August 15, 2003
Business Name:       U-HAUL CO. OF UTAH, INC.
Registered Date:     MARCH 3, 1969

                                CERTIFIED COPY OF
                     THE ARTICLES OF INCORPORATION, ARTICLES
                      OF AMENDMENT, AND ARTICLES OF MERGER

THE UTAH DIVISION OF CORPORATIONS AND COMMERCIAL CODE ("DIVISION") HEREBY
CERTIFIES THAT THE ATTACHED IS TRUE, CORRECT, AND COMPLETE COPY OF THE ARTICLES
OF

                             U-HAUL CO OF UTAH, INC.

AS APPEARS OF RECORD IN THE OFFICE OF THE DIVISION.

                                    /s/ Kathy Berg
(SEAL)
                                    Kathy Berg
                                    Director
                                    Division of Corporations and Commercial Code

<TABLE>
<CAPTION>
Dept. of Professional Licensing   Real Estate   Public Utilities    Securities    Consumer Protection
<S>                              <C>            <C>               <C>             <C>
         (801)530-6628           (801)530-6747   (801)530-6651    (801)530-6600     (801)530-6601
</TABLE>

<PAGE>

                            ARTICLES OF INCORPORATION

                                       OF

                       AMERCO MARKETING CO. OF UTAH, INC.

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a corporation
under the laws of the State of Utah.

                                    ARTICLE I

         The name of the corporation is AMERCO MARKETING CO. OF UTAH, INC.

                                   ARTICLE II

         The period of duration of the corporation is perpetual.

                                   ARTICLE III

         The purpose or purposes for which the corporation is organized are to
rent and lease to the general public trailers, semi-trailers, trucks, passenger
automobiles and other equipment, tools, machinery, vehicles and property of any
and every kind and description, and to purchase or otherwise acquire and operate
any facilities useful for the conduct of the business enterprises of this
corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of Utah upon corporations, and to engage in any lawful activity within the
purposes for which corporations may be organized under the laws of the State of
Utah.

Page One of Three Pages

<PAGE>

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue are Five Thousand shares of common stock with a par value of
Ten ($10.00) Dollars each, or a total capitalization of Fifty Thousand
($50,000.00) Dollars.

                                    ARTICLE V

         The corporation will not commence business until the consideration of
at least One Thousand ($1,000.00) Dollars has been received for the issuance of
shares.

                                   ARTICLE VI

         The address of its registered office shall be c/o C. T. Corporation
System, 175 South Main Street, Salt Lake City, Utah, and the name of the
resident agent at said address is C. T. Corporation System.

                                   ARTICLE VII

         The initial Board of Directors shall consist of three (3) members, and
the initial Board who shall act until the first annual meeting of stockholders
and their successors have been elected and qualified are:

         Jerry L. Cline              2319 South Main Street
                                     Salt Lake City, Utah

         Charles Dinneen             2319 South Main Street
                                     Salt Lake City, Utah

         Patricia Cline              2319 South Main Street
                                     Salt Lake City, Utah

                                  ARTICLE VIII

         The name and address of each incorporator is as follows:

         David L. Helsten            2727 North Central Avenue
                                     Phoenix, Arizona 85004

         John A. Lorentz             2727 North Central Avenue
                                     Phoenix, Arizona 85004

         Arthur G. Seifert           2727 North Central Avenue
                                     Phoenix, Arizona 85004

         IN WITNESS WHEREOF, we have hereunto set our hand and seal this 19th
day of October, 1970.

Page Two of Three Pages

<PAGE>

                                     /s/ David L. Helsten
                                     -------------------------------------------
                                     David L. Helsten

                                     /s/ John A. Lorentz
                                     -------------------------------------------
                                     John A. Lorentz

                                     /s/ Arthur G. Seifert
                                     -------------------------------------------
                                     Arthur G. Seifert

STATE OF ARIZONA     )
                     ) ss.
COUNTY OF MARICOPA   )

         On this 19th Day of October, 1970, before me, a Notary Public for the
State of Arizona, personally appeared David L. Helsten, John A. Lorentz and
Arthur G. Seifert, known to me to be the persons named in and who executed the
foregoing instrument, and who acknowledged that they had executed the same and
that the matters therein contained are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal this 19th day of October, 1970.

                                     /s/ Helen H. Delamater
                                     -------------------------------------------
                                     Helen H. Delamater
                                     Notary Public for the State of Arizona
                                     Residing at Tempe, Arizona
                                     My Commission expires August 13, 1972

         (NOTARIAL SEAL)

Page Three of Three Pages

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Utah

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is AMERCO, a corporation
         organized and existing under the laws of the State of Arizona.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

                       AMERCO MARKETING CO. OF UTAH, INC.

         In Witness Whereof, this corporation has caused this consent to be
executed this 21st day of October, 1970.

                                     AMERCO, an Arizona corporation

                                     BY: /s/ L. S. Shoen
                                         ---------------------------------------
                                         L. S. Shoen - President

STATE OF ARIZONA   )
                   ) ss.
COUNTY OF MARICOPA )

         Before me, a Notary Public, personally appeared L. S. Shoen known to me
to be the person who executed the foregoing instrument, and acknowledged that he
executed the same for the purpose therein contained and that the statements
therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
21st day of October, 1970.

                                     /s/ Helen H. Delamater
                                     -------------------------------------------
                                         Notary Public

                                             My Commission Expires Aug. 13, 1972
<PAGE>

                   AMENDMENT TO THE ARTICLES OF INCORPORATION

                                       OF

                       AMERCO MARKETING CO. OF UTAH, INC.

                               A UTAH CORPORATION

         The undersigned, Larry T. Crofts and Shonya Heusser, do hereby certify
that they are respectively the duly elected and acting President and Secretary
of AMERCO MARKETING CO. OF UTAH, INC., a Utah corporation and further declare
and certify as follows:

         1.       The name of the corporation is AMERCO MARKETING CO. OF UTAH,
                  INC.

         2.       The amendment adopted by the Board of Directors and approved
                  by a unanimous vote of the stockholders is as follows:

                  RESOLVED: That Article I of the Articles of Incorporation of
                  this corporation be amended as follows:

                                    ARTICLE I

                  The name of the corporation shall be U-HAUL CO. OF UTAH, INC.

         3.       The date of the adoption of the amendment by the shareholders
                  was February 21, 1973.

         4.       The number of shares outstanding and entitled to vote thereon
                  is 500.

         5.       The number of shares voting for the amendment was 500 and the
                  number of shares voting against the amendment was none.

         IN WITNESS WHEREOF, we have hereunto set our hands as officers of said
corporation this 8th day of March, 1973.

                                     /s/ Larry T. Crofts
                                     -------------------------------------------
                                     Larry T. Crofts                   President

                                     /s/ Shonya Heusser
                                     -------------------------------------------
                                     Shonya Heusser                    Secretary

/s/ [ILLEGIBLE]

My Commission Expires Nov. [ILLEGIBLE]

Page One of Two Pages

<PAGE>

STATE OF UTAH       )
                    ) ss.
COUNTY OF SALT LAKE )

         On this the 8th day of March, 1973, before me, the undersigned, a
Notary Public in and for said county and state, personally appeared Larry T.
Crofts and Shonya Heusser, known to me to be the persons named in and who
executed the foregoing Articles of Amendment, and acknowledged to me that they
executed the same freely and voluntarily for the uses and purposes therein
expressed and that the matters therein contained are true of their own
knowledge.

                                     /s/ [ILLEGIBLE]
                                     -------------------------------------------
                                                                   Notary Public
                                                                Salt Lake County

                     My Commission Expires Nov. [ILLEGIBLE]

(Notarial Seal)

        /s/ [ILLEGIBLE]

My Commission Expires Nov. [ILLEGIBLE]

Page Two of Two Pages
<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1.       The name of the consenting corporation is U-HAUL CO., a
                  corporation organized and existing under the laws of the State
                  of Utah.

         2.       The name of the corporation to which this consent is given and
                  which is about to amend its corporate name is: AMERCO
                  MARKETING CO. OF UTAH, INC.

         3.       The name the corporation shall adopt by amending its Articles
                  of Incorporation is: U-HAUL. CO. OF UTAH, INC.

         In Witness Whereof, this corporation has caused this consent to be
executed this 28th day of February, 1973.

                                   U-HAUL CO., a Utah corporation

                                   By: /s/ Arthur G. Seifert
                                      ------------------------------------------
                                      Arthur G. Seifert, Assistant Secretary

STATE OF ARIZONA      )
                      ) ss.
COUNTY OF MARICOPA    )

         Before me, a Notary Public, personally appeared Arthur G. Seifert,
known to me to be the person who executed the foregoing instrument, and
acknowledged that he executed the same for the purpose therein contained and
that the statements therein contained are truly set forth.

         In Witness Whereof, I have hereunto set my hand and official seal this
28th day of February, 1973.

         (SEAL)

                              /s/ Helen H. Delamater
                              ------------------------------------------
                                   Notary Public   -    State of Arizona
                           My commission expires August 13, 1976

<PAGE>

document Index - 616498-0142

Class - Amendments

License Number
616498-0142

Date
3/19/1973

Time Stamp
2003-07-21-09.24.22.000001

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PlAN/AGREEMENT/ARTICLES OF MERGER dated this 9th day of August,
1989, entered into by U-Haul Co. of Utah, Inc., a Utah corporation, the
surviving corporation and Salt Lake Rental Equipment Repair Shop, Inc., a Utah
corporation, the Absorbed Corporation, and together referred to as the
Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Utah which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                       I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 50 West Broadway, Salt Lake City, Utah 84101.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                               NUMBER OF
                   NUMBER OF    SHARES          NUMBER       NUMBER
  COMPANY            SHARES    ENTITLED         VOTED         VOTED
   NAME           OUTSTANDING  TO VOTE           FOR         AGAINST
   ----           -----------  -------           ---         -------
<S>               <C>          <C>              <C>          <C>
U-HAUL CO.
OF UTAH, INC.          500        500             500          -0-

SALT LAKE RENTAL
EQUIPMENT REPAIR     3,200      3,200           3,200          -0-
SHOP, INC.
</TABLE>

                                       V

         The Constituent corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Utah, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Utah.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                      Surviving Corporation: U-HAUL CO. OF
                                             UTAH, INC., a Utah
                                             Corporation

                      By: /s/ Clive L. Haws
                          ----------------------------
                          Clive L. Haws, President

Verified

By: /s/ Shonya Heusser
    -----------------------------
    Shonya Heusser, Secretary

                      Absorbed Corporation:  SALT LAKE RENTAL
                                             EQUIPMENT REPAIR,
                                             SHOP, INC., a Utah
                                             Corporation

                      By: /s/ Clive L. Haws
                          -------------------------
                          Clive L. Haws, President

Verified

By: /s/ Shonya Heusser
    -----------------------------
    Shonya Heusser, Secretary

<PAGE>

STATE OF UTAH

COUNTY OF SALT LAKE

         On this 16th day of August, 1989, before me, the undersigned Notary
Public, personally appeared Clive L. Haws, known to me to be the President of
u-Haul Co. of Utah, Inc., a Utah corporation, that he is the person who executed
this instrument on behalf of said corporation, and acknowledged to me that such
corporation executed the same.

                                     /s/ Shonya Heusser, Salt Lake County
                                     ------------------------------------
                                     NOTARY PUBLIC

         (NOTARY SEAL)               ex. 10.30.91

STATE OF UTAH

COUNTY OF SALT LAKE

         On this 16th day of August, 1989, before me, the undersigned Notary
Public, personally appeared Clive L. Haws known to me to be the President of
Salt Lake Rental Equipment Repair Shop, Inc., a Texas corporation, that he is
the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                     /s/ Shonya Heusser, Salt Lake County
                                     ------------------------------------
                                     NOTARY PUBLIC

         (NOTARY SEAL)               ex. 10.30.91
<PAGE>

                         CONSENT OF THE SOLE STOCKHOLDER

                                       OF

                            U-HAUL CO. OF UTAH, INC.

                                       AND

                  SALT LAKE RENTAL EQUIPMENT REPAIR SHOP, INC.

                             BOTH UTAH CORPORATIONS

         AMERCO, a Nevada corporation, the sole shareholder of the above named
corporations, acting through John M. Dodds, on authority of the Executive
Management Team, the group designated by the Board of Directors of AMERCO to
vote the stock of all of its subsidiaries, hereby consents to and adopts the
following:

         RESOLVED: That this corporation, the sole shareholder of U-Haul Co. of
         Utah, Inc., a Utah corporation & Salt Lake Rental Equipment Repair
         Shop, Inc., a Utah corporation, does hereby approve & adopt the Plan of
         Merger between said corporations, whereby Salt Lake Rental Equipment
         Repair Shop, Inc., a Utah Corporation, shall be absorbed into U-Haul
         Co. of Utah, Inc., being the surviving corporation, all in accordance
         with the Plan of Merger, and be it further

         RESOLVED: That the Board of Directors and Officers of said merging
         corporations be and they hereby are, authorized and directed to all
         further action and to execute all documents they deem necessary or
         advisable to consummate the said merger and to amend any of the terms
         of the said Plan of Merger, and further

         BE IT RESOLVED: That the Secretary of each said corporation is hereby
         authorized to certify as to the Consent of the sole shareholder of the
         Plan of Merger, or within the Articles of Merger.

                                                  AMERCO, a Nevada corporation

                                                  By: /s/ John M. Dodds
                                                      ------------------------
                                                      John M. Dodds

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.142
<SEQUENCE>141
<FILENAME>p68936exv3w142.txt
<DESCRIPTION>EXHIBIT 3.142
<TEXT>
<PAGE>

                                                                  EXHIBIT 3.142

                                   BY-LAWS OF

                       AMERCO MARKETING CO. OF UTAH, INC.

                               A UTAH CORPORATION

                                    ARTICLE I

                                                        DATE: November 13, 1970

SECTION 1. Office:

The principal office of the corporation in the state of Utah shall be located in
the city of Salt Lake City. The corporation may have such other offices either
within or without the state of Utah as the Board of Directors may designate or
as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Wednesday in March of each year, at the office of the corporation in the
state of Utah or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. SPECIAL MEETINGS:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

<PAGE>

may be held within or without the state of Utah. Notice of the spacial meetings
will be bad as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meeting. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present than to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

<PAGE>

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communication of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

Tha Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.       To purchase, lease, and acquires in any lawful Banner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of ether companies, business and good
                  will, patents, trade-marks in contracts, and interests there
                  under, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they dean it advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or without
                  compensation for no doing, and from time to time to sell,
                  assign, transfer

<PAGE>

                  or otherwise dispose of any of the property of this
                  corporation, subject, however, to the laws of the State of
                  Utah governing the disposition of the entire assets and
                  business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation ,after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as
                  a reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by Utah statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist or a President,
Vice-President. Secretary and Treasurer, and such other officers as shall from
time to time provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors, In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Power and Duties of President:

The President shall at all time be subject to the control of the Board of
Directors. Be shall have general charge of the affairs of the corporation. Be
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with

<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member end Chairmen of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annul meeting of the
shareholder, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-president shall have such powers and perform soon duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository on the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shell pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and set
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Utah, the number and par value, if any, of each share represented by it,
the name of the person owning the shares represented thereby, with the number of
each share and the date of issue, and the stock thereby represented is
transferable only upon the books of the corporation and open the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by owner or his duly authorized Attorney in Fact.
Upon such surrender and assignment, a new certificate shall be issued to the
assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and nay require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each of the shareholders and during such period
no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.


The foregoing By-Laws of AMERCO MARKETING CO. OF UTAH, INC., are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                               _______________________
                                               President - Jerry Cline

ATTEST:
__________________________
Secretary - Patricia Cline

        (CORPORATE SEAL)

<PAGE>

                              U-HAUL CO. OF UTAH,
                              A UTAH CORPORATION

                            SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Utah, a Utah
corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the Shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                         SHAREHOLDER:

                                         U-Haul International, Inc., a Nevada
                                         Corporation

                                         By: /s/ Gary V. Klinefelter
                                            ------------------------------------
                                         Name: Gary V. Klinefelter
                                         Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.143
<SEQUENCE>142
<FILENAME>p68936exv3w143.txt
<DESCRIPTION>EXHIBIT 3.143
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.143

                           COMMONWEALTH OF VIRGINIA

(SEAL)                    STATE CORPORATION COMMISSION

I Certify the Following from the Records of the Commission:

The foregoing is a true copy of all documents constituting the charter of U-HAUL
CO. OF VIRGINIA on file in the Clerk's Office of the Commission.

Nothing more is hereby certified.

(SEAL)                Signed and Sealed at Richmond on this Date:
                      August 5, 2003

                                        /s/ Joel H. Peck
                                        ------------------------------------
                                        Joel H. Peck, Clerk of the Commission
CIS0505
<PAGE>

                               ARTICLES OF MERGER

                         RICHMOND TRAILER MFG. CO. INC.

                                      INTO

                             U-HAUL CO. OF VIRGINIA

                           BOTH VIRGINIA CORPORATIONS

         The undersigned corporation, pursuant to Title 13.1, Chap. 9, Article
12 of the Code of Virginia, hereby executes the following Articles of Merger and
sets forth:

         1)       That Richmond Trailer Mfg. Co. Inc., is a Virginia
corporation.

         2)       That U-Haul Co. of Virginia, a Virginia corporation, is the
surviving corporation.

         3)       That the Board of Directors of Richmond Trailer Mfg. Co. Inc.,
met on March 29, 1991 and by resolution adopted by a majority vote of the
members of such Board approved the Plan of Merger set forth in these articles.

         4)       That the Board of Directors of U-Haul Co. of Virginia met on
March 29, 1991 and by resolution adopted by the majority of the members of such
Board approved the Plan of Merger set forth in these articles.

         5)       By written consent, executed on March 29,1991 signed by the
holders of 500 shares of U-Haul Co. of Virginia, being all of the shares of the
Corporation entitled to vote in adoption of the Plan of Merger by such
corporation.

         6)       By written consent, executed on March 29, 1991 signed by the
holders of 50 shares of Richmond Trailer Mfg. Co. Inc., being all of the shares
of the Corporation entitled to vote in adoption of the Plan of Merger by such
corporation.

<PAGE>

STATE OF ARIZONA

COUNTY OF MARICOPA

         on this 29th day of March 1991, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the President of
U-Haul Co. of Virginia, a Virginia corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                     /s/ BLANCHE I. PASSOLT
                                     ----------------------
                                     NOTARY PUBLIC


STATE OF ARIZONA

COUNTY OF MARICOPA

         On this 29th day of March, 1991, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the President of
Richmond Trailer Mfg. Co. Inc., a Virginia corporation, that he is the person
who executed this instrument on behalf of said corporation, and acknowledged to
me that such corporation executed the same.

                                     /s/ BLANCHE I. PASSOLT
                                     ----------------------
                                     NOTARY PUBLIC
<PAGE>

0125799-7

                            COMMONWEALTH OF VIRGINIA
                          STATE CORPORATION COMMISSION

                                  April 3, 1991

The State Corporation Commission has found the accompanying articles submitted
on behalf of

RICHMOND TRAILER MFG. CO., INC.

to comply with the requirements of law. Therefore, it is ORDERED that this

CERTIFICATE OF MERGER

be issued and admitted to record with the articles in the office of the Clerk of
the Commission.

RICHMOND TRAILER MFG. CO., INC.

are merged into U-HAUL CO. OF VIRGINIA, which will continue to be a corporation
existing under the laws of the State of VIRGINIA with the corporate name U-HAUL
CO. OF VIRGINIA. The existence of all non-surviving corporations will cease,
according to the plan of merger.

The certificate is effective on April 3, 1991.

                                    STATE CORPORATION COMMISSION

                                    By /s/ Thomas P. Harword. j

                                       Commissioner

MERGACPT
CIS20436
91-04-02-0050
<PAGE>

                              ARTICLES OF AMENDMENT

                                       OF

                        THE ARTICLES OF INCORPORATION OF

                        U-HAUL CO. OF TIDEWATER VIRGINIA

Pursuant to the provisions of the Virginia Stock Corporation Act, the
undersigned corporation executes the following Articles of Amendment to its
Articles of Incorporation:

         1.       The name of the corporation is U-Haul Co. of Tidewater
                  Virginia.

         2.       The following amendment to the Articles of Incorporation was
                  approved by the directors at a meeting held on the 19th day of
                  November, 1990:

                  RESOLVED: That the Articles of Incorporation of U-Haul Co. of
                  Tidewater Virginia, a Virginia corporation be amended to read
                  as follows:

                                   "ARTICLE I"

                  The name of the corporation is: U-HAUL CO. OF VIRGINIA.

         3.       The sole shareholder adopted said amendment by a consent in
                  writing dated November 19, 1990, setting forth the action so
                  taken.

         4.       The number of shares which voted affirmatively for the
                  adoption of said resolution is 500, and the total number of
                  shares issued and outstanding is 500.

DATED: November 19, 1990

                                        U-HAUL CO. OF TIDEWATER VIRGINIA

                                        By: /s/ John A. Lorentz
                                            -----------------------------------
                                            John A. Lorentz, President

                                        By: /s/ Gary V. Klinefelter
                                            ------------------------------------
                                            Gary V. Klinefelter, Secretary

<PAGE>

                            COMMONWEALTH OF VIRGINIA
                          STATE CORPORATION COMMISSION

                                NOVEMBER 27, 1990

The State Corporation Commission has found the accompanying articles submitted
on behalf of

U-HAUL CO. OF VIRGINIA (FORMERLY U-HAUL CO. OF TIDEWATER VIRGINIA)

to comply with the requirements of law, and confirms payment of all related
fees.

Therefore, it is ORDERED that this

CERTIFICATE OF AMENDMENT

be issued and admitted to record with the articles of amendment in the Office of
the clerk of the Commission, effective November 27, 1990.

The corporation is granted the authority conferred on it by law in accordance
with the articles, subject to the conditions and restrictions imposed by law.

                                                 STATE CORPORATION COMMISSION

                                                 By /s/ [ILLEGIBLE]

                                                    Commissioner
AMENACPT
CIS20436
90-11-26-0204

<PAGE>

                               ARTICLES OF MERGER

                   RICHMOND RENTAL EQUIPMENT REPAIR SHOP, INC.

                                      INTO

                        U-HAUL CO. OF TIDEWATER VIRGINIA

                           BOTH VIRGINIA CORPORATIONS


The undersigned corporatons, pursuant to Title 13.1, Chap. 9, Art. 12 of the
Code of Virginia, hereby executes the following articles of merger and sets
forth:

         1) That Richmond Rental Equipment Repair Shop, Inc., is a Virginia
         corporation.

         2) That U-Haul Co. of Tidewater Virginia, a Virginia corporation, is
         the surviving corporation.

         3) That the Board of Directors of Richmond Rental Equipment Repair
         Shop, Inc., met on February 20, 1989 and by resolution adopted by a
         majority vote of the members of such Board approved the Plan of Merger
         set forth in these articles.

         4) That the Board of Directors of U-Haul Co. of Tidewater Virginia met
         on February 20, 1989 and by resolution adopted by the majority of the
         members of such Board approved the Plan of Merger set forth in these
         articles.

         5) By written consent, executed on February 20, 1989 signed by the
         holders of 500 shares of U-Haul Co. of Tidewater Virginia, being all of
         the shares of the Corporation entitled to vote in adoption of the Plan
         of Merger by such corporation.

         6) By written consent, executed on February 20, 1989 signed by the
         holders of 100 shares of Richmond Rental Equipment Repair Shop, Inc.,
         being all of the shares of the Corporation entitled to vote in adoption
         of the Plan of Merger by such corporation.

<PAGE>

                                 PLAN OF MERGER

         1. Richmond Rental Equipment Repair Shop, Inc., shall be merged into
         U-Haul Co. of Tidewater Virginia, herein designated the Surviving
         Corporation.

         2. Constituent Corporation hereby agree to execute all such documents
         and instruments and take all such action necessary and desirable to
         evidence or carry out this merger.

         3. The Surviving Corporation shall pay all expenses of accomplishing
         the merger.

         4. The Articles of Incorporation of Surviving Corporation shall
         continue to be its Articles of Incorporation until altered or amended,
         and shall not be affected by this merger.

         5. Effective date of merger shall be the date of filing.

IN WITNESS WHEREOF, these Articles of Merger have been executed in duplicate by
the afore-mentioned corporations as the day and year hereafter acknowledged.

<PAGE>

                         Surviving Corporation:      U-HAUL CO. OF TIDEWATER
                                                     VIRGINIA
                                                     a Virginia corporation

                                        By: /s/ John E. Laurie
                                            -------------------------------
                                            John E. Laurie, President

Verified

By: /s/ Patricia E. Joseph
    ------------------------------
    Patricia E. Joseph, Secretary

                                Absorbed Corporation:  Richmond Rental Equipment
                                                       Repair Shop, Inc.
                                                       a Virginia Corporation

                                    By: /s/ Wallace King
                                        ---------------------------
                                        Wallace King, President

Verified

By: /s/ Helea King
    -------------------------
    Helea King, Secretary

<PAGE>

STATE OF
COUNTY OF

         On this  day of  , 1989, before me, the undersigned Notary Public,
personally appeared John E. Laurie, known to me to be the President of U-Haul
Co. of Tidewater Virginia, a Virginia corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                       /s/ Patricia E. Joseph
                                       --------------------------------
                                       NOTARY PUBLIC

(NOTARY SEAL)

STATE OF [ILLEGIBLE]
COUNTY OF [ILLEGIBLE]

         On this  day of [ILLEGIBLE] 1989, before me, the undersigned Notary
Public, personally appeared Wallace King, known to me to be the President of
Richmond Rental Equipment Repair Shop, Inc. a Virginia corporation, that he is
the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                     /s/ [ILLEGIBLE]
                                     ---------------------------------
                                     NOTARY PUBLIC
         (NOTARY SEAL)               My Commission Expires January 6, 1991

<PAGE>

0125799-7

                            COMMONWEALTH OF VIRGINIA
                          STATE CORPORATION COMMISSION

                               September 27, 1989

The State Corporation Commission has found the accompanying articles submitted
on behalf of RICHMOND RENTAL EQUIPMENT REPAIR SHOP, INC.

to comply with the requirements of law. Therefore, it is ORDERED that this

CERTIFICATE OF MERGER

be issued and admitted to record with the articles in the office of the Clerk of
the Commission.

RICHMOND RENTAL EQUIPMENT REPAIR SHOP, INC.

aro merged into U-HAUL CO. OF TIDEWATER VIRGINIA, which will continue to be a
corporation existing under the laws of the State of VIRGINIA with the corporate
name U-HAUL CO. OF TIDEWATER VIRGINIA. The existence of all nor surviving
corporations will cease, according to the plan of merger.

The certificate is effective on September 27, 1989.

                                       STATE CORPORATION COMMISSION

                                       By: /s/ [ILLEGIBLE]
                                           --------------------------
                                           Commissioner

MERGACPT
CIS20436
89-09-18-0144

<PAGE>

                           ARTICLES AND PLAN OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 20th day of
February, 1989, entered into by (U-Haul Co. of Tidewater-0125799 Virginia,) the
surviving corporation and (Hyattsville Rental-0181397 Equipment Repair Shop,
Inc.,) the Absorbed Corporation, both corporations of the State of Virginia and
together referred to as the Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Virginia, which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                       I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is 1301
Monticello Ave., Norfolk, VA 23510.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                               NUMBER OF
                             NUMBER OF          SHARES           NUMBER     NUMBER
    COMPANY                    SHARES          ENTITLED          VOTED       VOTED
     NAME                   OUTSTANDING         TO VOTE           FOR       AGAINST
      ----                  -----------         -------           ---       -------
<S>                         <C>                <C>               <C>        <C>
Hyattsville Rental              100               100             100          0
Equipment Repair
Shop, Inc.

U-Haul Co. of                   500               500             500          0
Tidewater Virginia
</TABLE>

                                       V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Virginia, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Virginia.

                                       VI

         The Surviving Corporation hereby irrevocable appoints Edward R. Parker,
5511 Staples Mill Road, Richmond, Virginia, as its agent to accept service of
process in any suit or other proceeding and to enforce against the surviving
Corporation any obligation of any Constituent Domestic Corporation or enforce
the rights of a dissenting shareholder of any Constituent Domestic Corporation.
A copy of any such process may be mailed to John A. Lorentz, P.O. Box 21502,
Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                              Surviving Corporation:  U-HAUL CO. OF TIDEWATER
                                                      VIRGINIA
                                                      a Virginia corporation

                                     By: /s/ John E. Laurie
                                         --------------------------------
                                         John E. Laurie, President

Verified

By: /s/ Patricia E. Joseph
    ---------------------------------
    Patricia E. Joseph, Secretary

                             Absorbed Corporation: Hyattsville Rental Equipment
                                                   Repair Shop, Inc.
                                                   a Virginia Corporation

                                       By: /s/ Robert C. Rector
                                           ------------------------------
                                           Robert C. Rector, President

Verified

By: /s/ Deborah Ashton
    --------------------------
    Deborah Ashton, Secretary

<PAGE>

STATE OF
COUNTY OF

         On this  day of  , 1989, before me, the undersigned Notary Public,
personally appeared John E. Laurie, known to me to be the President of U-Haul
Co. of Tidewater Virginia, a Virginia corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                     /s/ Patricia E. Joseph
                                     -------------------------------
                                     NOTARY PUBLIC

         (NOTARY SEAL)

STATE OF
COUNTY OF

         On this  day of  , 1989, before me, the undersigned Notary Public,
personally appeared Robert C. Rector, known to me to be the President of
Hyattsville Rental Equipment Repair Shop, Inc. a Virginia corporation, that he
is the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed same.

                                      /s/ [ILLEGIBLE]
                                      ----------------------------
                                      NOTARY PUBLIC

         (NOTARY SEAL)

<PAGE>

0125799-7

                            COMMONWEALTH OF VIRGINIA
                          STATE CORPORATION COMMISSION

                               September 21, 1989

The State Corporation Commission has found the accompanying articles submitted
on behalf of HYATTSVILLE RENTAL EQUIPMENT REPAIR SHOP, INC.

to comply with the requirements of law. Therefore, it is ORDERED that this

CERTIFICATE OF MERGER

be issued and admitted to record with the articles in the office of the Clark of
the Commission.

HYATTSVILLE RENTAL EQUIPMENT REPAIR SHOP, INC.

are merged into U-HAUL CO. OF TIDEWATER VIRGINIA, which will continue to be a
corporation existing under the laws of the State of VIRGINIA with the corporate
name U-HAUL CO. OF TIDEWATER VIRGINIA. The existence of all no surviving
corporations will cease, according to the plan of merger.

The certificate is effective on September 21, 1989.

                                       STATE CORPORATION COMMISSION

                                       By: /s/ [ILLEGIBLE]
                                           --------------------------------
                                           Commissioner

MERGACPT
CIS20436
89-09-19-0096

<PAGE>

                               ARTICLES OF MERGER

                   NORFOLK RENTAL EQUIPMENT REPAIR SHOP, INC.

                                      INTO

                        U-HAUL CO. OF TIDEWATER VIRGINIA

                           BOTH VIRGINIA CORPORATIONS

The undersigned corporations, pursuant to Title 13.1, Chap. 9, Art. 12 of the
Code of Virginia, hereby executes the following articles of merger and sets
forth:

         1)       That Norfolk Rental Equipment Repair Shop, INC. is a Virginia
         corporation.

         2)       That U-Haul Co. of Tidewater Virginia, a Virginia corporation,
         is the surviving corporation.

         3)       That the Board of Directors of Norfolk Rental Equipment Repair
         Shop, Inc., met on February 20, 1989 and by resolution adopted by a
         majority vote of the members of such Board approved the Plan of Merger
         set forth in these articles.

         4)       That the Board of Directors of U-Haul Co. of Tidewater
         Virginia met on February 20, 1989 and by resolution adopted by the
         majority of the members of such Board approved the Plan of Merger set
         forth in these articles.

         5)       By written consent, executed on February 20, 1989 signed by
         the holders of 500 shares of U-Haul Co. of Tidewater Virginia, being
         all of the shares of the Corporation entitled to vote in adoption of
         the Plan of Merger by such corporation.

         6)       By written consent, executed on February 20, 1989. signed by
         the holders of 10,700 shares of Norfolk Rental Equipment Repair shop,
         Inc., being all of the shares of the Corporation entitled to vote in
         adoption of the Plan of Merger by such corporation.

<PAGE>

                                 PLAN OF MERGER

         1.       Norfolk Rental Equipment Repair Shop, Inc., shall be merged
         into U-Haul Co. of Tidewater Virginia, herein designated the Surviving
         Corporation.

         2.       Constituent Corporation hereby agree to execute all such
         documents and instruments and take all such action necessary and
         desirable to evidence or carry out this merger.

         3.       The Surviving Corporation shall pay all expenses of
         accomplishing the merger.

         4.       The Articles of Incorporation of Surviving Corporation shall
         continue to be its Articles of Incorporation until altered or amended,
         and shall not be affected by this merger.

         5.       Effective date of merger shall be the date of filing.

IN WITNESS WHEREOF, these Articles of Merger have been executed in duplicate by
the afore-mentioned corporations as the day and year hereafter acknowledged.

<PAGE>

                                 Surviving Corporation:  U-HAUL CO. OF TIDEWATER
                                                         VIRGINIA
                                                         a Virginia corporation

                                         By: /s/ John E. Laurie
                                             -----------------------------------
                                             John E. Laurie, President

Verified

By: /s/ Patricia E. Joseph
    -------------------------------
    Patricia E. Joseph, Secretary

                                 Absorbed Corporation:  Norfolk Rental Equipment
                                                        Repair Shop, Inc.
                                                        a Virginia Corporation

                                         By: /s/ Ernest E. Godwin
                                             -----------------------------------
                                             Ernest E. Godwin, President

Verified

By: /s/ Carolyn E. Bannett
    -----------------------------------
    Carolyn E. Bannett, Secretary

<PAGE>

STATE OF
COUNTY OF

         On this   day of      , 1989, before me, the undersigned Notary Public,
personally appeared John E. Laurie, known to me to be the President of U-Haul
Co. of Tidewater Virginia, a Virginia corporation, that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                                      /s/ Patricia E. Joseph
                                                      --------------------------
                                                      NOTARY PUBLIC
         (NOTARY SEAL)

STATE OF
COUNTY OF

         On this    day of     , 1989, before me, the undersigned Notary Public,
personally appeared Ernest E. Godwin, known to me to be the President of Norfolk
Rental Equipment Repair Shop, Inc. a Virginia corporation, that he is the person
who executed this instrument on behalf of said corporation, and acknowledged to
me that such corporation executed the same.

                                                      /s/ Patricia E. Joseph
                                                      --------------------------
                                                      NOTARY PUBLIC

         (NOTARY SEAL)

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 11th day July, 1988,
entered into by U-Haul Co. of Tidewater Virginia, the Surviving Corporation, and
Movers World of Virginia, Inc., the Absorbed Corporation, both corporations of
the State of Virginia, and together referred to as the Constituent Corporations
hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Virginia, which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                       I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is 1301
Monticello Ave., Norfolk, VA 23510.

<PAGE>

                                      III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         (1)      All issued and outstanding shares of stock of the Constituent
Corporation shall be absorbed.

         (2)      On the effective date of the merger and when the
aforementioned cancellation has been effected, the outstanding shares of stock
of the Surviving Corporation shall be deemed for all corporate purposes to
evidence the ownership of the Constituent Corporations.

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                          NUMBER OF
                            NUMBER OF      SHARES        NUMBER      NUMBER
       COMPANY               SHARES       ENTITLED       VOTED        VOTED
         NAME              OUTSTANDING     TO VOTE        FOR        AGAINST
- --------------------------------------------------------------------------------
<S>                        <C>            <C>            <C>         <C>
Movers World of
    Virginia, Inc.            100            100          100           0

U-Haul Co. of
    Tidewater Virginia        500            500          500           0
</TABLE>

<PAGE>

                                       V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Virginia, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Virginia.

                                       IV

         The Surviving Corporation hereby irrevocable appoints Edward R. Parker,
as its agent to accept service of process in any suit or other proceeding and to
enforce against the surviving Corporation any obligation of any Constituent
Domestic Corporation or enforce the rights of a dissenting shareholder of any
Constituent Domestic Corporation. A copy of any such process may be mailed to
John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                         Surviving Corporation: U-HAUL CO. OF TIDEWATER
                                                VIRGINIA, a Virginia corporation

                                           By:    /s/ John E. Laurie
                                               ---------------------------------
                                               John E. Laurie, President

Verified:

By: /s/ Patricia E. Joseph
   -----------------------------------
   Patricia E. Joseph, Secretary

                         Absorbed Corporation: MOVERS WORLD OF VIRGINIA, INC.
                                               a Virginia Corporation

                                           By:    /s/ John M. Dodds
                                               ---------------------------------
                                               John M. Dodds, President

Verified

By:  /s/ John A. Lorentz
   -----------------------------------
   John A. Lorentz, Secretary

STATE OF
COUNTY OF

         On this 17th day of August, 1988, before me, the undersigned Notary
Public, personally appeared John E. Laurie, known to me to be the President of
U-Haul Co. of Tidewater Virginia, a Virginia corporation, that he is the person
who executed this instrument on behalf of said corporation, and acknowledged to
me that such corporation executed the same.

         (NOTARY SEAL)                          /s/ [ILLEGIBLE]
                                                --------------------------------
                                                NOTARY PUBLIC

                                                [ILLEGIBLE]

STATE OF ARIZONA
COUNTY OF MARICOPA

         On this 3rd day of August, 1988, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the Secretary of
Movers World of Virginia, Inc., Inc., a Virginia corporation, that he is the
person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

         (NOTARIAL SEAL)                        /s/ [ILLEGIBLE]
                                                --------------------------------
                                                NOTARY PUBLIC

<PAGE>

                               ARTICLES OF MERGER

Pursuant to the provisions of The General and Business Corporation Law of
Virginia, the undersigned Corporations certify the following:

         1)       That Movers World of Virginia, Inc., is a Virginia
                  corporation.

         2)       That U-Haul Co. of Tidewater Virginia, a Virginia corporation,
                  is hereby merged and that the above named U-Haul Co. of
                  Tidewater Virginia is the surviving corporation.

         3)       That the Board of Directors of Movers World of Virginia, Inc.,
                  met on July 11, 1988, and by resolution adopted by a majority
                  vote of the members of such Board approved the Plan of Merger
                  set forth in these articles.

         4)       That the Board of Directors of U-Haul Co. of Tidewater
                  Virginia met on July 11, 1988, and by resolution adopted by
                  the majority vote of the members of such Board approved the
                  Plan of Merger set forth in these articles.

         5)       By written consent, executed on July 11, 1988, signed by the
                  holders of 500 shares of U-Haul Co. of Tidewater Virginia,
                  being all of the shares of the Corporation entitled to vote in
                  adoption of the Plan of Merger by such corporation.

         6)       By written consent, executed on July 11, 1988, signed by the
                  holders of 100 shares of Movers World of Virginia, Inc., being
                  all of the shares of the Corporation entitled to vote in
                  adoption of the Plan of Merger by such corporation.

         7)       PLAN OF MERGER

                  1.       Movers World of Virginia, Inc., shall be merged into
                  U-Haul Co. of Tidewater Virginia, herein designated the
                  Surviving Corporation.

                  2.       Constituent Corporation hereby agree to execute all
                  such documents and instruments and take all such action
                  necessary and desirable to evidence or carry out this merger.

                  3.       The Surviving Corporation shall pay all expenses of
                  accomplishing the merger.

                  4.       The Articles of Incorporation of Surviving
                  Corporation shall continue to be its Articles of Incorporation
                  until altered or amended, and shall not be affected by this
                  merger.

IN WITNESS WHEREOF, these Articles of Merger have been executed in duplicate by
the afore-mentioned corporations as the day and year hereafter acknowledged.

<PAGE>

                         Surviving Corporation: U-HAUL CO. OF TIDEWATER
                                                VIRGINIA, a Virginia corporation

                                           By: /s/ John E. Laurie
                                               ---------------------------------
                                               John E. Laurie, President

Verified

By: /s/ Patricia E. Joseph
    -----------------------------
    Patricia E. Joseph, Secretary

                            Absorbed Corporation: MOVERS WORLD OF VIRGINIA, INC.
                                               a Virginia Corporation

                                           By: /s/ John M. Dodds
                                               ---------------------------------
                                               John M. Dodds, President

Verified

By: /s/ John A. Lorentz
    -----------------------------
    John A. Lorentz, Secretary

STATE OF
COUNTY OF

         On this 17th day of August, 1988, before me, the undersigned Notary
Public, personally appeared John E. Laurie, known to me to be the President of
U-Haul Co. of Tidewater Virginia, a Virginia corporation, that he is the person
who executed this instrument on behalf of said corporation, and acknowledged to
me that such corporation executed the same.

         (NOTARY SEAL)                         /s/ [ILLEGIBLE]
                                               ---------------------------------
                                               NOTARY PUBLIC

                                               [ILLEGIBLE]

STATE OF ARIZONA
COUNTY OF MARICOPA

         On this 3rd day of August, 1988, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the Secretary of
Movers World of Virginia, Inc.,Inc., a Virginia corporation, that he is the
person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

         (NOTARIAL SEAL)                       /s/ [ILLEGIBLE]
                                               ---------------------------------
                                               NOTARY PUBLIC

<PAGE>

SCC9B
125799

                            COMMONWEALTH OF VIRGINIA
                          STATE CORPORATION COMMISSION

                           RICHMOND, December 20, 1988

The accompanying articles having been delivered to the State Corporation
Commission on behalf of

MOVERS WORLD OF VIRGINIA, INC.

and the Commission having found that the articles comply with the requirements
of law and that all required fees have been paid, it is

ORDERED that this CERTIFICATE OF MERGER

be issued, and that this order, together with the articles, be admitted to
record in the office of the Commission; and that MOVERS WORLD OF VIRGINIA, INC.
be merged into U-HAUL CO. OF TIDEWATER VIRGINIA the surviving corporation, which
shall continue to be a corporation existing under the laws of the State of
Virginia with the corporate name U-HAUL CO. OF TIDEWATER VIRGINIA and that the
separate existence of the corporations parties to the plan of merger, except the
surviving corporation, shall cease, effective December 20, 1988.

                                               STATE CORPORATION COMMISSION

                                               By /s/ [ILLEGIBLE]
                                                  ------------------------------
                                                           Commissioner
<PAGE>

                               ARTICLES OF MERGER

         Pursuant to the provisions of the General and Business Corporation Law
of Virginia, the undersigned Corporations verify the following:

         (1)      That U-Haul Co. of Central Virginia, is a Virginia corporation

         (2)      That U-Haul Co. of Tidewater Virginia, a Virginia corporation
                  are hereby merged and that the above named U-Haul Co. of
                  Tidewater Virginia is the surviving corporation.

         (3)      That the Board of Directors of U-Haul Co. of Central Virginia,
                  met on December 9, 1985 and by resolution adopted by a
                  majority vote of the members of such Board approved teh Plan
                  of Merger set forth in these Articles.

         (4)      That the Board of Directors of U-Haul Co. of Tidewater
                  Virginia, met on December 9, 1985 and by resolution adopted by
                  a majority vote of the members of such Board approved the Plan
                  of Merger set forth in these Articles.

         (5)      By written consent, executed on December 9, 1985, signed by
                  the holders of 500 shares of U-Haul Co. of Tidewater Virginia,
                  being all of the shares of the Corporation entitled to vote in
                  adoption of the Plan of Merger by such corporation.

         (6)      By written consent, executed on December 9, 1985, signed by
                  the holders of 500 shares of U-Haul Co. of Central Virginia,
                  being all of the shares of the corporation entitled to vote in
                  adoption of the Plan of Merger by such corporation.

         (7)      PLAN OF MERGER

                  1.       U-Haul Co. of Central Virginia, shall be merged into
                           U-Haul Co. of Tidewater Virginia, herein designated
                           the Surviving corporation.

                  2.       All Issued and outstanding shares of stock of
                           absorbed Corporation shall be cancelled.

                  3.       Constituent Corporations hereby agree to execute all
                           such documents and instruments and take all such
                           action necessary and desirable to evidence or carry
                           out this merger.

                  4.       The Surviving Corporation shall pay all expenses of
                           accomplishing the merger.

<PAGE>

                                 PLAN OF MERGER

         This Agreement of Merger, dated this 9th day of December, 1985 entered
into by U-Haul Co, of Tidewater Virginia and U-Haul Co. of Central Virginia,
both Virginia corporations, together referred to as Constituent Corporations,
hereby WITNESSTH THAT:

         The members of the Board of Directors of both Constituent Corporations
and the sole shareholder of U-Haul Co. of Tideward Virginia have unanimously
approved and adopted the following plan:

                                        I

         U-Haul Co. of Virginia, shall be merged into U-Haul Co. of Tidewater
         Virginia, herein designated the Surviving Corporation.

                                       II

         U-Haul Co. of Virginia, a Virginia corporation and the absorbed
         corporation, the provisions for handling the shares of stock of the
         Constituent Corporations are as follows:

                  A.       All issued and outstanding shares of stock of the
                           Absorbed corporation shall be cancelled.

                  B.       On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding stock of the Successor and surviving
                           corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.

                                       III

                  Constituent Corporations hereby agree to execute all such
                  documents and instruments and take all such action necessary
                  and desirable to carry out this merger.

                                       IV

                  The Surviving Corporation shall pay all expenses of
                  accomplishing the merger.

                                        V

                  The Articles of Incorporation of Surviving Corporation shall
                  continue to be its Articles of Incorporation until altered or
                  amended, and shall not be affected by this merger.

         IN WITNESS WHEREOF the corporation parties hereby execute this
Agreement of Merger this 9th day of December, 1985.

<PAGE>

                  Surviving Corporation:  U-Haul Co. of Tidewater Virginia,
                                          a  Virginia Corporation

                                          By: /s/ John E. Laurie
                                              ----------------------------------
                                              John E. Laurie, President

                                          By: /s/ Linda L. Smith
                                              ----------------------------------
                                              Linda L. Smith, Secretary

                  Absorbed Corporation:   U-Haul Co. of Central Virginia,
                                          a Virginia Corporation

                                          By: /s/ Charles Ange
                                              ----------------------------------
                                              Charles Ange, President

                                          By: /s/ Judith A. Bowen
                                              ----------------------------------
                                              Judith A. Bowen, Secretary

<PAGE>

                            COMMONWEALTH OF VIRGINIA
                          STATE CORPORATION COMMISSION

                           RICHMOND, JANUARY 31, 1986

The accompanying articles having been delivered to the State Corporation
Commission on behalf of

U-HAUL CO. OF CENTRAL VIRGINIA

and the Commission having found that the articles comply with the requirements
of law and that all required fees have been paid, it is

ORDERED that this CERTIFICATE OF MERGER

be issued, and that this order, together with the articles, be admitted to
record in the office of the Commission; and that U-HAUL CO. OF CENTRAL VIRGINIA
be merged into U-HAUL CO. OF TIDEWATER VIRGINIA the surviving corporation, which
shall continue to be a corporation existing under the laws of the State of
Virginia with the corporate name U-HAUL CO. OF TIDEWATER VIRGINIA and that the
separate existence of the corporations parties to the plan of merger, except the
surviving corporation, shall cease, effective January 31, 1986.

                                          STATE CORPORATION COMMISSION

                                          By /s/ [ILLEGIBLE]
                                             -----------------------------------
                                                        Commissioner

<PAGE>

                              ARTICLES OF AMENDMENT
                        OF THE ARTICLES OF INCORPORATION
                 OF AMERCO MARKETING CO. OF TIDEWATER VIRGINIA

STATE OF VIRGINIA     )
                      ) ss.
COUNTY OF NANSEMOND   )

         Charles Ray Smith and Joan E. Beavers being first duly sworn upon their
oath depose and say:

         1.       That they are the President and the Secretary respectively of

                  AMERCO MARKETING CO. OF TIDEWATER VIRGINIA.

         2.       That at a meeting of the Board of Directors of said
                  corporation, duly held at Norfolk, Virginia on February 22,
                  1973 the following resolution was adopted:

                           "RESOLVED: That Article I of the Articles
                           of Incorporation be amended to read as
                           follows:

                           The name of this corporation is U-HAUL CO.
                           OF TIDEWATER VIRGINIA."

         3.       That the shareholders have adopted said amendment by
                  resolution at a meeting held at Norfolk, Virginia on February
                  22, 1973. That the wording of the amended article, as set
                  forth in the shareholders, resolution, is the same as that set
                  forth in the directors' resolution in Paragraph 2 above.

         4.       That the number of shares which voted affirmatively for the
                  adoption of said resolution is 500, and that the total number
                  of shares entitled to vote on or consent to said amendment is
                  500.

         5.       All of the outstanding stock of this corporation is being held
                  by U-HAUL CO., a Virginia corporation, who has, in the
                  adoption of the resolution authorizing this amendment waived
                  the notice of meeting of shareholders.

                                          /s/ Charles Ray Smith
                                          --------------------------------------
                                          Charles Ray Smith - President

                                          /s/ John E. Beavers
                                          --------------------------------------
                                          John E. Beavers - Secretary

Page One of Two Pages

<PAGE>

STATE OF VIRGINIA      )
                       ) ss.
COUNTY OF NANSEMOND    )

         Charles Ray Smith, being sworn on his oath deposes and says that he
executed the foregoing instrument as President of the corporation; that he has
read the same and knows the contents thereof; that the matters stated therein
are true to his knowledge, except such matters as are stated to be upon
information and belief and as to those matters he believes them to be true.

                                          /s/ Charles Ray Smith
                                          --------------------------------------
                                          Charles Ray Smith - President

         Sworn to and subscribed before me this 5th day of March 1973.

                                          /s/ John E. Beavers
                                          --------------------------------------

         Notary Public in and for the County of Nansemond, State of Virginia.

<PAGE>

                            COMMONWEALTH OF VIRGINIA
                          STATE CORPORATION COMMISSION

                                                             AT RICHMOND,
                                                             April 3, 1973

         The accompanying articles having been delivered to the State
Corporation Commission on behalf of

                   Amerco Marketing Co. of Tidewater Virginia
                (chg. name to: U-Haul Co. of Tidewater Virginia)

and the Commission having found that the articles comply with the requirements
of law and that all required fees have been said, it is

         ORDERED that this CERTIFICATE OF          AMENDMENT

be issued, and that this order, together with the articles, be admitted to
record in the office of the Commission; and that the corporation have the
authority conferred on it by law in accordance with the articles, subject to the
conditions and restrictions imposed by law.

         Upon the completion of such recordation, this order and the articles
shall be forwarded for recordation in the office of the clerk of the
Corporation Court, City of Norfolk

                                          STATE CORPORATION COMMISSION

                                          By /s/  [ILLEGIBLE]
                                             -----------------------------------
                                                                    Commissioner

VIRGINIA:

         In the Clerk's Office of the   Corporation Court, City of Norfolk

The foregoing certificate (including the accompanying articles) has been duly
recorded in my office this 12th day of April, 1973 and is now returned to the
State Corporation Commission by certified mail.

                                          Katherino V. Respess
                                          --------------------------------------
                                                                           Clerk

                                          /s/ [ILLEGIBLE]
                                          --------------------------------------
                                                                            D.C.

<PAGE>

                              ARTICLES OF AMENDMENT

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

                        U-HAUL CO. OF TIDEWATER VIRGINIA

STATE OF VIRGINIA        )
                         ) ss.
COUNTY OF NANSEMOND      )

         Robert D. Beavers, Jr. and Joan E. Beavers being first duly sworn upon
their oath depose and say:

         1.       That they are the President and the Secretary respectively of
                  U-HAUL. CO. OF TIDEWATER VIRGINIA.

         2.       That a meeting of the Board of Directors of said corporation,
                  duly held at Virginia Beach, Virginia on August 12, 1970, the
                  following resolution was adopted:

                           "RESOLVED: That Article I of the Articles
                           of Incorporation be amended to read as
                           follows:

                           The name of this corporation is AMERCO MARKETING CO.
                           OF TIDEWATER VIRGINIA."

         3.       That the shareholders have adopted said amendment by
                  resolution at a meeting held at Virginia Beach, Virginia on
                  August 12, 1970. That the wording of the amended article, as
                  set forth in the shareholders, resolution, is the same as that
                  set forth in the directors, resolution in Paragraph 2 above.

         4.       That the number of shares which voted affirmatively for the
                  adoption of said resolution is 500, and that the total number
                  of shares entitled to vote on or consent to said amendment is
                  500.

         5.       All of the outstanding stock of this corporation is being held
                  by U-HAUL, CO., a Virginia corporation, who has, in the
                  adoption of the resolution authorizing this amendment waived
                  the notice of meeting of shareholders.

                                          /s/ [ILLEGIBLE]
                                          --------------------------------------
                                                       President

         (CORPORATE SEAL)

                                          /s/ [ILLEGIBLE]
                                          --------------------------------------
                                                        Secretary

Page One of Two Pages

<PAGE>

STATE OF VIRGINIA       )
                        ) ss.
COUNTY OF NANSEMOND     )

         Robert D. Beavers, Jr., being sworn on his oath deposes and says that
he executed the foregoing instrument as president of the corporation; that he
has read the same and knows the contents thereof; that the matters stated
therein are true to his knowledge, except such matters as are stated to be upon
information and belief and as to those matters he believes then to be true.

                                          /s/ Robert D. Beavers
                                          --------------------------------------
                                                       President

         Sworn to and subscribed before me this 19th day of october, 1970.

                                          /s/ [ILLEGIBLE]
                                          --------------------------------------

Notary Public in and for the CITY of VERGINIA BEACH, State of VERGINIA

                                          My Commission Expires March 7, 1973

         (NOTARIAL SEAL)

Page Two of Two Pages

<PAGE>

                            COMMONWEALTH OF VIRGINIA
                          STATE CORPORATION COMMISSION

                                                        AT RICHMOND,
                                                        November 4, 1970

         The accompanying articles having been delivered to the State
Corporation Commission on behalf of

                 U-Haul Co. of Tidewater Virginia (chg. name to:
                   Amerco Marketing Co. of Tidewater Virginia)

and the Commission having found that the articles comply with the requirements
of law and that all required fees have been paid, it is

         ORDERED that this CERTIFICATE OF AMENDMENT

be issued, and that this order, together with the articles, be admitted to
record in the office of the commission; and that the corporation have the
authority conferred on it by law in accordance with the articles, subject to the
conditions and restrictions imposed by law.

         Upon the completion of such recordation, this order and the articles
shall be forwarded for recordation in the office of the clerk of the Corporation
Court, City of Norfolk

                                                STATE CORPORATION COMMISSION

                                          By /s/  [ILLEGIBLE]
                                             -----------------------------------
                                                                        Chairman

VIRGINIA:

         In the Clerk's Office of the Corporation Court, City of Norfolk

The foregoing certificate (including the accompanying articles) has been duly
recorded in my office this 12th day of November, 1970 and is now returned to the
State Corporation Commission by certified mail.

                                          KATHERINE V. RESPESS
                                          --------------------------------------
                                                                           Clerk

                                          By /s/ [ILLEGIBLE]
                                             -----------------------------------
                                                                            D.C.

<PAGE>

                            ARTICLES OF INCORPORATION

                                       of

                        U-HAUL CO. OF TIDEWATER VIRGINIA

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a corporation
under the laws of the State of Virginia.

                                    ARTICLE I

         The name of the corporation is U-HAUL CO. OF TIDEWATER VIRGINIA.

                                   ARTICLE II

         The period of duration of the corporation is perpetual.

                                   ARTICLE III

         The purpose or purpooes for which the corporation is organized are to
rent and lease to the general public trailers, semi-trailers, trucks, passenger
automobiles and other equipment, tools, machinery, vehicles and property of any
and every kind and description, and to purchase or otherwise acquire and operate
any facilities useful for the conduct of the business enterprises of this
corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of Virginia upon corporations, and to engage in any lawful activity within
the purposes for which corporations may be organized under the laws of the State
of Virginia.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue are five thousand (5,000) shares of common stock with a par
value of Ten ($10.00) Dollars each, or a total capitalization of Fifty Thousand
($50,000.00) Dollars.

                                    ARTICLE V

         The corporation will not commence business until the consideration

Page one of two pages

<PAGE>

of at least One Thousand ($1,000.00) Dollars has been received for the issuance
of shares.

                                   ARTICLE VI

         The address of its registered office shall be 10 South Tenth Street, in
the City of Richmond, Virginia 23219, and the name of the initial registered
agent at said address is James R. Farley who is a resident of the State of
Virginia and a Director of this corporation.

                                   ARTICLE VII

         The Initial Board of Directors shall consist of three (3) members, and
the initial Board who shall act until the first annual meeting of stockholders
and their successors have been elected and qualified are:

              Robert D. Beavers, Jr.          3701 Gladstone
                                              Virginia Beach, Virginia 23452

              Louis H. Rhea                   3701 Gladstone
                                              Virginia Beach, Virginia 23452

              James R. Farley                 10 South Tenth Street
                                              Richmond, Virginia 23219

         IN WITNESS WHEREOF, we have hereunto set our hand and seal this 27th
day of february, 1970.

                                          /s/ David L. Helsten
                                          --------------------------------------
                                          David L. Helsten

                                          /s/ Arthur G. Seifert
                                          --------------------------------------
                                          Arthur G. Seifert

                                          /s/ John A. Lorentz
                                          --------------------------------------
                                          John A. Lorentz

<PAGE>

                            COMMONWEALTH OF VIRGINIA

                          STATE CORPORATION COMMISSION

                                                        AT RICHMOND,
                                                        April 7, 1970

         The accompanying articles having been delivered to the State
Corporation Commission on behalf of

                        U-Haul Co. of Tidewater Virginia

and the Commission having found that the articles comply with the requirements
of law and that all required fees have been paid, it is

         ORDERED that this CERTIFICATE OF        INCORPORATION

be issued, and that this order, together with the articles, be admitted to
record in the office of the Commission; and that the corporation have the
authority conferred on it by law in accordance with the articles, subject to the
conditions and restrictions imposed by law.

                                          STATE CORPORATION COMMISSION

                                          By /s/  [ILLEGIBLE]
                                             -----------------------------------
                                                                        Chairman

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.144
<SEQUENCE>143
<FILENAME>p68936exv3w144.txt
<DESCRIPTION>EXHIBIT 3.144
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.144

                                   BY-LAWS OF

                        U-HAUL CO. OF TIDEWATER VIRGINIA

                             A Virginia Corporation

                                    ARTICLE I

                                                            DATE: April 10, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Virginia shall be
located in the city of Virginia Beach. The corporation may have such other
offices either within or without the state of Virginia as the Board of Directors
may designate or as the business of the corporation may require from time to
time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Monday of March of each year, at the office of the corporation in the
state of Virginia or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting provided such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and,
in case of special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to such shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the

                                      -1-
<PAGE>

shares entitled to vote at the meeting, All meetings of the shareholders may be
held within or without the state of Virginia. Notice of the special meetings
will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of
the shareholders. If less than a majority of the outstanding shares are
represented at a meeting, the majority of the shares so represented may adjourn
the meeting without further notice. At such adjourned meeting at which a quorum
shall be present or represented, any business may be transacted which might have
been transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

        1st.     All persons claiming to hold proxies shall present them to the
                 tellers for verification.

        2nd.     Proof of due notice of meeting when applicable.

        3rd.     Reading and disposal of all unapproved minutes.

        4th.     Reports of officers and committees.

        5th.     Election of Directors.

        6th.     Unfinished business.

        7th.     New business.

        8th.     Adjournment.

                                      -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Virginia.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Virginia.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                      -3-
<PAGE>

        1st.     Roll call; a quorum being present.

        2nd.     Reading of minutes of preceding meeting and action thereon.

        3rd.     Consideration of communications of the Board of Directors.

        4th.     Reports of officials and committees.

        5th.     Unfinished business.

        6th.     Miscellaneous business.

        7th.     New business.

        8th.     Adjournment.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

        1.       To purchase, lease, and acquire, in any lawful manner any and
                 all real or personal property including franchises, stocks,
                 bonds and debentures of other companies, business and good
                 will, patents, trade-marks in contracts, and interests
                 thereunder, and other rights and proprieties which in their
                 judgment may be beneficial for the purpose of this
                 corporation, and to issue shares of stock of this corporation
                 in payment of such property, and in payment for services
                 rendered to this corporation, when they deem it advisable.

        2.       To fix and determine and to vary, from time to time, the
                 amount or amounts to be set aside or retained as reserve funds
                 or as working capital of this corporation.

        3.       To issue notes and other obligations or evidences of the debt
                 of this corporation, and to secure the same, if deemed
                 advisable, and endorse and guarantee the notes, bonds, stocks,
                 and other obligations of other corporations with or without
                 compensation for so doing, and from time to time to sell,
                 assign, transfer or otherwise dispose of any of the property
                 of this corporation, subject, however, to the laws of the
                 state of Virginia, governing the disposition of the entire
                 assets and business of the corporation as a going concern.

                                      -4-
<PAGE>

        4.       To declare and pay dividends, both in the form of money and
                 stock, but only from the surplus or from the net profit
                 arising from the business of this corporation, after deducting
                 therefrom the amounts, at the time when any dividend is
                 declared which shall have been set aside by the Directors as a
                 reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Virginia statutes regulating the appointment
of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous, acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there shall be a quorum present, and any officer receiving a majority vote shall
be declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the
Board of Directors and by virtue of his office be shall be a member and Chairman
of the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the

                                      -5-
<PAGE>

annual meeting of the shareholders. The President shall do and perform such
other duties as from time to time may be assigned by the Board of Directors to
him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the

                                      -6-
<PAGE>

corporation is organized under the laws of Virginia, the number and par value,
if any, of each share represented by it, the name of the person owning the
shares represented thereby, with the number of each share and the date of issue,
and the stock thereby represented is transferable only upon the books of the
corporation and open the signer of such certificates. A stock transfer book,
known as the stock register shall be kept, in which shall be entered the number
of each certificate issued and the number of the person owning the shares
thereby represented, with the number of such shares and the date of issue. The
transfer of any share or shares of stock in the corporation nay be made by
surrender of the certificate issued therefor, and the written assignment thereof
by the owner or his duly authorized Attorney in Fact. Upon such surrender and
assignment, a new certificate shall be issued to the assignee as he may be
entitled, but without such surrender and assignment of transfer of stock shall
be recognized by the corporation. The Board of Directors shall have the power
concerning the issue, transfer and registration of certificate for agents and
registrars of transfer, and may require all stock certificates to bear
signatures of either or both. The stock transfer books shall be closed ten days
before each meeting of the shareholders and during such period no stock shall be
transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

                                      -7-

<PAGE>

The foregoing By-Laws of U-HAUL CO. OF TIDEWATER VIRGINIA, are hereby accepted
and adopted as the By-Laws of said corporation, and we, the undersigned, do
hereby certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                              ______________________________
                                              President - Robert D. Beavers, Jr.

ATTEST:

___________________________
Secretary - Joan E. Beavers

        (CORPORATE SEAL)

                                      -8-
<PAGE>

                             U-HAUL CO. OF VIRGINIA,
                             A VIRGINIA CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Virginia, a
Virginia corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the Shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                         SHAREHOLDER:

                                         U-Haul International, Inc., a Nevada
                                         Corporation

                                         By: /s/ Gary V. Klinefelter
                                             -----------------------------------
                                         Name: Gary V. Klinefelter
                                         Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.145
<SEQUENCE>144
<FILENAME>p68936exv3w145.txt
<DESCRIPTION>EXHIBIT 3.145
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.145

                            UNITED STATES OF AMERICA

                             THE STATE OF WASHINGTON
                                     [SEAL]
                               SECRETARY OF STATE

I, SAM REED, Secretary of State of the State of Washington and custodian of its
seal, hereby issue this

          certificate that the attached is a true and correct copy of

                             ARTICLES OF AMENDMENT

                                       of

                        U-HAUL CO. OF WESTERN WASHINGTON

                    CHANGING NAME TO U-HAUL CO. OF WASHINGTON

                  as filed in this office on December 6, 1990.

                                                            Date: August 5, 2003

                                                            Given under my hand
[SEAL]                                                      and the Seal of the
                                                            State of Washington
                                                            at Olympia, the
                                                            State Capital.

                                                    /s/ Sam Reed

                                                    Sam Reed, Secretary of State
<PAGE>

                                     [SEAL]

                     STATE OF WASHINGTON SECRETARY OF STATE

I, RALPH MUNRO, Secretary of State of the State of Washington and custodian of
its seal, hereby issue this

                            CERTIFICATE OF AMENDMENT

                                       TO

                        U-HAUL CO. OF WESTERN WASHINGTON

a Washington Profit corporation. Articles of Amendment were filed for record in
this office on the date indicated below.

                   Changing name to U-HAUL CO. OF WASHINGTON

CORPORATION NUMBER: 2-203884-8                                     DATE: 6, 1990

                                        GIVEN UNDER MY HAND AND THE SEAL OF THE
                                        STATE OF WASHINGTON, AT OLYMPIA, THE
                                        STATE CAPITOL.

                                                 /s/ Ralph Munro
                                                 -------------------------------
                                                 Ralph Munro, Secretary of State
<PAGE>

                               State of Washington
                              Corporations Division
                        Office of the Secretary of State

                              ARTICLES OF AMENDMENT

Pursuant to RCW 23B.10.060 of the Washington Business Corporation Act, the
undersigned corporation hereby submits the following amendment(s) to the
corporation's Articles of Incorporation.

1.       The name of the corporation is: U-Haul Co. of Western Washington.
         (NOTE: Corporate name listed above must be identical to the records of
         the Office of the Secretary of State.)

2.       The text of EACH amendment (x) as adopted is (xxx) as follows:
                     (Attach separate sheet, if necessary)

                                   ARTICLE I

            The name of the corporation is: U-HAUL CO. OF WASHINGTON

3.       If an amendment provides for an exchange, reclassification, or
         cancellation of issued shares, provisions for implementing the
         amendment, if not contained in the text of the amendment itself, are as
         follows:

                                       N/A

4.       The date of adoption of EACH amendment(X) was:

                               November 19, 1990

5.       The amendment(x) was (xxxx) adopted by:
         CHECK ONE OF THE FOLLOWING STATEMENTS:

        (   ) The incorporators. SHAREHOLDER ACTION WAS NOT REQUIRED.

        ( X ) The board of directors. SHAREHOLDER ACTION WAS NOT REQUIRED.

        (   ) Duly approved shareholder action in accordance with the
              provisions of RCW 23B.10.030 and RCW 23B.10.040.
              (NOTE: Please refer to copy of statutes listed on instruction
              sheet.)

6.       These Articles will be effective upon filing, unless an extended date
         and/or time appears here:____________________, 19_________.
         (NOTE: Extended effective date may not be set at more than 90 days
         beyond the date the document is stamped "Filed" by the Secretary of
         State)

Dated: December 3, 1990.

                                        /s/ John A. Lorentz
                                        ----------------------------------------
                                        (Signature of person authorized to sign)
                                             John A. Lorentz

                                                    President
                                        ----------------------------------------
                                           (Type or print Name and Title)

<PAGE>

                            UNITED STATES OF AMERICA

                             THE STATE OF WASHINGTON
                                     [SEAL]
                               SECRETARY OF STATE

I, SAM REED, Secretary of State of the State of Washington and custodian of its
seal, hereby issue this

          certificate that the attached is a true and correct copy of

                               ARTICLES OF MERGER

                                       of

                        U-HAUL CO. OF WESTERN WASHINGTON

                  as filed in this office on October 20, 1989.

                                                             Date: August 5,2003

                                                            Given under my hand
[SEAL]                                                      and the Seal of the
                                                            State of Washington
                                                            at Olympia, the
                                                            State Capital.

                                                        /s/ Sam Reed

                                                    Sam Reed, Secretary of State

<PAGE>

                                     [SEAL]

                     STATE OF WASHINGTON SECRETARY OF STATE

I, RALPH MUNRO, Secretary of State of the State of Washington and custodian of
its seal, hereby certify that

                               ARTICLES OF MERGER

                                       OF

                        U-HAUL CO. OF WESTERN WASHINGTON

a Washington Profit corporation, was/were filed for record in this office on the

date indicated below.

Merging with and into itself AUBURN RENTAL EQUIPMENT REPAIR SHOP, INC.

Corporation Number: 2-203884-8                            Date: October 20, 1989

                                                Given under my hand and the seal
                                                of the State of Washington, at
                                                Olympia, the State Capitol.

                                                /s/ Ralph Munro
                                                --------------------------------
                                                Ralph Munro, Secretary of State

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 9th day of August,
1989, entered into by U-Haul Co. of Western Washington, a Washington
corporation, the surviving corporation and Auburn Rental Equipment Repair Shop,
Inc., a Washington corporation, the Absorbed Corporation, and together referred
to as the Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Washington which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                       I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 520 Pike Street, Seattle, Washington 98101.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.
<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                               NUMBER OF
                   NUMBER OF    SHARES    NUMBER   NUMBER
    COMPANY          SHARES    ENTITLED   VOTED    VOTED
     NAME         OUTSTANDING  TO VOTE     FOR    AGAINST
- ---------------------------------------------------------
<S>               <C>          <C>        <C>     <C>
U-HAUL CO.
OF WESTERN            500         500       500     -0-
WASHINGTON

AUBURN RENTAL
EQUIPMENT REPAIR    7,100       7,100     7,100     -0-
SHOP, INC.
</TABLE>

                                       V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Washington, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Washington.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.
<PAGE>

                             Surviving Corporation: U-HAUL CO. OF
                                                    WESTERN WASHINGTON,
                                                    a Washington Corp.

                             By: /s/ Charles R. Eide
                                 -----------------------------------------------
                                 Charles R. Eide, President

Verified

By: /s/ Jacquelyn J. Dunham
    --------------------------------------
    Jacquelyn J. Dunham, Secretary

                             Absorbed Corporation:  AUBURN RENTAL
                                                    EQUIPMENT REPAIR,
                                                    SHOP, INC., a
                                                    Washington Corp.

                             By: /s/ Donald Holt
                                 -----------------------------------------------
                                 Donald Holt, President

Verified

By: /s/ Jacquelyn J. Dunham
    --------------------------------------
    Jacquelyn J. Dunham, Secretary
<PAGE>

                            UNITED STATES OF AMERICA

                            THE STATE OF WASHINGTON

                                     [SEAL]

                               SECRETARY OF STATE

I, SAM REED, Secretary of State of the State of Washington and custodian of its
seal, hereby issue this

           certificate that the attached is a true and correct copy of

                               ARTICLES OF MERGER

                                       of

                        U-HAUL CO. OF WESTERN WASHINGTON

                   as filed in this office on March 31, 1989.

                                                   Date: August 5, 2003

                                                     Given under my hand and
                                                     the Seal of the State of
                                                     Washington at Olympia, the
                                                     State Capital.

                                                   /s/ Sam Reed
                                                   -----------------------------
                                                   Sam Reed, Secretary of State

<PAGE>

                                     [SEAL]

                     STATE OF WASHINGTON SECRETARY OF STATE

I, RALPH MUNRO, Secretary of State of the State of Washington and custodian of
its seal, hereby certify that

                               ARTICLES OF MERGER

                                       OF

                        U-HAUL CO. OF WESTERN WASHINGTON

a Washington Profit corporation, was / were filed for record in this office on
the date indicated below.

          Merging with and into itself MOVERS WORLD OF WASHINGTON, INC.

Corporation Number: 2-203884-8                              Date: March 31, 1989

                                   Given under my hand and the seal of the State
                                   of Washington, at Olympia, the State Capitol.

                                                /s/ Ralph Munro
                                   --------------------------------------------
                                          Ralph Munro, Secretary of State


<PAGE>

                       PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 11th day of January,
1989, entered into by U-Haul Co. OF Western Washington, the Surviving
Corporation, and Movers World of Washington, Inc., the Absorbed Corporation,
both corporations of the State of Washington, and together referred to as the
Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Washington, which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                       I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is C. T.
Corporation System, 520 Pike Street, Seattle, Washington 98101.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.



<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                                            NUMBER OF
                                        NUMBER OF            SHARES          NUMBER        NUMBER
             COMPANY                     SHARES             ENTITLED          VOTED         VOTED
              NAME                     OUTSTANDING           TO VOTE           FOR         AGAINST
- ---------------------------------      -----------           -------           ---         -------
<S>                                    <C>                  <C>              <C>           <C>
U-Haul Co. of Western Washington,          500                500              500           -0-

Movers World of Washington, Inc.           100                100              100           -0-
</TABLE>

                                       V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Washington, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Washington.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 5036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.


<PAGE>

                        Surviving Corporation: U-HAUL CO. OF WESTERN WASHINGTON,
                                               a Washington Corporation

                        By: /s/ Charles R. Eide
                            ---------------------------------------
                            Charles R. Eide, President

Verified

By: /s/ Jacquelyn J. Dunham
- ----------------------------------------
Jacquelyn J. Dunham, Secretary

                         Absorbed Corporation: MOVERS WORLD OF WASHINGTON, INC.,
                                               a Washington Corporation

                                           By: /s/ John M. Dodds
                                               ---------------------------------
                                               John M. Dodds, President

Verified

By: /s/ John A. Lorentz
    --------------------------------------
    John A. Lorentz, Secretary



<PAGE>

STATE OF WASHINGTON
COUNTY OF

         On this 11th day of January, 1989, before me, the undersigned Notary
Public, personally appeared Charles R. Eide, known to me to be the President of
U-Haul Co. of Western Washington, Inc., a Washington corporation, that he is the
person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                        /s/ [ILLEGIBLE]
                                        ---------------------------------
                                        NOTARY PUBLIC

     (NOTARY SEAL)

STATE OF ARIZONA
COUNTY OF MARICOPA

         On this 11th day of January, 1989, before me, the undersigned Notary
Public, personally appeared John M. Dodds, known to me to be the President of
Movers World of Washington, Inc. a Washington corporation, that he is the person
who executed this instrument on behalf of said corporation, and acknowledged to
me that such corporation executed the same.

                                        /s/ Blanche I. Passolt
                                        ---------------------------------
                                        NOTARY PUBLIC

    (NOTARY SEAL)



<PAGE>

                        UNANIMOUS CONSENT OF THE MEMBERS

                          OF THE BOARD OF DIRECTORS OF

                     U-HAUL CO. OF WESTERN WASHINGTON, INC.

                            A WASHINGTON CORPORATION

                                                                January 11, 1989

         The undersigned, constituting all the members of the Board of Directors
of U-Haul Co. of Western Washington, Inc., a Washington corporation, hereby
consent to and adopt the following resolution:

         RESOLVED: That this corporation does hereby agree to and approve the
         Plan of Merger between this corporation and Movers World of Washington,
         Inc., whereby this corporation shall be the surviving corporation, all
         in accordance with the copy of the Plan of Merger attached hereto, and
         be it further

         RESOLVED: That the President and Secretary of this corporation be and
         they hereby are authorized and directed to execute on behalf of this
         corporation said Plan of Merger and to do all and everything necessary
         to complete said merger, and

         RESOLVED: That said Plan be submitted to the sole shareholder of this
         corporation for the purpose of considering the approval of said plan.

                                             /s/ Charles R. Eide
                                             -----------------------------------
                                             Charles R. Eide, Director

                                             /s/ Donald Holt
                                             -----------------------------------
                                             Donald Holt, Director

                                             /s/ Jacquelyn J. Dunham
                                             -----------------------------------
                                             Jacquelyn J. Dunham, Secretary

<PAGE>

                            UNITED STATES OF AMERICA

                            THE STATE OF WASHINGTON
                                     (SEAL)
                               SECRETARY OR STATE

I, SAM REED, Secretary of State of the State of Washington and custodian of its
seal, hereby issue this

           certificate that the attached is a true and correct copy of

                               ARTICLES OF MERGER

                                       of

                        U-HAUL CO. OF WESTERN WASHINGTON

                  as filed in this office on February 27, 1985.

                                               Date: August 5, 2003

                                               Given under my hand and
                  (SEAL)                       the Seal of the State of
                                               Washington at Olympia,
                                               the State Capital.

                                               /s/ Sam Reed

                                               Sam Reed, Secretary of State

<PAGE>

                                     (SEAL)

                     STATE OF WASHINGTON SECRETARY OF STATE

I, RALPH MUNRO, Secretary of State of the State of Washington and custodian of
its seal, hereby certify that

                               ARTICLES OF MERGER

                                       of

                        U-HAUL CO. OF WESTERN WASHINGTON

a                              Washington Profit                    corporation,

was/were filed for record in this office on the date indicated below.

         Merging with and into itself RENT-IT-SHOPS, INC.

Corporation Number: 2-203884-8                           Date: February 27, 1985

                                          Given under my hand and the seal of
1774                                      the State of Washington, at Olympia,
285-290                                   the State Capitol.

                                          /s/ Ralph Munro
                                          --------------------------------------
                                          Ralph Munro, Secretary of State



<PAGE>

                               ARTICLES OF MERGER

                                       OF

                               RENT-IT-SHOPS, INC.

                                      INTO

                        U-HAUL CO. OF WESTERN WASHINGTON

                             WASHINGTON CORPORATIONS

UNDER SECTIONS 23A.20.010 AND 23A.20.040 OF THE WASHINGTON BUSINESS CORPORATION
LAW

                                        I

         The name of the Surviving Corporation is U-Haul Co. of Western
Washington.

                                       II

         The name of the Absorbed Corporation is Rent-It-Shops, Inc.

                                       III

         The surviving corporation has 500 shares of common stock issued and
5,000 shares outstanding.

         The absorbed corporation has 31,984 of common stock issued and 150,000
shares outstanding.

                                       IV

         The number of shares voted against the merger was none.

                                        V

         The Plan of Merger, which is attached hereto and by reference
incorporated herein, was approved by the directors and sole shareholder of each
of the undersigned corporations in the manner provided under the laws of the
State of Washington.

         IN WITNESS WHEREOF, the corporate parties hereto have executed the
Articles of Merger this 22nd day of January, 1985.

                                    SUPERVISOR: U-Haul Co. of Western Washington
                                                a Washington corporation

                                                By: /s/ Mike Hall
                                                   -----------------------------
                                                Mike Hall, President

             (CORPORATE SEAL)
                                                By: /s/ Deborah Henkes
                                                   -----------------------------
                                                Deborah Henkes, Secretary

                                    ABSORBED:   Rent-It-Shops, Inc.
                                                a Washington corporation

                                                By: /s/ Donald Holt
                                                   -----------------------------
                                                Donald Holt, Vice-President

             (CORPORATE SEAL)
                                                By: /s/ Deborah Herkes
                                                   -----------------------------
                                                Deborah Herkes, Secretary

                                      286
<PAGE>

                                  VERIFICATION

STATE OF WASHINGTON )
                    )ss.
COUNTY OF           )

Mike Hall, being duly sworn deposed and says that he is the President of U-Haul
Co. of Western Washington, a Washington corporation, the corporation named in
and described in the foregoing instrument. That he has read the foregoing
instrument and knows the contents thereof, and that the same is true of his own
knowledge except as to the matters therein stated to be alleged upon information
and belief, and as to those matters he believes it to be true.

                                                /s/ Mike Hall
                                                --------------------------------
                                                Mike Hall-President

         Sworn to before me this 22nd day of January, 1985.

                                                /s/ Deborah Henkes
                                                --------------------------------
                                                         Notary Public


My Commission Expires: 9-13-86

                                      287
<PAGE>

                                  VERIFICATION

STATE OF     )
             )ss.
COUNTY OF    )

Donald Holt, being duly sworn deposed and says that he is the Vice President of
Rent-It-Shops, Inc. a Washington corporation, the corporation named in and
described in the foregoing instrument. That he has read the foregoing instrument
and knows the contents thereof, and that the same is true of his own knowledge
except as to the matters therein stated to be alleged upon information and
belief, and as to those matters he believes it to be true.

                                                /s/ Donald Holt
                                                --------------------------------
                                                Donald Holt, Vice-President

         Sworn to before me this 22nd day of January, 1985.

                                                /s/ Deborah Henkes
                                                --------------------------------
                                                         Notary Public

My Commission Expires: 9-13-86

                                      288
<PAGE>

                                 PLAN OF MERGER

         THIS PLAN OF MERGER dated this 22nd day of January, 1985, entered into
by Rent-It-Shops, Inc., Absorbed Corporation, and U-Haul Co. of Western
Washington Surviving Corporation, Washington corporations and together referred
to as Constituent Corporations, hereby WITNESSETH THAT:

WHEREAS:

         The respective Boards of Directors and sole shareholder of the
Constituent Corporations have determined it to be advisable that Absorbed
Corporation be merged into Surviving Corporation under the terms and conditions
hereinafter set forth in accordance with the applicable provisions of the State
of Washington which permit such a merger:

         NOW THEREFORE the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be the Articles of Incorporation with no alteration or amendment.

                                       II

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         1. All issued and outstanding shares of stock of Absorbed Corporation
shall be cancelled.

         2. On the effective date of the merger and when the aforementioned
cancellation has been effected, the outstanding stock of Surviving Corporation
shall be deemed for all corporate purposes to evidence the ownership of the
Constituent Corporations.

                                       III

         Surviving Corporation shall pay all expenses of accomplishing the
merger.

                                       IV

         If Surviving Corporation shall consider or be advised that any
assignment or assurances in law are necessary or desirable to vest or to perfect
or confirm of record in Surviving Corporation the title to any property or
rights of Absorbed Corporation or to otherwise carry out the provisions

                                      289
<PAGE>

hereof, the proper officers and directors of Absorbed Corporation as of the
effective date of the merger shall execute and deliver any assignments and
assurances in law, and do all things necessary or proper to vest or perfect such
rights in Surviving Corporation and otherwise to carry out the provisions
hereof.

                                        V

Each of the Constituent Corporations shall take or cause to be taken all action
or all things necessary, proper or advisable under the laws of the State of
Washington to consummate and make effective the merger subject, however, to the
consent of the sole stockholder; and the officers and directors of the Surviving
Corporation are authorized and directed to perform all actions required for
accomplishing and filing this Plan of Merger.

IN WITNESS WHEREOF the corporate parties hereto, pursuant to authority given by
their respective Boards of Directors and sole shareholder hereby enter into this
Plan of Merger executed and sealed this 22nd day of January, 1985.

                                    SUPERVISOR: U-Haul Co. of Western Washington
                                                a Washington corporation

                                                By: /s/ Mike Hall
                                                   -----------------------------
                                                Mike Hall, President

             (CORPORATE SEAL)
                                                By: /s/ Deborah Henkes
                                                   -----------------------------
                                                Deborah Henkes, Secretary

                                    ABSORBED:   Rent-It-Shops, Inc.
                                                a Washington corporation

                                                By: /s/ Donald Holt
                                                   -----------------------------
                                                Donald Holt, Vice-President

             (CORPORATE SEAL)
                                                By: /s/ Deborah Herkes
                                                   -----------------------------
                                                Deborah Herkes, Secretary

                                      290
<PAGE>

                            UNITED STATES OF AMERICA

                            THE STATE OF WASHINGTON

                                     [LOGO]

                               SECRETARY OF STATE

I, SAM REED, Secretary of State of the State of Washington and custodian of its
seal, hereby issue this

           certificate that the attached is a true and correct copy of

                              ARTICLES OF AMENDMENT

                                       of

                             U-HAUL CO. OF SEATTLE

                 CHANGING NAME TO U-HAUL OF WESTERN WASHINGTON

                    as filed in this office on March 5, 1980.

                                                  Date:    August 5, 2003

                                                     Given under my hand and the
                                                     Seal of the State of
                                                     Washington at Olympia, the
                                                     State Capital.
             (SEAL)
                                                    /s/ Sam Reed
                                                    ---------------------------

                                                    Sam Reed, Secretary of State

<PAGE>

D203884                                                                 DOMESTIC
 FILE NUMBER

                                     [LOGO]

                    STATE OF WASHINGTON DEPARTMENT OF STATE

I, BRUCE K. CHAPMAN, Secretary of State of the State of Washington and custodian
of its seal, hereby certify that

                            ARTICLES OF AMENDMENT TO

                            ARTICLES OF INCORPORATION

of U-HAUL CO. OF SEATTLE a domestic corporation of Seattle. Washington,
(Changing name to U-HAUL CO. OF WESTERN WASHINGTON) was filed for record in this
office on this date, and I further certify that such Articles remain on file in
this office.

Filed at request of
U-Haul Moving & Storage
P. O. Box 21510
2727 North Central Ave
Phoenix, Arizona 85036

Filing and recording fee ...   $ ......
License to June 30, 19 .....   $ ......
      Excess pages @ 25 cents  $ ......
      Microfilmed, Roll No.    1517
                        Page   145-147

In witness whereof I have signed and have affixed the seal of the State of
Washington to this certificate at Olympia, the State Capitol, March 5, 1980

                                                       /s/ Bruce K. Chapman
                                                       -------------------------
                                                               BRUCE  K. CHAPMAN
                                                              SECRETARY OF STATE

<PAGE>

                               FILE IN [ILLEGIBLE]

                              ARTICLES OF AMENDMENT

                                       OF

                              U-HAUL CO. OF SEATTLE

         Pursuant to the provisions of RCW 23A.16 of the Washington Business
Corporation Act, the undersigned adopts the following Articles of Amendment to
the Articles of Incorporation:

         FIRST: The name of the corporation is U-Haul Co. of Seattle

         SECOND: The following amendment of the Articles of Incorporation was
adopted by the shareholders of the corporation on January 25, 1980

                        The name of the corporation shall be

                        U-HAUL CO. OF WESTERN WASHINGTON

         THIRD: The number of shares of the corporation outstanding at the time
of such adoption was 500; and the number of shares entitled to vote thereon was
500.

                                      146
<PAGE>

         FOURTH: The designation and number of outstanding shares of. each class
entitled to vote thereon as a class were as follows: *

               Class                           Number of Shares

                                      NONE

         FIFTH: The number of shares voted for such amendment was 500; and the
number of shares voted against such amendment was NONE.

         SIXTH: The number of shares of each class entitled to vote thereon as a
class voted for and against such amendment, respectively, was: *

               Class                                    Number of Shares
                                      NONE     For______________; Against_____.

         SEVENTH: The manner, if not set forth in such amendment, in which any
exchange, reclassification, or cancellation of issued shares provided for in the
amendment shall be effected, is as follows: **

                                    NO CHANGE

         EIGHTH: The manner in which such amendment effects a change in the
amount of stated capital, and the amount of stated capital as changed by such
amendment, are as follows: **

         Dated: January 25, 1980.

                                                /s/ Ronald Belec
                                                --------------------------------
                                                President, Ronald Belec

                                                /s/ Deborah Schmitt
                                                --------------------------------
                                                Secretary, Deborah Schmitt

         SUBSCRIBED AND SWORN to before me this 20th day of February, 1980.

                                           /s/ [ILLEGIBLE]
                                           --------------------------------
                                           Notary Public in and for the state of
                                           Washington, residing at [ILLEGIBLE].

*   If inapplicable, insert "None".

**  If inapplicable, insert "No change".


<PAGE>

                            UNITED STATES OF AMERICA

                            THE STATE OF WASHINGTON

                                     [LOGO]

                               SECRETARY OF STATE

I, SAM REED, Secretary of State of the State of Washington and custodian of its
seal, hereby issue this

           certificate that the attached is a true and correct copy of

                               ARTICLES OF MERGER

                                       of

                             U-HAUL CO. OF SEATTLE

                 as filed in this office on September 25, 1975.

                                                   Date:    August 5, 2003

                                                      Given under my hand and
                                                      the Seal of the State of
                                                      Washington at Olympia, the
                                                      State Capital.

                                                    /s/ Sam Reed
                                                    ----------------------------
                                                    Sam Reed, Secretary of State

<PAGE>

D-250251                                                                DOMESTIC
 FILE NUMBER

                                     [LOGO]

                     STATE OF WASHINGTON DEPARTMENT OF STATE

I, BRUCE K. CHAPMAN, Secretary of State of the State of Washington and custodian
of its seal, hereby certify that


                               ARTICLES OF MERCER

of U-HAUL CO. OF SEATTLE a domestic corporation of Seattle, Washington,
(Merging with and into itself U-HAUL CO. OF TACOMA) was filed for record in this
office at 8:00 O'clock a. m, on this date, and I further certify that such
Articles remain on file in this office.

Filed at request of Amerco
2727 N. Central Ave.
Phoenix, AZ 85004
Attn : Mr. C. J. Hunt

Filing and recording fee .....     $ 15,00
License to June 30, 19 .....       $ .....
         Excess pages @ 25 cents   $ .....
         Microfilmed, Roll No.     1329
                        Page       366-372

In witness whereof I have signed and have affixed the seal of the State of
Washington to this certificate at Olympia, the State Capitol, September 25, 1975

                                                              -----------------
                                                                BRUCE K. CHAPMAN
                                                              SECRETARY OF STATE

<PAGE>

                               ARTICLES OF MERGER

                                       OF

                              U-HAUL CO. OF TACOMA

                                      INTO

                              U-HAUL CO. OF SEATTLE

                            WASHINGTON CORPORATIONS

UNDER SECTIONS 23A.20.010 AND 23A.20.040 OF THE WASHINGTON BUSINESS CORPORATION
LAW

                                       I

         The name of the Surviving Corporation is U-Haul Co. of Seattle.

                                       II

         The name of the Absorbed Corporation is U-Haul Co. of Tacoma.

                                       III

         Each Constituent Corporation has 500 shares of common stock issued and
outstanding.

                                       IV

         The number of shares voted for the merger was 500; the number of shares
voted against was none.

         The Plan of Merger, which is attached hereto and by reference
incorporated herein, was approved by the directors and sole shareholder of each
of the undersigned corporations in the manner provided under the laws of the
State of Washington.

         IN WITNESS WHEREOF, the corporate parties hereto have executed the
Articles of Merger this 16 day of September, 1975.

                                    SURVIVOR: U-Haul Co. of Seattle,
                                               a Washington corporation

                                              By: /s/ [ILLEGIBLE]
                                                  ------------------------------
                                                           President

                  (CORPORATE SEAL)

                                              By: /s/ [ILLEGIBLE]
                                                  ------------------------------
                                                           Secretary

                                    ABSORBED: U-Haul Co. of Tacoma,
                                              a Washington corporation

                                              By: /s/ [ILLEGIBLE]
                                                  ------------------------------
                                                           President

                  (CORPORATE SEAL)

                                              By: /s/ [ILLEGIBLE]
                                                  ------------------------------
                                                           Secretary

                                      367
<PAGE>

                                  VERIFICATION

STATE OF Washington  )
                     ) ss.
COUNTY OF King       )

[ILLEGIBLE], being duly sworn deposes and says that he is the President of
U-Haul Co. of Seattle, a Washington corporation, the corporation named in and
described in the foregoing instrument. That he has read the foregoing instrument
and knows the contents thereof, and that the same is true of his own knowledge
except as to the matters therein stated to be alleged upon information and
belief, and as to those matters he believes it to be true.

                                              /s/ [ILLEGIBLE]
                                              -------------------------------
                                                                - President

         Sworn to before me this 16 day of September, 1975.

                                              /s/ [ILLEGIBLE]
                                              -------------------------------
                                                        Notary Pubic

My Commission Expires : 6-3-76

                                      368
<PAGE>

                                  VERIFICATION

STATE OF Washington  )
                     ) ss.
COUNTY OF King       )

JAMES S. KELLY, being duly sworn deposes and says that he is the President of
U-Haul Co. of Tacoma, a Washington corporation, the corporation named in and
described in the foregoing instrument. That he has read the foregoing instrument
and knows the contents thereof, and that the same is true of his own knowledge
except as to the matters therein stated to be alleged upon information and
belief, and as to those matters he believes it to be true.

                                              /s/ [ILLEGIBLE]
                                              -------------------------------
                                                                - President

         Sworn to before me this 16 day of September, 1975.

                                              /s/ [ILLEGIBLE]
                                              -------------------------------
                                                        Notary Pubic

My Commission Expires: 6-3-76

                                      369
<PAGE>

                                 PLAN OF MERGER

         THIS PLAN OF MERGER dated this 12th day of September, 1975, entered
into by U-Haul Co. of Tacoma, Absorbed Corporation, and U-Haul Co. of Seattle,
Surviving Corporation, Washington corporations and together referred to as
Constituent Corporations, hereby WITNESSETH THAT:

WHEREAS:

         The respective Boards of Directors and sole shareholder of the
Constituent Corporations have determined it to be advisable that Absorbed
Corporation be merged into Surviving Corporation under the terms and conditions
hereinafter set forth in accordance with the applicable provisions of the State
of Washington which permit such a merger:

         NOW THEREFORE the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be the Articles of Incorporation with no alteration or amendment.

                                       II

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         1. All issued and outstanding shares of stock of Absorbed Corporation
shall be cancelled.

         2. On the effective date of the merger and when the aforementioned
cancellation has been effected, the outstanding stock of Surviving Corporation
shall be deemed for all corporate purposes to evidence the ownership of the
Constituent Corporations.

                                       III

         Surviving Corporation shall pay all expenses of accomplishing the
merger.

                                       IV

         If Surviving Corporation shall consider or be advised that any
assignment or assurances in law are necessary or desirable to vest or to perfect
or confirm of record in Surviving Corporation the title to any property or
rights of Absorbed Corporation or to otherwise carry out the provisions hereof,
the proper officers and directors of Absorbed Corporation as of the effective

                                      370
<PAGE>

date of the merger shall execute and deliver any assignments and assurances in
law, and do all things necessary or proper to vest or perfect such rights in
Surviving Corporation and otherwise to carry out the provisions hereof.

                                        V

         Each of the Constituent Corporations shall take or cause to be taken
all action or all things necessary, proper or advisable under the laws of the
State of Washington to consummate and make effective the merger subject,
however, to the consent of the sole stockholder; and the officers and directors
of the Surviving Corporation are authorized and directed to perform all actions
required for accomplishing and filing this Plan of Merger.

         IN WITNESS WHEREOF the corporate parties hereto, pursuant to authority
given by their respective Boards of Directors and sole shareholder hereby enter
into this Plan of Merger executed and sealed this 16 day of September, 1975.

                                       SURVIVOR: U-Haul Co. of Seattle,
                                                 a Washington corporation

                                                 By: /s/ [ILLEGIBLE]
                                                     ---------------------------
                                                                     - President

(CORPORATE SEAL)

                                                 By: /s/ [ILLEGIBLE]
                                                     ---------------------------
                                                                     - Secretary

                                       ABSORBED: U-Haul Co. of Tacoma,
                                                 a Washington corporation

                                                 By: /s/ [ILLEGIBLE]
                                                     ---------------------------
                                                                     - President

(CORPORATE SEAL)

                                                 By: /s/ [ILLEGIBLE]
                                                     ---------------------------
                                                                     - Secretary

                                      371
<PAGE>

                       CERTIFICATE OF CORPORATE RESOLUTION

         I, John A. Lorentz, do hereby certify that I am the duly elected and
acting Secretary of AMERCO, a Nevada corporation, and that the following is a
true and accurate copy of the resolutions adopted by the Board of Directors at a
meeting duly called and held on the 12th day of September, 1975, as the same
appears on the books and records of this corporation:

         RESOLVED: That this corporation, being the sole owner of all of the
         outstanding stock of U-Haul Co. of Seattle and U-Haul Co. of Tacoma,
         hereby authorizes and directs that the respective Boards of Directors
         of said corporations proceed with such actions as will accomplish the
         merger of said corporations, with U-Haul Co. of Seattle being the
         survivor corporation, and be it further

         RESOLVED: That the Secretary of this corporation be and hereby is
         directed to execute a Certificate of Corporate Resolution to be
         submitted to the Office of the Secretary of State of Washington,
         attesting to the aforesaid Resolution and certifying that this
         corporation does hereby vote all of the outstanding stock of said
         corporation in favor of such merger.

         In Witness Whereof, I have set my hand and affixed the seal of this
corporation this 12th day of September, 1975.

                                                 By: /s/ John A. Lorentz
                                                     ---------------------------
                                                              Secretary

(CORPORATE SEAL)

                                      372
<PAGE>


                            UNITED STATES OF AMERICA

                             THE STATE OF WASHINGTON

                                     [LOGO]

                               SECRETARY OF STATE

I, SAM REED, Secretary of State of the State of Washington and custodian of its
seal, hereby issue this

           certificate that the attached is a true and correct copy of

                             ARTICLES OF AMENDMENT

                                       of

                         AMERCO MARKETING CO. OF SEATTLE

                     CHANGING NAME TO U-HAUL CO. OF SEATTLE

                   as filed in this office on March 8, 1973.

                                                            Date: August 5, 2003

                                                        Given under my hand and
                                                        the Seal of the State of
                                                        Washington at Olympia,
       (SEAL)                                           the State Capital.

                                                           /s/ Sam Reed
                                                   -----------------------------
                                                    Sam Reed, Secretary of State

<PAGE>

D-227651
- ---------
FILE NUMBER                                                             DOMESTIC

                                     [LOGO]

                     STATE OF WASHINGTON DEPARTMENT OF STATE

I, A. LUDLOW KRAMER, Secretary of State of the State of Washington and custodian
of its seal, hereby certify that

                                     AMENDED
                            ------------------------
                            ARTICLES OF INCORPORATION

of AMERCO MARKETING CO. OF SEATTLE a domestic corporation of Seattle,
Washington, (Changing name to U-HAUL CO. OF SEATTLE) was filed for record in
this office on this date, and I further certify that such Articles remain on
file in this office.

Filed at request of
AMERCO
2727 N. Central Ave.
Phoenix, Arizona 85004
Attn: D. A. Sanders

Filing and recording fee         $10.00
License to June 30, 19___        $_____
     Excess pages @ 25 cents     $_____
     Microfilmed, Roll No          1262
                       Page     111-114

                                             In witness whereof I have signed
                                             and have affixed the seal of the
                                             State of Washington to this
                                             certificate at Olympia, the State
                                             Capitol,

                                                      MARCH 8, 1973.

                                                              ------------------
                                                                A. LUDLOW KRAMER
                                                              SECRETARY OF STATE

<PAGE>

                               FILE IN TRIPLICATE

                              ARTICLES OF AMENDMENT

                                       OF

                                                               A. LUDLOW KRAMER
                                                              SECRETARY OF STATE

                         AMERCO MARKETING CO. OF SEATTLE

         Pursuant to the provisions of RCW 23A.16 of the Washington Business
Corporation Act, the undersigned adopts the following Articles of Amendment to
the Articles of Incorporation;

         FIRST: The name of the corporation is AMERCO MARKETING CO. OF SEATTLE

         SECOND: The following amendment (s) of the Articles of Incorporation
was (were) adopted by the shareholders of the corporation on 2/21/73:

                                   ARTICLE I

         "The name of the corporation is U-HAUL CO. OF SEATTLE."

         THIRD: The number of shares of the corporation outstanding at the time
of such adoption was 500; and the number of shares entitled to vote thereon was
500.

                                      112
<PAGE>

         FOURTH: The designation and number of outstanding shares of each class
entitled to vote thereon as a class were as follows: *

              Class                               Number of Shares

             COMMON                                      500

         FIFTH: The number of shares voted for such amendment was 500; and the
number of shares voted against such amendment was -0-.

         SIXTH: The number of shares of each class entitled to vote thereon as a
class voted for and against such amendment, respectively, was: *

              Class                     Number of Shares

             COMMON                    For 500; Against -0-.

         SEVENTH: The manner, if not set forth in such amendment, in which any
exchange, reclassification, or cancellation of issued shares provided for in the
amendment shall be effected, is as follows: **

             NO CHANGE

         EIGHTH: The manner in which such amendment effects a change in the
amount of stated capital, and the amount of stated capital as changed by such
amendment, are as follows: **

             NO CHANGE

Dated: 2-27-1973.                                AMERCO MARKETING CO. OF SEATTLE

                                                 /s/ Edward J. Steinberg
                                                 -------------------------------
                                                 President Edward J. Steinberg

                                                 /s/ David S. Welch
                                                 -------------------------------
                                                 Secretary David S. Welch

SUBSCRIBED AND SWORN to before me this 27 day of Feb, 1973.

                                           [ILLEGIBLE]
                                           -------------------------------------
                                           Notary Public in and for the State of
                                           Wash, residing at Seattle

* If inapplicable, insert "None".

** If inapplicable, insert "No change".

                                      113

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar

name:

         1.       The name of the consenting corporation is U-HAUL CO., a
                  corporation organized and existing under the laws of the State
                  of WASHINGTON.

         2.       The name of the corporation to which this consent is given and
                  which is about to amend its corporate name is:

                        AMERCO MARKETING CO. OF SEATTLE

         3.       The name the corporation shall adopt by amending its Articles
                  of Incorporation is:

                             U-HAUL CO. OF SEATTLE

         In Witness Whereof, this corporation has caused this consent to be
executed this 2nd day of March, 1973.

                                       U-HAUL CO., a (an) WASHINGTON corporation

                                       By: /s/ [ILLEGIBLE]
                                           ------------------------------
                                                 Assistant Secretary

STATE OF ARIZONA   )
                   ) ss.
COUNTY OF MARICOPA )

         Before me, a Notary Public, personally appeared ARTHUR G. SEIFERT,
known to me to be the person who executed the foregoing instrument, and
acknowledged that he executed the same for the purpose therein contained and
that the statements therein contained are truly set forth.

         In Witness Whereof, I have hereunto set my hand and official seal this
2nd day of March, 1973.

         (SEAL)

                                                /s/ [ILLEGIBLE]
                                                --------------------------------
                                                Notary Public - State of Arizona

                                      114
<PAGE>

                            UNITED STATES OF AMERICA

                            THE STATE OF WASHINGTON

                                     [SEAL]

                               SECRETARY OF STATE

I, SAM REED, Secretary of State of the State of Washington and custodian of its
seal, hereby issue this

           certificate that the attached is a true and correct copy of

                              ARTICLES OF AMENDMENT

                                       of

                              U-HAUL CO. OF SEATTLE

                CHANGING NAME TO AMERCO MARKETING CO. OF SEATTLE

                  as filed in this office on October 30, 1970.

                                                 Date: August 5, 2003

                                                 Given under my hand and the
[SEAL]                                           Seal of the State of Washington
                                                 at Olympia, the State Capital.

                                                  /S/ Sam Reed

                                                  Sam Reed, Secretary of State

<PAGE>

   D-208631                         [LOGO]                              DOMESTIC
FILE NUMBER

                     STATE OF WASHINGTON DEPARTMENT OF STATE

I, A. LUDLOW KRAMER, Secretary of State of the State of Washington and custodian
of its seal, hereby certify that

                                     AMENDED
                            ARTICLES OF INCORPORATION

Of U-HAUL CO. OF SEATTLE a domestic corporation of SEATTLE, Washington,
(CHANGING NAME TO AMERCO MARKETING CO. OF SEATTLE) was filed for record in this
office on this date, and I further certify that such Articles remain on file in
this office.

Filed at request of

         Amerco
         Advanced Management Engineering & Research Company
         2721 N, Central Ave.
         Phoenix, Arizona 85036                 In witness whereof I have
         Attn: John A. Lorentz                  signed and have affixed the
                                                seal of the State of Washington
Filing and recording fee   $ 10.00              to this certificate at Olympia,
License to June 30, 19     $                    the State Capitol,

         Excess pages @ 25 cent(s) $
                                                       OCTOBER 30, 1970
         Microfilmed, Roll No. 1205
                      Page 112-115                            A. LUDLOW KRAMER
                                                              SECRETARY OF STATE

                                       112
<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

                              U-HAUL CO. OF SEATTLE

STATE OF WASHINGTON        )
                           ) ss.
COUNTY OF KING             )

         Edward J. Steinberg and Jerry Crosby being first duly sworn upon their
oath depose and say:

         1.       That they are the President and the Secretary respectively of
                  U-HAUL CO. OF SEATTLE.

         2.       That at a meeting of the Board of Directors of said
                  corporation, duly held at Auburn, Washington on August 12,
                  1970, the following resolution was adopted:

                           "RESOLVED: That Article I of the Articles of
                           Incorporation be amended to read as follows:

                           The name of this corporation is AMERCO MARKETING CO.
                           OF SEATTLE. "

         3.       That the shareholders have adopted said amendment by
                  resolution at a meeting held at Auburn, Washington on August
                  12, 1970. That the wording of the amended article, as set
                  forth in the shareholders' resolution, is the same as that set
                  forth in the directors' resolution in Paragraph 2 above.

         4.       That the number of shares which voted affirmatively for the
                  adoption of said resolution is 500, and that the total number
                  of shares entitled to vote on or consent to said amendment is
                  500.

         5.       All of the outstanding stock of this corporation is being held
                  by U-HAUL CO., a Washington corporation, who has, in the
                  adoption of the resolution authorizing this amendment waived
                  the notice of meeting of shareholders.

                                                    Edward J. Steinberg
                                                 ------------------------
                                                         President

         (CORPORATE SEAL)

                                                       Jerry Crosby
                                                 ------------------------
                                                         Secretary

Page One of Two Pages

                                      113
<PAGE>

STATE OF WASHINGTON   )
                      ) ss.
COUNTY OF KING        )

         Edward J. Steinberg and Jerry Crosby, being sworn severally, each for
himself, on his oath deposes and says that he is the person who executed the
foregoing instrument; that he has read the same and knows the contents thereof;
that the matters stated therein are true to his knowledge, except such matters
as are stated to be upon information and belief and as to those matters he
believes them to be true.

                                                     Edward J. Steinberg
                                                  ------------------------
                                                          President

                                                         Jerry Crosby
                                                  ------------------------
                                                          Secretary

         Severally sworn to and subscribed before me this 23rd day of October,
1970.

                                                         [ILLEGIBLE]
                                                  ------------------------

Notary Public in and for the County of King, State of Washington.

         (NOTARIAL SEAL)

Page Two of Two Pages

                                      114

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Washington

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is AMERCO, a corporation
         organized and existing under the laws of the State of Arizona.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

         AMERCO MARKETING CO. OF SEATTLE

         In Witness Whereof, this corporation has caused this consent to be
executed this 12 day of August, 1970.

                                                AMERCO, an Arizona corporation

                                                By: /s/ L. S. Shoen
                                                    ----------------------------
                                                    L. S. Shoen - President
STATE OF ARIZONA    )
                    ) ss.
COUNTY OF MARICOPA  )

         Before me, a Notary Public, personally appeared L. S. Shoen known to me
to be the person who executed the foregoing instrument, and acknowledged that he
executed the same for the purpose therein contained and that the statements
therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
12th day of August, 1970.

                                                       Halen H. Delameter
                                             -----------------------------------
                                                        Notary Public

                                             My Commission Expires Aug. 13, 1972

                                      115
<PAGE>

                            UNITED STATES OF AMERICA
                            THE STATE OF WASHINGTON
                                     [SEAL]
                               SECRETARY OF STATE

I, SAM REED, Secretary of State of the State of Washington and custodian of its
seal, hereby issue this

                  certificate that the attached is a true and correct copy of

                           ARTICLES OF INCORPORATION
                                       of
                             U-HAUL CO. OF SEATTLE

                   as filed in this office on March 2, l970.

                                      Date: August 5, 2003
[SEAL]
                                         Given under my hand and
                                         the Seal of the State of
                                         Washington at Olympia, the
                                         State Capital.

                                         /s/ Sam Reed
                                         ----------------------------
                                         Sam Reed, Secretary of State

<PAGE>

D-203884                                                                DOMESTIC
FILE NUMBER

                                     [SEAL]

                     STATE OF WASHINGTON DEPARTMENT OF STATE

I, A. LUDLOW KRAMER, Secretary of State of the State of Washington and custodian
of its seal, hereby certify that

                           ARTICLES OF INCORPORATION

of U-HAUL CO. OF SEATTLE a domestic corporation of SEATTLE, Washington,
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________

was filed for record in this office on this date, and I further certify that
such Articles remain on file in this office.


Filed at request of
  Arcoa Inc.
  2727 North Central
  P. O.Box 21502                        In witness whereof I have signed
  Phoenix, Arizona  85036               and have affixed the seal of the State
  Attn: David L.Helsten                 of Washington to this certificate at
                                        Olympia, the State Capitol,
Filing and recording fee    $ 50.00
License to June 30, 1970    $ 30.00              MARCH 2, 1970.
  Excess pages @ 25 cent(s) $______
    Microfilmed, Roll No.      1188                             A. LUDLOW KRAMER
                                                              SECRETARY OF STATE
                     Page  19-22

                                       19

<PAGE>

                           ARTICLES OF INCORPORATION
                                       of
                              U-HAUL CO. OF SEATTLE

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a corporation
under the laws of the State of Washington.

                                    ARTICLE I

             The name of the corporation is U-HAUL CO. OF SEATTLE.

                                   ARTICLE II

            The period of duration of the corporation is perpetual.

                                   ARTICLE III

         The purpose or purposes for which the corporation is organized are to
rent and lease to the general public trailers, semi-trailers, trucks, passenger
automobiles and other equipment, tools, machinery, vehicles and property of any
and every kind and description, and to purchase or otherwise acquire and operate
any facilities useful for the conduct of the business enterprises of this
corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of Washington upon corporations, and to engage in any lawful activity
within the purposes for which corporations may be organized under the laws of
the State of Washington.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue are five thousand (5,000) shares of common stock with a par
value of Ten ($10.00) Dollars each, or a total capitalization of Fifty Thousand
($50,000.00) Dollars.

                                    ARTICLE V

         The corporation will not commence business until the consideration

Page one of two pages

                                       20

<PAGE>

of at least One Thousand ($1,000.00) Dollars has been received for the issuance
of shares.

                                   ARTICLE VI

         The address of its registered office shall be c/o C. T. Corporation
System, 1218 Third Avenue, Seattle, Washington and the name of the resident
agent at said address is C. T. Corporation System.

                                   ARTICLE VII

         The initial Board of Directors shall consist of three (3) members, and
the initial Board who shall act until the first annual meeting of stockholders
and their successors have been elected and qualified are:

           Edward J. Steinberg           1016 West Main
                                         Auburn, Washington 98002

           Wayne Wrolstad                1016 West Main
                                         Auburn,Washington 98002

           Jerry Crosby                  1016 West Main
                                         Auburn, Washington 98002

                               ARTICLE VIII

         The name and address of each incorporator is as follows:

           David L. Helsten              2727 North Central Avenue
                                         Phoenix, Arizona 85004

         IN WITNESS WHEREOF, I have hereunto set my hand and seal this 20th
day of February, 1970.

STATE OF ARIZONA    )                        /s/ David L. Helsten
                    )ss:                     ------------------------
COUNTY OF MARICOPA  )                        David L. Helsten

         On this 20th Day of February, 1970, before me, a Notary Public for
the State of Arizona, personally appeared David L. Helsten, known to me to be
the person named in and who executed the foregoing instrument, and who
acknowledged that he had executed the same and that the matters therein
contained are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal this 20th day of February, 1970.

                                    /s/ Helen H. Delamater
                                    ---------------------------------------
                                    Helen H. Delamater
                                    Notary Public for the State of Arizona
(NOTARIAL SEAL)                     Residing at Tempe, Arizona
                                    My Commission expires August 13, 1972

Page two of two pages

                                       21
<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Washington

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is U-HAUL CO., a corporation
         organized and existing under the laws of the State of Washington

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

                              U-HAUL CO. OF SEATTLE

         IN WITNESS WHEREOF, this corporation has caused this consent to be
executed this 2 day of Feb., 1970.

                                            U-HAUL CO.

                                            By: /s/ [ILLEGIBLE]
                                                ------------------------
                                                               President

ATTEST:

/s/ [ILLEGIBLE]
- --------------------
           Secretary

STATE OF WASH.   )
                 ) ss.
COUNTY OF KING   )

         Before me, a Notary Public, personally appeared
              known to me to be the person who executed the foregoing
instrument, and acknowledged that he executed the same for the purpose therein
contained and that the statements therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
2 day of Feb, 1970.

                                            /s/ [ILLEGIBLE]
                                            ----------------------------
                                                    Notary Public

                                        22

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.146
<SEQUENCE>145
<FILENAME>p68936exv3w146.txt
<DESCRIPTION>EXHIBIT 3.146
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.146

                                   BY-LAWS OF

                              U-HAUL CO. OF SEATTLE

                            A Washington Corporation

                                    ARTICLE I

                                                             DATE: March 5, 1970

SECTION 1. Offices:


The principal office of the corporation in the state of Washington shall be
located in the city of Auburn. The corporation may have such other offices
either within or without the state of Washington as the Board of Directors may
designate or as the business of the corporation may require from time to
time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Third Friday of January of each year, at the office of the corporation in the
state of Washington or otherwise as provided in the notice of said Meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                      -1-
<PAGE>
may be held within or without the state of Washington. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorised
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

        1st.     All persons claiming to hold proxies shall present them to the
                 tellers for verification.

        2nd.     Proof of due notice of meeting when applicable.

        3rd.     Reading and disposal of all unapproved minutes.

        4th.     Reports of officers and committees.

        5th.     Election of Directors.

        6th.     Unfinished business.

        7th.     New business.

        8th.     Adjournment.

                                       -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organisation, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Washington.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Washington.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.


SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                       -3-

<PAGE>

        1st.     Roll call; a quorum being present.

        2nd.     Reading of minutes of preceding meeting and action thereon.

        3rd.     Consideration of communications of the Board of Directors.

        4th.     Reports of officials and committees.

        5th.     Unfinished business.

        6th.     Miscellaneous business.

        7th.     New business.

        8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

        1.       To purchase, lease, and acquire, in any lawful manner any and
                 all real or personal property including franchises, stocks,
                 bonds and debentures of other companies, business and good
                 will, patents, trade-marks in contracts, and interests
                 there-under, and other rights and proprieties which in their
                 judgment may be beneficial for the purpose of this
                 corporation, and to issue shares of stock of this corporation
                 in payment of such property, and in payment for services
                 rendered to this corporation, when they deem it advisable.

        2.       To fix and determine and to vary, from time to time, the
                 amount or amounts to be set aside or retained as reserve funds
                 or as working capital of this corporation.

        3.       To issue notes and other obligations or evidences of the debt
                 of this corporation, and to secure the same, if deemed
                 advisable, and endorse and guarantee the notes, bonds, stocks,
                 and other obligations of other corporations with or without
                 compensation for so doing, and from time to time to sell,
                 assign, transfer

                                      -4-

<PAGE>

                  or otherwise dispose of any of the property of this
                  corporation, subject, however to the laws of the State of
                  Washington, governing the disposition of the entire assets and
                  business of the corporation as a going concern.

        4.        To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Washington statutes regulating the appointment
of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with

                                       -5-

<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Power and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's offices, provided the Board of Directors indicates
the combination of these offices.

                                       -6-

<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Washington, the number and par value, if any, of each share represented
by it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferrable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue of shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                       -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF SEATTLE, are hereby

accepted and adopted as the By-laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                                 _______________________________
                                                 President - Edward J. Steinberg

ATTEST:

_________________________
Secretary - Jerry Crosby

         (CORPORATE SEAL)

                                       -8-
<PAGE>

                                   BY-LAWS OF

                             U-HAUL CO. OF SPOKANE

                            A Washington Corporation

                                   ARTICLE I

                                                             DATE: March 5, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Washington shall be
located in the city of Auburn. The corporation may have such other offices
either within or without the state of Washington as the Board of Directors may
designate or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
third Friday of January of each year, at the office of the corporation in the
state of Washington or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and,
in case of special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                      -1-
<PAGE>

may be held within or without the state of Washington. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballet, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

        1st.     All persons claiming to hold proxies shall present them to the
                 tellers for verification.

        2nd.     Proof of due notice of meeting when applicable.

        3rd.     Reading and disposal of all unapproved minutes.

        4th.     Reports of officers and committees.

        5th.     Election of Directors.

        6th.     Unfinished business.

        7th.     New business.

        8th.     Adjournment.

                                      -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Washington.

SECTION 4. Special Meetings:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Washington.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By Laws, but if any meeting of the Board be less then a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                       -3-

<PAGE>

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION  1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION  2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trade-marks in contracts, and interests
                  thereunder, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to very, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer

                                       -4-
<PAGE>

                  or otherwise dispose of any of the property of this
                  corporation, subject, however, to the laws of the State of
                  Washington, governing the disposition of the entire assets and
                  business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION  1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board May appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Washington statutes regulating the appointment
of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballet or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with

                                      -5-
<PAGE>

the secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements
of its funds. He shall give such bond for the faithful performance of his duties
as the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                      -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Washington, the number and par value, if any, of each share represented
by it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferable only upon the books of the corporation and open the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and nay require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock Shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                      -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF SPOKANE, are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

                                                  ______________________________
                                                  President - Edward Rhodes

ATTEST:

________________________________
Secretary - Lahean Rhodes

       (CORPORATE SEAL)

                                      -8-
<PAGE>

                            U-HAUL CO. OF WASHINGTON,
                            A WASHINGTON CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Washington, a
Washington corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the Shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                    SHAREHOLDER:

                                    U-Haul International, Inc., a Nevada
                                    Corporation

                                    By: /s/ Gary V. Klinefelter
                                        --------------------------
                                    Name: Gary V. Klinefelter
                                    Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.147
<SEQUENCE>146
<FILENAME>p68936exv3w147.txt
<DESCRIPTION>EXHIBIT 3.147
<TEXT>
<PAGE>
                                                                   EXHIBIT 3.147

                            ARTICLES OF INCORPORATION

                                       of

                          U-HAUL CO. OF WEST VIRGINIA

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a corporation
under the laws of the State of West Virginia.

                                    ARTICLE I

         The name of the corporation is U-HAUL CO. OF WEST VIRGINIA.

                                   ARTICLE II

         The period of duration of the corporation is perpetual.

                                  ARTICLE III

         The purpose or purposes for which the corporation is organized are to
rent and lease to the general public trailers, semi-trailers, trucks, passenger
automobiles and other equipment, tools, machinery, vehicles and property of any
and every kind and description, and to purchase or otherwise acquire and operate
any facilities useful for the conduct of the business enterprises of this
corporation.

         In general, to carry on any other business in connection with the
foregoing, and to have and exercise all powers conferred by the laws of the
State of West Virginia upon corporations, and to engage in any lawful activity
within the purposes for which corporations may be organized under the West
Virginia General Corporation Law.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue are two thousand five hundred (2,500) shares of common stock
with a par value of Ten ($10.00) Dollars each, or a total capitalization of
Twenty Five Thousand ($25,000.00) Dollars.

                                    ARTICLE V

         The corporation will not commence business until the consideration

Page one of three pages

<PAGE>

of at least One Thousand ($1,000.00) Dollars has been received for the issuance
of shares.

                                   ARTICLE VI

         The address of its principal office shall be P.O. Box 38, City of
Buffalo, State of West Virginia 25033.

                                   ARTICLE VII

         The initial Board of Directors shall consist of three (3) members, and
the initial Board who shall act until the first annual meeting of stockholders
and their successors have been elected and qualified are:

Bennie Joe Brown                    P.O. Box 38
                                    Buffalo, West Virginia 25033

Joe Brown                           P.O. Box 38
                                    Buffalo, West Virginia 25033

Max Brown                           P.O. Box 38
                                    Buffalo, West Virginia 25033

                                  ARTICLE VIII

         The name and address of each incorporator and the number of shares
subscribed to by each is as follows:

        Richard Rink                2727 North Central Avenue       90 Shares
                                    Phoenix, Arizona 85004

        David L. Helsten            2727 North Central Avenue       5 Shares
                                    Phoenix, Arizona 85004

        Arthur G. Seifert           2727 North Central Avenue       5 Shares
                                    Phoenix, Arizona 85004

         IN WITNESS WHEREOF, we have hereunto set our hand and seal this 27th
day of February, 1970.

Chapter 31, Article 1, Section 6, Code, 1931, as
amended.                                                /s/ Richard Rink
                                                        ------------------------
            Effective June 10, 1967.                    Richard Rink

AGREEMENT OF INCORPORATION and/or
AMENDMENT prepared by:

Name: David L. Helsten                                  /s/ David L. Helsten
Address: 2727 N. Central Avenue                         ------------------------
         Phoenix, Arizona 85004                         David L. Helsten

                                                        /s/ Arthur G. Seifert
                                                        ------------------------
                                                        Arthur G. Seifert

Page two of three pages

<PAGE>

STATE OF ARIZONA    )
                    ) ss:
COUNTY OF MARICOPA  )

         On this 27th Day of February, 1970, before me, a Notary Public for the
State of Arizona, personally appeared Richard Rink, David L. Helsten and Arthur
G. Seifert, known to me to be the persons named in and who executed the
foregoing instrument, and who acknowledged that they had executed the same and
that the matters therein contained are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal this 27th day of February, 1970.

                                        /s/ Helen H. Delamater
                                       -----------------------------------------
                                       Helen H. Delamater
                                       Notary Public for the State of Arizona
                                       Residing at Tempe, Arizona
                                       My Commission expires August 13, 1972

(NOTARIAL SEAL)

Page three of three pages

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of West Virginia

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is U-HAUL Co., a corporation
         organized and existing under the laws of the State of Virginia., and
         qualified in West Virginia.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

                          U-HAUL CO. OF WEST VIRGINIA

         IN WITNESS WHEREOF, this corporation has caused this consent to be
executed this 27 day of January, 1970.

                                                U-HAUL CO.

                                                By: /s/ [ILLEGIBLE]
                                                   -----------------------------
                                                              President

ATTEST:

/s/ [ILLEGIBLE]
- --------------------------
                Secretary

STATE OF Virginia  )
                   ) ss.
CITY OF Norfolk    )

         Before me, a Notary Public, personally appeared J. Lyle Campbell known
to me to be the person who executed the foregoing instrument, and acknowledged
that he executed the same for the purpose therein contained and that the
statements therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto [ILLEGIBLE] my hand and official
seal this 27 day of January, l970.

                                           /s/ [ILLEGIBLE]
                                           ----------------------------
                                                 Notary Public

                                           My Commission Expires May [ILLEGIBLE]

<PAGE>

           Chapter 31, Article 1, Section 6, Code, 1931, as amended.
                            Effective June 10, 1987.

           [ILLEGIBLE] OF INCORPORATION and/or AMENDMENT prepared by:
                               (Name and Address)

           __________________________________________________
           __________________________________________________
           __________________________________________________

                                      No.6
                                 March 23, 1970
                                  [ILLEGIBLE]
                                    AGREEMENT
                               OF INCORPORATION OF

                               U-Haul Co. of West
                                    Virginia

                                Principal Office

           STOCK                ________________         NON-STOCK
        CORPORATION             ________________        CORPORATION

Issued to_______________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Recorded [ILLEGIBLE] 33 Page____________________________________________________
________________________________________________________________________________


<PAGE>

                             STATE OF WEST VIRGINIA

                                     [LOGO]

                                   CERTIFICATE

         I, JOHN B. BORHETELLER, IV SECRETARY OF STATE OF THE STATE OF WEST
VIRGINIA, HEREBY CERTIFY THAT
BENNIE JOE BROWN, President of

                          U-HAUL CO. OF WEST VIRGINIA,

a corporation created and organized under the laws of the State of West
Virginia, has certified to me under his signature and the corporate seal of said
corporation, that, at a meeting of the stockholders of said corporation,
regularly held in accordance with the requirements of the law of said State, in
Buffalo, West Virginia, on the 12th day of August, 1970, at which meeting all of
the issued and outstanding voting stock of said corporation being represented by
the holders thereof, in person, by bodies corporate or by proxy, and voting for
the following resolution, the same was duly and regularly adopted and passed
to-wit:

                  "RESOLVED: That Article I of the Articles of Incorporation be
         amended to read as follows:

                  The name of this corporation is AMERCO MARKETING CO. OF WEST
         VIRGINIA."
<PAGE>

         WHEREFORE, I do declare said Change of Name to be authorized by law,
and that said corporation shall hereafter be known by the name of AMERCO
MARKETING CO. OF WEST VIRGINIA.

                           GIVEN UNDER MY HAND AND THE GREAT SEAL OF THE SAID
                           STATE, AT THE CITY OF CHARLESTON, THIS THIRD DAY OF
                           DECEMBER 1970.

                           [ILLEGIBLE]
                           --------------------------------
                           Secreatry of State

<PAGE>

                            CERTIFICATE OF AMENDMENT

                                       OF

                            ARTICLES OF INCORPORATION

                                       OF

                           U-HAUL CO. OF WEST VIRGINIA

STATE OF WEST VIRGINIA       )
                             ) ss.
COUNTY OF PUTNAM             )

         Bennie Joe Brown and Vina Brown being first duly sworn upon their oath
depose and say:

         1.   That they are the President and the secreatry respectively of
              U-HAUL CO. OF WEST VIRGINIA.

         2.   That at a Meeting of the Board of Directors of said corporation,
              duly held at Buffalo, West Virginia on August 12, 1970, the
              following resolution was adopted:

                  "RESOLVED: That Ariticle I of the Articles of Incorporation be
                  amended to reed as follows:

                  The name of this corporation is AMERCO MARKETING CO. OF WEST
                  VIRGINIA."

         3.   That the shareholders Have adopted said amendment by resolution at
              a meeting held at Buffalo, West, Virginia on August 12, 1970. That
              the wording of the amended article, as set forth in the
              shareholders' resolution, is the same as that set forth in the
              directors' resolution in Paragraph 2 above.

         4.   That the number of shares which voted affirmatively for the
              adoption of said resolution is 500, and that the total number of
              shares entitled to vote on or consent to said amendment is 500.

         5.   All of the outstanding stock of this corporation is being held by
              U-HAUL CO., a Virginia corporation, who has, in adoption of the
              resolution authorizing this amendment waived the notice of meeting
              of shareholders.

                                                      /s/ Bennie Joe Brown
                                                   -----------------------------
                                                            President

(CORPORATE SEAL)

                                                     /s/ Vina Brown
                                                   -----------------------------
                                                             Secretary

Page One of Two Pages

<PAGE>

STATE OF WEST VIRGINIA      )
                            ) ss.
COUNTY OF PUTNAM            )

         Bennie Joe Brown and Vina Brown, being sworn severally, each for
himself, on his oath deposes and says that he is the person who executed the
foregoing instrument; that he has read the same and knows the contents thereof;
that the matters stated therein are true to his knowledge, except such matters
as are stated to be upon information and belief and as to those matters he
believes them to be true.

                                                   /s/ Bennie Joe Brown
                                                   -----------------------------
                                                            President

                                                   /s/ Vina Brown
                                                   -----------------------------
                                                            Secretary

         Severally sworn to and subscribed before me this 9th day of October,
1970.

                                                            [ILLEGIBLE]
                                                   -----------------------------

Notary Public in and for the County of Putnam, State of W.U.

         (NOTARIAL SEAL)

Page Two of Two Pages

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of West Virginia

         The undersigned corporation hereby consents to the use of a Similar
name.

1.       The name of the consentlog corporation is AMERCO, a corporation
         organized and existing under the laws of the State of Arizona.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is: AMERCO MARKETING
         CO. OF WEST VIRGINIA

         In Witness Whereof, this corporation has caused this consent to be
executed this 12 day of August, 1970.

                                      AMERCO,  an Arizona corporation

                                      By: /s/ L. S. Shoen
                                          -----------------------------
                                          L. S. Shoen - President

STATE OF ARIZONA      )
                      ) ss.
COUNTY OF MARICOPA    )

         Before me, a Notary Public, personally appeared I. S. Shoen known to me
to be the person who executed the foregoing instrument, and acknowledged that he
executed the same for the purpose therein contained and that the statements
therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
[ILLIGIBLE] day of August,1910.

                                                            [ILLEGIBLE]
                                                   -----------------------------
                                                       Notary Public

                                             My Commission Expires Aug. 13, 1972

<PAGE>

                             STATE OF WEST VIRGINIA

                                   CERTIFICATE

     I. EDGAR P. HEISKELL III, SECRETARY OF STATE OF THE STATE OF WEST
VIRGINIA, HEREBY CERTIFY THAT

[ILLEGIBLE] President of

                           AMERCO MARKETING CO. OF WEST VIRGINIA, A corporation
created and organized under the laws of the State of West Virginia, has
certified to me under his Signature and the corporate Seal of Said
corporation,that, at a meeting of the stockholders of said corporation,
regularly held in accordance with the requirements of the law of said State, in
Nitro, West Virginia , on the 22nd day of February, 1973, at which meetings
two-thirds of the issued and outstanding voting stock of such corporation being
represented by the holders thereof, in person, by bodies corporate or by proxy,
and voting for the following resolution, the same was duly and regularly adopted
and passed, to-wit:

         "RESOLVED: Article I, the name of the corporation has been changed
         from A: AMERCO MARKETING CO. OF WEST VIRGINIA, to B: U-HAUL CO. OF WEST
         VIRGINIA.

         WHEREFORE, I do declare said Change of Name has set forth in the
foregoing resolution is authorized by law, and that said corporation shall
hereafter be known by the name of U-HAUL CO. OF WEST VIRGINIA.

                           Given under my hand and the Great Seal of the said
(G.S.)                     State, at the City of Charleston, this TWENTY-EIGHT
                           day of March, 1973.

                                                EDGAR F. HEISKELI. III,
                                                  Secretary of State

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1.       The name of the consenting corporation in U-HAUL. CO., a
                  corporation organized and existing under the laws of the State
                  of Virginia.

         2.       The name of the corporation to which this consent is given and
                  which is about to amend its corporate name is:

                               Amerco Marketing Co. of West Virginia

         3.       The name the corporation shall adopt by amending its Articles
                  of Incorporation is:

                                    U-Haul Co. of West Virginia

         In Witness Whereof, this corporation has caused this consent to be
executed this 5th day of March, 1973.

                                    U-HAUL, CO., a(an) Virginia corporation

                                    By:    /s/ Arthur G.  Seifert
                                        -----------------------------
                                            Assistant Secretary
                                            Arthur G.  Seifert

STATE OF ARIZONA       )
                       )   ss.
COUNTY OF ARIZONA      )

         Before me, a Notary Public, personally appeared Arthur G. Seifert,
known to me to be the person who executed the foregoing instrument , and
acknowledged that he executed the same for the purpose therein contained and
that the statements therein contained are truly set forth.

         In Witness Whereof, I have hereunto set my hand and official seal this
4 day of March, 1973.

(SEAL)                                   [ILLEGIBLE]
                                     ------------------------------
                                     Notary Public-State of Arizona

                                         My Commission Expires August 13, 1976

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1.       The name of the consenting corporation is U-HAUL CO., a
                  corporation organized and existing under the laws of the State
                  of Virginia.

         2.       The name of the corporation to which this consent is given and
                  which is about to amend its corporate name is:

                  Amerco Marketing Co. of West Virgina

         3.       The name the corporation shall adopt by amending its Articles
                  of Incorporation is:

                  U-HAUL CO. of West Virginia

         In Witness Whereof, this corporation has caused this consent to be
executed this 5th day of March, 1973.

                                         U-HAUL CO., a(an) Virginia corporation

                                         By: /s/ Arthur G. Seifert
                                             -----------------------------------
                                                   Assistant Secretary
                                                   Arthur G. Seifert

STATE OF ARIZONA       )
                       )  ss.
COUNTY OF MARIZONA     )
p
         Before, me, a Notary Public, personally appeared Arthur G. Seifert,
known to me to be the person who executed the foregoing instrument, and
acknowledged that he executed the same for the purpose therein contained and
that the statements therein contained are truly set forth.

         In Witness Whereof, I have hereunto, set my hand and official seal
this 5 day of March, 1973.

    (SEAL)                               [ILLEGIBLE]
                                         ---------------------------------------
                                         Notary Public State of Arizona

                                         [ILLEGIBLE]
<PAGE>

                            CERTIFICATE OF AMENDMENT
                                       OF
                          THE ARTICLES OF INCORPORATION
                                       OF
                      AMERCO MARKETING CO. OF WEST VIRGINIA

         I, Bennie, Joe Brown, President of AMERCO MARKETING CO. OF WEST
VIRGINIA COMPANY, a corporation created and organized under the laws of the
State of West Virginia, do hereby certify to the Secretary of State of West
Virginia, that, at a meeting of the stockholders of said corporation regularly
held in accordance with the requirements of the law of said State, at the office
of said corporation, in Nitro, West Virginia, on the 22nd day of February, 1973,
at which meeting two-thirds of the issued and outstanding voting stock of such
corporation being represented by the holders thereof, in person, by bodies
corporate or by proxy, and voting for the following resolution, the same was
duly and regularly adopted and passed, to-wit:

                  "RESOLVED: Article I, the name of the corporation has been
                  changed from A: AMERCO MARKETING CO. OF WEST VIRGINIA, to B:
                  U-HAUL CO. OF WEST VIRGINIA."

                                         Given under my hand and the seal of
                                         said corporation, this 12th day of
                                         March, 1973

(CORPORATE SEAL)

                             (Signed)   /s/ Bennie Joe Brown
                                        ---------------------------------------
                                        Bennie Joe Brown - President
                                        of AMERCO MARKETING CO. OF WEST VIRGINIA
                                        [ILLEGIBLE]
                                        Name: __________________________________

                                        Address: _______________________________

<PAGE>

                             STATE OF WEST VIRGINIA

                                     [LOGO]

                                  CERTIFICATE

                    I, KEN HECHLER, SECRETARY OF STATE OF THE
                   STATE OF WEST VIRGINIA HEREBY CERTIFY THAT

the following and attached is a true and exact copy of the articles of merger of
U-Haul Co. of West Virginia and Movers World of West Virginia, Inc., both being
qualified West Virginia corporations.

Therefore, I hereby issue this certificate of merger, merging Movers World of
West Virginia, Inc. with and into U-Haul Co. of West Virginia, the survivor.

(SEAL)                              GIVEN UNDER MY HAND AND THE GREAT SEAL OF
                                    THE STATE OF WEST VIRGINIA, ON THIS eighth
                                    DAY OF August 1989

                                         /s/ Ken Hechler
                                         -----------------------------
                                                 Secretary of State

<PAGE>
                                                                    FILED
                                                                AUG - 8, 1989
                                                               IN THE OFFICE OF
                                                              SECRETARY OF STATE
                                                                 WEST VIRGINA

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this llth day of July,
1989, entered into by U-Haul Co. of West Virginia, the surviving corporation and
Movers World of West Virginia, Inc., the Absorbed Corporation, both corporations
of the State of West Virginia and together referred to as the Constituent
Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of West Virginia, which laws permit such Merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is 6114
[ILLEGIBLE] Ave., S.W., St. Albans, WV 25177.

                                       III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                                    NUMBER OF
                                      NUMBER OF       SHARES       NUMBER       NUMBER
             COMPANY                    SHARES       ENTITLED      VOTED         VOTED
              NAME                   OUTSTANDING     TO VOTE        FOR         AGAINST
- ---------------------------------------------------------------------------------------
<S>                                  <C>            <C>            <C>          <C>
Movers world of West Virginia, Inc.      100           100          100            0
U-Haul Co. of West Virginia              500           500          500            0
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of California, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of West
Virginia.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

<PAGE>

                              Surviving Corporation: U-HAUL CO. OF WEST VIRGINIA
                                                     a West Virginia Corporation

                                        By:    /s/ Chester L. Brown
                                               ---------------------------------
                                               Chester L. Brown, President

Verified

By :   /s/ Deborha L. Smith
       -----------------------------
       Deborha L. Smith Secretary

                            Absorbed Corporation: MOVERS WORLD OF WEST VIRGINIA,
                                              INC., a West, Virginia Corporation

                                        By:    /s/ John M.Dodds
                                               ----------------------------
                                               John M.Dodds, President

Verified

By     /s/ John A. Lorentz
       -------------------------------
       John A. Lorentz, Secretary

STATE OF
COUNTY OF

         On this 23 day of August, 1989, before me, the undersigned Notary
Public, personally appeared Chester Brown, known to me to be the President of
U-Haul Co. of West Virginia, a West Virginia corporation, that he is the person
who executed this instrument On behalf of said corporation, and acknowledged to
me that such corporation executed the same.

                                               [ILLEGIBLE]
                                               ----------------------------
                                               NOTARY PUBLIC

STATE OF ARIZONA
CODNTY OF MARICOPA

         On this 3rd day of August, 1989, before me, the undersigned Notary
public, personally appeared John A. Lorentz, known to me to be the Secretary of
Movers World of West Virginia, Inc., a West Virginia corporation, that he is the
person who executed this instrumet on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

       (NOTARIAL  SEAL)                        [ILLEGIBLE]
                                               ----------------------------
                                               NOTARY PUBLIC

                                       4

<PAGE>

                        UNANIMOUS CONSENT OF THE MEMBERS

                          OF THE BOARD OF DIRECTORS OF

                             U-HAUL OF WEST VIRGINIA

                          A WEST VIRGINIA CORPORATION

                                                      July 11, 1989

         The undersigned, constituting all the members of the Board of Directors
of U-Haul of West Virginia, a West Virginia corporation hereby consents to and
adopt the following resolutions:

                  RESOLVED: That this corporation does hereby agree to and
                  approve the Plan of Merger between this corporation and Movers
                  World of West Virginia, Inc., whereby this corporation shall
                  be the surviving corporation, all in accordance with the copy
                  of the Plan of Merger attached hereto, and be it further

                  RESOLVED: That the President and Secretary of this corporation
                  be and they hereby are authorized and directed to executed on
                  behalf of this corporation said Plan of Merger and to do all
                  and everything necessary to complete said merger, and

                  RESOLVED: That said Plan be submitted to the sole shareholder
                  of this corporation for the purpose of considering the
                  approval of said Plan.

                                        /s/ Chester L. Brown
                                        ------------------------------------
                                        Chester L. Brown, Director

                                        /s/ Steve Mitchell
                                        ------------------------------------
                                        Steve Mitchell, Director

                                        /s/ James Mays, Brown
                                        ------------------------------------
                                        James Mays, Director

<PAGE>

                        UNANIMOUS CONSENT OF THE MEMBERS

                          OF THE BOARD OF DIRECTORS OF

                       MOVERS WORLD OF WEST VIRGINIA, INC.

                           A WEST VIRGINIA CORPORATION

                                                  July 11, 1989

         The undersigned, constituting all the members of the Board of Directors
of Movers World of West Virginia, a West Virginia corporation, hereby consent to
and adopt the following resolutions:

                  RESOLVED: That Movers World of West Virginia, inc., does
                  hereby agree to and approve the Plan of Merger between this
                  corporation and U-Haul Co. of West Virginia, whereby this
                  corporation shall be absorbed into U-Haul Co. of West
                  Virginia, all in accordance with the copy of the Plan of
                  Merger attached hereto, and be it further

                  RESOLVED: That the President and Secretary of this corporation
                  be and they hereby are authorized and directed to execute on
                  behalf of this corporation said Plan of Merger and do all and
                  everything necessary to complete said merger, and be it
                  further

                  RESOLVED: That said Plan be submitted to the sole shareholder
                  of this corporation for the purpose of considering the
                  approval of said Plan.

                                        /s/ John M. Dodds
                                        ----------------------------------------
                                        John M. Dodds, Director

<PAGE>

                         CONSENT OF THE SOLE STOCKHOLDER

                                       OF

                          U-HAUL CO. OF WEST VIRGINIA

                                       AND

                       MOVERS WORLD OF WEST VIRGINIA, INC.

                         BOTH WEST VIRGINIA CORPORATIONS

                                                  July 11, 1989

         AMERCO, a Nevada corporation, the sole shareholder of the above named
corporations, acting through John M. Dodds, on authority of the Executive
Management Team, the group designated by the Board of Directors of AMERCO to
vote the stock of all of its subsidiaries, hereby consents to and adopts the
following:

                  RESOLVED: That this corporation, the sole shareholder of
                  U-Haul Co. of West Virginia, and Movers World of West
                  Virginia, Inc., does hereby approve and adopt the Plan of
                  Merger between said corporations, whereby Movers World of West
                  Virginia, Inc., shall be absorbed into U-Haul Co. of West
                  Virginia, the surviving corporation, all in accordance with
                  the Plan of Merger, and be it further

                  RESOLVED: That the Board of Directors and Officers of said
                  merging corporations be and they hereby are, authorized and
                  directed to all further action and to execute all documents
                  they deem necessary or advisable to consummate the said merger
                  and to amend any of the terms of the said Plan of Merger, and
                  further

                  BE IT RESOLVED: That the Secretary of each said corporation is
                  hereby authorized to certify as to the Consent of the sole
                  shareholder of the Plan of Merger, or within the Articles of
                  Merger.

                                        AMERCO, a Nevada Corporation

                                        By: /s/ John M. Dodds
                                            -----------------------
                                                John M. Dodds

<PAGE>

                               [U-HAUL(R) LOGO]

           U-HAUL INTERNATIONAL/2727 N. CENTRAL AVE - P.O. BOX 21502,
             PHOENIX, AZ 85036-1502 - (602) 263-6011 - TELEX 668363

                                                    August 3, 1989

Secretary of State
Charleston, WV 25305

Re:    Merger
       U-Haul Co. of West Virginia (Surviving)
       Movers World of West Virginia, Inc. (Absorbed)
       Both west Virginia corporations.

Dear Sir:

Enclosed is an original and ine copy of Plan/Agreement/Articles of Merger for
the above mentioned corporations, in the State of West Virginia.

Also, enclosed is our check in the amount of $10.00, the required filing fee,
made out to the Secretary of State.

Please send a copy of the filed merger to the attention of the undersigned at
P.O. Box 21502, Phoenix, Arizona 85036.

Thank you for your attention regarding the above mentioned merger.

                                        Sincerely,

                                        Vicky Rykhus
                                        Legal Department

Enclsoures

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.148
<SEQUENCE>147
<FILENAME>p68936exv3w148.txt
<DESCRIPTION>EXHIBIT 3.148
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.148

                                   BY-LAWS OF

                           U-HAUL CO. OF WEST VIRGINIA

                          A West Virginia Corporation

                                   ARTICLE I

                                                            DATE: March 30, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of West Virginia shall be
located in the city of Buffalo. The corporation may have such other offices
either within or without the state of West Virginia as the Board of Directors
may designate or as the business of the corporation may require from time to
time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
third Monday of March of each year, at the office of the corporation in the
state of West Virginia or otherwise as provided in the notice of said meeting.
The purpose of said annual meeting shall be for the election of directors and
for the purpose of transacting such other business as may be brought before said
meeting. The board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his at his address as it appears on the stock transfer book of
the corporation, with postage thereon prepaid. Provided, however, that notice of
any meeting of shareholders whether regular or special, may be waived either
before, at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                      -1-
<PAGE>

may be held within or without the state of West Virginia. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th      New business.

         8th.     Adjournment.

                                      -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Director shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are
not elected simultaneously and the vacancies on the board of Directors
resulting therefrom shall be filled by the stockholders, or by the Board of
Directors as provided in section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of term of the Director whose place shall be
vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organisation, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of West Virginia.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by [ILLEGIBLE] written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of West Virginia.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                      -3-
<PAGE>

         1st.     Roll call; a quorum being present.

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of official and committees.

         5th.     Unfinished business.

         6th.     Miscellaneous business.

         7th.     New business.

         8th.     Adjournment.

                                            ARTICLE IV

                              POWERS OF DIRECTORS

SECTION  1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION  2. Special Powers:

The Board of Directors shall have, in addition to its other powers the expresses
right to exercise the following powers:

         1. To purchase, lease and acquire, in any lawful manner any and all
            real or personal property including franchises stocks, bonds and
            debentures of other companies, business and good will, patents,
            trade-marks in contracts and interests there-under, and other rights
            and proprieties which in their judgment may be beneficial for the
            purpose of this corporation, and to issue shares of stock of this
            corporation in payment of such property, and in payment for services
            rendered to this corporation, when they deem it advisable.

         2. To fix and determine and to vary, from time to time, the amount or
            amounts to be set aside or retained as reserve funds or as working
            capital of this corporation.

         3. To issue notes and other obligations or evidences of the debt of
            this corporation, and to secure the same, if deemed advisable, and
            endorse and guarantee the notes, bonds, stocks, and other
            obligations of other corporations with or without compensation for
            so doing, and from time to time to sell, assign, transfer

                                      -4-

<PAGE>


            or otherwise dispose of any of the property of this corporation,
            subject, however, to the laws of the State of West Virginia,
            governing the disposition of the entire assets and business of the
            corporation as a going concern.

         4. To declare and pay dividends, both in the form of money and
            stock, but only from the surplus or from the net profit arising from
            the business of this corporation, after deducting therefrom the
            amounts, at the time when any dividend is declared which shall have
            been set aside by the Directors as a reserve fund or as a working
            fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the board of Directors, by affirmative vote of a majority of
the whole board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorised by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorised by the West Virginia statutes regulating the
appointment of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a president,
Vice-President, Secretary and Treasurers, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with

                                      -5-
<PAGE>

the secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The president shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers end perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the president, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the treasurer of said
corporation, may be held by the same person holding the President,
vice-president or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                      -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1.   Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of West Virginia, the number and par value, if any, of each share
represented by it, the name of the person owning the shares represented thereby,
with the number of each share and the date of issue, and the stock thereby
represented is transferrable only upon the books of the corporation and upon the
signer of such certificates. A stock transfer book, known as the stock register
shall be kept, in which shall be entered the number of each certificate issued
and the number of the person owning the shares thereby represented, with the
number of such shares and the date of issue. The transfer of any share or shares
of stock in the corporation may be made by surrender of the certificate issued
therefor, and the written assignment thereof by the owner or his duly authorized
Attorney in Fact. Upon such surrender and assignment, a new certificate shall be
issued to the assignee as he may be entitled, but without such surrender and
assignment no transfer of stock shall be recognized by the corporation. The
Board of Directors shall have the power concerning the issue, transfer and
registration of certificate for agents and registrars of transfer, and may
require all stock certificates to bear signatures of either or both. The stock
transfer books shall be closed ten days before each meeting of the shareholders
and during such period no stock shall be transferred.

SECTION 2.   Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1.   Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                      -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1.   Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholder of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF WEST VIRGINIA, are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly
adopted by the Board of Directors and that the same do now constitute the
By-Laws of this corporation.

                                         President - Bennie J. Brown

ATTEST:

Secretary - Vina Brown

   (CORPORATE SEAL)

                                      -8-
<PAGE>

                          U-HAUL CO. OF WEST VIRGINIA,
                           A WEST VIRGINIA CORPORATION

                             SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of West Virginia,
a West Virginia corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the Shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                            SHAREHOLDER:

                                            U-Haul International, Inc., a Nevada
                                            Corporation

                                            By: /s/ Gary V. Klinefelter
                                                --------------------------------
                                            Name: Gary V. Klinefelter
                                            Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.149
<SEQUENCE>148
<FILENAME>p68936exv3w149.txt
<DESCRIPTION>EXHIBIT 3.149
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.149

DFI/CORP/38                 United States of America
RECORD 2/00
                               State of Wisconsin

                      DEPARTMENT OF FINANCIAL INSTITUTIONS

To All to Whom These Presents Shall Come, Greeting:

         I, RAY ALLEN, Deputy Administrator, Division of Corporate & Consumer
Services, Department of Financial Institutions, do hereby certify that the
annexed copy has been compared by me with the record on file in the Corporation
Section of the Division of Corporate & Consumer Services of this department and
that the same is a true copy thereof and the whole of such record; and that I am
the legal custodian of said record, and that this certification is in due form.

                                    IN TESTIMONY WHEREOF, I have hereunto set my
                                    hand and affixed the official seal of the
                                    Department.

                                    /s/ Ray Allen

                                    RAY ALLEN, Deputy Administrator
                                    Division of Corporate & Consumer Services
                                    Department of Financial Institutions

     DATE: AUG -6 2003               By: /s/ Cathy Mickelson

Effective July 1, 1996, the Department of Financial Institutions assumed the
functions previously performed by the Corporations Division of the Secretary of
State and is the successor custodian of corporate records formerly held by the
Secretary of State.

<PAGE>

                            ARTICLES OF INCORPORATION

                                       of

                       U-HAUL CO. OF WISCONSIN EAST, INC.

         THE UNDERSIGNED, being twenty-one years or older does hereby adopt the
following Articles of Incorporation for the purpose of forming a corporation
under the laws of the State of Wisconsin.

                                    ARTICLE I

         The name of the corporation is U-HAUL CO. OF WISCONSIN EAST,INC.,

                                   ARTICLE II

         The period of duration of the corporation is perpetual.

                                   ARTICLE III

         The purposes for which the Corporation is formed are: to engage in any
lawful act or activity for which corporations may be organized under the
Wisconsin Business Corporation Law. Said purposes shall include, but in no way
be limited to renting and leasing to the general public trailers, semi-trailers,
trucks, passenger automobiles and other equipment, tools, machinery, vehicles
and property of any and every kind and description, and purchasing or otherwise
acquiring and operating any facilities useful for the conduct of the business
enterprises of this corporation; and doing or carrying out all acts or
activities and exercising all lawful corporate powers necessary or proper to
accomplish any of the foregoing purposes.

                                   ARTICLE IV

         The aggregate number of shares which the corporation shall have
authority to issue are five thousand(5,000) shares of common stock with a par
value of Ten ($10.00) Dollars each, or a total capitalization of Fifty Thousand
($50,000.00) Dollars.

                                    ARTICLE V

         The corporation will not commence business until the consideration

<PAGE>

of at least One Thousand ($1,000.00) Dollars has been received for the issuance
of shares.

                                   ARTICLE VI

         The address of its initial registered office shall be 900 Gay Building,
16 North Carroll Street, Madison, Wisconsin 53703, and the name of initial
registered agent at said address is C. T. Corporation System.

                                   ARTICLE VII

         The number of directors shall be fixed by the by-laws but shall not be
less than 3.

                                  ARTICLE VIII

         The name and address of each incorporator is as follows:

           Arthur G. Seifert,                   2727 North Central Avenue
                                                Phoenix, Arizona 85004

         IN WITNESS WHEREOF, I have hereunto set my hand and seal this 26 day of
March, 1970.

                                                /s/ Arthur G. Seifert
                                                --------------------------------
                                                Arthur G. Seifert

STATE OF ARIZONA    )
                    ) ss:
COUNTY OF MARICOPA  )

         On this 26 Day of March, 1970, before me, a Notary Public for the State
of Arizona, personally appeared Arthur G. Seifert, known to me to be the person
named in and who executed the foregoing instrument, and who acknowledged that he
had executed the same and that the matters therein contained are true.

         IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal this 26 day of March, 1970.

                                          /s/ Helen H. Delamater
                                          --------------------------------------
                                          Helen H. Delamater
                                          Notary Public for the State of Arizona
    (NOTARIAL SEAL)                       Residing at Tempe, Arizona
                                          My Commission expires August 13, 1972

<PAGE>


                         CONSENT TO USE OF SIMILAR NAME

To the Secretary of State
State of Wisconsin

         The undersigned corporation hereby consents to the use of a similar
name:

1.       The name of the consenting corporation is U-HAUL CO., INC., a
         corporation organized and existing under the laws of the State of
         Wisconsin.

2.       The name of the corporation to which this consent is given and which is
         about to be organized under the laws of this State is:

                 [ILLEGIBLE] U-HAUL CO. OF WISCONSIN EAST, INC.

         IN WITNESS WHEREOF, this corporation has caused this consent to be
executed this 21st day of January, 1970.

                                          U-HAUL CO., INC.

                                          By: /s/ [ILLEGIBLE]
                                              ----------------------------------
                                                                       President

STATE OF  Wisconsin    )
                       )  ss.
COUNTY OF Milwaukee    )

         Before me, a Notary Public, personally appeared LeRoy R. Aman known to
me to be the person who executed the foregoing instrument, and acknowledged that
he executed the same for the purpose therein contained and that the statements
therein contained are truly set forth.

         IN WITNESS WHEREOF, I have hereunto see my hand and official seal this
21st day of January, 1970.

                                          By: /s/ [ILLEGIBLE]
                                              ----------------------------------
                                                     Notary Public

<PAGE>

                                       OF

                           ARTICLES OF INCORPORATION

                                       OF

                       U-HAUL CO. OF WISCONSIN EAST, INC.

STATE OF WISCONSIN     )
                       )ss.
COUNTY OF MILWAUKEE    )

         Thomas W. Curtis and Alladine K. Curtis being first duly sworn upon
their oath depose and say:

         1.       That they are the President and the Secretary respectively of
                  U-HAUL CO. OF WISCONSIN EAST, INC.

         2.       That at a meeting of the Board of Directors of said
                  corporation, duly-held at Milwaukee, Wisconsin on August 12,
                  1970, the following resolution was adopted:

                        "RESOLVED: That Article I of the Articles of
                        Incorporation be amended to read as follows:

                        The name of this corporation is AMERCO MARKETING CO. OF
                        WISCONSIN EAST, INC."

         3.       That the shareholders have adopted said amendment by
                  resolution at a meeting held at Milwaukee, Wisconsin on August
                  12, 1970. That the wording of the amended article, as set
                  forth in the shareholders' resolution, is the same as that set
                  forth in the directors' resolution in Paragraph 2 above.

         4.       That the number of shares which voted affirmatively for the
                  adoption of said resolution is 500, and that the total number
                  of shares entitled to vote on or consent to said amendment is
                  500.

         5.       All of the outstanding stock of this corporation is being held
                  by U-HAUL CO., a Wisconsin corporation, who has, in the
                  adoption of the resolution authorizing this amendment waived
                  the notice of meeting of shareholders.

                                          /s/ [ILLEGIBLE]
                                          --------------------------------------
                                                        President

(CORPORATE SEAL)

                                          /s/ [ILLEGIBLE]
                                          --------------------------------------
                                                         Secretary

<PAGE>

STATE OF WISCONSIN     )
                       )  ss.
COUNTY OF MILWAUKEE    )

         Thomas W. Curtis and Alladine K. Curtis, being sworn severally, each
for himself, on his oath deposes and says that he is the person who executed the
foregoing instrument; that he has read the same and knows the contents thereof;
that the matters stated therein are true to his knowledge, except such matters
as are stated to be upon information and belief and as to those matters he
believes them to be true.

                                          /s/ [ILLEGIBLE]
                                          -------------------------------------
                                                        President

                                          /s/ [ILLEGIBLE]
                                          -------------------------------------
                                                        Secretary

         Severally sworn to and subscribed before me this 7th day of November,
1970.

                                          /s/ [ILLEGIBLE]
                                          --------------------------------------

Notary Public in and for the County of MILWAUKEE, State of WISCONSIN

        (NOTARIAL SEAL)

<PAGE>

FORM 4-SEC STATE 1972          STATE OF WISCONSIN
STOCK- AMENDMENT               SECRETARY OF STATE
                            MADISON, WISCONSIN 53702

Resolved, That

                "The name of the company is U-Haul Co. of Wisconsin, East, Inc."

         The undersigned officers of Amerco Marketing Co. Wisconsin, East, Inc.
certify:_______________________________________________________________________
                                     (Use correct and complete corporate name)

         1. The foregoing amendment of the articles of incorporation of said
corporation was consented to in writing by the holders of all shares entitled to
vote with respect to the subject matter of said amendment, duly signed by said
shareholders or in their names by their duly authorized attorneys. (See
instructions 2 and 5)

                                       N/A

OR 2. The foregoing amendment of the articles of incorporation of said
corporation was adopted by the shareholders on the 22nd day of February, 1973,
by the following vote: (See instructions 3 and 4)

<TABLE>
<CAPTION>
                                                                         Number of
                  Number of shares  Number entitled      Requisite       votes cast
          Class     outstanding         to vote       affirmative vote  For  Against
<S>       <C>     <C>               <C>               <C>               <C>  <C>
Common    Common        500              500                            500   None

Preferred _________________________________________________________________________
___________________________________________________________________________________
</TABLE>

         3. (See instruction 6).

                                       N/A

Executed in duplicate and seal (if any) affixed this 25 day of April, 1973.

                                                 /s/ Robert switzer
                                                 -------------------------------
                                                     President Robert switzer

                                                 /s/ Norma Stieghorst
                                                 -------------------------------
                                                     Secretary Norma Stieghorst

(AFFIX SEAL OR STATE THAT THERE IS NONE)

                          This document was drafted by

                                  S.L. Sparling
                                     (Name)
                              Please print or type
                              (See instruction 11)
<PAGE>

AMENDMENT - STOCK
CHANGING NAME

$15.00
MAIL RETURNED COPY TO:
(FILL IN THE NAME AND ADDRESS HERE)

         AMERCO
         2727 N. Central Ave.
         Phoenix, Arizona 85004

                                  INSTRUCTIONS

1. An amendment may be effected in either of two ways. The first method is by
vote of the shareholders, at a shareholders' meeting. The second method is by
written consent of the shareholders, without a meeting.

2. If the amendment is effected by written consent, use item 1 and strike
item 2.

                             The undersigned as Register of Deeds of
       OFFICE OF             (COUNTY) [ILLEGIBLE]
  REGISTER OF DEEDS          County, Wisconsin, certifies that on
                             (DATE) 5-21-73

there was received and accepted for record in my office, an instrument bearing
the certificate of the Secretary of State of Wisconsin, and described as

<TABLE>
<S>                             <C>                                          <C>
( ) Articles of Incorporation   ( ) Amendment to Articles of Incorporation   ( ) Statement of Intent to Dissolve
( ) Articles of Dissolution     ( ) Articles of Merger                       ( ) Name reservation
( ) Articles of Consolidation   ( ) Restated Articles                        ( ) Change of Registered Office and/or Agent OF
</TABLE>

AMERCO MARKETING CO. OF WISCONSIN EAST, INC. chg name to U-HAUL CO. OF
WISCONSIN, [ILLEGIBLE]

(SEAL) Witness my hand and official seal on 5-21-73 (DATE)

                                                [ILLEGIBLE]
                                                --------------------------------
Form 14&15-1971                                        REGISTER OF DEEDS

corporation is located.

8. Affix corporate seal. Make sure that each of the copies of the document has
an impression of the corporate seal. If the corporation does not have a seal,
write or type "NO SEAL" on each of the copies.

9. Have the President and Secretary of the corporation sign. A Vice-President
may sign in lieu of the President, and an Assistant Secretary may sign in lieu
of the Secretary. Make sure that each of the copies has original signatures -
carbon copy, xerox, or rubber stamp signatures are not acceptable.

10. The fee for filing any amendment is $15, to be submitted with the document.
Make check or money order payable to SECRETARY OF STATE. If the amendment
relates to shares, ADDITIONAL FEE may be due. The basic rate on shares is $1 per
$1000 on shares having par value, plus 2 cents per share on shares of no par
value. Compute the fee at such rates on the aggregate number of authorized
shares AFTER giving effect to the amendment. Deduct therefrom the fee applicable
to the authorized shares BEFORE amendment. The remainder, if any, is the
additional fee due.

11. Section 14.38(14) Wisconsin Statutes provides that this document shall not
be recorded unless the name of the person (individual) who, or the governmental
agency which, drafted it is printed, typewritten, stamped or written thereon in
a legible manner. The statement printed on this document, if completed, complies
with this provision. This must be completed on each of the duplicate originals.

<PAGE>

                     ARTICLES, AGREEMENT AND PLAN OF MERGER

         These Articles, Agreement and Plan of Merger, dated this 10th day of
January, 1986, entered into by U-Haul Co. of Western Wisconsin, Inc., a
Wisconsin corporation and the Absorbed Corporation, and U-Haul Co. of Wisconsin,
East, Inc., also a Wisconsin corporation and the Surviving corporation and
together referred to as Constituent Corporations, hereby WITNESSETH THAT:

         The Board of Directors and the sole shareholder of each of the
Constituent Corporations have adopted and approved the terms and conditions
hereinafter set forth and hereby agree as follows:

                                        I

         The Constituent Corporations shall be merged into a single Surviving
Corporation and shall continue to be governed by the State of Wisconsin.

                                       II

         The outstanding shares of the Absorbed Corporation shall be cancelled
and no shares of the Surviving Corporation shall be issued in exchange therefor.

                                       III

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation until altered or amended, and shall
not be affected by this merger.

                                       IV

         The number of shares outstanding, the number of shares entitled to vote
upon the Agreement and Plan of Merger and the number of shares voted for and
against said Agreement as to each corporation was as follows:

<TABLE>
<CAPTION>
                                Number of Shares         Number           Number
Name of Corporation                Outstanding          Voted For      Voted Against
- -------------------                -----------          ---------      -------------
<S>                             <C>                     <C>            <C>
U-Haul Co. of Wisconsin,               500                 500               0
   East, Inc.
a Wisconsin corporation

U-Haul Co. of Western                  500                 500               0
   Wisconsin, Inc.,
a Wisconsin corporation
</TABLE>

<PAGE>

                                        V

         The Surviving Corporation will promptly pay to the dissenting
shareholders of U-Haul Co. of Western Wisconsin, Inc., a Wisconsin corporation,
the amount, if any, to which they shall be entitled under the provision of the
Wisconsin Business Corporation Act with respect to the rights of dissenting
shareholders.

                                       VI

         The registered office of the Constituent Corporations is located in
Dane County, Wisconsin.

         IN WITNESS WHEREOF the corporate parties hereto execute these Articles,
Agreement and Plan of Merger this 30 day of Jan, 1986.

                   Surviving Corporation: U-Haul Co. of Wisconsin, East, Inc.,
                                          a Wisconsin corporation

                                      By:  /s/ Timothy G. Netz
                                          --------------------------------------
                                          Timothy G. Netz, President

                                      By:  /s/ Michael Berray
                                          --------------------------------------
                                          Michael Berray, Secretary

(CORPORATE SEAL)

                    Absorbed Corporation: U-Haul Co. of Western Wisconsin, Inc.,
                                          a Wisconsin corporation

                                      By:  /s/ Timothy G. Netz
                                          --------------------------------------
                                          Timothy G. Netz, President

                                      By:  /s/ Michael Berray
                                          --------------------------------------
                                          Michael Berray, Secretary

(CORPORATE SEAL)
<PAGE>

STATE OF              )
                      ) ss.
COUNTY OF             )

         On this the 30 day of Jan, 1986 before me, the undersigned Notary
Public, appeared Timothy G. Netz, being duly sworn, did state that he is the
President of U-Haul Co. of Western Wisconsin, Inc. and U-Haul Co. of Wisconsin,
East, Inc., both Wisconsin corporations, that he is the person whose name is
subscribed to the foregoing instrument on behalf of said corporations in the
above-stated capacity, and that the statements therein contained are true.

                                                         /s/ [ILLEGIBLE]
                                                  ------------------------------
                                                          Notary Public

                                                  My commission expires 11-13-88

      (NOTARIAL SEAL)

<PAGE>

                                   [ILLEGIBLE]


<PAGE>

(Form 4) 1985              State of Wisconsin               CORPORATION DIVISION
AMENDMENT                  SECRETARY OF STATE               P.O. Box 7846
(stock corp)                                                Madison, WI 53707

         Resolved, That Article 1 of the Articles of Incorporation of U-Haul Co.
of Wisconsin, East, Inc., a Wisconsin corporation, be amended to read as
follows:

                                    ARTICLE 1

                 The name of the corporation is U-HAUL CO. INC.

The undersigned officers of U-HAUL CO. OF WISCONSIN, EAST, INC. a Wisconsin
corporation with registered office in Dane County, Wisconsin, CERTIFY:

1 (A)    The foregoing amendment of the articles of incorporation of said
corporation was consented to in writing by the holders of all shares entitled to
vote with respect to the subject matter of said amendment, duly signed by said
shareholders or in their names by their duly authorized attorneys.

       OR (Please strike out the item you do not use) - See instruction 1

1 (B)

<TABLE>
<CAPTION>
                                                                             VOTE ON ADOPTION
                 Number of        Number of           Number of        Number of         Number of
                  SHARES            SHARES          "Yes" votes       "Yes" votes       "No" votes
  Class         outstanding    entitled to vote       REQUIRED            CAST             CAST
<S>             <C>            <C>                  <C>               <C>               <C>
Common
- --------------------------------------------------------------------------------------------------
Preferred
- --------------------------------------------------------------------------------------------------
</TABLE>

2        (See instruction 2)

         N/A

Executed in duplicate and seal (if any) affix this 15th July, 1986.

                                               /s/ Timothy G. Netz
                                               ---------------------------------
                                               Timothy G. Netz, President

(AFFIX SEAL OR STATE THAT THERE IS NONE)       /s/ Michael  Berray
                                               ---------------------------------
                                               Michael  Berray, Secretary

This document was drafted by [ILLEGIBLE] (Section 14.38(14) Wis Statutes
                           (Please print or type name)
<PAGE>

Mail Returned Copy to:
    (FILL IN THE NAME AND ADDRESS HERE)

U-Haul International, Inc.
P.O.Box 21502
Phoenix, Arizona

Attention: John A. Lorentz
           Legal Department

                                  INSTRUCTIONS

1. Amendment may be effected either by

   A) Vote of the shareholders, at a shareholder meeting. Use item 1(b).
                             OR
   B) Written consent of all shareholders, without a meeting. Use item 1(a).


Ref. sec. 180.25 Wis. Stats. For corporations organized on or after 1 Jan 1973,
statutory minimum or affirmative votes to adopt resolution is a majority of the
shares entitled to vote. For corporations organized previously, statutory
minimum is 2/3 of the shares entitled to vote, unless articles provide for
majority vote. If any class or series of shares is entitled to vote as a
class, minimum vote requirements must be met by each class or series entitled to
vote thereon as a class and of the total shares entitled to vote thereon.)

2. Item 2. If amendment provides for exchange, reclassification or cancellation
of issued shares, or effects a change in the amount of stated capital, enter a
statement of the manner in which the same will be accomplished. Ref. sec. 180.53
(6) & (7) Wisconsin Statutes.

3. Affix CORPORATE SEAL to each copy of the document, or enter the remark "NO
SEAL" if the corporation does not have a seal. The PRESIDENT (or vice-president)
and SECRETARY (or asst. secretary) are to sign each copy with the original
signatures. Carbon copy, xerox, or rubber stamp signatures are not acceptable.

4. Submit [ILLEGIBLE] DUPLICATE ORIGINAL. Furnish Secretary of State two copies
of the document. (Mailing address: Corporation Division, Secretary of State.
P.O. Box 7846, Madison, WI 53707). One copy will be retained (filed) by
Secretary of State and the other copy transmitted directly to the Register of
Deeds of the county named in this document, together with your check for the
recording fee. When the recording has been accomplished the document will be
returned to the address you furnish on the back of this form.

5. Two SEPARATE REMITTANCES are required.

         A) Send a filing fee of $25 (or more), payable to SECRETARY OF STATE.
Additional fee may be due if amendment causes an increase in authorized capital
shares. The rate on shares is $1.25 per $1,000 on par value shares, and/or 2 1/2
cents per share on no par value shares. Compute fee at such rates on the
aggregate number of shares AFTER giving effect to the amendment. Deduct
therefrom the fee applicable to the authorized shares BEFORE amendment. The
remainder, if any is the additional fee due.

         B) Send a RECORDING FEE of $6, payable to REGISTER OF DEEDS of the
county named in this document as the county within which the corporation's
registered office is located. If you append additional pages to this standard
form, add $2 more recording fee for each additional page.

Please furnish the fee for the Register of Deeds in check form with your
document, and we will transmit to the Register of Deeds with the document for
recording.


<PAGE>

                       PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 11th day July, 1988,
entered into by U-Haul Co., Inc., the Surviving Corporation, and Movers World of
Wisconsin, Inc., the Absorbed Corporation, both corporation of the State of
Wisconsin, and together referred to as the Constituent Corporations hereby
witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Wisconsin, which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is 505 E.
Capitol, Milwaukee, WI 53212.

                         FOR EXAMINATION

                         DATE: 11-14

                         DATE:__________________________

                                        1
<PAGE>

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

         (1) All issued and outstanding shares of stock of the Constituent
Corporation shall be absorbed.

         (2) On the effective date of the merger and when the aforementioned
cancellation has been effected, the outstanding shares of stock of the Surviving
Corporation shall be deemed for all corporate purposes to evidence the ownership
of the Constituent Corporations.

                                       IV

         The number of shares outstanding and the number of shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                NUMBER OF
                   NUMBER OF     SHARES      NUMBER    NUMBER
    COMPANY         SHARES       ENTITLED    VOTED      VOTED
     NAME         OUTSTANDING    TO VOTE      FOR      AGAINST
- ----------------  -----------  -----------   ------    -------
<S>               <C>          <C>           <C>       <C>
Movers World of
  Wisconsin,Inc.      100          100        100         0

U-Haul Co., Inc.      500          500        500         0
</TABLE>

                                       2
<PAGE>


         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Wisconsin, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Wisconsin.

                                       IV

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

                                        3
<PAGE>

                                Surviving Corporation: U-HAUL CO., INC.
                                                       a Wisconsin Corporation

                                                By: /s/ Tim Netz
                                                    ---------------------------
                                                    Tim Netz, President

Verified

By: /s/ Carol Gerardin
    ----------------------------
    Carol Gerardin, Secretary

                           Absorbed Corporation: MOVERS WORLD OF WISCONSIN, INC.
                                                 a Wisconsin Corporation

                                            By: /s/ John M. Dodds
                                                ------------------------------
                                                John M. Dodds, President

Verified

By: /s/ John H. Lorentz
    ----------------------------
    John H. Lorentz, Secretary

STATE OF
COUNTY OF

         On this 7 day of Nov., 1988, before me, the undersigned Notary
Public, personally appeared Tim Netz, known to me to be the President of U-Haul
Co., inc., a Wisconsin corporation, that he is the person who executed this
instrument on behalf of said corporation, and acknowledged to me that such
corporation executed the same.

        (NOTARY SEAL)                   /s/ [ILLEGIBLE]
                                        ---------------------------------
                                        NOTARY PUBLIC

STATE OF ARIZONA
COUNTY OF MARICOPA

         On this    day of     1988, before me, the undersigned Notary Public,
personally appeared John A. Lorentz, known to me to be the Secretary of Movers
World of Wisconsin, Inc., a Wisconsin corporation that he is the person who
executed this instrument on behalf of said corporation, and acknowledged to me
that such corporation executed the same.

                                                  /s/ [ILLEGIBLE]
   (NOTARIAL SEAL)                                ----------------------------
                                                  NOTARY PUBLIC


                                        4

<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 20th day of February,
1989, entered into by U-Haul Co., Inc. the surviving corporation and North
Milwaukee Rental Equipment Repair Shop, Inc., the Absorbed Corporation, both
corporations of the State of Wisconsin and together referred to as the
Constituent Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Wisconsin, which laws permit such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                        I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is 505 E.
Capitol, Milwuakee, WI 53212.

                                      III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:


                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      On the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                                   NUMBER OF
                                   NUMBER OF         SHARES       NUMBER        NUMBER
        COMPANY                     SHARES          ENTITLED       VOTED         VOTED
          NAME                    OUTSTANDING       TO VOTE         FOR         AGAINST
- ---------------------------       -----------      ---------      ------        -------
<S>                               <C>              <C>            <C>           <C>
North Milwaukee Rental                4000            4000           4000          0
Equipment Repair Shop, Inc.

U-Haul Co., Inc.                       500             500            500          0
</TABLE>

                                        V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Wisconsin, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Wisconsin.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

         Effective date of Merger will be March 31, 1989.

<PAGE>

                               Surviving Corporation: U-HAUL CO., Inc.
                                                      a Wisconsin corporation

                                       By /s/ Tim Netz
                                          --------------------------------------
                                          Tim Netz, President

Verified

By: /s/ Carol Gerardin
    --------------------------------
    Carol Gerardin, Secretary

                               Absorbed Corporation: North Milwaukee Rental
                                                     Equipment Repair Shop, Inc.
                                                     A Wisconsin Corporation

                                       By /s/ Robert E. Dobson
                                          --------------------------------------
                                          Robert E. Dobson, President

Verified

By: /s/ Walter Baehr
    --------------------------------
    Walter Baehr, Secretary

<PAGE>

STATE OF WISCONSIN

COUNTY OF MILWAUKEE

         On this [ILLEGIBLE] day of March, 1989, before me, the undersigned
Notary Public, personally appeared Tim Netz, known to me to be the President of
U-Haul Co., Inc., a Wisconsin corporation, that he is the person who executed
this instrument on behalf of said corporation, and acknowledged to me that such
corporation executed the same.

                                        /s/ Carol Gerardin
                                        ----------------------------------------
                                        NOTARY PUBLIC

         (NOTARY SEAL)

STATE OF WISCONSIN

COUNTY OF MILWAUKEE

         On this [ILLEGIBLE] day of March, 1989, before me, the undersigned
Notary Public, personally appeared Robert E. Dobson, known to me to be the
President of North Milwaukee Rental Equipment Repair Shop, Inc. a Wisconsin
corporation, that he is the person who executed this instrument on behalf of
said corporation, and acknowledged to me that such corporation executed the
same.

                                        /s/ Carol Gerardin
                                        ----------------------------------------
                                        NOTARY PUBLIC

         (NOTARY SEAL)
<PAGE>

                        PLAN/AGREEMENT/ARTICLES OF MERGER

         This PLAN/AGREEMENT/ARTICLES OF MERGER dated this 20th day of February,
1939, entered into by U-Haul Co., Inc. the surviving corporation and Madison
Rental Equipment Repair Shop, Inc., the Absorbed Corporation, both corporations
of the State of Wisconsin and together referred to as the Constituent
Corporations hereby witnesseth that:

         The respective Boards of Directors and the Sole Shareholder by
resolution have determined it to be advisable that the Absorbed Corporation be
merged into the Surviving Corporation under the terms and conditions hereinafter
set forth in accordance with the applicable provisions of the General
Corporation Law of the State of Wisconsin, which laws permit: such merger.

         NOW THEREFORE, the parties hereto do agree as follows:

                                       I

         The Articles of Incorporation of the Surviving Corporation shall
continue to be its Articles of Incorporation, unless altered or amended below,
following the effective date of the merger.

                                       II

         The executed PLAN/AGREEMENT/ARTICLES OF MERGER is on file at the
Surviving Corporation's principal office. The location of that office is 505 E.
Capitol, Milwuakee, WI 53212.

                                      III

         The provisions for handling the shares of stock of the Constituent
Corporations are as follows:

                  (1)      All issued and outstanding shares of stock of the
                           Constituent Corporation shall be absorbed.

                  (2)      on the effective date of the merger and when the
                           aforementioned cancellation has been effected, the
                           outstanding shares of stock of the Surviving
                           Corporation shall be deemed for all corporate
                           purposes to evidence the ownership of the Constituent
                           Corporations.

<PAGE>

                                       IV

         The number of shares outstanding and the number os shares entitled to
vote upon such PLAN/AGREEMENT/ARTICLES OF MERGER, and the number of shares voted
for and against such PLAN/AGREEMENT/ ARTICLES OF MERGER as to each corporation
was as follows:

<TABLE>
<CAPTION>
                                            NUMBER OF
                              NUMBER OF      SHARES          NUMBER         NUMBER
     COMPANY                    SHARES      ENTITLED         VOTED           VOTED
       NAME                  OUTSTANDING    TO VOTE           FOR           AGAINST
       ----                  -----------    -------           ---           -------
<S>                          <C>            <C>              <C>            <C>
Madison Rental                   2000         2000           2000              0
Equipment
Repair Shop, Inc.
U-Haul Co.,Inc.                   500          500            500              0
</TABLE>

                                       V

         The Constituent Corporations shall take or cause to be taken all action
or do or cause to be done, all things necessary, proper or advisable under the
laws of the State of Wisconsin, to consummate and make effective this merger,
subject, however to the appropriate vote or consent to the stockholders of the
Constituent Corporation in accordance with the requirements of the State of
Wisconsin.

                                       VI

         The Surviving Corporation hereby irrevocable appoints C T Corporation
System, as its agent to accept service of process in any suit or other
proceeding and to enforce against the surviving Corporation any obligation of
any Constituent Domestic Corporation or enforce the rights of a dissenting
shareholder of any Constituent Domestic Corporation. A copy of any such process
may be mailed to John A. Lorentz, P.O. Box 21502, Phoenix, Arizona, 85036.

                                       VII

         The Surviving Corporation shall pay all expenses of accomplishing the
merger, and assumes the responsibility for all tax liabilities of the Absorbed
Corporation.

         Effective date of Merger will be March 31, 1989.

<PAGE>

                           Surviving Corporation:   U-HAUL CO., Inc.
                                                    a Wisconsin  corporation

                             By: /s/ Tim Netz
                                ------------------------------------------------
                                Tim Netz, President

Verified

BY: /s/ Carol Gerardin
    ------------------------------
       Carol Gerardin, Secretary

                           Absorbed Corporation:    Madison Rental Equipment
                                                    Repair Shop, Inc.
                                                    A Wisconsin Corporation

                             By: /s/ John M. Dodds
                                 -----------------
                                John M. Dodds, President
Verified

By: /s/ John A. Lorentz
    --------------------------
    John A. Lorentz, Secretary

<PAGE>

STATE OF
COUNTY OF

         On this day of    , 1989, before me, the undersigned Notary Public,
personally appeared Tim Netz, known to me to be the President of U-Haul Co.,
inc., a Wisconsin corporation, that he is the person who executed this
instrument on behalf of said corporation, and acknowledged to me that such
corporation executed the same.

                                            /s/ [ILLEGIBLE]
                                            -------------------------------
                                            NOTARY PUBLIC

(NOTARY SEAL)

STATE OF ARIZONA
COUNTY OF MARICOPA

         On this 16th day of Mar, 1989, before me, the undersigned Notary
Public, personally appeared John A. Lorentz, known to me to be the Secretary of
Madison Rental Equipment Repair Shop, Inc. a Wisconsin corporation, that he is
the person who executed this instrument on behalf of said corporation, and
acknowledged to me that such corporation executed the same.

                                                  /s/ [ILLEGIBLE]
                                                  -----------------------------
                                                  NOTARY PUBLIC

(NOTARY SEAL)
<PAGE>

(Form 4)- 1986             State of Wisconsin      Please read instructions on
AMENDMENT                  SECRETARY OF STATE      the reverse before attempting
(stock corp)                                       to complete this form.

 Resolved. That Article 1 of the Articles of Incorporation of U-Haul Co., Inc.,
           a Wisconsin corporation, be amended to read as follows:

                                    ARTICLE I

          The name of the corporation is U-Haul Co. of Wisconsin, Inc.


[ILLIGIBLE] undersigned
officers of U-Haul Co., Inc. a Wisconsin corporation (enter the
present corporate name, before any change this amendment may cause)
with registered office in Dane County, Wisconsin, CERTIFY:

1 (A) The foregoing amendment of the articles of incorporation of said
      corporation was consented to in writing by the holders of all shares
entitled to vote with respect to the subject matter of said amendment, duly
signed by said shareholders or in their names by their duly authorized
attorneys.

         OR (Please strike out the item you do not use) - See instruction 1

1 (B)

<TABLE>
<CAPTION>
                                                                       VOTE ON ADOPTION

             Number of          Number of          Number of       Number of       Number of
              SHARES              SHARES          "Yes" votes     "Yes" votes     "No" votes
Class       outstanding      entitled to vote       REQUIRED          CAST            CAST
<S>         <C>              <C>                  <C>             <C>             <C>
Common
Preferred
</TABLE>

2 (See instruction 2)

Executed in duplicate and seal (if any) affixed this 7 day of August, 1989.

BY: /s/ [ILLEGIBLE]                                BY: /s/ [ILLEGIBLE]
    ----------------------         AFFIX SEAL          -------------------------
as (secretary) or                or state that         as (President) or
           indicate which        there is none                    indicate which

This document      _____________________________________________________
was drafted by        please print or type the name of the individual

<PAGE>

                                                           AMENDMENT [ILLEGIBLE]
                                                          ARTICLE I: NAME CHANGE
Mail Returned Copy to:
  (FILL IN THE NAME AND ADDRESS HERE)

         U-Haul International, Inc.
         2721 N. Central Ave.
         Legal Dept.
         Phoenix, AZ 85036
         Attn: Vicky Rykhus

[ILLEGIBLE] a problem exists with the filing of this form, may we call you to
attempt to resolve [ILLEGIBLE] If so, please provide us with a phone number at
which you can be reached during the  [ILLEGIBLE] 602 - 263-6648

                                  INSTRUCTIONS

Amendment may be effected either by

A) Vote of the shareholders, at a OR     B) Written consent of all shareholders,
   shareholder's meeting. Use item 1(b).    without a meeting. Use item 1 (a).

Ref. sec. 180.25 Wis. Stats. For corporations organized on or after 1 Jan 1973,
statutory minimum of affirmative votes to adopt resolution is a majority of the
shares entitled to vote. For corporations organized previously, statutory
minimum is 2/3 of the shares entitled to vote, unless articles provide for
majority vote. (If any class or series of shares is entitled to vote as a class,
minimum vote requirements must be met by each class or series entitled to vote
thereon as a class and of the total shares entitled to vote thereon.)

2. Item 2. If amendment provides for exchange, reclassification or cancellation
of issued shares, or effects a change in the amount of stated capital. enter a
statement of the manner in which the same will be accomplished. Ref. sec. 180.53
(6) & (7) Wisconsin Statutes.

3. Affix CORPORATE SEAL to each copy of the document, or enter the remark "NO
SEAL" if the corporation does not have a seal. The PRESIDENT (or
vice-president) and SECRETARY (or asst. secretary) are to sign each copy with
the original signatures. Carbon copy, xerox, or rubber stamp signatures are not
acceptable.

4. Submit in DUPLICATE ORIGINAL. Furnish Secretary of State two copies of the
document. (Mailing address: Corporation Division. Secretary of State, P.O. Box
7846, Madison. WI 53707). One copy will be retained (filed) by Secretary of
State and the other copy transmitted directly to the Register of Deeds of the
county named in this document, together with your check for the recording fee.
When the recording has been accomplished, the document will be returned to the
address you furnish on the back of this form.

5. Two SEPARATE REMITTANCES are required.

         A) Send a filing fee of $25 (or more), payable to SECRETARY OF STATE.
Additional fee may be due if amendment causes an increase in authorized capital
shares. The rate on shares is $1.25 per $ 1,000 on par value shares, and/or
2 1/2/cents per share on no par value shares. Compute fee at such rates on the
aggregate number of shares AFTER giving effect to the amendment. Deduct
therefrom the fee applicable to the authorized shares BEFORE amendment. The
remainder, if any, is the additional fee due.

         B) Send a RECORDING FEE of $6. payable to REGISTER OF DEEDS of the
county named in this document at the county within which the corporation's
registered office is located. If you append additional pages to this standard
form, add $2 more recording fee for each additional page.

Please [ILLEGIBLE] the fee for The Register of Deeds in check form with your
document, and we will transmit to the Register of Deeds with the [ILLEGIBLE]
for recording.


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.150
<SEQUENCE>149
<FILENAME>p68936exv3w150.txt
<DESCRIPTION>EXHIBIT 3.150
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.150

                                   BY-LAWS OF

                       U-HAUL CO. OF WISCONSIN EAST, INC.

                             A Wisconsin Corporation

                                    ARTICLE I

                                                               DATE: May 4, 1970

SECTION 1. Offices:

The principal office of the corporation in the state of Wisconsin shall be
located in the city of Milwaukee. The corporation may have such other of offices
either within or without the state of Wisconsin as the Board of Directors may
designate or as the business of the corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be hold on the
Third Wednesday of April of each year, at the office of the corporation in the
state of Wisconsin or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of  not less then one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders

                                      -1-
<PAGE>
may be  held within or without the state of Wisconsin. Notice of the special
meetings will be had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly  authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

        1st.     All persons claiming to hold proxies shall present them to
                 the tellers for verification.

        2nd.     Proof of due notice of meeting when applicable.

        3rd.     Reading end disposal of all unapproved minutes.

        4th.     Reports of officers and committees.

        5th.     Election of Directors.

        6th.     Unfinished business.

        7th.     New business.

        8th.     Adjournment.

                                      -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at any time pre-emptorily terminate the term of
office of all or any of the Directors by a vote at a meeting called for such
purposes. Such removal shall be effective immediately even if successors are not
elected simultaneously and the vacancies on the Board of Directors resulting
therefrom shall be filled by the stockholders, or by the Board of Directors as
provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Wisconsin.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Wisconsin.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

                                      -3-
<PAGE>

        1st.  Roll call; a quorum being present.

        2nd.  Reading of minutes of preceding meeting and action thereon.

        3rd.  Consideration of communications of the Board of Directors.

        4th.  Reports of officials and committees.

        5th.  Unfinished business.

        6th.  Miscellaneous business.

        7th.  New business.

        8th.  Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

        1.  To purchase, lease, and acquire, in any lawful manner any and all
            real or personal property including franchises, stocks, bonds and
            debentures of other companies, business and good will, patents,
            trade-marks in contracts, and interests thereunder, and other rights
            and proprieties which in their judgment may be beneficial for the
            purpose of this corporation, and to issue shares of stock of this
            corporation in payment of such property, and in payment for services
            rendered to this corporation, when they deem it advisable.

        2.  To fix and determine and to vary, from time to time, the amount or
            amounts to be set aside or retained as reserve funds or as working
            capital of this corporation.

        3.  To issue notes and other obligations or evidences of the debt of
            this corporation, and to secure the same, if deemed advisable, and
            endorse and guarantee the notes, bonds, stocks, and other
            obligations of other corporations with or without compensation for
            so doing, and from time to time to sell, assign, transfer

                                      -4-
<PAGE>

            or otherwise dispose of any of the property of this corporation,
            subject, however, to the laws of the State of Wisconsin, governing
            the disposition of the entire assets and business of the corporation
            as a going concern.

        4.  To declare and pay dividends, both in the form of money and stock,
            bat only from the surplus or from the net profit, arising from the
            business of this corporation, after deducting therefrom the amounts,
            at the time when any dividend is declared which shall have been set
            aside by the Directors as a reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Wisconsin statutes regulating the appointment
of committees.

                                   ARTICLE VI.

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the Board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with

                                      -5-
<PAGE>

the Secretary shall sign all certificates of the shares of the capital stock of
the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers, as the
Board of Directors may direct.

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President, Vice-
President or Secretary's office, provided the Board of Directors indicates the
combination of these offices.

                                      -6-
<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall
be signed by the President or Vice-President, and Secretary. All certificates
shall be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Wisconsin, the number and par value, if any, of each share represented
by it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agent and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. FISCAL YEAR:

The fiscal year of the corporation shall commence with the opening of business
on the first day of January of each calendar year and shall close on the 31st
day of December of the year.

                                      -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-HAUL CO. OF WISCONSIN EAST, INC., are hereby

accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do new constitute the By-Laws of
this corporation.

                                            ____________________________
                                            President - Thomas W. Curtis

ATTEST:

_______________________________
Secretary - Alladine K. Curtis

      (CORPORATE SEAL)

                                      -8-
<PAGE>

                         U-HAUL CO. OF WISCONSIN, INC.,

                            A WISCONSIN CORPORATION

                            SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Co. of Wisconsin, a
Wisconsin corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the Shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                            SHAREHOLDER:

                                            U-Haul International, Inc., a Nevada
                                            Corporation

                                            By: /s/ Gary V. Klinefelter
                                                --------------------------------
                                            Name: Gary V. Klinefelter
                                            Its: Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.151
<SEQUENCE>150
<FILENAME>p68936exv3w151.txt
<DESCRIPTION>EXHIBIT 3.151
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.151

Secretary of State
State of Wyoming
The Capitol
Cheyenne, WY 82002-0020

                           ARTICLES OF INCORPORATION

         I.       Corporate Name: U-Haul Co. of Wyoming, Inc.

         II.      Number and class of shares which the corporation is authorized
                  to issue that together have unlimited voting rights:

                  5,000 shares of Common stock with a $10.00 par value

                  Number and class of shares which are entitled to receive the
                  net assets of the corporation upon dissolution: (This class of
                  shares may also be the class of shares that together have
                  unlimited voting rights.)

         III.     The registered agent and street address of its registered
                  office are:

                  C. T. Corporation System
                  1720 Carey Avenue,
                  Cheyenne, Wyoming 82001

                  (The registered agent may be an individual who resides in this
                  state, a domestic corporation or not-for-profit domestic
                  corporation, or a foreign corporation or not-for-profit
                  foreign corporation authorized to transact business in this
                  state whose business office is identical with the registered
                  office.)

         IV.      The name and address of the incorporator is:

                                John A Lorentz

                                2721 N. Central Avenue

                                Phoenix, Arizona 85004

<PAGE>

                                Signed /s/ John A. Lorentz
                                       -----------------------------------
                                       John A. Lorentz,  Incorporator
                                Dated: October 19, 1990

For name availability purposes list the type of business the corporation will be
conducting: Rental of trucks and trailers.

INSTRUCTIONS:

Filing Fee: $90.00

1.       The Articles of Incorporation shall be accompanied by a written consent
to appointment executed by the registered agent.

2.       Articles of Incorporation shall be accompanied by one conformed copy.

<PAGE>

Secretary of State
State of Wyoming
The Capitol
Cheyenne, WY 82002

                                   CONSENT TO
                         APPOINTMENT BY REGISTERED AGENT

         1. We, C T CORPORATION SYSTEM voluntarily consent to serve as the
registered agent for U-HAUL CO. OF WYOMING, INC. on the date shown below;

         2. We know and understand the duties of a registered agent as set forth
in the 1989 Wyoming Business Corporation Act.

                                Signed /s/ Thomas W. Lukas
                                       -----------------------------------
                                       Thomas W. Lukas,  Assistant Secretary
                                Dated  10-18-90

<PAGE>

                         CONSENT TO USE OF SIMILAR NAME

         The undersigned corporation hereby consents to the use of a similar
name:

         1. The name of the consenting corporation is: U-Haul Co. of Colorado,
U-Haul Co. of Fargo, U-Haul Co. of Idaho, Inc., U-Haul Co. of Montana, Inc. and
U-Haul Co. of Utah, Inc., all are qualified to do business in the State of
Wyoming.

         2. The name of the corporation to which this Consent is being given and
which is about to be organized under the laws of the State of Wyoming is:

                           U-HAUL CO. OF WYOMING, INC.

         IN WITNESS WHEREOF, this corporation has caused this Consent to be
executed this October 19, 1990.

                                U-Haul Co. of Colorado, U-Haul Co. of Fargo,
                                U-Haul Co. of Idaho, Inc., U-Haul Co. of
                                Montana, Inc. U-Haul Co. of Utah, Inc.

                                BY: /s/ John A. Lorentz
                                    -------------------------------------------
                                    John A. Lorentz, Assistant Secretary

STATE OF ARIZONA

COUNTY OF MARICOPA

         Before me, a Notary Public, personally appeared John A. Lorentz, known
to me to be the person who executed and attested the foregoing instrument
respectively, and acknowledged that he executed and attested the same for the
purposes therein contained and that the statements are truly set forth.

         In Witness Whereof, I have hereunto set my hand and official seal this
19th day of October, 1990.

                                        /s/ Blanche I. Parrott
                                        ----------------------------------------
                                                        NOTARY PUBLIC

 (NOTARIAL SEAL)

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.152
<SEQUENCE>151
<FILENAME>p68936exv3w152.txt
<DESCRIPTION>EXHIBIT 3.152
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.152

                                   BY-LAWS OF

                           U-HAUL CO. OF WYOMING, INC.

                              A WYOMING CORPORATION

                                    ARTICLE I

                                                          DATE: October 25, 1990

SECTION 1. Offices:

The principal office of the corporation in the State of Wyoming shall be located
at such place as the Board of Directors may from time to time select. The
corporation may have such other offices either within or without the State of
Wyoming as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
Fourth Friday in April of each year, at the office of the corporation in the
State of Wyoming or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for election of directors and for the
purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

                                       -1-

<PAGE>

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Wyoming. Notice of the special meeting will be
had as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business

           1st.   All persons claiming to hold proxies shall present them to the
                  tellers for verification.

           2nd.   Proof of due notice of meeting when applicable.

           3rd.   Reading and disposal of all unapproved minutes.

           4th.   Reports of officers and committees.

           5th.   Election of Directors.

           6th.   Unfinished business.

           7th.   New business.

           8th.   Adjournment.

                                       -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Office:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the term of office of all or any of the Directors by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Wyoming.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of Wyoming.

SECTION 5. Quorom:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

                                       -3-

<PAGE>

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

           1st.   Roll call; a quorum being present.

           2nd.   Reading of minutes of preceding meeting and action thereon.

           3rd.   Consideration of communications of the Board of Directors.

           4th.   Reports of officials and committees.

           5th.   Unfinished business.

           6th.   Miscellaneous business.

           7th.   New business.

           8th.   Adjournment.

SECTION 7. Meetings By Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

                                       -4-

<PAGE>

           1.     To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trademarks in contracts, and interests
                  thereunder, and other judgment may be beneficial for the
                  purpose of this corporation, and to issue shares of stock of
                  this corporation in payment of such property, and in payment
                  for services rendered to this corporation, when they deem it
                  advisable.

           2.     To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

           3.     To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  State of Wyoming, governing the disposition of the entire
                  assets and business of the corporation as a going concern.

           4.     To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statues regulating the appointment of
committees.

                                   ARTICLE VI

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided

                                       -5-

<PAGE>

for by the Board of Directors. Such officers shall be elected by ballot or
unanimous acclamation at the meeting of the Board of Directors after the annual
election of Directors. In order to hold any election there shall be a quorum
present, and any officer receiving a majority vote shall be declared elected and
shall hold office for one year and until his or her respective successor shall
have been duly elected and qualified; provided, however, that all officers,
agents and employees of the corporation shall be subject to removal from office
pre-emptorily by vote of the Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                       -6-

<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION l. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Wyoming, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferable only upon the books of the corporation and upon the signing of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the name of
the person owning the shares thereby represented, with the number of such shares
and the date of issue. The transfer of any share or shares of stock in the
corporation may be made by surrender of the certificate issued therefore, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of each year.

                                       -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of U-Haul Co. of Wyoming, Inc. are hereby accepted and
adopted as the By-Laws of said corporation, and we, the undersigned, do hereby
certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                                      /s/ John A. Lorentz
                                                      --------------------------
                                                      John A. Lorentz, President

ATTEST:

/s/ Gary Klinefelter
- ---------------------------
Gary Klinefelter, Secretary

(CORPORATE SEAL)

                                       -8-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.153
<SEQUENCE>152
<FILENAME>p68936exv3w153.txt
<DESCRIPTION>EXHIBIT 3.153
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.153

BRITISH
COLUMBIA

                                   COMPANY ACT

                          CERTIFICATE OF INCORPORATION

                              I HEREBY CERTIFY that

                            U-HAUL INSPECTIONS LTD.

              has this day been incorporated under the Company Act

               ISSUED under my hand at Victoria, British Columbia

                                 on May 08, 2002

                                              /s/ John S. Powell
                                           -------------------------
                                                 JOHN S. POWELL
                                             Registrar of Companies
                                          PROVINCE OF BRITISH COLUMBIA
                                                     CANADA

<PAGE>

TOTAL SHARES TAKEN                              1 COMMON SHARE WITHOUT PAR VALUE

DATED the 7th day of May, 2002.

<PAGE>

<TABLE>
<CAPTION>
PART   ARTICLE                           SUBJECT
- ----   -------                           -------
<S>    <C>                               <C>
  6    ALTERATION OF CAPITAL

       6.1                               Increase of Authorized Capital
       6.2                               Other Capital Alterations
       6.3                               Special Rights and Restrictions of Shares
       6.4                               Consent of Class or Series
       6.5                               Class or Series Meetings of Members
       6.6                               Reduction of Authorized Capital
       6.7                               Shares Ranking Pari Passu

  7    PURCHASE AND REDEMPTION OF SHARES

       7.1                               Company May Purchase or Redeem
       7.2                               Selection for Redemption
       7.3                               Shares Held by Company

  8    BORROWING POWERS

       8.1                               Powers of Directors
       8.2                               Special Rights in Debt Obligations
       8.3                               Register of Debentures
       8.4                               Execution of Debt Obligations
       8.5                               Register of Indebtedness

  9    GENERAL MEETINGS

       9.1                               Annual General Meetings
       9.2                               Consent in Writing
       9.3                               Classification of Meetings
       9.4                               Calling of Meetings
       9.5                               Advance Notice
       9.6                               Particulars of Notice
       9.7                               Waiver of Notice
       9.8                               Notice of Documents

 10    PROCEEDINGS AT GENERAL MEETINGS

       10.1                              Special Business
       10.2                              Need for Quorum
       10.3                              Quorum
       10.4                              Lack of Quorum
       10.5                              Chairman
       10.6                              Alternate Chairman
       10.7                              Adjournments
       10.8                              Moving and Seconding
       10.9                              Show of Hands or Poll
       10.10                             Casting Vote Provision
       10.11                             Taking a Poll
       10.12                             Retention of Ballots
       10.13                             Casting of Votes on a Poll
       10.14                             Ordinary Resolution Sufficient
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
PART   ARTICLE                           SUBJECT
- ----   -------                           -------
<S>    <C>                               <C>
 11    VOTING OF MEMBERS

       11.1                              Number of Votes
       11.2                              Persons in Representative Capacity
       11.3                              Corporate Member
       11.4                              Joint Holders
       11.5                              Committee for a Member
       11.6                              Appointment of Proxyholders
       11.7                              Execution of Form of Proxy
       11.8                              Deposit of Proxy
       11.9                              Form of Proxy
       11.10                             Validity of Proxy Vote
       11.11                             Revocation of Proxy

 12    DIRECTORS

       12.1                              Number of Directors
       12.2                              Remuneration and Expenses
       12.3                              Qualification

 13    ELECTION AND REMOVAL OF DIRECTORS

       13.1                              Election at Annual General Meetings
       13.2                              Eligibility of Retiring Director
       13.3                              Continuance of Directors
       13.4                              Election of Fewer than Required Number of
                                         Directors
       13.5                              Filling a Casual Vacancy
       13.6                              Additional Directors
       13.7                              Alternate Directors
       13.8                              Termination of Directorship
       13.9                              Removal of Directors

 14    POWERS AND DUTIES OF DIRECTORS

       14.1                              Management of Business
       14.2                              Appointment of Attorney

 15    DISCLOSURE OF INTEREST OF DIRECTORS

       15.1                              Disclosure of Conflicting Interest
       15.2                              Director May Hold Other Office
       15.3                              Director Acting in Professional Capacity
       15.4                              Director Receiving Remuneration From Others

 16    PROCEEDINGS OF DIRECTORS

       16.1                              Chairman of Meetings
       16.2                              Procedure at Meetings
       16.3                              Meetings by Conference Telephone
       16.4                              Notice of Meeting
       16.5                              Waiver of Notice of Meetings
       16.6                              Quorum
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
PART   ARTICLE                           SUBJECT
- ----   -------                           -------
<S>    <C>                               <C>
       16.7                              Continuing Directors may Act
       16.8                              Validity of Acts of Directors
       16.9                              Resolution in Writing Effective

 17    EXECUTIVE AND OTHER COMMITTEES

       17.1                              Appointment of Executive Committee
       17.2                              Appointment of Committees Generally
       17.3                              Audit Committee
       17.4                              Procedure at Meetings

 18    OFFICERS

       18.1                              President and Secretary Required
       18.2                              Holding More Than One Office
       18.3                              Remuneration
       18.4                              Functions
       18.5                              Disclosure of Conflicting Interest

 19    INDEMNITY AND PROTECTION OF DIRECTORS,
       OFFICERS AND EMPLOYEES

       19.1                              Indemnification of Directors
       19.2                              Indemnification of Officers, Employees, Agents
       19.3                              Indemnification not Invalidated by Non-compliance
       19.4                              Company may Purchase Insurance
       19.5                              Duty to Act Honestly, etc.

 20    DIVIDENDS AND RESERVES

       20.1                              Declaration of Dividends
       20.2                              Date Dividend Payable
       20.3                              Proportionate to Number of Shares
       20.4                              Reserves
       20.5                              Receipts from Joint Holders
       20.6                              No Interest on Dividends
       20.7                              Payment of Dividends
       20.8                              Capitalization of Retained Earnings or Surplus

 21    DOCUMENTS, RECORDS AND REPORTS

       21.1                              Documents to be Kept
       21.2                              Accounts to be Kept
       21.3                              Inspection of Accounts
       21.4                              Financial Statements and Reports
       21.5                              Copies to Members
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
PART   ARTICLE                           SUBJECT
- ----   -------                           -------
<S>    <C>                               <C>
 22    NOTICES

       22.1                              Method of giving Notice
       22.2                              Notice to Joint Holder
       22.3                              Notice to Personal Representative
       22.4                              Persons to Receive Notice

 23    RECORD DATES

       23.1                              Directors May Fix Record Dates
       23.2                              When Record Date Not Fixed

 24    EXECUTION OF DOCUMENTS

       24.1                              Authority to Affix Seal
       24.2                              Facsimile Signatures
       24.3                              Reproduction of Seal
       24.4                              Official Seal for Other Jurisdictions

 25    PROHIBITIONS IF NOT A REPORTING COMPANY

       25.1                              Prohibitions
</TABLE>

<PAGE>

                          PROVINCE OF BRITISH COLUMBIA
                                  COMPANY ACT

                                    ARTICLES

                                       OF

                            U-HAUL INSPECTIONS LTD.

                                     PART 1

                                 INTERPRETATION

1.1.     In these Articles, unless there is something in the subject or context
         inconsistent therewith:

         "Board" and "the Directors" or "the directors" or "the Board of
         Directors" mean the Directors or sole Director of the Company for the
         time being;

         "Company Act" means the Company Act of the Province of British Columbia
         as from time to time in force and all amendments thereto and includes
         the regulations made pursuant thereto;

         "Interpretation Act" means the Interpretation Act of the Province of
         British Columbia as and from time to time in force and all amendments
         thereto and includes the regulations made pursuant thereto;

         "proxyholder" means a person duly appointed by a registered holder to
         represent him at a meeting;

         "registered address" of a member or registered holder means his address
         as recorded in the register of members;

         "registered owner" or "registered holder" when used with respect to a
         share in the authorized capital of the Company means the person
         registered in the register of members in respect of such share;

         "seal" means the common seal of the Company.

Expressions referring to writing shall be construed as including references to
printing, lithography, typewriting, photography and other modes of representing
or reproducing words in a visible form.

Words importing the singular include the plural and vice versa; and words
importing male persons include female persons and words importing individuals
shall include corporations and vice. versa.

1.2.     The meaning of any words or phrases defined in the Company Act and the
Interpretation Act shall, if not same meaning in these Articles provided
inconsistent with definitions herein or with the subject or context, bear the
same meaning in these Articles provided that in the event of any conflict or
inconsistency between the Company Act and the Interpretation Act, the former
shall govern.

1.3.     Except as may be otherwise provided expressly or by necessary
implication in the Company Act, the rules of construction contained in the
Interpretation Act shall apply, with the necessary changes and so far as
applicable, to the interpretation of these Articles.
<PAGE>
                                     - 2 -

                                     PART 2

                          SHARES AND SHARE CERTIFICATE

2.1.     Every member is entitled without charge, to one certificate
representing the shares of each class or series held by him. If a member
requests the Company to issue to him more than one share certificate for any
shares of the same class or series registered in his name, the Directors may
prescribe the fee to be paid for each additional certificate. In respect of a
share or shares held jointly by several persons, the Company shall not be bound
to issue more than one certificate, and delivery of a certificate for a share to
one of several joint registered holders or to his duly authorized agent shall be
sufficient delivery to all; and provided further that the Company shall not be
bound to issue certificates representing redeemable shares, if such shares are
to be redeemed within one month of the date on which they were allotted. Any
share certificate may be sent through the mail by registered prepaid mail to the
member entitled thereto at his registered address, and neither the Company nor
any transfer agent shall be liable for any loss occasioned to the member owing
to any such share certificate so sent being lost in the mail, stolen or
destroyed

2.2.     If a share certificate:

         (a)      is worn out or defaced, the Company shall, upon production to
                  it of the said certificate and upon such other terms, if any,
                  as the Directors prescribe, order the said certificate to be
                  cancelled and shall issue a new certificate in replacement
                  thereof; or

         (b)      is lost, stolen or destroyed, then, upon proof thereof to the
                  satisfaction of the Directors and upon such indemnity, if any,
                  as the Directors deem adequate being given, a new share
                  certificate in lieu thereof shall be issued to the person
                  entitled to such lost, stolen or destroyed certificate.

Such sum, not exceeding the amount permitted by the Company Act, as the
Directors may from time to time fix, shall be paid to the Company for each
certificate to be issued under this Article.

2.3.     Save in the case of the personal representatives of a deceased member,
the Directors may refuse to register more than three persons as the joint
holders of a share.

2.4.     Every share certificate shall be signed manually by at least one
officer or Director of the Company, or by or on behalf of a registrar, branch
registrar, transfer agent or branch transfer agent of the Company and any
additional signatures may be printed or otherwise mechanically reproduced and,
in such event, a certificate so signed is as valid as if signed manually,
notwithstanding that any person whose signature is so printed or mechanically
reproduced shall have ceased to hold the office that he is stated on such
certificate to hold at the date of the issue of a share certificate.

2.5.     Except as required by law or these Articles, no person shall be
recognized by the Company as holding any share upon any trust, and the Company
shall not be bound by or compelled in any way to recognize (even when having
notice thereof) any equitable, contingent, future or partial interest in any
share or in any fractional part of a share or (except only as by law or these
Articles provided or as ordered by a court of competent jurisdiction) any other
rights in respect of any share except an absolute right to the entirety thereof
in its registered holder.

                                     PART 3

                                ISSUE OF SHARES

3.1.     Subject to the Company Act, the Memorandum and these Articles and to
the rights of holders of issued shares arising under the Company Act or
otherwise, the shares shall be under the control of the Directors who may issue,
allot, sell or otherwise dispose of, and/or grant options on or otherwise deal
in, shares authorized but not outstanding, and outstanding shares (including
shares purchased or redeemed by the Company but not cancelled) held by the
Company, at such times, to such persons (including Directors), in such manner,
upon such terms and conditions, and at such price or for such consideration, as
they may determine.
<PAGE>
                                     - 3 -

3.2.     The Directors may authorize the issue of share purchase or subscription
warrants to the purchasers or holders of any debt obligations or other evidences
of indebtedness or other obligations or shares of the Company, upon such terms
and subject to such restrictions as they may determine.

3.3.     Subject to the provisions of the Company Act, the Company, or the
Directors on behalf of the Company, may pay a commission or allow a discount to
any person in consideration Of his subscribing or agreeing to subscribe, whether
absolutely or conditionally, for any shares in, or securities of, the Company,
or procuring or agreeing to procure subscriptions, whether absolutely or
conditionally, for any such shares or securities, provided that, if the Company
is not a specially limited company, the rate of the commission and discount
shall not in the aggregate exceed 25 per centum of the amount of the
subscription price of such shares. The Directors may also on any issue or sale
of shares or other securities cause the Company to pay such brokerage as may be
lawful.

3.4.     Subject to the exceptions permitted by the Company Act, no share may be
issued until it is fully paid and the Company shall have received the full
consideration therefor in cash, property or past services actually performed for
the Company. The value of property or services for the purpose of this Article
shall be the amount determined by the Directors by resolution to be, in all
circumstances of the transaction, no greater than the fair market value thereof.

3.5.     If the Company is, or becomes, a company which is not a reporting
company and the Directors are required by the Company Act before allotting any
shares to offer them pro rata to the members, the Directors shall, before
allotting any shares, comply with the applicable provisions of the Company Act.

                                     PART 4

                                SHARE REGISTERS

4.1.     The Company shall keep or cause to be kept a register of members, a
register of transfers and a register of allotments within British Columbia, all
as required by the Company Act and may combine one or more of such or series of
shares, a separate register of registers. If the Company's capital shall consist
of more than one class members, register of transfers and register of allotments
may be kept in respect of each class or series of shares. The Directors may
appoint a trust company to keep the register of members, register of transfers
and register of allotments or, if there is more than one class or series of
shares, the Directors may appoint a trust company, which register of transfers
and the register of need not be the same trust company, to keep the register of
members, the allotments for each class or series of shares. The Directors may
also appoint one or more trust companies, including the trust company which
keeps the said registers of its shares or of a class or series thereof, as
transfer agent or branch transfer agent for its shares or a class or series
thereof, as the case may be, and the same or another trust company or companies
as registrar for its shares or a class or series thereof as the case may be. The
Directors may terminate the appointment of any trust company referred to in this
Article or in Article 4.2 at any time and may appoint another trust company in
its place.

4.2.     Subject to the Company Act, the Company may keep or cause to be kept
branch registers of members at such places as the Directors may determine,
provided that any such branch register kept within British Columbia shall be
kept by a trust company.

4.3.     The Company shall not at any time close its register of members.
<PAGE>
                                     - 4 -

                                     PART 5

                      TRANSFER AND TRANSMISSION OF SHARES

5.1.     Subject to the Memorandum and these Articles, any member may transfer
any of his shares by instrument in writing executed by or on behalf of such
member. The instrument of transfer of any share of the Company shall be in the
form, if any, on the back of the Company's share certificates or in any usual or
common form or in such other form as the Directors may from time to time
approve. Except to the extent that the Company Act may otherwise provide, the
transferor shall be deemed to remain the holder of the share until the name of
the transferee is entered in the register of members or a branch register of
members in respect thereof.

5.2.     The signature of the registered owner of any shares, or of his duly
authorized attorney, upon an authorized instrument of transfer delivered to the
Company shall constitute a complete and sufficient authority to the Company, its
Directors, officers and agents to register, in the name of the transferee as
named in the instrument of transfer, the number of shares specified therein or,
if no number is specified, all the shares of the registered owner represented by
share certificates deposited with the instrument of transfer. If no transferee
is named in the instrument of transfer, the instrument of transfer shall
constitute a complete and sufficient authority to the Company, its directors,
officers and agents to register, in the name of the person on whose behalf any
certificate for the shares to be transferred is deposited with the Company for
the purpose of having the transfer registered, the number of shares specified in
the instrument of transfer or, if no number is specified, all the shares
represented by all share certificates deposited with the instrument of transfer.

5.3.     Neither the Company nor any Director, officer or agent thereof shall be
bound to inquire into the title of the person named in the form of transfer as
transferee, or, if no person is named therein as transferee, of the person on
whose behalf the certificate is deposited with the Company for the purpose of
having the transfer registered or be liable to any claim by such registered
owner or by any intermediate owner or holder of the certificate or of any of the
shares represented thereby or any interest therein for registering the transfer,
and the transfer, when registered, shall confer upon the person in whose name
the shares have been registered a valid title to such shares.

5.4.     Every instrument of transfer shall be executed by the transferor and
left at the registered office of the Company or at the office of its transfer
agent or branch transfer agent or registrar or branch registrar for the shares
to be transferred for registration together with the share certificate for the
shares to be transferred and such other evidence, if any, as the Directors or
the transfer agent or branch transfer agent or registrar or branch registrar may
require to prove the title of the transferor or his right to transfer the shares
and the right of the transferee to have the transfer registered. All instruments
of transfer or a photographic reproduction thereof, if the transfer is
registered, shall be retained by the Company or its transfer agent or branch
transfer agent or registrar or branch registrar and any instrument of transfer,
if the transfer is not registered, shall be returned to the person depositing
the same together with the share certificate which accompanied the same when
tendered for registration.

5.5.     There shall be paid to the Company in respect of the registration of
any transfer such sum, if any, as the Directors may from time to time determine.

5.6.     In the case of the death of a member, the survivors where the deceased
was a joint registered holder, and the personal representatives of the deceased
where he was the sole registered holder, shall be the only persons recognized by
the Company as having any title to the deceased's interest in the shares
registered in his name. Before recognizing any persona] representative the
Directors may require him to deliver to the Company the documents required by
the Company Act and such other evidence as the Directors may require of the
personal representative's appointment, including a grant of probate, letters of
administration or other similar documentation from the jurisdiction in which the
shares are to be transferred, and of the payment or satisfaction of all taxes,
duties, fees and other similar assessments payable to any governmental authority
of any applicable jurisdiction with respect to the shares arising out of the
member's death.
<PAGE>
                                     - 5 -

5.7.     A guardian, committee, trustee, curator, tutor, personal representative
or trustee in bankruptcy of a member, although not a member himself, shall have
the same rights, privileges and obligations that attach to the shares held by
the member if the documents and evidence referred in Article 5.6 are delivered
to the Company. This Article does not apply on the death of a member with
respect to shares registered in his name and the name of another person in joint
tenancy.

5.8.     Any person referred to in Article 5.7 who becomes entitled to shares of
a member, upon the documents and evidence referred to in Article 5.6 being
delivered to the Company, has the right either to be registered as a member in
his representative capacity in respect of such shares, or, if he is a personal
representative, instead of being registered himself, to make such transfer of
the shares as the member could have made; but the Directors shall, as regards a
transfer by any such person, have the same right, if any, to decline
registration of a transferee as they would have in the case of a transfer of the
shares by the member.

                                     PART 6

                             ALTERATION OF CAPITAL

6.1.     The Company may by ordinary resolution amend its Memorandum to increase
the authorized capital of the Company by:

         (a)      creating shares with par value or shares without par value, or
                  both;

         (b)      increasing the number of shares with par value or shares
                  without par value, or both; or

         (c)      increasing the par value of a class of shares with par value,
                  if no shares of that class are issued.

6.2.     The Company may by special resolution alter its Memorandum to
subdivide, consolidate, change from shares with par value to shares without par
value, or from shares without par value to shares with par value, or change the
designation of, all or any of its shares but only to such extent, in such manner
and with such consents of members holding a class or series of shares which is
the subject of or affected by such alteration, as the Company Act provides.

6.3.     The Company may alter its Memorandum or these Articles by such
resolution as is permitted by the  Company Act and by otherwise complying with
any applicable provisions of the Memorandum or these Articles, to create, define
and attach special rights or restrictions to any shares and to vary or abrogate
any special rights and restrictions attached to any shares.

6.4.     No right or special right attached to the issued shares of any class or
series shall be prejudiced or interfered with unless the consents of the holders
of the shares of each such class or series required by the Company Act are
obtained. Notwithstanding such consent, no right or special right attached to
any issued shares shall be prejudiced or interfered with as to any part of
issued shares of any class or series unless the holders of the rest of the
issued shares of such class or series either all consent thereto in writing or
consent thereto by a resolution passed by the votes of members holding
three-fourths of the rest of such class or series.

6.5.     Subject to the Company Act, and unless these Articles or the Memorandum
otherwise provide, the provisions of these Articles relating to general meetings
shall apply, with the necessary changes and so far as they are applicable, to a
class or series meeting of members holding a particular class or series of
shares but the quorum at a class or series meeting shall be one person holding
in person or by proxy not less than one-third of the issued shares of that
class or series, as the case may be.

6.6.     The Company may, by resolution of the Directors, alter the Memorandum
by cancelling shares which are not allotted or issued, or which are surrendered
to the Company either by way of gift or otherwise in accordance with the Company
Act, and diminish its authorized capital accordingly.
<PAGE>
                                     - 6 -

6.7.     The rights, or special rights or restrictions attached to the shares of
any class or series shall, unless otherwise expressly provided by the terms, if
any, of such rights, or special rights or restrictions be deemed not to be
modified, abrogated, varied or dealt with by the creation or issue of further
shares ranking pari passu therewith.

                                     PART 7

                        PURCHASE AND REDEMPTION OF SHARES

7.1.     Subject to the special rights and restrictions attached to any shares,
the Company may, by resolution of the Directors and in compliance with the
Company Act, purchase any of its shares at the price and upon the terms
specified in such resolution, or redeem any of its shares which have a right of
redemption attached to them. No such purchase or redemption shall be made if the
Company is insolvent at the time of the proposed purchase or redemption or if
the proposed purchase or redemption would render the Company insolvent. Unless
the shares are to be purchased through a stock exchange or the Company is
purchasing the shares from dissenting members pursuant to the requirements of
the Company Act, or from a bona fide employee or former employee of the Company
or an affiliate of the Company or his personal representative in respect of
shares beneficially owned by such employee or former employee, the Company
shall, if required by the Company Act, make its offer to purchase pro rata to
every member who holds shares of the class or series, as the case may be, to be
purchased.

7.2.     If the Company proposes at its option to redeem some but not all of the
shares of any class or series, the Directors may, subject to the special rights
and restrictions attached to the shares of such class or series, decide the
manner in which the shares to be redeemed shall be selected, and, subject as
aforesaid, need not redeem pro rata.

7.3.     Subject to the Company Act and the Memorandum, any shares purchased or
redeemed by the Company, if not cancelled, may be sold or, if cancelled (but
still in the Company's authorized capital), may be reissued, but, while such
shares which have not been cancelled are held by the Company, it shall not
exercise any vote in respect of such shares and no dividend or other
distribution shall be paid or made thereon.

                                     PART 8

                                BORROWING POWERS

8.1.     Subject to the Company Act, the Directors may authorize and cause the
Company to:

         (a)      borrow money in such manner and amounts, on such security, or
                  without security, from such sources and upon such terms and
                  conditions as they think fit;

         (b)      guarantee the repayment of money by any other person or the
                  performance of any obligation of any other person;

         (c)      issue debt obligations, or other evidences of obligations or
                  indebtedness, either outright or as security for any liability
                  or obligation of the Company or any other person;

         (d)      mortgage, charge, whether by way of specific or floating
                  charge, or both, or give other security on the undertaking, or
                  on the whole or any part of the property and assets, of the
                  Company (both present and future); and

         (e)      for the purposes of the Special Corporate Powers Act of the
                  Province of Quebec and without in any way limiting the powers
                  conferred upon the Company and the Directors by the foregoing
                  or by any other provisions of these Articles, or by the
                  Memorandum, or by the Company Act, for the purpose of securing
                  any notes, bonds, debentures or debenture stock which it is by
                  law entitled to, issue, hypothecate, mortgage or pledge, and
                  cede and transfer, any property, moveable or immovable,
                  present or future, which it may own in the Province of Quebec.
<PAGE>
                                     - 7 -

8.2.     Any debt obligations of the Company may be issued at a discount,
premium or otherwise, and with any special privileges as to redemption,
surrender, drawings, allotment of or Conversion into or exchange for shares or
other securities, attending and voting at general meetings of the Company,
appointment or election of Directors, or otherwise, and may by their terms be
assignable free from any equities between the Company and the person to whom
they are issued or any other person who subsequently acquires the same, all as
the Directors may determine.

8.3.     The Company shall keep or cause to be kept within the Province of
British Columbia in accordance with the Company Act a register of its debentures
and a register of debentureholders, which registers may be combined, and if
there is more than one series of debentures a separate register of debentures
and debentureholders may be kept in respect of each series. The Directors may
appoint a trust company to keep the register of debentureholders. Subject to the
Company Act, the Company may keep or cause to be kept brand registers of its
debentureholders at such places as the Directors may determine, provided that
any such branch register kept within British Columbia shall be kept by a trust
company. The Directors may also appoint a trust company as transfer agent or
branch transfer agent for its debentures or a series thereof. The Directors may
terminate the appointment of any such trust company at any time and may appoint
another trust company in its place.

8.4.     Every debt obligation of the Company shall be signed manually be at
least one Director or officer of the Company or by or on behalf of a trustee,
registrar, branch registrar, transfer agent or branch transfer agent for the
debt obligation appointed by the Company or under any instrument under which
the debt obligation is issued, or by or on behalf of a trustee who certifies it
in accordance with a trust indenture, and any additional signatures may be
printed or otherwise mechanically reproduced thereon and, in such event, a debt
obligation so signed is as valid as if signed manually notwithstanding that any
person whose signature is so printed or mechanically reproduced shall have
ceased to hold the office that he is stated on such debt obligation to hold at
the date of the issue thereof.

8.5.     If the Company is or becomes a reporting company, the Company shall
keep or cause to be kept a register of its indebtedness to every Director or
officer of the Company or an associate of any of them in accordance with the
provisions of the Company Act.

                                     PART 9

                                GENERAL MEETINGS

9.1.     Annual general meetings of the Company shall be held as required by the
Company Act at such time and place as is determined by the Directors.

9.2.     If the Company is, or becomes, a company which is not a reporting
company, and all the members entitled to attend and vote at an annual general
meeting consent in writing to all the business which is required or desired to
be transacted at the meeting, the meeting need not be held, and shall be deemed
to have been held on the date specified in such written consent, or, failing
such a date being specified, on the date all such members consent thereto. A
written consent for the purposes of this Article 9.2 may be given by any method
or means authorized by Article 16.9 for consenting in writing to a resolution.

9.3.     All general meetings other than annual general meetings are herein
referred to as and may be called extraordinary general meetings or special
general meetings.

9.4.     The Directors may, whenever they think fit, convene a special general
meeting. A special general meeting, if requisitioned in accordance with the
Company Act, shall be convened by the Directors or, if not convened by the
Directors, may be convened by the requisitionists as provided in the Company
Act.

9.5.     If the Company is or becomes a reporting company, advance notice of any
general meeting at which Directors are to be elected shall be published in the
manner required by the Company Act.
<PAGE>
                                     - 8 -

9.6.     A notice convening a general meeting specifying the place, the day, and
the hour of the meeting, and, in case of special business, the general nature of
that business, shall be given as provided in the Company Act and in the manner
hereinafter in these Articles mentioned, or in such other manner (if any) as may
be prescribed by ordinary resolution, whether previous notice thereof has been
given or not, to such persons as are entitled by law or under these Articles to
receive such notice from the Company. Accidental omission to give notice of a
meeting to, or the non-receipt of notice of a meeting, by any member shall not
invalidate the proceedings at that meeting.

9.7.     All the members of the Company entitled to attend and vote at a
general meeting may, by unanimous consent in writing given before, during or
after the meeting, or if they are present at the meeting by a unanimous vote,
waive or reduce the period of notice of such meeting and an entry in the minute
book of such waiver or reduction shall be sufficient evidence of the due
convening of the meeting. A consent in writing for the purposes of this Article
9.7 may be given by any method or means authorized by Article 16.9 for
consenting in writing to a resolution.

9.8.     Except as otherwise provided by the Company Act, where any special
business at a general meeting includes considering, approving, ratifying,
adopting or authorizing any document or the execution thereof or the giving of
effect thereto, the notice convening the meeting shall, with respect to such
document, be sufficient if it states that a copy of the document is or will be
available for inspection by members at the registered office or records office
of the Company or at some other place in British Columbia designated in the
notice during usual business hours on specified dates prior to the date of such
meeting.

                                     PART 10

                         PROCEEDINGS AT GENERAL MEETINGS

10.1.    All business shall be deemed special business which is transacted at:

         (a)      a special general meeting other than the conduct of and voting
                  at, such meeting; and

         (b)      an annual general meeting, with the exception of the conduct
                  of, and voting at, such meeting, the consideration of the
                  financial statement and of the respective reports of the
                  Directors and Auditor, fixing or changing the number of
                  Directors, electing Directors, appointing the Auditor, fixing
                  the remuneration of the Auditor and the Directors if
                  applicable, and such business as by these Articles or the
                  Company Act may be transacted at a general meeting without
                  prior notice thereof being given to the members and any
                  business which is brought under consideration by the report of
                  the Directors.

10.2.    No business, other than election of the chairman or the adjournment of
the meeting, shall be transacted at any general meeting unless a quorum of
members, entitled to attend and vote, is present at the commencement of the
meeting, but the quorum need not be present throughout the meeting.

10.3.    Save as herein otherwise provided, a quorum for a meeting shall be two
persons present and being, or representing by proxy, members holding not less
than one-twentieth of the issued shares entitled to be voted at the meeting. If
there is only one member the quorum is one person present and being, or
representing by proxy, such member. The Directors, the Secretary, an Assistant
Secretary and a solicitor of the Company shall be entitled to attend at any
general meeting but no such person shall be counted in the quorum or vote at any
meeting unless he shall be a member or proxyholder entitled to vote thereat.

10.4.    If within half an hour from the time appointed for a general meeting a
quorum is not present, the meeting, if convened upon the requisition of members,
shall be dissolved. In any other case it shall stand adjourned to the same day
in the next week, at the same time and place, and, if at the adjourned meeting a
quorum is not present within half an hour from the time appointed for the
meeting, the person or persons present and being, or representing by proxy, a
member or members entitled to attend and vote at the meeting shall be a quorum.

<PAGE>
                                     - 9 -

10.5.    The Chairman of the Board, if any, or in his absence the President of
the Company or in his absence a Vice- President of the Company, if any, shall be
entitled to preside as chairman at every general meeting of the Company.

10.6.    If at any general meeting neither the Chairman of the Board nor
President nor a Vice-President is present within fifteen minutes after the time
appointed for holding the meeting or is willing to act as chairman, the
Directors present shall choose some one of their number to be chairman, or if
all the persons occupying the said offices shall have advised the Secretary or
an Assistant Secretary that they will not be present at a meeting, the Directors
present shall choose one of their number to be chairman or if no Director is
present, the members and proxyholders present may choose one of their number to
be a chairman. If a person willing to act is not chosen as chairman in
accordance with these provisions within 45 minutes after the time appointed for
holding the meeting, the meeting shall be dissolved.

10.7.    The chairman may and shall, if so directed by the meeting, adjourn a
meeting from time to time and from place to place, but no business shall be
transacted at any adjourned meeting other than the business left unfinished at
the meeting from which the adjournment took place. When a meeting is adjourned
for thirty days or more, notice, but not, "advance notice" referred to in
Article 9.5, of the adjourned meeting shall be given as in the case of an
original meeting. Save as aforesaid, it shall not be necessary to give any
notice of an adjourned meeting or of the business to be transacted at an
adjourned meeting.

10.8.    No motion proposed at a general meeting need be seconded, and the
chairman, a director, a member or a proxyholder may propose or second a motion.

10.9.    Subject to the provisions of the Company Act, at any general meeting a
resolution put to the vote of the meeting shall be decided on a show of hands,
unless (before or on the declaration of the result of the show of hands) a poll
is directed by the chairman or demanded by at least one member or proxyholder
entitled to vote who is present. The chairman shall declare to the meeting the
decision on every question in accordance with the result of the show of hands or
the poll, and such decision shall be entered in the book of proceedings of the
Company. A declaration by the chairman that a resolution has been carried, or
carried unanimously, or by a particular majority, or lost or not carried by a
particular majority and an entry to that effect in the book of the proceedings
of the Company shall be conclusive evidence of the fact, without proof of the
number or proportion of the votes recorded in favour of, or against, that
resolution.

10.10.   In the case of an equality of votes, whether on a show of hands or on a
poll, the chairman of the meeting at which the show of hands takes place or at
which the poll is demanded shall not be entitled to a second or casting vote.

10.11.   No poll may be demanded on the election of a chairman. A poll demanded
on a question of adjournment shall be taken forthwith. A poll demanded on any
other question shall be taken as soon as, in the opinion of the chairman, is
reasonably convenient, but in no event later than seven days after the meeting
and at such time and place and in such manner as the chairman of the meeting
directs. The result of the poll shall be deemed to be the resolution of and
passed at the meeting at which the poll was demanded. Any business other than
that upon which the poll has been demanded may be proceeded with pending the
taking of the poll. A demand for a poll may be withdrawn. In any dispute as to
the admission or rejection of a vote the decision of the chairman made in good
faith shall be final and conclusive. In the event of a poll by mail, the seven
days limit hereinbefore prescribed shall be deemed to be satisfied if the ballot
is mailed within seven days and specifies a date by which completed ballots must
be received to be counted in the poll that date being such date as the chairman
in the reasonable exercise of his discretion thinks is appropriate, but being in
no event later than twenty-one days after the mailing of the ballot form.

10.12.   Every ballot cast upon a poll and every proxy appointing a proxyholder
who casts a ballot upon a poll shall be retained by the Secretary for such
period and be subject to such inspection as the Company Act may provide.

10.13.   On a poll a person entitled to cast more than one vote need not, if he
votes, use all his votes or cast all the votes he uses in the same way.
<PAGE>
                                     - 10 -

10.14.   Unless the Company Act, the Memorandum or these Articles otherwise
provide, any action to be taken by a resolution of the members may be taken by
an ordinary resolution.

                                     PART II

                                VOTES OF MEMBERS

11.1.    Subject to any special voting rights or restrictions attached to any
shares and the restrictions on joint registered holders of shares, on a show of
hands every member who is present in person at a meeting and entitled to vote
thereat shall have one vote and on a poll every member shall have one vote for
each share entitled to be voted at the meeting of which he is the registered
holder and may exercise such vote either in person or by proxyholder. A
proxyholder shall not have the right to vote on a show of hands unless he is a
member entitled to vote at the meeting on a show of hands.

11.2.    Any person who is not registered as a member but is entitled to vote at
any meeting in respect of a share, may vote the share in the same manner as if
he were a member; but, unless the Directors have previously admitted his right
to vote at that meeting in respect of the share, he shall satisfy the Directors
or the Secretary of his right to vote the share before the time for holding the
meeting, or adjourned meeting, as the case may be, at which he proposes to vote,
and unless he shall so satisfy the Directors or the Secretary he shall not be
entitled to vote that share.

11.3.    Any corporation not being a subsidiary which is a member of the Company
may authorize such person as it thinks fit to act as its representative at any
meeting. The person so authorized shall be entitled to exercise in respect of
and at such meeting the same powers on behalf of the corporation which he
represents as that corporation could exercise if it were an individual member of
the Company personally present, including, without limitation, the right to
appoint a proxyholder to represent such corporation, and shall, if present at
the meeting, be counted for the purpose of forming a quorum and be deemed to be
a member present at the meeting. Evidence of the appointment of any such
representative may be sent to the Company by written instrument, telegram, telex
or any method of transmitting legibly recorded messages. Notwithstanding the
foregoing, a corporation being a member and entitled to vote may appoint a
proxyholder.

11.4.    In the case of joint registered holders of a share the vote of the
senior who exercises a vote, whether in person or by proxyholder, shall be
accepted to the exclusion of the votes of the other joint registered holders;
and for this purpose seniority shall be determined by the order in which the
names stand in the register of members, the person whose name stands first being
senior to the person whose name stands second, and so on. Several legal personal
representatives of a deceased member whose shares are registered in his sole
name shall for the purpose of this Article be deemed joint registered holders.

11.5.    A member of unsound mind entitled to attend and vote, in respect of
whom an order has been made by any court having jurisdiction, may vote, whether
on a show of hands or on a poll, by his committee, curator bonis, or other
person in the nature of a committee or curator bonis appointed by that court,
and any such committee, curator bonis, or other person may appoint a
proxyholder.

11.6.    A member holding more than one share in respect of which he is entitled
to vote shall be entitled to appoint one or more, but not more than three,
proxyholders to attend, act and vote for him on the same occasion. If such a
member should appoint more than one proxyholder for the same occasion he shall
specify the number of shares each proxyholder shall be entitled to vote. A
member may also appoint one 01 more alternate proxyholders to act in the place
and stead of an absent proxyholder.

11.7.    A proxy shall be in writing under the hand of the appointor or of his
attorney duly authorized in writing, or, if the appointor is a corporation,
either under the seal of the corporation or under the hand of a duly authorized
officer or attorney. A proxyholder need not be a member of the Company.
<PAGE>
                                     - 11 -

11.8.    Unless otherwise permitted by the Directors, a proxy and the power of
attorney or other authority, if any, under which it is signed or a notarially
certified copy thereof shall be deposited at the registered office of the
Company or at such other place as is specified for that purpose in the notice
convening the meeting, not less than 48 hours (excluding Saturdays and holidays)
before the time for holding the meeting in respect of which the person named in
the instrument is appointed. In addition to any other method of depositing
proxies provided for in these Articles, the Directors may, subject to the
Company Act, make regulations relating to the depositing of proxies at any place
or places and fixing the time or times for depositing the proxies prior to the
meeting or adjourned meeting at which they are to be used and providing for
particulars of such proxies to be sent to the Company or any agent of the
Company in writing or by letter, telegram, telex or any method of transmitting
legibly recorded messages so as to arrive before the commencement of the meeting
or adjourned meeting at the office of the Company or of any agent of the Company
appointed for the purpose of receiving such particulars and providing that
proxies so deposited may be acted upon as though the proxies themselves were
deposited as required by this Part and votes given in accordance with such
regulations shall be valid and shall be counted.

11.9.    Unless the Company Act or any other statute or law which is applicable
to the Company or to any class of its shares requires any other form of proxy, a
proxy, whether for a specified meeting or otherwise, shall be in the form
following, but may also be in any other form that the Directors or the chairman
of the meeting shall approve:

                                             PROXY

                  The undersigned, being a member of ______________, hereby
                  appoints _____________, or failing him, _______, as
                  proxyholder for the undersigned to attend, act and vote for
                  and on behalf of the undersigned at the annual or
                  extraordinary (as the case may be) general meeting of the
                  Company to be held on the __ day of____, 19_ and at any
                  adjournment thereof.

                  Signed this__day of_______, 19_.

                                                     __________________________
                                                     (Signature of member)

11.10.   A vote given in accordance with the terms of a proxy is valid
notwithstanding the previous death or incapacity of the member giving the proxy
or the revocation of the proxy or of the authority under which the form of proxy
was executed or the transfer of the share in respect of which the proxy is
given, provided that no notification in writing of such death, incapacity,
revocation or transfer shall have been received by the chairman of the meeting
or adjourned meeting for which the proxy was given before the vote is taken.

11.11.   Every proxy may be revoked by an instrument in writing:

         (a)      executed by the member giving the same or by his attorney
                  authorized in writing or, where the member is a corporation,
                  by a duly authorized officer or attorney of the corporation;
                  and

         (b)      delivered either at the registered office of the Company at
                  any time up to and including the last business day preceding
                  the day of the meeting, or any adjournment thereof at which
                  the proxy is to be used, or to the chairman of the meeting on
                  the day of the meeting or any adjournment thereof before any
                  vote in respect of which the proxy is to be used shall have
                  been taken,

or in any other manner provided by law.
<PAGE>
                                     - 12 -

                                     PART 12

                                    DIRECTORS

12.1.    If the Company is an amalgamated Company, the first Directors shall be
the persons so specified in the amalgamation agreement. The Directors to succeed
the first Directors, after incorporation of the Company, may be appointed in
writing by a majority of the subscribers to the Memorandum or at a meeting of
the subscribers, or if not so appointed, they shall be elected by the members
entitled to vote on the election of Directors and the number of Directors shall
be the same as the number of Directors so appointed or elected. The number of
Directors, excluding additional Directors, may be fixed or changed from time to
time by ordinary resolution, whether previous notice thereof has been given or
not, but notwithstanding anything contained in these Articles the number of
Directors shall never be less than one or, if the Company is or becomes a
reporting company, less than three.

12.2.    The remuneration of the Directors as such may from time to time be
determined by the Directors or, if the Directors shall so decide, by the
members. Such remuneration may be in addition to any salary or other
remuneration paid to any officer or employee of the Company as such who is also
a Director. The Directors shall be repaid such reasonable travelling, hotel and
other expenses as they incur in and about the business of the Company
(including, if authorized by resolution of the Directors in respect of the
Directors generally, those incurred in attending meetings of the Directors or of
any committees of the Directors) and if any Director shall perform any
professional or other services for the Company that in the opinion of the
Directors are outside the ordinary duties of a Director or shall otherwise be
specially occupied in or about the Company's business, he may be paid a
remuneration to be fixed by the Board, or, at the option of such Director, by
the Company in general meeting, and such remuneration may be either in addition
to, or in substitution for any other remuneration that he may be entitled to
receive. The Directors on behalf of the Company, unless otherwise determined by
ordinary resolution, may pay a gratuity or pension or allowance on retirement to
any Director who has held any salaried office or place of profit with the
Company or to his spouse or dependents and may make contributions to any fund
and pay premiums for the purchase or provision of any such gratuity, pension or
allowance.

12.3.    A Director shall not be required to hold a share in the capital of the
Company as qualification for his office but shall be qualified as required by
the Company Act, to become or act as a Director.

                                     PART 13

                       ELECTION AND REMOVAL OF DIRECTORS

13.1.    At each annual general meeting of the Company all the Directors shall
retire and the members entitled to vote thereat shall elect a Board of Directors
consisting of the number of Directors for the time being fixed pursuant to these
Articles. If the Company is, or becomes, a company that is not a reporting
company and the business to be transacted at any annual general meeting is
consented to in writing by all the members who are entitled to attend and vote
thereat such annual general meeting shall be deemed for the purpose of this Part
to have been held on such written consent becoming effective.

13.2.    A retiring Director shall be eligible for re-election.

13.3.    Where the Company fails to hold an annual general meeting in accordance
with the Company Act, the Directors then in office shall be deemed to have been
elected or appointed as Directors on the last day on which the annual general
meeting could have been held pursuant to these Articles and they may hold office
until other Directors are appointed or elected or until the day on which the
next annual general meeting is held.

13.4.    If at any general meeting at which there should be an election of
Directors, the places of any of the retiring Directors are not filled by such
election, such of the retiring Directors who are not re-elected as may be
requested by the newly-elected Directors shall, if willing to do so, continue in
office to complete the number of Directors for the time being fixed pursuant to
these Articles until further new Directors are elected. If any such election or
continuance of Directors does not result in the election or continuance of the
number of Directors for the time being
<PAGE>
                                     - 13 -

fixed pursuant to these Articles such number shall be fixed at the number of
Directors actually elected or continued in office. If no Directors are elected
at such meeting the retiring Directors shall be deemed to have been re-elected,
but nothing herein shall prohibit or restrict the right of a Director to resign.

13.5.    Subject to Article 16.7, any casual vacancy occurring in the Board of
Directors may be filled by the remaining Directors or Director.

13.6.    Between successive annual general meetings the Board of Directors shall
itself have power to appoint one or more additional Directors of the Company but
the number of Directors so appointed shall not at any time exceed one-third of
the number of Directors elected at the last general meeting at which Directors
were elected. Any Director so appointed shall hold office only until the next
following annual general meeting of the Company, but shall be eligible for
election at such meeting and so long as he is an additional Director the number
of Directors shall be increased accordingly.

13.7.    Any Director may by instrument in writing delivered to the Company
appoint any person to be his alternate to act in his place at meetings of the
Directors at which he is not present unless the Directors shall have reasonably
disapproved the appointment of such person as an alternate Director and shall
have given notice to that effect to the Director appointing the alternate
Director within a reasonable time after delivery of such instrument to the
Company. Every such alternate shall be entitled to notice of meetings of the
Director and to attend, be counted in the quorum and vote as a Director at a
meeting at which the person appointing him is not personally present, and, if
the alternate is a Director in his own right, to be separately counted in the
determination of a quorum on behalf of the Director or Directors he is
representing and to have a separate vote on behalf of the Director or Directors
he is representing. Every such alternate, to the extent not restricted by the
instrument appointing him, may sign on behalf of the Director or Directors who
appointed him, resolutions submitted to the Directors to be consented to in
writing, as referred to in Article 16.9, and shall be deemed to be a Director
for the purposes of so signing such resolutions. Save as aforesaid or as
expressly otherwise provided in these Articles, an alternate Director shall not
generally have the power to act as a Director. A Director may at any time by
instrument in writing revoke the appointment of an alternate appointed by him.
The remuneration if any payable to such an alternate Director shall be payable
out of the remuneration of the Director appointing him. The appointment or
revocation of the appointment of an alternate Director may be by telegram, telex
or any method of transmitting legibly recorded messages delivered to the
Company.

13.8.    In addition to the provisions of Article 13.1 and Article 13.9, a
Director shall cease to hold office if he:

         (a)      resigns his office by notice in writing delivered to the
                  registered office of the Company, or

         (b)      is convicted of an indictable offence and the other Directors
                  shall have resolved to remove him; or

         (c)      ceases to be qualified to act as a Director pursuant to the
                  Company Act.

The appointment of an alternate Director shall terminate if:

         (a)      the Director who appointed him at any time or by notice to the
                  Company revokes his appointment; or

         (b)      he resigns by notice to the Company; or

         (c)      the Director who appointed him ceases for any reason to be a
                  Director; or

         (d)      he is convicted of an indictable offence and the other
                  Directors shall have resolved to remove him; or

         (e)      he ceases to hold the qualifications necessary for a Director
                  pursuant to the Company Act; or

         (f)      the term of his appointment, if any, expires.
<PAGE>
                                     - 14 -

13.9.    The Company may by special resolution remove any Director before the
expiration of his period of office, and may by an ordinary resolution appoint
another person in his stead.

                                     PART 14

                         POWERS AND DUTIES OF DIRECTORS

14.1.    The Directors shall manage, or supervise the management of, the affairs
and business of the Company and shall have the authority to exercise all such
powers of the Company as are not, by the Company Act or by the Memorandum or
these Articles, required to be exercised by the Company in general meeting.

14.2.    The Directors may from time to time by power of attorney or other
instrument under the seal, appoint any person to be the attorney of the Company
for such purposes, and with such powers, authorities and discretions (not
exceeding those vested in or exercisable by the Directors under these Articles
and excepting the powers of the Directors relating to the constitution of the
Board and of any of its committees and the appointment or removal of officers
and the power to declare dividends) and for such period, with such remuneration
and subject to such conditions as the Directors may think fit, and any such
power of attorney or other instrument may contain such provisions for the
protection or convenience of persons dealing with such attorney as the Directors
think fit. Any such attorney may be authorized by the Directors to subdelegate
all or any of the powers, authorities and discretions for the time being vested
in him.

                                     PART 15

                       DISCLOSURE OF INTEREST OF DIRECTORS

15.1.    A Director who:

         (a)      is, in any way, directly or indirectly interested in an
                  existing or proposed contract or transaction with the Company;
                  or

         (b)      holds any office or possesses any property whereby, directly
                  or indirectly, a duty or interest may be created to conflict
                  with his duty or interest as a Director,

shall declare the nature and extent of his interest in such contract or
transaction or of the conflict or potential conflict with his duty and interest
as a Director, as the case may be, in accordance with the Company Act. A
Director interested in a contract or transaction as aforesaid shall be counted
in the quorum at a meeting of the Directors at which the proposed contract or
transaction is approved, if present at the meeting, and such Director may vote
in respect of the approval of the contract or transaction. If he votes he may be
liable to account for any profit in accordance with the provisions of the
Company Act.

15.2.    A Director may hold any office or place of profit with the Company
(other than the office of auditor of the Company) in addition to his office of
Director for such period and on such terms (as to remuneration or otherwise) as
the Directors may determine and no Director or intended Director shall be
disqualified by his office from contracting with the Company either with regard
to his tenure of any such other office or place of profit or as vendor,
purchaser or otherwise, and, subject to compliance with the provisions of the
Company Act, no contract or transaction entered into by or on behalf of the
Company in which a Director is in any way interested shall be liable to be
voided by reason thereof.

15.3.    Subject to the Company Act, a Director or his firm may act in a
professional capacity for the Company (except as auditor of the Company) and he
or his firm shall be entitled to remuneration for professional services as if he
were not a Director.
<PAGE>
                                     - 15 -

15.4.    A Director may be or become a director or other officer or employee of,
or otherwise interested in, any corporation or firm in which the Company may be
interested as a shareholder or otherwise, and, subject to compliance with the
provisions of the Company Act, such Director shall not be accountable to the
Company for any remuneration or other benefits received by him as director,
officer or employee of, or from his interest in, such other corporation or firm.

                                     PART 16

                            PROCEEDINGS OF DIRECTORS

16.1.    The Chairman of the Board, if any, or in his absence, the President
shall preside as chairman at every meeting of the Directors, or if there is no
Chairman of the Board or neither the Chairman of the Board nor the President is
present within fifteen minutes of the time appointed for holding the meeting or
is willing to act as chairman, or, if the Chairman of the Board, if any, and the
President have advised the Secretary that they will not be present at the
meeting, the Directors present shall choose one of their number to be chairman
of the meeting.

16.2.    Subject to these Articles, the Directors may meet together for the
dispatch of business, adjourn and otherwise regulate their meetings, as they
think fit. Questions arising at any meeting shall be decided by a majority of
votes. In case of an equality of votes the chairman shall not have a second or
casting vote. Meetings of the Board held at regular intervals may be held at
such place, at such time and upon such notice (if any) as the Board may by
resolution from time to time determine.

16.3.    A Director may participate in a meeting of the Board or of any
committee of the Directors by means of conference telephones or other
communications facilities by means of which all Directors participating in the
meeting can hear each other and provided that all such Directors agree to such
participation. A Director participating in a meeting in accordance with this
Article shall be deemed to be present at the meeting and to have so agreed and
shall be counted in the quorum therefor and be entitled to speak and vote
thereat.

16.4.    A Director may, and the Secretary or an Assistant Secretary upon
request of a Director shall, call a meeting of the Board at any time. Reasonable
notice of such meeting specifying the place, day and hour of such meeting shall
be given by mail, postage prepaid, addressed to each of the Directors and
alternate Directors at his address as it appears on the books of the Company or
by leaving it at his usual business or residential address or by telephone,
telegram, telex, or any method of transmitting legibly recorded messages. It
shall not be necessary to give notice of a meeting of Directors to any Director
if such meeting is to be held immediately following a general meeting at which
such Director shall have been elected or is the meeting of Directors at which
such Director is appointed.

16.5.    Any Director or alternate Director may file with the Secretary a
document executed by him waiving notice of any past, present or future meeting
or meetings of the Directors being, or required to have been, sent to him and
may at any time withdraw such waiver with respect to meetings held after such
withdrawal. After filing such waiver with respect to future meetings and until
such waiver is withdrawn no notice need be given to such Director and, unless
the Director otherwise requires in writing to the Secretary, to Us alternate
Director of any meeting of Directors and all meetings of the Directors so held
shall be deemed not to be improperly called or constituted by reason of notice
not having been given to such Director or alternate Director. A waiver as
aforesaid may be given by telegram, telex or other method of transmitting
legibly recorded messages.

16.6.    The quorum necessary for the transaction of the business of the
Directors may be fixed by the Directors and if not so fixed shall be that number
of Directors that is a majority of the number of Directors positions then fixed
for the Company, whether or not each position is filled.

16.7.    The continuing Directors may act notwithstanding any vacancy in their
body, but, if and so long as their number is reduced below the number that,
pursuant to these Articles, is the necessary quorum for meetings of the
Directors, the continuing Directors may act for the purpose of increasing the
number of Directors to that number, or of summoning a general meeting of the
Company, but for no other purpose.
<PAGE>
                                     - 16 -

16.8.    Subject to the Company Act, all acts done by any meeting of the
Directors or of a committee of Directors, or by any person acting as a Director,
shall, notwithstanding that it be afterwards discovered that there was some
defect in the qualification, election or appointment of any Director or person
acting as aforesaid, be as valid as if every such person had been duly elected
or appointed and was qualified to be a Director.

16.9.    A resolution consented to in writing (which resolution may be in
counterparts which together shall be deemed to constitute one resolution in
writing) whether by document, telegram, telex or any method of transmitting
legibly recorded messages or other means, by all of the Directors shall be as
valid and effectual as if it had been passed at a meeting of the Directors duly
called and held on the date, expressly or by necessary implication stated
thereon to be the effective date of the passage or adoption of the resolution.
In the event of counterparts bearing expressly or by implication different
effective dates, then in the absence of a further resolution of the Directors in
that regard, the date the resolution is passed or adopted shall be deemed to be
the latest effective date stated on any counterpart.

                                     PART 17

                         EXECUTIVE AND OTHER COMMITTEES

17.1.    The Directors may appoint an Executive Committee to consist of such
member or members of their body as they think fit, which Committee shall have,
and may exercise during the intervals between the meetings of the Directors, all
the powers vested in the Directors except the power to fill vacancies in the
Board of Directors, the power to change the membership of, or fill vacancies in,
said Committee and such other powers, if any, as may be specified by the
Directors.

17.2.    The Directors may appoint committees consisting of such members of
their body as they think fit and may delegate to any such committee any power of
the Directors (except the power to fill vacancies in the Board of Directors, the
power to change the membership of, or fill vacancies in, any committee of the
Directors and the power to appoint or remove officers appointed by the
Directors), subject to such conditions as may be prescribed by the Directors.

17.3.    If the Company is or becomes a reporting company, the Directors shall
appoint an audit committee at such time and consisting of such members of their
body as they think fit subject to the Company Act. The audit committee shall
exercise the powers and perform the functions of an audit committee as described
in the Company Act. In addition, the Directors may delegate to the audit
committee any power of the Directors (except the power to fill vacancies in the
Board of Directors, the power to change the membership of, or fill vacancies in,
any committee of the Directors and the power to appoint or remove officers
appointed by the Directors), subject to such conditions as may be prescribed by
the Directors.

17.4.    All committees of Directors shall keep regular minutes of their
proceedings and meetings and shall cause them to be recorded in books kept for
that purpose, and shall report the same to the Directors at such times as the
Directors may from time to time require. Committees may make rules for the
conduct of their business and may appoint such assistants as they may deem
necessary. A majority of the members of a committee shall constitute a quorum
thereof. Save as set out in this Part 17 or in the rules made by a committee as
aforesaid, the meetings and proceedings of a committee consisting of more than
one member shall be governed by the provisions of these Articles regulating the
proceedings and meetings of the Directors, including, without limitation, the
provisions with respect to the appointment of alternates to the intent that a
Director who is a member of a committee may appoint an alternate to represent
him at a meeting of the committee unless the Board of Directors shall prohibit
the appointment of alternates by the members of such committee, and including
the provisions with respect to resolutions consented to in writing. The
Directors shall have power at any time to revoke or override any authority given
to or acts to be done by any such committees, except with respect to acts done
before such revocation or overriding, and to terminate the appointment or change
the membership of a committee and to fill vacancies in it.
<PAGE>
                                     - 17 -

                                     PART 18

                                    OFFICERS

18.1.    The Directors shall appoint a President and a Secretary and such other
officers, if any, as the Directors shall determine from time to time and the
Directors may, at any time, terminate any such appointment. No officer shall be
appointed unless he is qualified in accordance with the provisions of the
Company Act.

18.2.    One person may hold more than one of such offices except that the
offices of President and Secretary must be held by different persons unless the
Company has only one member, Any person appointed as the Chairman of the Board,
the President or the Managing Director shall be a Director. The other officers
need not be Directors.

18.3.    The remuneration of the officers of the Company as such and the terms
and conditions of their tenure of office or employment shall from time to time
be determined by the Directors; such remuneration may be by way of salary, fees,
wages, commission or participation in profits or any other means or all of these
modes and an officer may in addition to such remuneration be entitled to receive
after he ceases to hold such office or leaves the employment of the Company a
pension or gratuity.

18.4.    The Directors may decide what functions and duties each officer shall
perform and may entrust to and confer upon him any of the powers exercisable by
them upon such terms and conditions and with such restrictions as they think fit
and may from time to time revoke, withdraw, alter or vary all or any of such
functions, duties and powers. The Secretary shall, inter alia, perform the
functions of the Secretary specified in the Company Act.

18.5.    Every officer of the Company who holds any office or possesses any
property whereby, whether directly or indirectly, duties or interests might be
created in conflict with his duties or interests as an officer of the Company
shall, in writing, disclose to the President the fact and the nature and extent
of the conflict.

                                     PART 19

                           INDEMNITY AND PROTECTION OF
                        DIRECTORS OFFICERS AND EMPLOYEES

19.1.    Subject to the Company Act and these Articles, the Directors shall
cause the Company to indemnify a Director or former Director of the Company and
a Director or former Director of a corporation which is or was a subsidiary of
the Company or (if he acted as such at the request of the Company) of any other
corporation of which the Company is or was a shareholder and the heirs and
personal representatives of any such person against all costs, charges and
expenses, including an amount paid to settle an action or satisfy a judgment,
actually and reasonably incurred by him or them including an amount paid to
settle an action or satisfy a judgment in a civil, criminal or administrative
action or proceeding to which he is or they are made a party by reason of his
being or having been a Director of the Company or a director of such
corporation, including any action brought by the Company or any such
corporation. The Company shall apply to the Court for all approvals of the Court
which may be required to make any indemnity referred to in this Article
effective and enforceable. The Company shall be deemed to have contracted, on
the terms of the foregoing indemnity, with each Director of the Company and each
such Director of such corporation on his being elected or appointed.

19.2.    Subject to the Company Act and these Articles, the Directors shall
cause the Company to indemnify:

         (a)      any officer or former officer (but in the case of an officer
                  of a corporation other than a subsidiary of the Company only
                  if he acted as such at the request of the Company); and

         (b)      any employee, former employee or agent or former agent
                  designated by the Directors,

of the Company or of a corporation which is or was a subsidiary of the Company
or of any other corporation of which the Company is or was a shareholder
(notwithstanding that he is also a Director) and his heirs and personal
<PAGE>
                                     - 18 -

representatives against all costs, charges and expenses whatsoever (including,
without limiting the generality of the foregoing, those specifically referred to
in Article 19.1 above) incurred by him or them and resulting from his acting as
an officer, employee or agent of the Company or of such corporation. The Company
shall be deemed to have contracted, on the terms of the foregoing indemnity,
with each such officers or former officer on his being appointed.

19.3.    The failure of a person to comply with the Company Act or of the
Memorandum or these Articles shall not, of itself, invalidate any indemnity to
which such person is entitled under this Part.

19.4.    The Directors may cause the Company to purchase and maintain insurance
for the benefit of:

         (a)      any person who is or was serving as a Director or officer of
                  the Company or as a director or officer of a corporation which
                  is or was a subsidiary of the Company or (if he acted as such
                  at the request of the Company) of any other corporation of
                  which the Company is or was a shareholder; and

         (b)      any person designated by the Directors who is or was serving
                  as an employee or agent of the Company or of such corporation;
                  and

         (c)      any person in respect of whom the Company is or may be
                  obligated to indemnify pursuant to this Part 19,

and his heirs and personal representatives against any liability incurred by him
as such Director, director, officer, employee or agent.

19.5.    If any of the provisions of this Part shall be void, illegal or
invalid, the remaining provisions of this Part shall be construed and take
effect as if the void, illegal or invalid provision had never been contained
herein. The Company shall not be required to indemnify a person pursuant to
Articles 19.1 or 19.2 if such person did not, with respect to the act or matter
giving rise to the proposed indemnification, act honestly and in good faith and
with a view to the best interests of the Company or the corporation referred to
therein, as the case may be, or in the case of a criminal or administrative act
or proceeding, if he did not have reasonable grounds for believing his conduct
was lawful or duly authorized. The provisions of this Part 19 relating to
Directors and former Directors of the Company and to directors and former
directors of a corporation which is or was a subsidiary of the Company or of a
corporation in which the Company is or was a shareholder also apply, with the
necessary changes and so far as applicable, to alternate Directors of the
Company and alternate directors of such corporations.

                                     PART 20

                             DIVIDENDS AND RESERVES

20.1.    Subject to the Company Act and to the special rights and restrictions
as to dividends attached to any shares, the Directors may from time to time
declare and authorize payment of such dividends, if any, as they may deem
advisable and need not give notice of such declaration to any member. No
dividend shall be paid otherwise than out of funds and/or assets properly
available for the payment of dividends and a declaration by the Directors as to
the amount of such funds and/or assets available for dividends shall be
conclusive. The Company may pay any such dividend wholly or in part by the
distribution of specific assets and in particular by paid up shares, bonds,
debentures or other securities of the Company or any other corporation or in any
one or more such ways as may be authorized by the Company or the Directors and
where any difficulty arises with regard to such a distribution the Directors may
settle the same as they think expedient, and in particular may fix the value for
distribution of such specific assets or any part thereof, and may determine that
cash payments in substitution for all or any part of the specific assets to
which any members are entitled shall be made to any members on the basis of the
value so fixed in order to adjust the rights of all parties and may vest any
such specific assets in trustees or the persons entitled to the dividend as may
seem expedient to the Directors.

20.2.    Any dividend declared on shares of any class or series by the Directors
may be made payable on such date as is fixed by the Directors.
<PAGE>
                                     - 19 -

20.3.    Subject to the rights of members (if any) holding shares with special
rights as to dividends, all dividends on shares of any class or series shall be
declared and paid according to the number of such shares held.

20.4.    The Directors may, before declaring any dividend, set aside out of the
funds properly available for the payment of dividends such sums as they think
proper as a reserve or reserves, which shall, at the discretion of the
Directors, be applicable for meeting contingencies, or for equalizing dividends,
or for any other purpose to which such funds of the Company may be properly
applied, and pending such application may, at the like discretion, either be
employed in the business of the Company or be invested in such investments as
the Directors may from time to time think fit. The Directors may also, without
placing the same in reserve, carry forward such funds, which they think prudent
not to divide.

20.5.    If several persons are registered as joint holders of any share, any
one of them may give an effective receipt for any dividend, bonuses or other
moneys payable in respect of the share.

20.6.    No dividend shall bear interest against the Company. Where the dividend
to which a member is entitled includes a fraction of a cent, such fraction shall
be disregarded in making payment thereof and such payment shall be deemed to be
payment in full.

20.7.    Any dividend, bonus or other moneys payable in cash in respect of
shares may be paid by cheque or warrant sent through the post directed to the
registered address of the holder, or in the case of joint holders, to the
registered address of that one of the joint holders who is first named on the
register, or to such person and to such address as the holder or joint holders
may direct in writing. Every such cheque or warrant shall be made payable to the
order of the person to whom it is sent. The mailing of such cheque or warrant
shall, to the extent of the sum represented thereby (plus the amount of any tax
required by law to be deducted) discharge all liability for the dividend, unless
such cheque or warrant shall not be paid on presentation or the amount of tax so
deducted shall not be paid to the appropriate taxing authority.

20.8.    Notwithstanding anything contained in these Articles the Directors may
from time to time capitalize any retained earnings or surplus of the Company and
may issue as fully paid and non-assessable any unissued shares or any debt
obligations of the Company as a dividend representing such retained earnings or
surplus or any part thereof.

                                     PART 21

                          DOCUMENTS, RECORDS AND REPORTS

21.1.    The Company shall keep at its records office or at such other place as
the Company Act may permit, the documents, copies, registers, minutes, and
records which the Company is required by the Company Act to keep at its records
office or such other place, as the case may be.

21.2.    The Company shall cause to be kept proper books of account and
accounting records in respect of all financial and other transactions of the
Company in order properly to record the financial affairs and condition of the
Company and to comply with the Company Act.

21.3.    Unless the Directors determine otherwise, or unless otherwise
determined by an ordinary resolution, no member of the Company shall be entitled
to inspect the accounting records of the Company.

21.4.    The Directors shall from time to time at the expense of the Company
cause to be prepared and laid before the Company in general meeting such
financial statements and reports as are required by the Company Act.

21.5.    Every member shall be entitled to be furnished once gratis on demand
with a copy of the latest annual financial statement of the Company and, if so
required by the Company Act, a copy of each such annual financial statement and
interim financial statement shall be mailed to each member.
<PAGE>
                                     - 20 -

                                     PART 22

                                     NOTICES

22.1.    A notice, statement or report may be given or delivered by the Company
to any member either by delivery to him personally or by sending it by mail to
him to his address as recorded in the register of members. Where a notice,
statement or report is sent by mail, service or delivery of the notice,
statement or report shall be deemed (a) to be effected by properly addressing,
prepaying and mailing the notice, statement or report, and (b) to have been
given on the date, Saturdays and holidays excepted, following the date of
mailing. A certificate signed by the Secretary or other officer of the Company
or of any other person acting in that behalf for the Company that the letter,
envelope or wrapper containing the notice, statement or report was so addressed,
prepaid and mailed shall be conclusive evidence thereof.

22.2.    A notice, statement or report may be given or delivered by the Company
to the joint holders of a share by giving the notice to the joint holder first
named in the register of members in respect of the share.

22.3.    A notice, statement or report may be given or delivered by the Company
to the persons entitled to a share in consequence of the death, bankruptcy or
incapacity of a member by sending it through the mail prepaid addressed to them
by name or by his title or by any like description, at the address (if any)
supplied to the Company for the purpose by the persons claiming to be so
entitled, or (until such address has been so supplied) by giving the notice in a
manner in which the same might have been given if the death, bankruptcy or
incapacity had not occurred.

22.4.    Notice of every general meeting or meeting of members shall be given in
a manner hereinbefore authorized to every member holding at the record date for
determining the members entitled to such notice shares which confer the right to
notice of and to attend and vote at any such meeting. No other person except the
auditor of the Company and the Directors of the Company shall be entitled to
receive notices of any such meeting.

                                     PART 23

                                  RECORD DATES

23.1.    Subject to the Company Act, the Directors may fix in advance a date as
the record date for the determination of the members entitled to notice of any
meeting of members or any adjournment thereof, and/or a date as the record date
for the determination of the members entitled to attend and vote at any meeting
of members or any adjournment thereof (which may but need not be the same date
as the record date for determining members entitled to notice) and/or a date as
a record date for the determination of members entitled to receive payment of a
dividend, or for any other proper purpose and in such case, notwithstanding
anything elsewhere contained in these Articles, only members or persons of
record on the date so picked shall be deemed to be members for the particular
purpose or purposes aforesaid.

23.2.    Where no record date is fixed for the determination of members entitled
to notice, or to vote, or of members entitled to receive payment of a dividend
or for any other proper purpose, the date on which notice of the meeting is
mailed or on which the resolution of the Directors declaring the dividend is
adopted respectively is the record date for such determination.

                                     PART 24

                              EXECUTION OF DOCUMENT

24.1.    The Directors may provide a seal for the Company and, if they do so,
shall provide for the safe custody of the seal which shall not be affixed to any
instrument except in the presence of the following persons, namely;
<PAGE>
                                     - 21 -

         (a)      the President or the Secretary;

         (b)      any two Directors of the Company;

         (c)      one of the Chairman of the Board, the President, a Director or
                  the Vice-President together with any one of the Secretary, an
                  Assistant Secretary, the Treasurer, the Secretary-Treasurer,
                  an Assistant Treasurer and an Assistant Secretary-Treasurer;
                  or

         (d)      such person or persons as the Directors may from time to time
                  by resolution appoint,

and the said Directors, officers, person or persons in whose presence the seal
is so affixed to an instrument shall sign such instrument. For the purpose of
certifying under the seal copies or extracts from the Memorandum or Articles of
the Company, minutes of meetings or resolutions of the members or Directors or
committees of Directors, or any instrument executed or issued by the Company,
the seal may be affixed in the presence of any one of the persons hereinbefore
mentioned unless the Directors shall by resolution determine otherwise.

24.2.    The signatures of any one or more of the Chairman of the Board,
President, Vice-Presidents, Directors, Secretary, Treasurer,
Assistant-Secretaries, Assistant-Treasurers and any other officers of the
Company and any persons referred to in Article 24.l(d) may, if authorized by the
Directors, be printed, lithographed, engraved or otherwise mechanically
reproduced upon all instruments executed or issued by the Company; and any
instrument on which the signature of any such person is so reproduced by
authorization of the Directors shall be deemed to have been manually signed by
such person whose signature is so reproduced and shall be, subject to the
Company Act, as valid to all intents and purposes as if such instrument had been
signed manually, and notwithstanding that the person whose signature is so
reproduced may have ceased to hold office (if applicable) at the date of the
delivery or issue of such instrument. The term "instrument" as used in Article
24.1 and this Article 24.2 shall include deeds, mortgage, hypothecs, charges,
conveyances, transfers and assignments of properly, real or personal,
agreements, releases, receipts and discharges for the payment of money or other
obligation, certificates of the Company's shares, bonds, debentures and other
securities and debt obligations of the Company, and all paper-writings.

24.3.    To enable the seal of the Company to be affixed to any debt
obligations, share certificates, or other securities of the Company, whether in
definitive or interim form, on which facsimiles of any of the signatures of the
Directors or officers of the Company are, in accordance with the Company Act
and/or these Articles, printed or otherwise mechanically reproduced there may be
delivered to the firm or company employed to engrave, lithograph or print such
definitive or interim debt obligations, share certificates or other securities
one or more unmounted dies reproducing the Company's seal and the Chairman of
the Board, the President, the Managing Director or a Vice- President and the
Secretary, Treasurer, Secretary-Treasurer, an Assistant Secretary, an Assistant
Treasurer or an Assistant Secretary-Treasurer may by a document authorize such
firm or company to cause the Company's seal to be affixed to such definitive or
interim debt obligations, share certificates or other securities by the use of
such dies. Debt obligations, share certificates or other securities to which the
Company's seal has been so affixed shall for all purposes be deemed to be under
and to bear the Company's seal lawfully affixed thereto.

24.4.    The Company may have for use in any other province, state, territory or
country an official seal which shall have on its face the name of the province,
state, territory or country where it is to be used.

                                     PART 25

                     PROHIBITIONS IF NOT A REPORTING COMPANY

25.1.    If the Company is, or becomes, a company which is not a reporting
company under the Company Act:

         (a)      the number of members for the time being of the Company,
                  exclusive of persons who are for the time being in the
                  employment of the Company and continue to be members after the
                  termination of such employment, shall not exceed 50;
<PAGE>
                                     - 22 -

         (b)      no securities of the Company shall be offered for sale or
                  subscription to the public;

         (c)      no shares shall be transferred without the previous consent of
                  the Directors expressed by a resolution of the Board and the
                  Directors shall not be required to give any reason for
                  refusing to consent to any such proposed transfer.

FULL NAME, RESIDENT ADDRESS AND OCCUPATION OF SUBSCRIBER:

/s/ Carol A. Kerfoot
- -----------------------------
CAROL A. KERFOOT
Suite 607 - 522 Moberly Road
Vancouver, B.C.
V5Z 4G4
Solicitor

DATED the 7th day of May, 2002.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.154
<SEQUENCE>153
<FILENAME>p68936exv3w154.txt
<DESCRIPTION>EXHIBIT 3.154
<TEXT>
<PAGE>

                                                                   Exhibit 3.154

[LOGO]

BRITISH COLUMBIA

                                   COMPANY ACT

                          CERTIFICATE OF INCORPORATION

                              I HEREBY CERTIFY that

                             U-HAUL INSPECTIONS LTD.

              has this day been incorporated under the Company Act

                              ISSUED under my hand at Victoria, British Columbia

                                              on May 08, 2002

                                                           /s/ John S. Powell

                                                           JOHN S. POWELL
                                                       Registrar of Companies
                                                    PROVINCE OF BRITISH COLUMBIA
                                                               CANADA
<PAGE>

TOTAL SHARES TAKEN                              1 Common share without par value

DATED the 7th day of May, 2002.

<PAGE>

<TABLE>
<CAPTION>
PART                 ARTICLE                                  SUBJECT
- ----    ---------------------------------    -----------------------------------------
<S>     <C>                                  <C>
 6      ALTERATION OF CAPITAL

        6.1                                  Increase of Authorized Capital
        6.2                                  Other Capital Alterations
        6.3                                  Special Rights and Restrictions of Shares
        6.4                                  Consent of Class or Series
        6.5                                  Class or Series Meetings of Members
        6.6                                  Reduction of Authorized Capital
        6.7                                  Shares Ranking Pari Passu

 7      PURCHASE AND REDEMPTION OF SHARES

        7.1                                  Company May Purchase or Redeem
        7.2                                  Selection for Redemption
        7.3                                  Shares Held by Company

 8      BORROWING POWERS

        8.1                                  Powers of Directors
        8.2                                  Special Rights in Debt Obligations
        8.3                                  Register of Debentures
        8.4                                  Execution of Debt Obligations
        8.5                                  Register of Indebtedness

 9      GENERAL MEETINGS

        9.1                                  Annual General Meetings
        9.2                                  Consent in Writing
        9.3                                  Classification of Meetings
        9.4                                  Calling of Meetings
        9.5                                  Advance Notice
        9.6                                  Particulars of Notice
        9.7                                  Waiver of Notice
        9.8                                  Notice of Documents

10      PROCEEDINGS AT GENERAL MEETINGS

        10.1                                 Special Business
        10.2                                 Need for Quorum
        10.3                                 Quorum
        10.4                                 Lack of Quorum
        10.5                                 Chairman
        10.6                                 Alternate Chairman
        10.7                                 Adjournments
        10.8                                 Moving and Seconding
        10.9                                 Show of Hands or Poll
        10.10                                Casting Vote Provision
        10.11                                Taking a Poll
        10.12                                Retention of Ballots
        10.13                                Casting of Votes on a Poll
        10.14                                Ordinary Resolution Sufficient
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
PART                  ARTICLE                                       SUBJECT
- ----    -----------------------------------    ---------------------------------------------------
<S>     <C>                                    <C>
 11     VOTING OF MEMBERS

        11.1                                   Number of Votes
        11.2                                   Persons in Representative Capacity
        11.3                                   Corporate Member
        11.4                                   Joint Holders
        11.5                                   Committee for a Member
        11.6                                   Appointment of Proxyholders
        11.7                                   Execution of Form of Proxy
        11.8                                   Deposit of Proxy
        11.9                                   Form of Proxy
        11.10                                  Validity of Proxy Vote
        11.11                                  Revocation of Proxy

 12     DIRECTORS

        12.1                                   Number of Directors
        12.2                                   Remuneration and Expenses
        12.3                                   Qualification

 13     ELECTION AND REMOVAL OF DIRECTORS

        13.1                                   Election at Annual General Meetings
        13.2                                   Eligibility of Retiring Director
        13.3                                   Continuance of Directors
        13.4                                   Election of Fewer than Required Number of Directors
        13.5                                   Filling a Casual Vacancy
        13.6                                   Additional Directors
        13.7                                   Alternate Directors
        13.8                                   Termination of Directorship
        13.9                                   Removal of Directors

 14     POWERS AND DUTIES OF DIRECTORS
        14.1                                   Management of Business
        14.2                                   Appointment of Attorney

 15     DISCLOSURE OF INTEREST OF DIRECTORS

        15.1                                   Disclosure of Conflicting Interest
        15.2                                   Director May Hold Other Office
        15.3                                   Director Acting in Professional Capacity
        15.4                                   Director Receiving Remuneration From Others

 16     PROCEEDINGS OF DIRECTORS

        16.1                                   Chairman of Meetings
        16.2                                   Procedure at Meetings
        16.3                                   Meetings by Conference Telephone
        16.4                                   Notice of Meeting
        16.5                                   Waiver of Notice of Meetings
        16.6                                   Quorum
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
PART                   ARTICLE                                    SUBJECT
- ----    -----------------------------------    -------------------------------------------------
<S>     <C>                                    <C>
        16.7                                   Continuing Directors may Act
        16.8                                   Validity of Acts of Directors
        16.9                                   Resolution in Writing Effective

 17     EXECUTIVE AND OTHER COMMITTEES

        17.1                                   Appointment of Executive Committee
        17.2                                   Appointment of Committees Generally
        17.3                                   Audit Committee
        17.4                                   Procedure at Meetings

 18     OFFICERS

        18.1                                   President and Secretary Required
        18.2                                   Holding More Than One Office
        18.3                                   Remuneration
        18.4                                   Functions
        18.5                                   Disclosure of Conflicting Interest

 19     INDEMNITY AND PROTECTION OF
        DIRECTORS, OFFICERS AND EMPLOYEES

        19.1                                   Indemnification of Directors
        19.2                                   Indemnification of Officers, Employees, Agents
        19.3                                   Indemnification not Invalidated by Non-compliance
        19.4                                   Company may Purchase Insurance
        19.5                                   Duty to Act Honestly, etc.

 20     DIVIDENDS AND RESERVES

        20.1                                   Declaration of Dividends
        20.2                                   Date Dividend Payable
        20.3                                   Proportionate to Number of Shares
        20.4                                   Reserves
        20.5                                   Receipts from Joint Holders
        20.6                                   No Interest on Dividends
        20.7                                   Payment of Dividends
        20.8                                   Capitalization of Retained Earnings
                                                 or Surplus

21      DOCUMENTS, RECORDS AND REPORTS

        21.1                                   Documents to be Kept
        21.2                                   Accounts to be Kept
        21.3                                   Inspection of Accounts
        21.4                                   Financial Statements and Reports
        21.5                                   Copies to Members
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
PART                     ARTICLE                                  SUBJECT
- ----    ---------------------------------------    -------------------------------------
<S>     <C>                                        <C>
 22     NOTICES

        22.1                                       Method of giving Notice
        22.2                                       Notice to Joint Holder
        22.3                                       Notice to Personal Representative
        22.4                                       Persons to Receive Notice

 23     RECORD DATES

        23.1                                       Directors May Fix Record Dates
        23.2                                       When Record Date Not Fixed

 24     EXECUTION OF DOCUMENTS

        24.1                                       Authority to Affix Seal
        24.2                                       Facsimile Signatures
        24.3                                       Reproduction of Seal
        24.4                                       Official Seal for Other Jurisdictions

25      PROHIBITIONS IF NOT A REPORTING COMPANY

        25.1                                       Prohibitions
</TABLE>
<PAGE>
                          PROVINCE OF BRITISH COLUMBIA
                                  COMPANY ACT

                                    ARTICLES

                                       OF

                             U-HAUL INSPECTIONS LTD.

                                     PART 1

                                 INTERPRETATION

1.1.     In these Articles, unless there is something in the subject or context
         inconsistent therewith:

         "Board" and "the Directors" or "the directors" or "the Board of
         Directors" mean the Directors or sole Director of the Company for the
         time being;

         "Company Act" means the Company Act of the Province of British Columbia
         as from time to time in force and all amendments thereto and includes
         the regulations made pursuant thereto;

         "Interpretation Act" means the Interpretation Act of the Province of
         British Columbia as and from time to time in force and all amendments
         thereto and includes the regulations made pursuant thereto;

         "proxyholder" means a person duly appointed by a registered holder to
         represent him at a meeting;

         "registered address" of a member or registered holder means his address
         as recorded in the register of members;

         "registered owner" or "registered holder" when used with respect to a
         share in the authorized capital of the Company means the person
         registered in the register of members in respect of such share;

         "seal" means the common seal of the Company.

Expressions referring to writing shall be construed as including references to
printing, lithography, typewriting, photography and other modes of representing
or reproducing words in a visible form.

Words importing the singular include the plural and vice versa; and words
importing male persons include female persons and words importing individuals
shall include corporations and vice versa.

1.2.     The meaning of any words or phrases defined in the Company Act and the
Interpretation Act shall, if not inconsistent with definitions herein or with
the subject or context, bear the same meaning in these Articles provided that in
the event of any conflict or inconsistency between the Company Act and the
Interpretation Act, the former shall govern.

1.3.     Except as may be otherwise provided expressly or by necessary
implication in the Company Act, the rules of construction contained in the
Interpretation Act shall apply, with the necessary changes and so far as
applicable, to the interpretation of these Articles.

<PAGE>

                                      - 2 -

                                     PART 2

                          SHARES AND SHARE CERTIFICATE

2.1.     Every member is entitled without charge, to one certificate
representing the shares of each class or series held by him. If a member
requests the Company to issue to him more than one share certificate for any
shares of the same class or series registered in his name, the Directors may
prescribe the fee to be paid for each additional certificate. In respect of a
share or shares held jointly by several persons, the Company shall not be bound
to issue more than one certificate, and delivery of a certificate for a share to
one of several joint registered holders or to his duly authorized agent shall be
sufficient delivery to all; and provided further that the Company shall not be
bound to issue certificates representing redeemable shares, if such shares are
to be redeemed within one month of the date on which they were allotted. Any
share certificate may be sent through the mail by registered prepaid mail to the
member entitled thereto at his registered address, and neither the Company nor
any transfer agent shall be liable for any loss occasioned to the member owing
to any such share certificate so sent being lost in the mail, stolen or
destroyed

2.2.     If a share certificate:

         (a)      is worn out or defaced, the Company shall, upon production to
                  it of the said certificate and upon such other terms, if any,
                  as the Directors prescribe, order the said certificate to be
                  cancelled and shall issue a new certificate in replacement
                  thereof; or

         (b)      is lost, stolen or destroyed, then, upon proof thereof to the
                  satisfaction of the Directors and upon such indemnity, if any,
                  as the Directors deem adequate being given, a new share
                  certificate in lieu thereof shall be issued to the person
                  entitled to such lost, stolen or destroyed certificate.

Such sum, not exceeding the amount permitted by the Company Act, as the
Directors may from time to time fix, shall be paid to the Company for each
certificate to be issued under this Article.

2.3.     Save in the case of the personal representatives of a deceased member,
the Directors may refuse to register more than three persons as the joint
holders of a share.

2.4.     Every share certificate shall be signed manually by at least one
officer or Director of the Company, or by or on behalf of a registrar, branch
registrar, transfer agent or branch transfer agent of the Company and any
additional signatures may be printed or otherwise mechanically reproduced and,
in such event, a certificate so signed is as valid as if signed manually,
notwithstanding that any person whose signature is so printed or mechanically
reproduced shall have ceased to hold the office that he is stated on such
certificate to hold at the date of the issue of a share certificate.

2.5.     Except as required by law or these Articles, no person shall be
recognized by the Company as holding any share upon any trust, and the Company
shall not be bound by or compelled in any way to recognize (even when having
notice thereof) any equitable, contingent, future or partial interest in any
share or in any fractional part of a share or (except only as by law or these
Articles provided or as ordered by a court of competent jurisdiction) any other
rights in respect of any share except an absolute right to the entirety thereof
in its registered holder.

                                     PART 3

                                 ISSUE OF SHARES

3.1.     Subject to the Company Act, the Memorandum and these Articles and to
the rights of holders of issued shares arising under the Company Act or
otherwise, the shares shall be under the control of the Directors who may issue,
allot, sell or otherwise dispose of, and/or grant options on or otherwise deal
in, shares authorized but not outstanding, and outstanding shares (including
shares purchased or redeemed by the Company but not cancelled) held by the
Company, at such times, to such persons (including Directors), in such manner,
upon such terms and conditions, and at such price or for such consideration, as
they may determine.

<PAGE>

                                      - 3 -

3.2.     The Directors may authorize the issue of share purchase or subscription
warrants to the purchasers or holders of any debt obligations or other evidences
of indebtedness or other obligations or shares of the Company, upon such terms
and subject to such restrictions as they may determine.

3.3.     Subject to the provisions of the Company Act, the Company, or the
Directors on behalf of the Company, may pay a commission or allow a discount to
any person in consideration of his subscribing or agreeing to subscribe, whether
absolutely or conditionally, for any shares in, or securities of, the Company,
or procuring or agreeing to procure subscriptions, whether absolutely or
conditionally, for any such shares or securities, provided that, if the Company
is not a specially limited company, the rate of the commission and discount
shall not in the aggregate exceed 25 per centum of the amount of the
subscription price of such shares. The Directors may also on any issue or sale
of shares or other securities cause the Company to pay such brokerage as may be
lawful.

3.4.     Subject to the exceptions permitted by the Company Act, no share may be
issued until it is fully paid and the Company shall have received the full
consideration therefor in cash, property or past services actually performed for
the Company. The value of property or services for the purpose of this Article
shall be the amount determined by the Directors by resolution to be, in all
circumstances of the transaction, no greater than the fair market value thereof.

3.5.     If the Company is, or becomes, a company which is not a reporting
company and the Directors are required by the Company Act before allotting any
shares to offer them pro rata to the members, the Directors shall, before
allotting any shares, comply with the applicable provisions of the Company Act.

                                     PART 4

                                 SHARE REGISTERS

4.1.     The Company shall keep or cause to be kept a register of members, a
register of transfers and a register of allotments within British Columbia, all
as required by the Company Act, and may combine one or more of such registers.
If the Company's capital shall consist of more than one class or series of
shares, a separate register of members, register of transfers and register of
allotments may be kept in respect of each class or series of shares. The
Directors may appoint a trust company to keep the register of members, register
of transfers and register of allotments or, if there is more than one class or
series of shares, the Directors may appoint a trust company, which need not be
the same trust company, to keep the register of members, the register of
transfers and the register of allotments for each class or series of shares. The
Directors may also appoint one or more trust companies, including the trust
company which keeps the said registers of its shares or of a class or series
thereof, as transfer agent or branch transfer agent for its shares or a class or
series thereof, as the case may be, and the same or another trust company or
companies as registrar for its shares or a class or series thereof, as the case
may be. The Directors may terminate the appointment of any trust company
referred to in this Article or in Article 4.2 at any time and may appoint
another trust company in its place.

4.2.     Subject to the Company Act, the Company may keep or cause to be kept
branch registers of members at such places as the Directors may determine,
provided that any such branch register kept within British Columbia shall be
kept by a trust company.

4.3.     The Company shall not at any time close its register of members.

<PAGE>

                                      - 4 -

                                     PART 5

                       TRANSFER AND TRANSMISSION OF SHARES

5.1.     Subject to the Memorandum and these Articles, any member may transfer
any of his shares by instrument in writing executed by or on behalf of such
member. The instrument of transfer of any share of the Company shall be in the
form, if any, on the back of the Company's share certificates or in any usual or
common form or in such other form as the Directors may from time to time
approve. Except to the extent that the Company Act may otherwise provide, the
transferor shall be deemed to remain the holder of the shares until the name of
the transferee is entered in the register of members or a branch register of
members in respect thereof.

5.2.     The signature of the registered owner of any shares, or of his duly
authorized attorney, upon an authorized instrument of transfer delivered to the
Company shall constitute a complete and sufficient authority to the Company, its
Directors, officers and agents to register, in the name of the transferee as
named in the instrument of transfer, the number of shares specified therein or,
if no number is specified, all the shares of the registered owner represented by
share certificates deposited with the instrument of transfer. If no transferee
is named in the instrument of transfer, the instrument of transfer shall
constitute a complete and sufficient authority to the Company, its directors,
officers and agents to register, in the name of the person on whose behalf any
certificate for the shares to be transferred is deposited with the Company for
the purpose of having the transfer registered, the number of shares specified in
the instrument of transfer or, if no number is specified, all the shares
represented by all share certificates deposited with the instrument of transfer.

5.3.     Neither the Company nor any Director, officer or agent thereof shall be
bound to inquire into the title of the person named in the form of transfer as
transferee, or, if no person is named therein as transferee, of the person on
whose behalf the certificate is deposited with the Company for the purpose of
having the transfer registered or be liable to any claim by such registered
owner or by any intermediate owner or holder of the certificate or of any of the
shares represented thereby or any interest therein for registering the transfer,
and the transfer, when registered, shall confer upon the person in whose name
the shares have been registered a valid title to such shares.

5.4.     Every instrument of transfer shall be executed by the transferor and
left at the registered office of the Company or at the office of its transfer
agent or branch transfer agent or registrar or branch registrar for the shares
to be transferred for registration together with the share certificate for the
shares to be transferred and such other evidence, if any, as the Directors or
the transfer agent or branch transfer agent or registrar or branch registrar may
require to prove the title of the transferor or his right to transfer the shares
and the right of the transferee to have the transfer registered. All instruments
of transfer or a photographic reproduction thereof, if the transfer is
registered, shall be retained by the Company or its transfer agent or branch
transfer agent or registrar or branch registrar and any instrument of transfer,
if the transfer is not registered, shall be returned to the person depositing
the same together with the share certificate which accompanied the same when
tendered for registration.

5.5.     There shall be paid to the Company in respect of the registration of
any transfer such sum, if any, as the Directors may from time to time determine.

5.6.     In the case of the death of a member, the survivors where the deceased
was a joint registered holder, and the personal representatives of the deceased
where he was the sole registered holder, shall be the only persons recognized by
the Company as having any title to the deceased's interest in the shares
registered in his name. Before recognizing any persona] representative the
Directors may require him to deliver to the Company the documents required by
the Company Act and such other evidence as the Directors may require of the
personal representative's appointment, including a grant of probate, letters of
administration or other similar documentation from the jurisdiction in which the
shares are to be transferred, and of the payment or satisfaction of all taxes,
duties, fees and other similar assessments payable to any governmental authority
of any applicable jurisdiction with respect to the shares arising out of the
member's death.

<PAGE>

                                      - 5 -

5.7.     A guardian, committee, trustee, curator, tutor, personal representative
or trustee in bankruptcy of a member, although not a member himself, shall have
the same rights, privileges and obligations that attach to the shares held by
the member if the documents and evidence referred in Article 5.6 are delivered
to the Company. This Article does not apply on the death of a member with
respect to shares registered in his name and the name of another person in joint
tenancy.

5.8.     Any person referred to in Article 5.7 who becomes entitled to shares of
a member, upon the documents and evidence referred to in Article 5.6 being
delivered to the Company, has the right either to be registered as a member in
his representative capacity in respect of such shares, or, if he is a personal
representative, instead of being registered himself, to make such transfer of
the shares as the member could have made; but the Directors shall, as regards a
transfer by any such person, have the same right, if any, to decline
registration of a transferee as they would have in the case of a transfer of the
shares by the member.

                                     PART 6

                             ALTERATION OF CAPITAL

6.1.     The Company may by ordinary resolution amend its Memorandum to increase
the authorized capital of the Company by:

         (a)      creating shares with par value or shares without par value, or
                  both;

         (b)      increasing the number of shares with par value or shares
                  without par value, or both; or

         (c)      increasing the par value of a class of shares with par value,
                  if no shares of that class are issued.

6.2.     The Company may by special resolution alter its Memorandum to
subdivide, consolidate, change from shares with par value to shares without par
value, or from shares without par value to shares with par value, or change the
designation of, all or any of its shares but only to such extent, in such manner
and with such consents of members holding a class or series of shares which is
the subject of or affected by such alteration, as the Company Act provides.

6.3.     The Company may alter its Memorandum or these Articles by such
resolution as is permitted by the Company Act and by otherwise complying with
any applicable provisions of the Memorandum or these Articles, to create,
define and attach special rights or restrictions to any shares and to vary or
abrogate any special rights and restrictions attached to any shares.

6.4.     No right or special right attached to the issued shares of any class or
series shall be prejudiced or interfered with unless the consents of the holders
of the shares of each such class or series required by the Company Act are
obtained. Notwithstanding such consent, no right or special right attached to
any issued shares shall be prejudiced or interfered with as to any part of
issued shares of any class or series unless the holders of the rest of the
issued shares of such class or series either all consent thereto in writing or
consent thereto by a resolution passed by the votes of members holding
three-fourths of the rest of such class or series.

6.5.     Subject to the Company Act, and unless these Articles or the Memorandum
otherwise provide, the provisions of these Articles relating to general meetings
shall apply, with the necessary changes and so far as they are applicable, to a
class or series meeting of members holding a particular class or series of
shares but the quorum at a class or series meeting shall be one person holding
in person or by proxy not less than one-third of the issued shares of that class
or series, as the case may be.

6.6.     The Company may, by resolution of the Directors, alter the Memorandum
by cancelling shares which are lot allotted or issued, or which are surrendered
to the Company either by way of gift or otherwise in accordance with be Company
Act, and diminish its authorized capital accordingly.

<PAGE>

                                      - 6 -

6.7.     The rights, or special rights or restrictions attached to the shares of
any class or series shall, unless otherwise expressly provided by the terms, if
any, of such rights, or special rights or restrictions be deemed not to be
modified, abrogated, varied or dealt with by the creation or issue of further
shares ranking pari passu therewith.

                                     PART 7

                       PURCHASE AND REDEMPTION OF SHARES

7.1.     Subject to the special rights and restrictions attached to any shares,
the Company may, by resolution of the Directors and in compliance with the
Company Act, purchase any of its shares at the price and upon the terms
specified in such resolution, or redeem any of its shares which have a right of
redemption attached to them. No such purchase or redemption shall be made if the
Company is insolvent at the time of the proposed purchase or redemption or if
the proposed purchase or redemption would render the Company insolvent. Unless
the shares are to be purchased through a stock exchange or the Company is
purchasing the shares from dissenting members pursuant to the requirements of
the Company Act, or from a bona fide employee or former employee of the Company
or an affiliate of the Company or his personal representative in respect of
shares beneficially owned by such employee or former employee, the Company
shall, if required by the Company Act, make its offer to purchase pro rata to
every member who holds shares of the class or series, as the case may be, to be
purchased.

7.2.     If the Company proposes at its option to redeem some but not all of the
shares of any class or series, the Directors may, subject to the special rights
and restrictions attached to the shares of such class or series, decide the
manner in which the shares to be redeemed shall be selected, and, subject as
aforesaid, need not redeem pro rata.

7.3.     Subject to the Company Act and the Memorandum, any shares purchased or
redeemed by the Company, if not cancelled, may be sold or, if cancelled (but
still in the Company's authorized capital), may be reissued, but, while such
shares which have not been cancelled are held by the Company, it shall not
exercise any vote in respect of such shares and no dividend or other
distribution shall be paid or made thereon.

                                     PART 8

                                BORROWING POWERS

8.1.     Subject to the Company Act, the Directors may authorize and cause the
Company to:

         (a)      borrow money in such manner and amounts, on such security, or
                  without security, from such sources and upon such terms and
                  conditions as they think fit;

         (b)      guarantee the repayment of money by any other person or the
                  performance of any obligation of any other person;

         (c)      issue debt obligations, or other evidences of obligations or
                  indebtedness, either outright or as security for any liability
                  or obligation of the Company or any other person;

         (d)      mortgage, charge, whether by way of specific or floating
                  charge, or both, or give other security on the undertaking, or
                  on the whole or any part of the property and assets, of the
                  Company (both present and future); and

         (e)      for the purposes of the Special Corporate Powers Act of the
                  Province of Quebec and without in any way limiting the powers
                  conferred upon the Company and the Directors by the foregoing
                  or by any other provisions of these Articles, or by the
                  Memorandum, or by the Company Act, for the purpose of securing
                  any notes, bonds, debentures or debenture stock which it is by
                  law entitled to, issue, hypothecate, mortgage or pledge, and
                  cede and transfer, any property, moveable, or immovable,
                  present or future, which it may own in the Province of Quebec.

<PAGE>

                                      - 7 -

8.2.     Any debt obligations of the Company may be issued at a discount,
premium or otherwise, and with any special privileges as to redemption,
surrender, drawings, allotment of or conversion into or exchange for shares or
other securities, attending and voting at general meetings of the Company
appointment or election of Directors, or otherwise, and may by their terms be
assignable free from any equities between the Company and the person to whom
they are issued or any other person who subsequently acquires the same, all as
the Directors may determine.

8.3.     The Company shall keep or cause to be kept within the Province of
British Columbia in accordance with the Company Act a register of its debentures
and a register of debentureholders, which registers may be combined, and if
there is more than one series of debentures a separate register of debentures
and debentureholders may be kept in respect of each series. The Directors may
appoint a trust company to keep the register of debentureholders. Subject to the
Company Act, the Company may keep or cause to be kept branch registers of its
debentureholders at such places as the Directors may determine, provided that
any such branch register kept within British Columbia shall be kept by a trust
company. The Directors may also appoint a trust company as transfer agent or
branch transfer agent for its debentures or a series thereof. The Directors may
terminate the appointment of any such trust company at any time and may appoint
another trust company in its place.

8.4.     Every debt obligation of the Company shall be signed manually be at
least one Director or officer of the Company or by or on behalf of a trustee,
registrar, branch registrar, transfer agent or branch transfer agent for the
debt obligation appointed by the Company or under any instrument under which the
debt obligation is issued, or by or on behalf of a trustee who certifies it in
accordance with a trust indenture, and any additional signatures may be printed
or otherwise mechanically reproduced thereon and, in such event, a debt
obligation so signed is as valid as if signed manually notwithstanding that any
person whose signature is so printed or mechanically reproduced shall have
ceased to hold the office that he is stated on such debt obligation to hold at
the date of the issue thereof.

8.5.     If the Company is or becomes a reporting company, the Company shall
keep or cause to be kept a register of its indebtedness to every Director or
officer of the Company or an associate of any of them in accordance with the
provisions of the Company Act.

                                     PART 9

                                GENERAL MEETINGS

9.1.     Annual general meetings of the Company shall be held as required by the
Company Act at such time and place as is determined by the Directors.

9.2.     If the Company is, or becomes, a company which is not a reporting
company, and all the members entitled to attend and vote at an annual general
meeting consent in writing to all the business which is required or desired to
be transacted at the meeting, the meeting need not be held, and shall be deemed
to have been held on the date specified in such written consent, or, failing
such a date being specified, on the date all such members consent thereto. A
written consent for the purposes of this Article 9.2 may be given by any method
or means authorized by Article 16.9 for consenting in writing to a resolution.

9.3.     All general meetings other than annual general meetings are herein
referred to as and may be called extraordinary general meetings or special
general meetings:

9.4.     The Directors may, whenever they think fit, convene a special general
meeting. A special general meeting, if requisitioned in accordance with the
Company Act, shall be convened by the Directors or, if not convened by the
Directors, may be convened by the requisitionists as provided in the Company
Act.

9.5.     If the Company is or becomes a reporting company, advance notice of any
genera] meeting at which Directors are to be elected shall be published in the
manner required by the Company Act.

<PAGE>

                                      - 8 -

9.6.     A notice convening a general meeting specifying the place, the day, and
the hour of the meeting, and, in case of special business, the general nature of
that business, shall be given as provided in the Company Act and in the manner
hereinafter in these Articles mentioned, or in such other manner (if any) as may
be prescribed by ordinary resolution, whether previous notice thereof has been
given or not, to such persons as are entitled by law or under these Articles to
receive such notice from the Company. Accidental omission to give notice of a
meeting to, or the non-receipt of notice of a meeting, by any member shall not
invalidate the proceedings at that meeting.

9.7.     All the members of the Company entitled to attend and vote at a general
meeting may, by unanimous consent in writing given before, during or after the
meeting, or if they are present at the meeting by a unanimous vote, waive or
reduce the period of notice of such meeting and an entry in the minute book of
such waiver or reduction shall be sufficient evidence of the due convening of
the meeting. A consent in writing for the purposes of this Article 9.7 may be
given by any method or means authorized by Article 16.9 for consenting in
writing to a resolution.

9.8.     Except as otherwise provided by the Company Act, where any special
business at a general meeting includes considering, approving, ratifying,
adopting or authorizing any document or the execution thereof or the giving of
effect thereto, the notice convening the meeting shall, with respect to such
document, be sufficient if it states that a copy of the document is or will be
available for inspection by members at the registered office or records office
of the Company or at some other place in British Columbia designated in the
notice during usual business hours on specified dates prior to the date of such
meeting.

                                     PART 10

                         PROCEEDINGS AT GENERAL MEETINGS

10.1.    All business shall be deemed special business which is transacted at:

         (a)      a special general meeting other than the conduct of and voting
                  at, such meeting; and

         (b)      an annual general meeting, with the exception of the conduct
                  of, and voting at, such meeting, the consideration of the
                  financial statement and of the respective reports of the
                  Directors and Auditor,  fixing or changing the number of
                  Directors, electing Directors, appointing the Auditor, fixing
                  the remuneration of the Auditor and the Directors if
                  applicable, and such business as by these Articles or the
                  Company Act may be transacted at a general Meeting without
                  prior notice thereof being given to the members and any
                  business which is brought under consideration by the report of
                  the Directors.

10.2.    No business, other than election of the chairman or the adjournment of
the meeting, shall be transacted at any general meeting unless a quorum of
members, entitled to attend and vote, is present at the commencement of the
meeting, but the quorum need not be present throughout the meeting.

10.3.    Save as herein otherwise provided, a quorum for a meeting shall be two
persons present and being, or representing by proxy, members holding not less
than one-twentieth of the issued shares entitled to be voted at the meeting. If
there is only one member the quorum is one person present and being, or
representing by proxy, such member. The Directors, the Secretary, an Assistant
Secretary and a solicitor of the Company shall be entitled to attend at any
general meeting but no such person shall be counted in the quorum or vote at any
meeting unless he shall be a member or proxyholder entitled to vote thereat.

10.4.    If within half an hour from the time appointed for a general meeting a
quorum is not present, the meeting, if convened upon the requisition of members,
shall be dissolved. In any other case it shall stand adjourned to the same day
in the next week, at the same time and place, and, if at the adjourned meeting a
quorum is not present within half an hour from the time appointed for the
meeting, the person or persons present and being, or representing by proxy, a
member or members entitled to attend and vote at the meeting shall be a quorum.

<PAGE>

                                      - 9 -

10.5.    The Chairman of the Board, if any, or in his absence the President of
the Company or in his absence a Vice- President of the Company, if any, shall be
entitled to preside as chairman at every general meeting of the Company.

10.6.    If at any general meeting neither the Chairman of the Board nor
President nor a Vice-President is present within fifteen minutes after the time
appointed for holding the meeting or is willing to act as chairman, the
Directors present shall choose some one of their number to be chairman, or if
all the persons occupying the said offices shall have advised the Secretary or
an Assistant Secretary that they will not be present at a meeting, the Directors
present shall choose one of their number to be chairman or if no Director is
present, the members and proxyholders present may choose one of their number to
be a chairman. If a person willing to act is not chosen as chairman in
accordance with these provisions within 45 minutes after the time appointed for
holding the meeting, the meeting shall be dissolved.

10.7.    The chairman may and shall, if so directed by the meeting, adjourn a
meeting from time to time and from place to place, but no business shall be
transacted at any adjourned meeting other than the business left unfinished at
the meeting from which the adjournment took place. When a meeting is adjourned
for thirty days or more, notice, but not, "advance notice" referred to in
Article 9.5, of the adjourned meeting shall be given as in the case of an
original meeting. Save as aforesaid, it shall not be necessary to give any
notice of an adjourned meeting or of the business to be transacted at an
adjourned meeting.

10.8.    No motion proposed at a general meeting need be seconded, and the
chairman, a director, a member or a proxyholder may propose or second a motion.

10.9.    Subject to the provisions of the Company Act, at any general meeting a
resolution put to the vote of the meeting shall be decided on a show of hands,
unless (before or on the declaration of the result of the show of hands) a poll
is directed by the chairman or demanded by at least one member or proxyholder
entitled to vote who is present. The chairman shall declare to the meeting the
decision on every question in accordance with the result of the show of hands or
the pool, and such decision shall be entered in th book of proceedings of the
Company. A declaration by the chairman that a resolution has been carried, or
carried unanimously, or by a particular majority, or lost or not carried by a
particular majority and an entry to that effect in the book of the proceedings
of the Company shall be conclusive evidence of the fact, without proof of the
number or proportion of the votes recorded in favour of, or against, that
resolution.

10.10.   In the case of an equality of votes, whether on a show of hands or on a
poll, the chairman of the meeting at which the show of hands takes place or at
which the poll is demanded shall not be entitled to a second or casting vote.

10.11.   No poll may be demanded on the election of a chairman. A pol demanded
on a question of adjournment shall be taken forthwith. A poll demanded on any
other question shall be taken as soon as, in the opinion of the chairman, is
reasonably convenient, but in no event later than seven days after the meeting
and at such time and place and in such manner as the chairman of the meeting
directs. The result of the poll shall be deemed to be resolution of and passed
at the meeting at which the poll was demanded. Any business other than that upon
which the poll has been demanded may be proceeded with pending the taking of the
poll. A demand for a poll may be withdrawn. In any dispute as to the admission
or rejection of a vote the decision of the chairman made in good faith shall be
final and conclusive. In the event of a poll by mail, the seven days limit
hereinbefore prescribed shall be deemed to be satisfied if the ballot is mailed
within seven days and specifies a date by which completed ballots must be
received to be counted in the poll that date being such date as the chairman in
the reasonable exercise of his discretion thinks is appropriate, but being in no
event later than twenty-one days after the mailing of the ballot form.

10.12.   Every ballot cast upon a poll and every proxy appointing a proxyholder
who casts a ballot upon a poll shall be retained by the Secretary for such
period and be subject to such inspection as the Company Act may provide.

10.13.   On a poll a person entitled to cast more than one vote need not, if he
votes, use all his votes or cast all the votes he uses in the same way.

<PAGE>

                                     - 10 -

10.14.   Unless the Company Act, the Memorandum or these Articles otherwise
provide, any action to be taken by a resolution of the members may be taken by
an ordinary resolution.

                                     PART 11

                                VOTES OF MEMBERS

11.1.    Subject to any special voting rights or restrictions attached to any
shares and the restrictions on joint registered holders of shares, on a show of
hands every member who is present in person at a meeting and entitled to vote
thereat shall have one vote and on a poll every member shall have one vote for
each share entitled to be voted at the meeting of which he is the registered
holder and may exercise such vote either in person or by proxyholder. A
proxyholder shall not have the right to vote on a show of hands unless he is a
member entitled to vote at the meeting on a show of hands.

11.2.    Any person who is not registered as a member but is entitled to vote at
any meeting in respect of a share, may vote the share in the same manner as if
he were a member; but, unless the Directors have previously admitted his right
to vote at that meeting in respect of the share, he shall satisfy the Directors
or the Secretary of his right to vote the share before the time for holding the
meeting, or adjourned meeting, as the case may be, at which he proposes to vote,
and unless he shall so satisfy the Directors or the Secretary he shall not be
entitled to vote that share.

11.3.    Any corporation not being a subsidiary which is a member of the Company
may authorize such person as it thinks fit to act as its representative at any
meeting. The person so authorized shall be entitled to exercise in respect of
and at such meeting the same powers on behalf of the corporation which he
represents as that corporation could exercise if it were an individual member of
the Company personally present, including, without limitation, the right to
appoint a proxyholder to represent such corporation, and shall, if present at
the meeting, be counted for the purpose of forming a quorum and be deemed to be
a member present at the meeting. Evidence of the appointment of any such
representative may be sent to the Company by written instrument, telegram, telex
or any method of transmitting legibly recorded messages. Notwithstanding the
foregoing, a corporation being a member and entitled to vote may appoint a
proxyholder.

11.4.    In the case of joint registered holders of a share the vote of the
senior who exercises a vote, whether in person or by proxyholder, shall be
accepted to the exclusion of the votes of the other joint registered holders;
and for this purpose seniority shall be determined by the order in which the
names stand in the register of members, the person whose name stands first being
senior to the person whose name stands second, and so on. Several legal personal
representatives of the deceased member whose shares are registered in his sole
name shall for the purpose of this Article be deemed joint registered holders.

11.5.    A member of unsound mind entitled to attend and vote, in respect of
whom an order has been made by any court having jurisdiction, may vote, whether
on a show of hands or on a poll, by his committee, curator bonis, or other
person in the nature of a committee or curator bonis appointed by that court,
and any such committee, curator bonis, or other person may appoint a
proxyholder.

11.6.    A member holding more than one share in respect of which he is entitled
to vote shall be entitled to appoint one or more, but not more than three,
proxyholders to attend, act and vote for him on the same occasion. If such a
member should appoint more than one proxyholder for the same occasion he shall
specify the number of shares each proxyholder shall be entitled to vote. A
member may also appoint one or more alternate proxyholders to act in the place
and stead of an absent proxyholder.

11.7.    A proxy shall be in writing under the hand of the appointor or of )his
attorney duly authorized in writing, or, if the appointor is a corporation,
either under the seal of the corporation or under the hand of a duly authorized
officer or attorney. A proxyholder need not be a member of the Company.
<PAGE>

                                      -11-

11.8.    Unless otherwise permitted by the Directors, a proxy and the power of
attorney or other authority, if any, under which it is signed or a notarially
certified copy thereof shall be deposited at the registered office of the
Company or at such other place as is specified for that purpose in the notice
convening the meeting, not less than 48 hours (excluding Saturdays and holidays)
before the time for holding the meeting in respect of which the person named in
the instrument is appointed. In addition to any other method of depositing
proxies provided for in these Articles, the Directors may, subject to the
Company Act, make regulations relating to the depositing of proxies at any place
or places and fixing the time or times for depositing the proxies prior to the
meeting or adjourned meeting at which they are to be used and providing for
particulars of such proxies to be sent to the Company or any agent of the
Company in writing or by letter, telegram, telex or any method of transmitting
legibly recorded messages so as to arrive before the commencement of the meeting
or adjourned meeting at the office of the Company or of any agent of the Company
appointed for the purpose of receiving such particulars and providing that
proxies so deposited may be acted upon as though the proxies themselves were
deposited as required by this Part and votes given in accordance with such
regulations shall be valid and shall be counted.

11.9.    Unless the Company Act or any other statute or law which is applicable
to the Company or to any class of its shares requires any other form of proxy, a
proxy, whether for a specified meeting or otherwise, shall be in the form
following, but may also be in any other form that the Directors or the chairman
of the meeting shall approve:

                                      PROXY

         The undersigned, being a member of_______________, hereby appoints
         ______________________________, or failing him, __________, as
         proxyholder for the undersigned to attend, act and vote for and on
         behalf of the undersigned at the annual or extraordinary (as the case
         may be) general meeting of the Company to be held on the_day of_______,
         19_ and at any adjournment thereof.

         Signed this__day of_______, 19_.

                               ___________________
                              (Signature of member)

11.10.   A vote given in accordance with the terms of a proxy is valid
         notwithstanding the previous death or incapacity of the member giving
         the proxy or the revocation of the proxy or of the authority under
         which the form of proxy was executed or the transfer of the share in
         respect of which the proxy is given, provided that no notification in
         writing of such death, incapacity, revocation or transfer shall have
         been received by the chairman of the meeting or adjourned meeting for
         which the proxy was given before the vote is taken.

11.11.   Every proxy may be revoked by an instrument in writing:

         (a)      executed by the member giving the same or by his attorney
                  authorized in writing or, where the member is a corporation,
                  by a duly authorized officer or attorney of the corporation;
                  and

         (b)      delivered either at the registered office of the Company at
                  any time up to and including the last business day preceding
                  the day of the meeting, or any adjournment thereof at which
                  the proxy is to be used, or to the chairman of the meeting on
                  the day of the meeting or any adjournment thereof before any
                  vote in respect of which the proxy is to be used shall have
                  been taken,

or in any other manner provided by law.

<PAGE>

                                      -12-

                                     PART 12

                                    DIRECTORS

12.1.    If the Company is an amalgamated Company, the first Directors shall be
the persons so specified in the amalgamation agreement. The Directors to succeed
the first Directors, after incorporation of the Company, may be appointed in
writing by a majority of the subscribers to the Memorandum or at a meeting of
the subscribers, or if not so appointed, they shall be elected by the members
entitled to vote on the election of Directors and the number of Directors shall
be the same as the number of Directors so appointed or elected. The number of
Directors, excluding additional Directors, may be fixed or changed from time to
time by ordinary resolution, whether previous notice thereof has been given or
not, but notwithstanding anything contained in these Articles the number of
Directors shall never be less than one or, if the Company is or becomes a
reporting company, less than three.

12.2.    The remuneration of the Directors as such may from time to time be
determined by the Directors or, if the Directors shall so decide, by the
members. Such remuneration may be in addition to any salary or other
remuneration paid to any officer or employee of the Company as such who is also
a Director. The Directors shall be repaid such reasonable travelling, hotel and
other expenses as they incur in and about the business of the Company
(including, if authorized by resolution of the Directors in respect of the
Directors generally, those incurred in attending meetings of the Directors or of
any committees of the Directors) and if any Director shall perform any
professional or other services for the Company that in the opinion of the
Directors are outside the ordinary duties of a Director or shall otherwise be
specially occupied in or about the Company's business, he may be paid a
remuneration to be fixed by the Board, or, at the option of such Director, by
the Company in general meeting, and such remuneration may be either in addition
to, or in substitution for any other remuneration that he may be entitled to
receive. The Directors on behalf of the Company, unless otherwise determined by
ordinary resolution, may pay a gratuity or pension or allowance on retirement to
any Director who has held any salaried office or place of profit with the
Company or to his spouse or dependents and may make contributions to any fund
and pay premiums for the purchase or provision of any such gratuity, pension or
allowance.

12.3.    A Director shall not be required to hold a share in the capital of the
Company as qualification for his office but shall be qualified as required by
the Company Act, to become or act as a Director.

                                     PART 13

                       ELECTION AND REMOVAL OF DIRECTORS

13.1.    At each annual general meeting of the Company all the Directors shall
retire and the members entitled to vote thereat shall elect a Board of Directors
consisting of the number of Directors for the time being fixed pursuant to these
Articles. If the Company is, or becomes, a company that is not a reporting
company and the business to be transacted at any annual general meeting is
consented to in writing by all the members who are entitled to attend and vote
thereat such annual general meeting shall be deemed for the purpose of this Part
to have been held on such written consent becoming effective.

13.2.    A retiring Director shall be eligible for re-election.

13.3.    Where the Company fails to hold an annual general meeting in accordance
with the Company Act, the Directors then in office shall be deemed to have been
elected or appointed as Directors on the last day on which the annual general
meeting could have been held pursuant to these Articles and they may hold office
until other Directors are appointed or elected or until the day on which the
next annual general meeting is held.

13.4.    If at any general meeting at which there should be an election of
Directors, the places of any of the retiring Directors are not filled by such
election, such of the retiring Directors who are not re-elected as may be
requested by the newly-elected Directors shall, if willing to do so, continue in
office to complete the number of Directors for the time being fixed pursuant to
these Articles until further new Directors are elected. If any such election or
continuance of Directors does not result in the election or continuance of the
number of Directors for the time being

<PAGE>

                                      -13-

fixed pursuant to these Articles such number shall be fixed at the number of
Directors actually elected or continued in office. If no Directors are elected
at such meeting the retiring Directors shall be deemed to have been re-elected,
but nothing herein shall prohibit or restrict the right of a Director to resign.

13.5.    Subject to Article 16.7, any casual vacancy occurring in the Board of
Directors may be filled by the remaining Directors or Director.

13.6.    Between successive annual general meetings the Board of Directors shall
itself have power to appoint one or more additional Directors of the Company but
the number of Directors so appointed shall not at any time exceed one-third of
the number of Directors elected at the last general meeting at which Directors
were elected. Any Director so appointed shall hold office only until the next
following annual general meeting of the Company, but shall be eligible for
election at such meeting and so long as he is an additional Director the number
of Directors shall be increased accordingly.

13.7.    Any Director may by instrument in writing delivered to the Company
appoint any person to be his alternate to act in his place at meetings of the
Directors at which he is not present unless the Directors shall have reasonably
disapproved the appointment of such person as an alternate Director and shall
have given notice to that effect to the Director appointing the alternate
Director within a reasonable time after delivery of such instrument to the
Company. Every such alternate shall be entitled to notice of meetings of the
Directors and to attend, be counted in the quorum and vote as a Director at a
meeting at which the person appointing him is not personally present, and, if
the alternate is a Director in his own right, to be separately counted in the
determination of a quorum on behalf of the Director or Directors he is
representing and to have a separate vote on behalf of the Director or Directors
he is representing. Every such alternate, to the extent not restricted by the
instrument appointing him, may sign on behalf of the Director or Directors who
appointed him, resolutions submitted to the Directors to be consented to in
writing, as referred to in Article 16.9, and shall be deemed to be a Director
for the purposes of so signing such resolutions. Save as aforesaid or as
expressly otherwise provided in these Articles, an alternate Director shall not
generally have the power to act as a Director. A Director may at any time by
instrument in writing revoke the appointment of an alternate appointed by him.
The remuneration if any payable to such an alternate Director shall be payable
out of the remuneration of the Director appointing him. The appointment or
revocation of the appointment of an alternate Director may be by telegram, telex
or any method of transmitting legibly recorded messages delivered to the
Company.

13.8.    In addition to the provisions of Article 13.1 and Article 13.9, a
         Director shall cease to hold office if he:

         (a)      resigns his office by notice in writing delivered to the
                  registered office of the Company, or

         (b)      is convicted of an indictable offence and the other Directors
                  shall have resolved to remove him; or

         (c)      ceases to be qualified to act as a Director pursuant to the
                  Company Act.

The appointment of an alternate Director shall terminate if:

         (a)      the Director who appointed him at any time or by notice to the
                  Company revokes his appointment; or

         (b)      he resigns by notice to the Company; or

         (c)      the Director who appointed him ceases for any reason to be a
                  Director; or

         (d)      he is convicted of an indictable offence and the other
                  Directors shall have resolved to remove him; or

         (e)      he ceases to hold the qualifications necessary for a Director
                  pursuant to the Company Act; or

         (f)      the term of his appointment, if any, expires.

<PAGE>

                                      -14-

13.9.    The Company may by special resolution remove any Director before the
expiration of his period of office, and may by an ordinary resolution appoint
another person in his stead.

                                     PART 14

                         POWERS AND DUTIES OF DIRECTORS

14.1.    The Directors shall manage, or supervise the management of, the affairs
and business of the Company and shall have the authority to exercise all such
powers of the Company as are not, by the Company Act or by the Memorandum or
these Articles, required to be exercised by the Company in general meeting.

14.2.    The Directors may from time to time by power of attorney or other
instrument under the seal, appoint any person to be the attorney of the Company
for such purposes, and with such powers, authorities and discretions (not
exceeding those vested in or exercisable by the Directors under these Articles
and excepting the powers of the Directors relating to the constitution of the
Board and of any of its committees and the appointment or removal of officers
and the power to declare dividends) and for such period, with such remuneration
and subject to such conditions as the Directors may think fit, and any such
power of attorney or other instrument may contain such provisions for the
protection or convenience of persons dealing with such attorney as the Directors
think fit. Any such attorney may be authorized by the Directors to subdelegate
all or any of the powers, authorities and discretions for the time being vested
in him.

                                     PART 15

                    DISCLOSURE OF INTEREST OF DIRECTORS

15.1.    A Director who:

         (a)      is, in any way, directly or indirectly interested in an
                  existing or proposed contract or transaction with the
                  Company; or

         (b)      holds any office or possesses any property whereby, directly
                  or indirectly, a duty or interest may be created to conflict
                  with his duty or interest as a Director,

shall declare the nature and extent of his interest in such contract or
transaction or of the conflict or potential conflict with his duty and interest
as a Director, as the case may be, in accordance with the Company Act. A
Director interested in a contract or transaction as aforesaid shall be counted
in the quorum at a meeting of the Directors at which the proposed contract or
transaction is approved, if present at the meeting, and such Director may vote
in respect of the approval of the contract or transaction. If he votes he may be
liable to account for any profit in accordance with the provisions of the
Company Act.

15.2.    A Director may hold any office or place of profit with the Company
(other than the office of auditor of the Company) in addition to his office of
Director for such period and on such terms (as to remuneration or otherwise) as
the Directors may determine and no Director or intended Director shall be
disqualified by his office from contracting with the Company either with regard
to his tenure of any such other office or place of profit or as vendor,
purchaser or otherwise, and, subject to compliance with the provisions of the
Company Act, no contract or transaction entered into by or on behalf of the
Company in which a Director is in any way interested shall be liable to be
voided by reason thereof.

15.3.    Subject to the Company Act, a Director or his firm may act in a
professional capacity for the Company (except as auditor of the Company) and he
or his firm shall be entitled to remuneration for professional services as if he
were not a Director.

<PAGE>

                                      -15-

15.4.    A Director may be or become a director or other officer or employee of,
or otherwise interested in, any corporation or firm in which the Company may be
interested as a shareholder or otherwise, and, subject to compliance with the
provisions of the Company Act, such Director shall not be accountable to the
Company for any remuneration or other benefits received by him as director,
officer or employee of, or from his interest in, such other corporation or firm.

                                     PART 16

                            PROCEEDINGS OF DIRECTORS

16.1.    The Chairman of the Board, if any, or in his absence, the President
shall preside as chairman at every meeting of the Directors, or if there is no
Chairman of the Board or neither the Chairman of the Board nor the President is
present within fifteen minutes of the time appointed for holding the meeting or
is willing to act as chairman, or, if the Chairman of the Board, if any, and the
President have advised the Secretary that they will not be present at the
meeting, the Directors present shall choose one of their number to be chairman
of the meeting.

16.2.    Subject to these Articles, the Directors may meet together for the
dispatch of business, adjourn and otherwise regulate their meetings, as they
think fit. Questions arising at any meeting shall be decided by a majority of
votes. In case of an equality of votes the chairman shall not have a second or
casting vote. Meetings of the Board held at regular intervals may be held at
such place, at such time and upon such notice (if any) as the Board may by
resolution from time to time determine.

16.3.    A Director may participate in a meeting of the Board or of any
committee of the Directors by means of conference telephones or other
communications facilities by means of which all Directors participating in the
meeting can hear each other and provided that all such Directors agree to such
participation. A Director participating in a meeting in accordance with this
Article shall be deemed to be present at the meeting and to have so agreed and
shall be counted in the quorum therefor and be entitled to speak and vote
thereat.

16.4.    A Director may, and the Secretary or an Assistant Secretary upon
request of a Director shall, call a meeting of the Board at any time. Reasonable
notice of such meeting specifying the place, day and hour of such meeting shall
be given by mail, postage prepaid, addressed to each of the Directors and
alternate Directors at his address as it appears on the books of the Company or
by leaving it at his usual business or residential address or by telephone,
telegram, telex, or any method of transmitting legibly recorded messages. It
shall not be necessary to give notice of a meeting of Directors to any Director
if such meeting is to be held immediately following a general meeting at which
such Director shall have been elected or is the meeting of Directors at which
such Director is appointed.

16.5.    Any Director or alternate Director may file with the Secretary a
document executed by him waiving notice of any past, present or future meeting
or meetings of the Directors being, or required to have been, sent to him and
may at any time withdraw such waiver with respect to meetings held after such
withdrawal. After filing such waiver with respect to future meetings and until
such waiver is withdrawn no notice need be given to such Director and, unless
the Director otherwise requires in writing to the Secretary, to his alternate
Director of any meeting of Directors and all meetings of the Directors so held
shall be deemed not to be improperly called or constituted by reason of notice
not having been given to such Director or alternate Director. A waiver as
aforesaid may be given by telegram, telex or other method of transmitting
legibly recorded messages.

16.6.    The quorum necessary for the transaction of the business of the
Directors may be fixed by the Directors and if not so fixed shall be that number
of Directors that is a majority of the number of Directors positions then fixed
for the Company, whether or not each position is filled.

16.7.    The continuing Directors may act notwithstanding any vacancy in their
body, but, if and so long as their number is reduced below the number that,
pursuant to these Articles, is the necessary quorum for meetings of the
Directors, the continuing Directors may act for the purpose of increasing the
number of Directors to that number, or of summoning a general meeting of the
Company, but for no other purpose.

<PAGE>

                                      -16-

16.8.    Subject to the Company Act, all acts done by any meeting of the
Directors or of a committee of Directors, or by any person acting as a Director,
shall, notwithstanding that it be afterwards discovered that there was some
defect in the qualification, election or appointment of any Director or person
acting as aforesaid, be as valid as if every such person had been duly elected
or appointed and was qualified to be a Director.

16.9.    A resolution consented to in writing (which resolution may be in
counterparts which together shall be deemed to constitute one resolution in
writing) whether by document, telegram, telex or any method of transmitting
legibly recorded messages or other means, by all of the Directors shall be as
valid and effectual as if it had been passed at a meeting of the Directors duly
called and held on the date, expressly or by necessary implication stated
thereon to be the effective date of the passage or adoption of the resolution.
In the event of counterparts bearing expressly or by implication different
effective dates, then in the absence of a further resolution of the Directors in
that regard, the date the resolution is passed or adopted shall be deemed to be
the latest effective date stated on any counterpart.

                                     PART 17

                         EXECUTIVE AND OTHER COMMITTEES

17.1.    The Directors may appoint an Executive Committee to consist of such
member or members of their body as they think fit, which Committee shall have,
and may exercise during the intervals between the meetings of the Directors, all
the powers vested in the Directors except the power to fill vacancies in the
Board of Directors, the power to change the membership of, or fill vacancies in,
said Committee and such other powers, if any, as may be specified by the
Directors.

17.2.    The Directors may appoint committees consisting of such members of
their body as they think fit and may delegate to any such committee any power of
the Directors (except the power to fill vacancies in the Board of Directors, the
power to change the membership of, or fill vacancies in, any committee of the
Directors and the power to appoint or remove officers appointed by the
Directors), subject to such conditions as may be prescribed by the Directors.

17.3.    If the Company is or becomes a reporting company, the Directors shall
appoint an audit committee at such time and consisting of such members of their
body as they think fit subject to the Company Act. The audit committee shall
exercise the powers and perform the functions of an audit committee as described
in the Company Act. In addition, the Directors may delegate to the audit
committee any power of the Directors (except the power to fill vacancies in the
Board of Directors, the power to change the membership of, or fill vacancies in,
any committee of the Directors and the power to appoint or remove officers
appointed by the Directors), subject to such conditions as may be prescribed by
the Directors.

17.4.    All committees of Directors shall keep regular minutes of their
proceedings and meetings and shall cause them to be recorded in books kept for
that purpose, and shall report the same to the Directors at such times as the
Directors may from time to time require. Committees may make rules for the
conduct of their business and may appoint such assistants as they may deem
necessary. A majority of the members of a committee shall constitute a quorum
thereof. Save as set out in this Part 17 or in the rules made by a committee as
aforesaid, the meetings and proceedings of a committee consisting of more than
one member shall be governed by the provisions of these Articles regulating the
proceedings and meetings of the Directors, including, without limitation, the
provisions with respect to the appointment of alternates to the intent that a
Director who is a member of a committee may appoint an alternate to represent
him at a meeting of the committee unless the Board of Directors shall prohibit
the appointment of alternates by the members of such committee, and including
the provisions with respect to resolutions consented to in writing. The
Directors shall have power at any time to revoke or override any authority given
to or acts to be done by any such committees, except with respect to acts done
before such revocation or overriding, and to terminate the appointment or change
the membership of a committee and to fill vacancies in it.

<PAGE>

                                      -17-

                                     PART 18

                                    OFFICERS

18.1.    The Directors shall appoint a President and a Secretary and such other
officers, if any, as the Directors shall determine from time to time and the
Directors may, at any time, terminate any such appointment. No officer shall be
appointed unless he is qualified in accordance with the provisions of the
Company Act.

18.2.    One person may hold more than one of such offices except that the
offices of President and Secretary must be held by different persons unless the
Company has only one member. Any person appointed as the Chairman of the
Board, the President or the Managing Director shall be a Director. The other
officers need not be Directors.

18.3.    The remuneration of the officers of the Company as such and the terms
and conditions of their tenure of office or employment shall from time to time
be determined by the Directors; such remuneration may be by way of salary, fees,
wages, commission or participation in profits or any other means or all of these
modes and an officer may in addition to such remuneration be entitled to receive
after he ceases to hold such office or leaves the employment of the Company a
pension or gratuity.

18.4.    The Directors may decide what functions and duties each officer shall
perform and may entrust to and confer upon him any of the powers exercisable by
them upon such terms and conditions and with such restrictions as they think fit
and may from time to time revoke, withdraw, alter or vary all or any of such
functions, duties and powers. The Secretary shall, inter alia, perform the
functions of the Secretary specified in the Company Act.

18.5.    Every officer of the Company who holds any office or possesses any
property whereby, whether directly or indirectly, duties or interests might be
created in conflict with his duties or interests as an officer of the Company
shall, in writing, disclose to the President the fact and the nature and extent
of the conflict.

                                     PART 19

                          INDEMNITY AND PROTECTION OF
                       DIRECTORS, OFFICERS AND EMPLOYEES

19.1.    Subject to the Company Act and these Articles, the Directors shall
cause the Company to indemnify a Director or former Director of the Company and
a Director or former Director of a corporation which is or was a subsidiary of
the Company or (if he acted as such at the request of the Company) of any other
corporation of which the Company is or was a shareholder and the heirs and
personal representatives of any such person against all costs, charges and
expenses, including an amount paid to settle an action or satisfy a judgment,
actually and reasonably incurred by him or them including an amount paid to
settle an action or satisfy a judgment in a civil, criminal or administrative
action or proceeding to which he is or they are made a party by reason of his
being or having been a Director of the Company or a director of such
corporation, including any action brought by the Company or any such
corporation. The Company shall apply to the Court for all approvals of the Court
which may be required to make any indemnity referred to in this Article
effective and enforceable. The Company shall be deemed to have contracted, on
the terms of the foregoing indemnity, with each Director of the Company and each
such Director of such corporation on his being elected or appointed.

19.2.    Subject to the Company Act and these Articles, the Directors shall
cause the Company to indemnify:

         (a)      any officer or former officer (but in the case of an officer
                  of a corporation other than a subsidiary of the Company only
                  if he acted as such at the request of the Company); and

         (b)      any employee, former employee or agent or former agent
                  designated by the Directors,

of the Company or of a corporation which is or was a subsidiary of the Company
or of any other corporation of which the Company is or was a shareholder
(notwithstanding that he is also a Director) and his heirs and personal

<PAGE>

                                      -18-

representatives against all costs, charges and expenses whatsoever (including,
without limiting the generality of the foregoing, those specifically referred to
in Article 19.1 above) incurred by him or them and resulting from his acting as
an officer, employee or agent of the Company or of such corporation. The Company
shall be deemed to have contracted, on the terms of the foregoing indemnity,
with each such officer or former officer on his being appointed.

19.3.    The failure of a person to comply with the Company Act or of the
Memorandum or these Articles shall not, of itself, invalidate any indemnity to
which such person is entitled under this Part.

19.4.    The Directors may cause the Company to purchase and maintain insurance
for the benefit of:

         (a)      any person who is or was serving as a Director or officer of
                  the Company or as a director or officer of a corporation which
                  is or was a subsidiary of the Company or (if he acted as such
                  at the request of the Company) of any other corporation of
                  which the Company is or was a shareholder; and

         (b)      any person designated by the Directors who is or was serving
                  as an employee or agent of the Company or of such corporation;
                  and

         (c)      any person in respect of whom the Company is or may be
                  obligated to indemnify pursuant to this Part 19,

and his heirs and personal representatives against any liability incurred by him
as such Director, director, officer, employee or agent.

19.5.    If any of the provisions of this Part shall be void, illegal or
invalid, the remaining provisions of this Part shall be construed and take
effect as if the void, illegal or invalid provision had never been contained
herein. The Company shall not be required to indemnify a person pursuant to
Articles 19.1 or 19.2 if such person did not, with respect to the act or matter
giving rise to the proposed indemnification, act honestly and in good faith and
with a view to the best interests of the Company or the corporation referred to
therein, as the case may be, or in the case of a criminal or administrative act
or proceeding, if he did not have reasonable grounds for believing his conduct
was lawful or duly authorized. The provisions of this Part 19 relating to
Directors and former Directors of the Company and to directors and former
directors of a corporation which is or was a subsidiary of the Company or of a
corporation in which the Company is or was a shareholder also apply, with the
necessary changes and so far as applicable, to alternate Directors of the
Company and alternate directors of such corporations.

                                     PART 20

                             DIVIDENDS AND RESERVES

20.1.    Subject to the Company Act and to the special rights and restrictions
as to dividends attached to any shares, the Directors may from time to time
declare and authorize payment of such dividends, if any, as they may deem
advisable and need not give notice of such declaration to any member. No
dividend shall be paid otherwise than out of funds and/or assets properly
available for the payment of dividends and a declaration by the Directors as to
the amount of such funds and/or assets available for dividends shall be
conclusive. The Company may pay any such dividend wholly or in part by the
distribution of specific assets and in particular by paid up shares, bonds,
debentures or other securities of the Company or any other corporation or in any
one or more such ways as may be authorized by the Company or the Directors and
where any difficulty arises with regard to such a distribution the Directors may
settle the same as they think expedient, and in particular may fix the value for
distribution of such specific assets or any part thereof, and may determine that
cash payments in substitution for all or any part of the specific assets to
which any members are entitled shall be made to any members on the basis of the
value so fixed in order to adjust the rights of all parties and may vest any
such specific assets in trustees for the persons entitled to the dividend as may
seem expedient to the Directors.

20.2.    Any dividend declared on shares of any class or series by the Directors
may be made payable on such date as is fixed by the Directors.

<PAGE>

                                      -19-

20.3.    Subject to the rights of members (if any) holding shares with special
rights as to dividends, all dividends on shares of any class or series shall be
declared and paid according to the number of such shares held.

20.4.    The Directors may, before declaring any dividend, set aside out of the
funds properly available for the payment of dividends such sums as they think
proper as a reserve or reserves, which shall, at the discretion of the
Directors, be applicable for meeting contingencies, or for equalizing dividends,
or for any other purpose to which such funds of the Company may be properly
applied, and pending such application may, at the like discretion, either be
employed in the business of the Company or be invested in such investments as
the Directors may from time to time think fit. The Directors may also, without
placing the same in reserve, carry forward such funds, which they think prudent
not to divide.

20.5.    If several persons are registered as joint holders of any share, any
one of them may give an effective receipt for any dividend, bonuses or other
moneys payable in respect of the share.

20.6.    No dividend shall bear interest against the Company. Where the dividend
to which a member is entitled includes a fraction of a cent, such fraction shall
be disregarded in making payment thereof and such payment shall be deemed to be
payment in full.

20.7.    Any dividend, bonus or other moneys payable in cash in respect of
shares may be paid by cheque or warrant sent through the post directed to the
registered address of the holder, or in the case of joint holders, to the
registered address of that one of the joint holders who is first named on the
register or to such person and to such address as the holder or joint holders
may direct in writing. Every such cheque or warrant shall be made payable to the
order of the person to whom it is sent. The mailing of such cheque or warrant
shall, to the extent of the sum represented thereby (plus the amount of any tax
required by law to be deducted) discharge all liability for the dividend, unless
such cheque or warrant shall not be paid on presentation or the amount of tax so
deducted shall not be paid to the appropriate taxing authority.

20.8.    Notwithstanding anything contained in these Articles the Directors may
from time to time capitalize any retained earnings or surplus of the Company and
may issue as fully paid and non-assessable any unissued shares or any debt
obligations of the Company as a dividend representing such retained earnings or
surplus or any part thereof.

                                     PART 21

                         DOCUMENTS, RECORDS AND REPORTS

21.1.    The Company shall keep at its records office or at such other place as
the Company Act may permit, the documents, copies, registers, minutes, and
records which the Company is required by the Company Act to keep at its records
office or such other place, as the case may be.

21.2.    The Company shall cause to be kept proper books of account and
accounting records in respect of all financial and other transactions of the
Company in order properly to record the financial affairs and condition of the
Company and to comply with the Company Act.

21.3.    Unless the Directors determine otherwise, or unless otherwise
determined by an ordinary resolution, no member of the Company shall be entitled
to inspect the accounting records of the Company.

21.4.    The Directors shall from time to time at the expense of the Company
cause to be prepared and laid before the Company in general meeting such
financial statements and reports as are required by the Company Act.

21.5.    Every member shall be entitled to be furnished once gratis on demand
with a copy of the latest annual financial statement of the Company and, if so
required by the Company Act, a copy of each such annual financial statement and
interim financial statement shall be mailed to each member.

<PAGE>

                                      -20-

                                     PART 22

                                     NOTICES

22.1.    A notice, statement or report may be given or delivered by the Company
to any member either by delivery to him personally or by sending it by mail to
him to his address as recorded in the register of members. Where a notice,
statement or report is sent by mail, service or delivery of the notice,
statement or report shall be deemed (a) to be effected by properly addressing,
prepaying and mailing the notice, statement or report, and (b) to have been
given on the date, Saturdays and holidays excepted, following the date of
mailing. A certificate signed by the Secretary or other officer of the Company
or of any other person acting in that behalf for the Company that the letter,
envelope or wrapper containing the notice, statement or report was so addressed,
prepaid and mailed shall be conclusive evidence thereof.

22.2.    A notice, statement or report may be given or delivered by the Company
to the joint holders of a share by giving the notice to the joint holder first
named in the register of members in respect of the share.

22.3.    A notice, statement or report may be given or delivered by the Company
to the persons entitled to a share in consequence of the death, bankruptcy or
incapacity of a member by sending it through the mail prepaid addressed to them
by name or by his title or by any like description, at the address if any)
supplied to the Company for the purpose by the persons claiming to be so
entitled, or (until such address has been so supplied) by giving the notice in a
manner in which the same might have been given if the death, bankruptcy or
incapacity had not occurred.

22.4.    Notice of every general meeting or meeting of members shall be given in
a manner hereinbefore authorized to every member holding at the record date for
determining the members entitled to such notice shares which confer the right to
notice of and to attend and vote at any such meeting. No other person except the
auditor of the Company and the Directors of the Company shall be entitled to
receive notices of any such meeting.

                                     PART 23

                                  RECORD DATES

23.1.    Subject to the Company Act, the Directors may fix in advance a date as
the record date for the determination of the members entitled to notice of any
meeting of members or any adjournment thereof, and/or a date as the record date
for the determination of the members entitled to attend and vote at any meeting
of members or any adjournment thereof (which may but need not be the same date
as the record date for determining members entitled to notice) and/or a date as
a record date for the determination of members entitled to receive payment of a
dividend, or for any other proper purpose and in such case, notwithstanding
anything elsewhere contained in these Articles, only members or persons of
record on the date so picked shall be deemed to be members for the particular
purpose or purposes aforesaid.

23.2.    Where no record date is fixed for the determination of members entitled
to notice, or to vote, or of members entitled to receive payment of a dividend
or for any other proper purpose, the date on which notice of the meeting is
mailed or on which the resolution of the Directors declaring the dividend is
adopted respectively is the record date for such determination.

                                     PART 24

                             EXECUTION OF DOCUMENTS

24.1.    The Directors may provide a seal for the Company and, if they do so,
shall provide for the safe custody of the seal which shall not be affixed to any
instrument except in the presence of the following persons, namely;

<PAGE>

                                      -21-

         (a)      the President or the Secretary;

         (b)      any two Directors of the Company;

         (c)      one of the Chairman of the Board, the President, a Director or
                  the Vice-President together with any one of the Secretary, an
                  Assistant Secretary, the Treasurer, the Secretary-Treasurer,
                  an Assistant Treasurer and an Assistant Secretary-Treasurer;
                  or

         (d)      such person or persons as the Directors may from time to time
                  by resolution appoint,

and the said Directors, officers, person or persons in whose presence the seal
is so affixed to an instrument shall sign such instrument. For the purpose of
certifying under the seal copies or extracts from the Memorandum or Articles of
the Company, minutes of meetings or resolutions of the members or Directors or
committees of Directors, or any instrument executed or issued by the Company,
the seal may be affixed in the presence of any one of the persons hereinbefore
mentioned unless the Directors shall by resolution determine otherwise.

24.2.    The signatures of any one or more of the Chairman of the Board,
President, Vice-Presidents, Directors, Secretary, Treasurer,
Assistant-Secretaries, Assistant-Treasurers and any other officers of the
Company and any persons referred to in Article 24.1(d) may, if authorized by the
Directors, be printed, lithographed, engraved or otherwise mechanically
reproduced upon all instruments executed or issued by the Company; and any
instrument on which the signature of any such person is so reproduced by
authorization of the Directors shall be deemed to have been manually signed by
such person whose signature is so reproduced and shall be, subject to the
Company Act, as valid to all intents and purposes as if such instrument had been
signed manually, and notwithstanding that the person whose signature is so
reproduced may have ceased to hold office (if applicable) at the date of the
delivery or issue of such instrument. The term "instrument" as used in Article
24.1 and this Article 24.2 shall include deeds, mortgage, hypothecs, charges,
conveyances, transfers and assignments of properly, real or personal,
agreements, releases, receipts and discharges for the payment of money or other
obligation, certificates of the Company's shares, bonds, debentures and other
securities and debt obligations of the Company, and all paper-writings.

24.3.    To enable the seal of the Company to be affixed to any debt
obligations, share certificates, or other securities of the Company, whether in
definitive or interim form, on which facsimiles of any of the signatures of the
Directors or officers of the Company are, in accordance with the Company Act
and/or these Articles, printed or otherwise mechanically reproduced there may be
delivered to the firm or company employed to engrave, lithograph or print such
definitive or interim debt obligations, share certificates or other securities
one or more unmounted dies reproducing the Company's seal and the Chairman of
the Board, the President, the Managing Director or a Vice-President and the
Secretary, Treasurer, Secretary-Treasurer, an Assistant Secretary, an Assistant
Treasurer or an Assistant Secretary-Treasurer may by a document authorize such
firm or company to cause the Company's seal to be affixed to such definitive or
interim debt obligations, share certificates or other securities by the use of
such dies. Debt obligations, share certificates or other securities to which the
Company's seal has been so affixed shall for all purposes be deemed to be under
and to bear the Company's seal lawfully affixed thereto.

24.4.    The Company may have for use in any other province, state, territory or
country an official seal which shall have on its face the name of the province,
state, territory or country where it is to be used.

                                     PART 25

                     PROHIBITIONS IF NOT A REPORTING COMPANY

25.1.    If the Company is, or becomes, a company which is not a reporting
company under the Company Act:

         (a)      the number of members for the time being of the Company,
                  exclusive of persons who are for the time being in the
                  employment of the Company and continue to be members after the
                  termination of such employment, shall not exceed 50;

<PAGE>

                                      -22-

         (b)      no securities of the Company shall be offered for sale or
                  subscription to the public;

         (c)      no shares shall be transferred without the previous consent of
                  the Directors expressed by a resolution of the Board and the
                  Directors shall not be required to give any reason for
                  refusing to consent to any such proposed transfer.

 FULL NAME, RESIDENT ADDRESS AND OCCUPATION OF SUBSCRIBER:

/s/ CAROL A. KERFOOT
- --------------------------
CAROL A. KERFOOT
Suite 607-522 Moberly Road
Vancouver, B.C.
V5Z 4G4
Solicitor

DATED the 7th day of May, 2002.


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.155
<SEQUENCE>154
<FILENAME>p68936exv3w155.txt
<DESCRIPTION>EXHIBIT 3.155
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.155

                CERTIFICATE OF RESTATED ARTICLES OF INCORPORATION

                          OF U-HAUL LEASING & SALES CO.

                  The undersigned President and Secretary of U-Haul Leasing &
Sales Co., a Nevada corporation, hereby certify as follows:

                  1.       That the President and Secretary of U-Haul Leasing &
         Sales Co. have been authorized to execute the Restated Articles of
         Incorporation of U-Haul Leasing & Sales Co. by resolution of the
         Directors of the corporation adopted on September 10, 1993.

                  2.       That the Restated Articles of Incorporation of U-Haul
         Leasing & Sales Co., pursuant to Section 78.403 of the Nevada Revised
         Statutes, correctly set forth the text of the Articles of Incorporation
         as amended to the date hereof.

Dated: September 10, 1993.

By: /s/ Edward J. Shoen                  By: /s/ Gary V. Klinefelter
    -----------------------                  ---------------------------
    Edward J. Shoen                          Gary V. Klinefelter
    President                                Secretary

STATE OF ARIZONA   )
                   ) ss.
County of Maricopa )

                  The foregoing instrument was acknowledged before me September
10, 1993, by Edward J. Shoen, President of U-Haul Leasing & Sales Co. on behalf
of the corporation.

                                        [ILLEGIBLE]

My commission expires:

     9/18/93
- -----------------------
STATE OF ARIZONA   )
                   ) ss.
County of Maricopa )

                  The foregoing instrument was acknowledged before me September
10, 1993, by Gary V. Klinefelter, Secretary of U-Haul Leasing & Sales Co. on
behalf of the corporation.

                                           [ILLEGIBLE]
                                           -------------------------
                                           Notary Public

My commission expires:

       9/19/93
- ---------------------

UL&SC.RAI
<PAGE>

EXHIBIT A

                                    RESTATED

                            ARTICLES OF INCORPORATION

                                       OF

                           U-HAUL LEASING & SALES CO.

         The undersigned President and Secretary of U-HAUL LEASING & SALES CO.,
pursuant to Section 78.403 of the General Corporation Law of Nevada, hereby
restate the Articles of Incorporation.

         1.       The name of the corporation is U-Haul Leasing & Sales Co.

         2.       The principal office of the corporation shall be located at
One East First Street, in the City of Reno, County of Washoe, State of Nevada.

         3.       The nature of the business and the purposes for which the
corporation is formed are as follows:

                  a.       To engage in the rental, loan, and lease of
                           automobiles, trucks, tractors, trailers, and, without
                           limitation, all types of motor vehicles, and, in
                           connection therewith, to purchase and sell motor
                           vehicles and equipment, vehicle parts, articles, and
                           accessories, and to perform repairs and services in
                           connection with the leasing, loaning, or rental of
                           such vehicles, and to acquire, hold, and own any and
                           all licenses, permits, and franchises necessary or
                           useful in connection with the business.

                  b.       To establish or acquire, or acquire interests in or
                           control of, by purchase, investment affiliation,
                           assumption of liabilities or otherwise, the types of
                           businesses dealing with motor vehicles, automotive
                           equipment and other equipment of every kind and
                           nature; to finance or assist in financing the
                           establishment, development, and operation thereof;
                           and to supervise, oversee, and assist in the
                           management and operation thereof.

                  c.       To engage in the business of warehousing, moving, and
                           storage of property.

                  d.       To conduct a business in the sale [ILLEGIBLE]
                           gasoline and oil and to operate and lease stations
                           for the sale of gasoline and oil, and to service
                           cars, trucks, trailers, and other automotive
                           equipment.

UL&SC.RAI
<PAGE>

                  e.       To purchase, sell, rent, and deal in new and used
                           trailers and semi-trailers of every kind and
                           description, including, but not limited to, house
                           trailers; to purchase, sell, rent, and deal in
                           equipment, furniture, and appliances for such
                           equipment.

                  f.       To act as surety and to guarantee the performance of
                           contracts, agreements, undertakings, obligations,
                           promises, or duties, of all kinds other than
                           insurance policies.

                  g.       To do everything necessary and proper for the
                           accomplishment of the objects herein enumerated, or
                           necessary or incidental to the protection and benefit
                           of the corporation, and, in general to carry on any
                           lawful business necessary to the attainment of the
                           purposes of this corporation, whether such business
                           is similar in nature to the objects and powers
                           hereinabove set forth, or otherwise.

                           The foregoing powers shall be in furtherance of and
                           not in limitation of the general powers conferred by
                           the laws of the State of Nevada, as now or hereafter
                           in effect.

         4.       The authorized capital stock of this corporation shall be
Twenty-Five Thousand ($25,000.00) Dollars, divided into Five Hundred (500)
shares of the par value of Fifty ($50.00) Dollars per share. After payment of
the par value, capital stock shall be non-assessable.

         5.       The number of the Board of Directors of the corporation shall
be Three (3) and the names and addresses of the first Board of Directors are:

<TABLE>
<CAPTION>
         Name                                    Address
- -------------------------    --------------------------------------------------
<S>                          <C>
Kermit K. Shoen              3619 West Mescal, Phoenix, Arizona 85029
Joyce S. Copeland            4701 North 33rd Place, Phoenix, Arizona 85018
John A. Lorentz              2124 Terrace Road, Tempe, Arizona 85281
</TABLE>

         6.       The names and post office addresses of each of the
incorporators are as follows:

<TABLE>
<CAPTION>
         Name                                    Address
- -------------------------    --------------------------------------------------
<S>                          <C>
Kermit K. Shoen              3619 West Mescal, Phoenix, Arizona 85029
Joyce S. Copeland            4701 North 33rd Place, Phoenix, Arizona 85018
John A. Lorentz              2124 Terrace Road, Tempe, Arizona 85281
</TABLE>

         7.       The duration of this corporation shall be perpetual.

UL&SC.RAI
<PAGE>

         In Witness Whereof, we the aforementioned President and Secretary have
signed the Restated Articles of Incorporation this 10th day of September, 1993.

                                              /s/ Edward J. Shoen
                                              ---------------------------------
                                              Edward J. Shoen, President

                                              /s/ Gary V. Klinefelter
                                              ---------------------------------
                                              Gary V. Klinefelter, Secretory

UL&SC.RAI

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.156
<SEQUENCE>155
<FILENAME>p68936exv3w156.txt
<DESCRIPTION>EXHIBIT 3.156
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.156

                                     AMENDED

                                   BY-LAWS OF

                           U-HAUL LEASING & SALES CO.

                              A NEVADA CORPORATION

                                    ARTICLE I

                                     OFFICES

SECTION 1. Offices:

The principal office and registered office of the corporation in the State of
Nevada shall be located in the State of Nevada at such locations as the Board of
Directors may authorize by resolutions. The corporation may have such other
offices either within or without the State of Nevada as the Board of Directors
may designate or as the business of the corporation may require from time to
time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
second Saturday of June of each year, at the office of the corporation in the
State of Nevada, or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of Directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

<PAGE>

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer of persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Nevada. Notice of the Special meetings will be
had as provided under Section 2 of this Article.

SECTION 4. Voting:

Voting at all shareholders meetings. A shareholder may vote either in person or
by proxy executed in writing by the shareholder or by his duly authorized
Attorney in Fact. No proxy shall be valid after eleven months from the date of
its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

                                       2
<PAGE>

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

The following shall be the normal order of business at all special meetings and
annual meetings of the shareholders:

         1st. All persons claiming to hold proxies shall present them to the
              tellers for verification.

         2nd. Proof of due notice of meeting when applicable.

         3rd. Reading and disposal of all unapproved minutes.

         4th. Reports of officers and committees.

         5th. Election of Directors.

         6th. Unfinished business.

         7th. New business.

         8th. Adjournment.

                                  ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

A board of three (3) Directors shall be chosen annually by the stockholders at
their annual meeting. The holders of the majority of the outstanding shares of
stock entitled to vote may at

                                       3
<PAGE>

any time pre-emptorily terminate the term of office of all or any of the
Directors by a vote at a meeting called for such purposes. Such removal shall be
effective immediately even if successors are not elected simultaneously and the
vacancies on the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the, unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Nevada.

SECTION 4. Special Meetings:

Special meetings of the Board of Directors shall be held at the place specified
called therefor, and notice thereof. Said special meeting of the Board of
Directors may be called at any time by the President or by any two members of
the Board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the State of Nevada.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

                                       4
<PAGE>

SECTION 6. Order of Business:

The Board of Directors may from time to time, determine the order of business at
their meetings. The usual order of business at such meetings shall be as
follows:

         1st. Roll call; a quorum being present.

         2nd. Reading of minutes of preceding minutes and action thereon.

         3rd. Consideration of communications of the Board of Directors.

         4th. Reports of officials and committees.

         5th. Unfinished business.

         6th. Miscellaneous business.

         7th. New business.

         8th. Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers the express
right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trade-marks in contracts, and interests
                  thereunder, and other rights and proprieties which in their
                  judgment may be beneficial for the purpose of this
                  corporation, and to issue shares of stock of this corporation
                  in payment of such property, and in payment for services
                  rendered to this corporation, when they deem it advisable.

                                       5
<PAGE>

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidence of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee the notes, bonds, stocks,
                  and other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  State of Nevada, governing the disposition of the entire
                  assets and business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after
                  deducting therefrom the amounts, at the time when any dividend
                  is declared which shall have been set aside by the Directors
                  as a reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
power as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Nevada statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President, a
Vice-President, and Secretary and Treasurer, and such other officers as shall
from time to time be provided for by the Board of Directors. Such officers shall
be elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election

                                       6
<PAGE>

there be a quorum present, and any officer receiving a majority vote shall be
declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers, agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officer and employees of the corporation and
see that their duties are properly performed. The President, in conjunction with
the Secretary, shall sign and execute all contracts, notes, mortgages, and all
other obligations in the name of the corporation, and with the Secretary shall
sign all certificates of the shares of the capital stock of the corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding years business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

The Vice-President shall have such powers and perform such duties as may be
assigned to him by the Board of Directors of the corporation and in the absence
or inability of the President, the Vice-President shall perform the duties of
the President.

SECTION 4. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                       7
<PAGE>

SECTION 5. Powers and Duties of Treasurer:

The Treasurer shall have the care and custody of all funds and securities of the
corporation, and deposit the same in the name of the corporation in such bank or
banks or other depository as the Directors may select. He shall sign checks,
drafts, notices, and orders for the payment of money, and he shall pay out and
dispose of the same under the direction of the Board of Directors, but checks
may be signed as directed by the Board by resolution. It shall be the duty of
the Treasurer at all reasonable time to exhibit his books and accounts to any
Director or stockholder of the corporation upon application at the office of the
corporation during business hours, and generally perform the duties of and act
as the financial agent for the corporation for the receipts and disbursements of
its funds. He shall give such bond for the faithful performance of his duties as
the Board of Directors may determine. The office of the Treasurer of said
corporation, may be held by the same person holding the President,
Vice-President or Secretary's office, provided the Board of Directors indicates
the combination of these offices.

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Nevada, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the number
of the person owning the shares thereby represented, with the number of such
shares and the date of issue. The transfer of any share or shares of stock in
the corporation may be made by surrender of the certificate issued therefor,
and the written assignment thereof by the owner or his duly authorized Attorney
in Fact. Upon such surrender and assignment, a new certificate shall be issued
to the assignee as he may be entitled, but without such surrender and assignment
no transfer of stock shall be recognized by the corporation. The Board of
Directors shall have the power and authority to make all such rules and
regulations as it shall deem expedient concerning the issue, transfer, and
registration of certificate for agents and registrars of transfer, and may
require all stock certificates to bear signatures of either or both. The stock
transfer books shall be closed ten days before each meeting of the shareholders
and during such period no stock shall be transferred.

                                       8
<PAGE>

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

SECTION 3. Restriction on Transfer:

No shareholder shall transfer, alienate, or in any way dispose of any share of
the corporation unless such share shall first have been offered for sale to the
corporation. The corporation reserves and shall have the exclusive right in
adoption to purchase such shares at a price equal to the book value thereof
within sixty days after such offer. After the expiration of such time, the
shareholder, if the corporation shall not have exercised his option to purchase
such share, shall be free to transfer, alienate or otherwise dispose of such
share without any restrictions whatsoever. Provided, however, that this
restriction shall not apply to inter vivos gifts or transfer without
consideration by operation of law of shares of stock by shareholders to members
of the immediate family of such shareholder.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall be fixed by resolution of the Board of
Directors.

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

                                       9
<PAGE>

I, Gary V. Klinefelter, as the duly elected Secretary of U-Haul Leasing & Sales
Co., do hereby certify that the above By-Laws, as amended, have been duly
adopted by the Board of Directors and that the same do now constitute the
Amended By-Laws of this corporation.

Dated as of the 21st day of April, 1993.

                                                /s/ Gary V. Klinefelter
                                                --------------------------------
                                                Gary V. Klinefelter, Secretary

(Corporate Seal)

                                       10
<PAGE>

                          U-HAUL LEASING & SALES CO.,
                              A NEVADA CORPORATION

                            SHAREHOLDER RESOLUTIONS

WHEREAS, the undersigned is the sole shareholder of U-Haul Leasing & Sales Co.,
a Nevada corporation ("Company") (the "Shareholder");

WHEREAS, pursuant to Article IX, Section 1 of the Company's bylaws ("Bylaws"),
the Shareholder has the authority to amend the Bylaws from time to time, as the
Shareholder may deem necessary, appropriate or otherwise in the best interest of
the Company;

WHEREAS, the board of directors of the Company has recommended an amendment to
the Bylaws;

WHEREAS, the Shareholder has determined it is in the best interest of the
Company to amend the Bylaws to facilitate the execution of certain documents by
one signatory;

NOW THEREFORE, BE IT RESOLVED, that the Bylaws be amended to add Article IX,
Section 2 to read as follows:

"Signatories. Notwithstanding anything in the Bylaws to the contrary, the Board
of Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

FURTHER RESOLVED, that all actions taken by any officer or director of Company
prior to the date of this written consent or Board resolution with respect to
any of the foregoing resolutions is hereby ratified and approved as actions of
Company; and

FURTHER RESOLVED, that the that the President, Secretary, Treasurer, Assistant
Secretary and/or Assistant Treasurer of Company (collectively, the "Authorized
Officers") be, and each of them hereby is, authorized and empowered to certify
to the passage of the foregoing resolutions under the seal of Company or
otherwise.

<PAGE>

Dated: August 15, 2003

                                             SHAREHOLDER:

                                             U-Haul International, Inc., a
                                             Nevada Corporation

                                             By: /s/ Gary V. Klinefelter
                                                 -------------------------------
                                             Name: Gary V. Klinefelter
                                             Its: Secretary


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.157
<SEQUENCE>156
<FILENAME>p68936exv3w157.txt
<DESCRIPTION>EXHIBIT 3.157
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.157

                                                         FILING FEE $125.00 T.N.
                                                         RECEIPT #C-86560
                                                         UHAUL INTERNATIONAL
                                                         2727 N. CENTRAL AVENUE
                                                         PHOENIX, AZ. 85036-1502

                            ARTICLES OF INCORPORATION

                                       OF

                         U-HAUL SELF-STORAGE CORPORATION

         KNOW ALL MEN BY THESE PRESENTS: That I, the undersigned, for the
purpose of forming a corporation under the laws of Nevada, do certify:

                                    ARTICLE I

         The name of the corporation is U-Haul Self-Storage Corporation.

                                   ARTICLE II

         The nature of the business and the objects and purposes to be
transacted, promoted, or carried on by the corporation are to be limited solely
as follows:

         (a)      to acquire, own, hold, transfer, sell, assign and pledge,
loans secured by real property (Mortgage Loans"), interests in, or interests in
pools of, monies due or to become due under Mortgage Loans elated insurance
policies, and any proceeds or further rights associated with any of the
foregoing (such Mortgage Loans, interests, monies, insurance policies, proceeds,
and other rights being referred to collectively as the "Assets");

         (b)      to borrow money to facilitate any activity authorized herein
subject always to the terms of subsection (c) below, which borrowing may be (i)
an unsecured borrowing or (ii) secured by a pledge or grant of a security
interest in the Mortgage Loans and/or the other Assets;

         (c)      to issue and sell from time to time one or more series of
certificates, bonds, notes and other securities and to incur other indebtedness,
including, without limitation, certificates representing interests in trusts
formed by the Corporation (collectively the "Securities"), which Securities
shall either be rated at least "AA" (or its equivalent) by one or more
nationally recognized rating agencies (the "Rated Securities") or shall (i) be
fully subordinated to the Corporation's Rated Securities with respect to the
specific collateral securing or the designated assets underlying the Rated
Securities, (ii) be nonrecourse to the Corporation and (iii) not constitute a
claim against the corporations to the extent that funds are insufficient to pay
such Securities and to pay principal and interest thereon in accordance with the
terms thereof;

         (d)      to use the proceeds of the sale of Securities and of the
transfer, sale, assignment or pledge of Assets (i) to acquire Assets or (ii) to
make loans to entities which may be affiliated

<PAGE>

with the Corporation or to make dividend payments to the extent permitted by
law;

         (e)      to invest cash balances from time to time as provided in any
agreement or similar document that the corporation may be a party to in
connection with the issuance of Securities or any other transaction permitted by
this Article Second;

         (f)      to make deposits of money in bank accounts and to grant
security interests in such deposits for its own benefit or the benefit of others
in connection with any transaction permitted by this Article Second and to
purchase or otherwise acquire securities evidencing ownership of, or other
interest in, assets securitized by third parties, which securities have a rating
of at least "AA" (or its equivalent) by one or more nationally recognized rating
agencies and to grant security interests in such securities in connection with
any transactions permitted by this Article Second; and

         (g)      to engage in any activity, enter into any agreement,
undertaking, contract, indenture, assignment, security agreement or certificate,
appoint any underwriter, agent or dealer with respect to the Securities or any
other transaction permitted by this Article Second and to exercise any powers
permitted to corporations organized under the General Corporation Law of the
State of Nevada that are Incidental to the foregoing or necessary, suitable or
convenient to accomplish the foregoing.

         The limitations on the Corporation's business and investment activities
as set out in this Article Second may not be altered except upon the vote of the
holders of 100% of the outstanding common stock and the unanimous affirmative
vote of all the directors of the Corporation.

                                   ARTICLE III

         At all times, at least two of the directors and one of the executive
officers of the Corporation (or two persons, one of whom is serving as both a
director and an executive officer of the corporation) will not be a director,
officer or employee of any direct or ultimate parent, or affiliate of the
parent, of the Corporation (respectively, the "Independent Directors" and the
"Independent Officer").

                                   ARTICLE IV

         In furtherance and not in limitation of the powers conferred by
statute, the board of directors is expressly authorized to make, alter, amend or
repeal the Bylaws of the Corporation.

                                    ARTICLE V

         The Corporation shall not commingle any of its assets with the

<PAGE>

assets of any other entity or person except that there may be a commingling of
payments with respect to Mortgage Loans and proceeds of sales by or on behalf of
the Corporation for a limited period of time after receipt of such payments and
proceeds. The Corporation shall maintain its financial and accounting books and
records separate from those of any other entity or person. The Corporation shall
pay from its assets all obligations and indebtedness of any kind incurred by the
Corporation, and shall not pay from its assets any obligations or indebtedness
of any other entity or person. The corporation will at all times conduct its
business from an office separate from that of its parent.

                                   ARTICLE VI

         Without the prior consent of the Independent Directors and the
Independent Officer, and the unanimous affirmative vote of all of its directors,
the Corporation shall not (i) amend Article Second, Third, Fifth, Sixth or
Twelth of these Articles of Incorporation; (ii) institute proceedings to be
adjudicated bankrupt or insolvent, or proceedings against it, or file a petition
or consent to a petition seeking reorganization or relief under any applicable
federal or state law relating to bankruptcy or insolvency, or consent to the
appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other
similar official) of the Corporation, or a substantial part of its property, or
make any assignment for the benefit of creditors, or except as required by law,
admit in writing its inability to pay its debts generally as they become due, or
take any corporate action in furtherance of any such action; (iii) merge or
consolidate with or into any other entity, or convey or transfer all or
substantially all of its properties and assets to any other entity; (iv) incur,
assume or guarantee any indebtedness for borrowed money or for the deferred
purchase price of goods or services except as specifically provided herein; or
(v) engage in any other action that would cause the separate identity of the
Corporation and any other legal person, including, without limitation, any
individual, corporation, partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, governmental entity or other entity
(a "Person") to be disregarded, or would cause the assets of the Corporation to
be consolidated with those of any other Person under applicable Federal or state
bankruptcy or insolvency law.

                                   ARTICLE VII

         The corporation shall have authority to issue 1,000 shares of Common
stock at $1.00 par value per share.

                                  ARTICLE VIII

         The initial Board of Directors will consist of three (3) directors. The
persons who are to serve as Directors until the first annual meeting of
shareholders or until their successors are elected and qualified are:

<PAGE>

         Donald Wm. Murney, 2721 N. Central Ave., Phoenix, AZ 85004

         William T. Sellner, 2721 N. Central Ave., Phoenix, AZ 85004

         Richard L. Vogel, 2721 N. Central Ave., Phoenix, AZ 85004

                                   ARTICLE IX

         The name and address of the incorporator is:

         Gary V. Klinefelter, 2721 N. Central Ave., Phoenix, AZ 85004

                                    ARTICLE X

         The period of existence of the corporation shall be perpetual.

                                   ARTICLE XI

         The corporation shall indemnify, to the fullest extent authorized or
permitted by law, as the same exists or may hereafter be amended (but, in the
case of any such amendment, only to the extent that such amendment permits the
corporation to provide broader indemnification rights than such law permitted
the corporation to provide prior to such amendment), any person made, or
threatened to be made, a defendant or witness to any threatened, pending or
completed action, suit, or proceeding (whether civil, criminal, administrative,
investigative or otherwise) by reason of the fact that he or she, or his or her
testator or intestate, is or was a director or officer of the corporation or by
reason of the fact that such director or officer, at the request of the
corporation, is or was serving any other corporation, partnership, joint
venture, trust, employee benefit plan, or other enterprise. Nothing contained
herein shall diminish any rights to indemnification to which employees or agents
other than directors or officers may be entitled by law, and the corporation may
indemnify such employees and agents to the fullest extent and in the manner
permitted by law. The rights to indemnification set forth in this Article XI
shall not be exclusive of any other rights to which any person may be entitled
under any statute, provision of the Articles of Incorporation, bylaw, agreement,
contract, vote of shareholders or directors, otherwise.

In furtherance and not in limitation of the powers conferred by statute:

         l.       The corporation may purchase and maintain insurance on behalf
of any person who is or was a director, officer, employee or agent of the
corporation, or is serving in any capacity, at the request of the corporation,
any other corporation, partnership, joint venture, trust, employee benefit plan
or other enterprise, against any liability or expense incurred by him or her in
any such capacity, or arising out of his or her status as such, whether or not
the corporation would have the power to indemnify him or her against such
liability or expense under the provisions of law; and

<PAGE>

         2.       The corporation may create a trust fund, grant a security
interest or lien on any assets of the corporation and/or use other means
(including, without limitation, letters of credit, guaranties, surety bonds
and/or other similar arrangements), and enter into contracts providing
indemnification to the full extent authorized or permitted by law and including
as part thereof provisions with respect to any or all of the foregoing to ensure
the payment of such amounts as may become necessary to effect indemnification as
provided therein, or elsewhere.

                                   ARTICLE XII

         No director or officer shall be personally liable to the Corporation or
its stockholders for damages for breach of fiduciary duty as a director or
officer, except the liability of a director or officer shall not be limited or
eliminated for:

         (a)      Acts or omissions which involve intentional misconduct, fraud
or a knowing violation of law; or

         (b)      The payment of distribution in violation of Nevada Revised
Statutes 78.300.

                                  ARTICLE XIII

         The name and address of the registered agent for this corporation is
The Corporation Trust Company of Nevada, One East First Street, Reno, Nevada
89501

IN WITNESS WHEREOF, I the aforementioned incorporator have signed the Articles
of Incorporation this 12th day of August, 1993.

                                               /s/ Gary V. Klinefelter
                                               ---------------------------------
                                               Gary V. Klinefelter, Incorporator

STATE OF ARIZONA   )
                   ) SS.
COUNTY OF MARICOPA )

         On this 12th day of August, 1993, before me personally came Gary V.
Klinefelter to me known, who being by me duly sworn, did depose and say that he
resides at 2721 North Central Avenue, Phoenix, Arizona 85004, that he is the
person whose name is subscribed to the within Articles of Incorporation, and
that he executed the same.

                                                [ILLEGIBLE]

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.158
<SEQUENCE>157
<FILENAME>p68936exv3w158.txt
<DESCRIPTION>EXHIBIT 3.158
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.158

                                   BY-LAWS OF

                         U-HAUL SELF-STORAGE CORPORATION

                              A NEVADA CORPORATION

                                    ARTICLE I

SECTION 1. Offices:

The principal office of the corporation in the State of Nevada shall be located
at such place as the Board of Directors may from time to time select. The
corporation may have such other offices either within or without the State of
Nevada as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
second Saturday in June of each year, at the office of the corporation in the
State of Nevada or otherwise as provided in the notice of said meeting. The
purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of a special meeting, the purposes for which the meeting is called, shall
be delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

<PAGE>

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of Nevada. Notice of the special meeting will be had
as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business:

         1st. All persons claiming to hold proxies shall present them to the
              teller(s) for verification.

         2nd. Proof of due notice of meeting when applicable.

         3rd. Reading and disposal of all unapproved minutes.

         4th. Reports of officers and committees.

         5th. Election of Directors.

         6th. Unfinished business.

         7th. New business.

         8th. Adjournment.

                                       -2-
<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Directors:

Except as otherwise provided by law or the Articles of Incorporation, a board of
one (1) or more Directors shall be chosen annually by the stockholders at their
annual meeting. The holders of the majority of the outstanding shares of stock
entitled to vote may at any time pre-emptorily terminate the terms of office of
all or any of the Directors, by a vote at a meeting called for such purposes.
Such removal shall be effective immediately even if successors are not elected
simultaneously and the vacancies of the Board of Directors resulting therefrom
shall be filled by the stockholders, or by the Board of Directors as provided in
Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors, though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of Nevada.

SECTION 4. Special Meetings:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Boards of Directors may
be held within or without the State of Nevada.

SECTION 5. Quorum:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

                                       -3-
<PAGE>

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

    1st. Roll Call; a quorum being present.

    2nd. Reading of minutes of preceding meeting and action thereon.

    3rd. Consideration of communications of the Board of Directors.

    4th. Reports of officials and committees.

    5th. Unfinished business.

    6th. Miscellaneous business.

    7th. New business.

    8th. Adjournment.

SECTION 7. Meetings by Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

Except as otherwise limited in the Articles of Incorporation, the Board of
Directors shall have, in addition to its other powers, the express right to
exercise the following powers:

    1.  To purchase, lease, and acquire, in any lawful manner any and all real
        or personal property including franchises, stocks, bonds and debentures
        of other companies, business and good will, patents, trademarks in
        contracts, and interests thereunder, and other rights and properties
        which in their judgement may be beneficial for the purpose of this
        corporation, and to issue shares of stock of this corporation in payment
        of such property, and in payment for services rendered to this
        corporation, when they deem it advisable.

                                       -4-
<PAGE>

    2.  To fix and determine and to vary, from time to time, the amount or
        amounts to be set aside or retained as reserve funds or as working
        capital of this corporation.

    3.  To issue notes and other obligations or evidences of the debt of this
        corporation, and to secure the same, if deemed advisable, and endorse
        and guarantee notes, bonds, stocks, and other obligations of other
        corporations with or without compensation for so doing, and from time to
        time to sell, assign, transfer or otherwise dispose of any of the
        property of this corporation, subject, however, to the laws of the State
        of Nevada, governing the disposition of the entire assets and business
        of the corporation as a going concern.

    4.  To declare and pay dividends, both in the form of money and stock, but
        only from the surplus or from the net profit arising from the business
        of this corporation, after deducting therefrom the amounts, at the time
        when any dividend is declared which shall have been set aside by the
        Directors as a reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the Nevada statutes regulating the appointment of
committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided the Board of
Directors. Such officers shall be elected by ballot or unanimous acclamation at
the meeting of the Board of Directors after the annual election of Directors. In
order to hold any election there shall be a quorum present, and any officer
receiving a majority vote shall be declared elected and shall hold office for
one year and until his or her respective successor shall have been duly elected
and qualified; provided, however, that all officers, agents and employees of the
corporation shall be subject to removal from office pre-emptorily by vote of the
Board of Directors at any meeting.

                                       -5-
<PAGE>

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Nevada, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and that the stock thereby
represented is transferable only upon the books of

                                       -6-
<PAGE>

the corporation and upon the signing of such certificates. A stock transfer
book, known as the stock register shall be kept, in which shall be entered the
number of each certificate issued and the name of the person owning the shares
thereby represented, with the number of such shares and the date of issue. The
transfer of any share or shares of stock in the corporation may be made by
surrender of the certificate issued therefor, and the written assignment thereof
by the owner or his duly authorized Attorney in Fact. Upon such surrender and
assignment, a new certificate shall be issued to the Assignee as he may be
entitled, but without such surrender and assignment no transfer of stock shall
be recognized by the corporation. The Board of Directors shall have the power
concerning the issue, transfer and registration of certificates to bear
signatures of either or both. The stock transfer books shall be closed ten days
before each meeting of the shareholders and during such period no stock shall be
transfered.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of the year.

                                       -7-
<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of the Board of Directors of this
corporation at a regular annual meeting. Also, said By-Laws may be altered or
amended by a majority vote of the shareholders of said corporation at any
special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing Re-stated By-Laws of Nevada are hereby accepted and adopted as the
By-Laws of said corporation, and we, the undersigned, do hereby certify that the
above foregoing By-Laws are duly adopted by the Board of Directors and that the
same do now constitute the By-Laws of this corporation.

                                               /s/ Donald Wm. Murney
                                               ---------------------------------
                                               Donald Wm. Murney, President

ATTEST:

/s/ J. Scott Askew
- ----------------------------
J. Scott Askew, Secretary

(CORPORATE SEAL)

                                       -8-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.159
<SEQUENCE>158
<FILENAME>p68936exv3w159.txt
<DESCRIPTION>EXHIBIT 3.159
<TEXT>
<PAGE>
                                                                               .
                                                                               .
                                                                               .

                                                                   EXHIBIT 3.159


DEAN HELLER
Secretary of State
206 North Carson Street
carson city, Newada 89701-4299
(775) 6845708
Website: secretaryofstate.biz

[ILLEGIBLE]

<TABLE>
<S>                            <C>                                         <C>        <C>         <C>
Important: Read attached instructions before completing form.             ABOVE SPACE IS FOR OFFICE USE ONLY
- ------------------------------------------------------------------------------------------------------------
1. Name of Corporation:            U-Haul Self-Storage Management (WPC), Inc.
- ------------------------------------------------------------------------------------------------------------
2. Resident Agent                  The Corporation Trust Company of Nevada
   Name and Street             -----------------------------------------------------------------------------
   Address:                    Name
   [ILLEGIBLE]                      6100 Neil Road, Suite 500              Reno        NEVADA       89511
                               ----------------------------------------------------               ----------
                               Street Address                              City                    Zip Code
                               ----------------------------------------------------   --------    ----------
                               Optional Mailing Address                    City       State        Zip Code
- ------------------------------------------------------------------------------------------------------------
3. Shares:                     Number of shares                             Number of shares
   (Number of shares           with par value: 1,000   Par value: $ .01     without par value:     0
   corporation authorized
   to issue)
- ------------------------------------------------------------------------------------------------------------
4. Names &                     1. Edward J. Shoen
   Addresses,                  -----------------------------------------------------------------------------
   of Board of                 Name
   Directors/Trustees:                 2721 N. Central Avenue              Phoenix       AZ         85004
   [ILLEGIBLE]                 ----------------------------------------------------   --------    ----------
                               Street Address                                City       State      Zip Code

                               2. John C. Taylor
                               -----------------------------------------------------------------------------
                               Name
                                   2721 N. Central Avenue                  Phoenix       AZ         85004
                               ----------------------------------------------------   --------    ----------
                               Street Address                                City       State      Zip Code

                               3.
                               ----------------------------------------------------------------------------
                               Name

                               ----------------------------------------------------,  --------    ----------
                               Street Address                                City       State      Zip Code
- ------------------------------------------------------------------------------------------------------------
5. Purpose                     The purpose of this Corporation shall be:
   [ILLEGIBLE]                     To engage in any and all lawful activities authorized by law.
- ------------------------------------------------------------------------------------------------------------
6. Names, Address              Jennifer M. Settles                   /s/ Jennifer M. Settles
   and Signature of            ---------------------------------     ---------------------------------------
   Incorporator;               Name                                  Signature
   [ILLEGIBLE]                       2721 N. Central Avenue                Phoenix       AZ         85004
                               ----------------------------------------------------   --------    ----------
                               Address                                       City      State       Zip Code
- ------------------------------------------------------------------------------------------------------------
7. Certificate of              I hereby accept appointment for the above named corporation.
   Acceptance of               The Corporation Trust Company of Nevada
   Appointment of              /s/ [ILLEGIBLE]                               9th day of January, 2004
   Resident Agent:             -----------------------------------------  ---------------------------------
                               Authorized Signature of R.A. or On Behalf   Date
                               of R.A. Company
                               Cardice T. Mallernee, Asst. Secy.
- ------------------------------------------------------------------------------------------------------------
</TABLE>

This form must be accompanied by appropriate fees. See attached fee schedule.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.160
<SEQUENCE>159
<FILENAME>p68936exv3w160.txt
<DESCRIPTION>EXHIBIT 3.160
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.160

                                     BY-LAWS

                                       OF

                   U-HAUL SELF-STORAGE MANAGEMENT (WPC), Inc.

                              A Nevada Corporation

                                                          DATE: January 10, 2004

                                    ARTICLE I

                                    LOCATION

SECTION 1. Offices:

         The principal office of the corporation in the state of Alabama shall
be located in the city of Birmingham. The corporation may have such other
offices either within or without the state of Alabama as the Board of Directors
may designate or as the business of the corporation may require from tire to
time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

         The annual meeting of the shareholders of the corporation shall be held
on the Third Thursday in May of each year, at the office of the corporation in
the state of Alabama or otherwise as provided in the notice of said meeting. The
purpose of said annual meeting shall be for the election of directors and for
the purpose of transacting such other business as may be brought before said
meeting. The Board of Directors may change the time and place of the annual
meeting providing such change of time and place be preceded by a notice of such
change to all stockholders of record. If said day of the annual meeting is a
legal holiday, then said meeting shall be held on the next ensuing day not a
holiday.

SECTION 2. Notice of Shareholders Meeting:

         Written or printed notice stating the place, day and hour of the
meeting and, in case of special meeting, the purposes for which the meeting is
called, shall be delivered not less than ten or more than fifty days before the
date of the meeting, either personally or by mail, by or at the direction of the
President, the Secretary or the officer of persons calling the meeting, to each
shareholder of record entitled to vote at such meeting. If mailed, such notice
shall be deemed to be delivered when deposited in the United States mail
addressed to the shareholder at his address as it appears on the stock transfer
book of the corporation, with postage thereon prepaid. Provided, however, that
notice of any meeting of shareholders whether regular or special, may be waived
either before, at or after such meeting.

<PAGE>

SECTION 3. Special Meetings:

         Special meetings of the shareholders may be called by the President,
the Board of Directors, or the holders of not less than one-tenth of all the
shares entitled to vote at the meeting. All meetings of the shareholders may be
held within or without the state of Alabama. Notice of the special meetings will
be held as provided under Section 2 of this Article.

SECTION 4. Voting:

         Voting at all shareholders meetings. A shareholder may vote either in
person or by proxy executed in writing by the shareholder or by his duly
authorized Attorney in Fact. No proxy shall be valid after eleven months from
the date of its execution unless otherwise provided by the proxy.

SECTION 5. Quorum Requirements:

         A majority of the outstanding shares of the corporation entitled to
vote, represented in person or by proxy, shall constitute a quorum at a meeting
of the shareholders. If less than a majority of the outstanding shares are
represented at a meeting, the majority of the shares so represented may adjourn
the meeting without further notice. At such adjourned meeting at which a quorum
shall be present or represented, any business may be transacted which might have
been transacted at the meeting originally called.

SECTION 6. Tellers:

         At all meetings of shareholders, the Chairman may appoint three tellers
who shall act as inspectors of elections and determine the validity of the
proxies and press upon the qualifications of all persons offering to vote at
each meeting and count the ballots. The election shall be by secret ballot, or
in case there is only one nomination for a certain office, the election may be
by acclamation. Each shareholder of record shall be entitled to one vote for
each share of stock held by him.

SECTION 7. Order of Business:

         1st.     All persons claiming to hold proxies shall present them to the
                  tellers for verification.

         2nd.     Proof of due notice of meeting when applicable.

         3rd.     Reading and disposal of all unapproved minutes.

         4th.     Reports of officers and committees.

         5th.     Election of Directors.

         6th.     Unfinished business.

         7th.     New business.

         8th.     Adjournment.

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Officers:

         A board of three (3) Directors shall be chosen annually by the
stockholders at their annual meeting. The holders of the majority of the
outstanding shares of stock entitled to vote may at any time pre-emptorily
terminate tire term; of office of all or any of the Directors by a vote at a
meeting called for such purposes. Such removal shall be effective immediately
even if successors are not elected simultaneously and the vacancies on the Board
of Directors resulting therefrom shall be filled by the stockholders, or by the
Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

         In case of any vacancy among the Directors through death, resignation
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

         After the adjournment of the annual meeting of the stockholders of the
company, the newly elected Directors shall meet for the purpose of organization,
the election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the state of Alabama.

SECTION 4. Special Meetings:

         Special meetings of the Board of Directors shall be held at the place
specified called therefor, and notice thereof. Said special meeting of the Board
of Directors may be called at any time by the President or by any two members of
the board giving written notice thereof to the President of said corporation, or
said special meeting may be called without notice by unanimous written consent
of all the members by the presence of all the members of said board at any such
meeting. The special meetings of the Board of Directors may be held within or
without the state of Alabama.

SECTION 5. Quorum:

         A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or by these
By-Laws, but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

SECTION 6. Order of Business:

         The Board of Directors may from time to time, determine the order of
business at their meetings. The usual order of business at such meetings shall
be as follows:

         1st.     Roll call; a quorum being present.

<PAGE>

         2nd.     Reading of minutes of preceding meeting and action thereon.

         3rd.     Consideration of communications of the Board of Directors.

         4th.     Reports of officials and committees.

         5th.     Election of Directors

         6th.     Unfinished Business.

         7th.     New business.

         8th.     Adjournment.

                                   ARTICLE IV

                               POWERS OF DIRECTORS

SECTION 1. Generally:

         The Government in control of the corporation shall be vested in the
Board of Directors.

SECTION 2. Special Powers:

         The Board of Directors shall have, in addition to its other powers the
express right to exercise the following powers:

         1.       To purchase, lease, and acquire, in any lawful manner any and
all real or personal property including franchises, stocks, bonds and debentures
of other companies, business and good will, patents, trade-marks in contracts,
and interests thereunder, and other rights and proprieties which in their
judgment may be beneficial for the purpose of this corporation, and to issue
shares of stock of this corporation in payment of such property, and in payment
for services rendered to this corporation, when they deem it advisable.

         2.       To fix and determine and to vary, from time to time, the
amount or amounts to be set aside or retained as reserve funds or as working
capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
of this corporation, and to secure the same, if deemed advisable, and endorse
and guarantee the notes, bonds, stocks, and other obligations of other
corporations with or without compensation for so doing, and from time to time to
sell, assign, transfer or otherwise dispose of any of the property of this
corporation, subject, however, to the laws of the state of Alabama, governing
the disposition of the entire assets and business of the corporation as a going
concern.

         4.       To declare and pay dividends, both in the form of money and
stock, but only from the surplus or from the net profit arising from the
business of this corporation, after deducting therefrom the amounts, at the time
when any dividend is declared which shall have been set aside by the Directors
as a reserve fund or as a working fund.

<PAGE>

                                    ARTICLE V

SECTION 1. Committees:

         From time to time the Board of Directors, by affirmative vote of a
majority of the whole board may appoint any committee or committees for any
purpose or purposes, and such committee or committees shall have and may
exercise such powers as shall be conferred or authorized by the resolution of
appointment. Provided, however, that such committee or committees shall at no
time have more power than that authorized by the Alabama statutes regulating the
appointment of committees.

                                   ARTICLE VI

                                    OFFICERS

SECTION 1. Officers:

         And the officers of the corporation shall consist of a President,
Vice-President, Secretary and Treasurer, and such other officers as shall from
time to time be provided for by the board of Directors. Such officers shall be
elected by ballot or unanimous acclamation at the meeting of the Board of
Directors after the annual election of Directors. In order to hold any election
there shall be a quorum, present and any officer receiving a majority vote shall
be declared elected and shall hold office for one year and until his or her
respective successor shall have been duly elected and qualified; provided,
however, that all officers agents and employees of the corporation shall be
subject to removal from office pre-emptorily by vote of the Board of Directors
at any meeting.

SECTION 2. Powers and Duties of President:

         The President shall at all times be subject to the control of the Board
of Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

         The President shall preside at all meetings of the shareholders and of
the Board of Directors and by virtue of his office he shall be a member and
Chairman of the executive committee if one is appointed. The President shall
each year present an annual report of the preceding year's business to the Board
of Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

SECTION 3. Powers and Duties of Vice-President:

         The Vice-President shall have such powers and perform such duties as
may be assigned to him by the Board of Directors of the corporation and in the
absence or inability of the President, the Vice-President shall perform the
duties of the President.

<PAGE>

SECTION 4. Powers and Duties of the Secretary:

         The Secretary of said corporation shall keep the minutes of all
meetings of the Board of Directors and the minutes of all meetings of the
shareholders, and also when requested by a committee, the minutes of such
committee, in books provided for the purpose. He shall attend to the giving and
serving of notice of the corporation. It shall be the duty of the Secretary to
sign with the President, in the name of the corporation, all contracts, notes,
mortgages, and other instruments and other obligations authorized by the Board
of Directors, and when so ordered by the Board of Directors, he shall affix the
Seal of Corporation thereto. The Secretary shall have charge of all books,
documents, and papers properly belonging to his office, and of such other books
and papers as the Board of Directors may direct,

SECTION 5. Powers and Duties of Treasurer:

         The Treasurer shall have the care and custody of all funds and
securities of the corporation, and deposit the same in the name of the
corporation in such bank or banks or other depository as the Directors may
select. He shall sign checks, drafts, notices, and orders for the payment of
money, and he shall pay out mid dispose of the same under the direction of the
board of Directors, but checks may be signed as directed by the Board by
resolution. It shall be the duty of the Treasurer at all reasonable time to
exhibit his books and accounts to any Director or stockholder of the corporation
upon application at the office of the corporation during business hours, and
generally perform the duties of aid act as the financial agent for the
corporation for the receipts and disbursements of its funds, lie shall give such
bond for the faithful performance of his duties as the Board of Directors may
determine. The office of the Treasurer of said corporation, may be held by the
same person holding the President, Vice-President or Secretary's office,
provided the Board of Directors indicates the combination of these offices.

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of Alabama, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, aid the stock thereby represented is
transferable only upon the books of the corporation and upon the signer of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued, and the number
of the person owning the shares thereby represented, with the number of such
stock in the corporation may be made by surrender of the certificate issued
therefore, and the written assignment thereof by the owner or his duly
authorized Attorney in Fact. Upon such surrender and assignment, a new
certificate shall be issued to the assignee as he may be entitled, but without
such surrender and assignment no transfer of stock shall be recognized by the
corporation. The board of Directors shall have the power concerning the issue,
transfer and registration of certificate for agents and registrars of transfer,

<PAGE>

and may require all stock certificates to bear signatures of either or both. The
stock transfer books shall be closed ten days before each meeting of the
shareholders and during each such period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
preemptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                   FISCAL YEAR

SECTION 1. Fiscal Year:

         The fiscal year of the corporation shall commence with the opening of
business on the first day of April of each calendar year and shall close on the
3lst day of March of the year.

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

         The By-Laws may be amended by a majority vote of all shareholders of
this corporation entitled to vote at a regular annual meeting. Also, said
By-Laws may be altered or amended by a majority vote of the shareholders of said
corporation at any special meeting called for that object and purpose, and
provided all the shareholders are give legal notice of the object and purpose of
said meeting.

         The foregoing By-Laws of U-Haul Self-Storage Management (WPC), Inc.,
are hereby accepted and adopted as the By-Laws of said corporation, and we, the
undersigned, do hereby certify that the above foregoing By-Laws are duly adopted
by the Board of Directors and that the same do now constitute the By-Laws of
this corporation.

SECTION 2. Signatories:

         Notwithstanding anything in the Bylaws to the contrary, the Board of
Directors may from time to time direct the manner in which any officer or
officers or by whom any particular deed, transfer, assignment, contract,
obligation, certificate, promissory note, guarantee and other instrument or
instruments may be signed on behalf of the corporation and any acts of the Board
of Directors subsequent to the date hereof in accordance with the provision of
this bylaw are hereby adopted, ratified and confirmed as actions binding upon
and enforceable against the corporation."

                                                 /s/ Gary V. Klinefelter
                                                 -------------------------------
                                                 Gary V. Klinefelter, Secretary

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.161
<SEQUENCE>160
<FILENAME>p68936exv3w161.txt
<DESCRIPTION>EXHIBIT 3.161
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.161

                            ARTICLES OF INCORPORATION

                                       OF

                            WEB TEAM ASSOCIATES, INC.

         KNOW ALL MEN BY THESE PRESENTS: That I, the undersigned, for the
purpose of forming a corporation under Title 7, Chapter 78 of the Nevada Revised
Statutes, as amended ("NRS"), do hereby adopt and make the following Articles of
Incorporation:

                                    ARTICLE I

         The name of the corporation (hereinafter the "Corporation") is: WEB
TEAM ASSOCIATES, INC.

                                   ARTICLE II

         The principal place of business of this Corporation shall be: 2721 N,
Central Avenue, Phoenix, Arizona, 85004.

                                   ARTICLE III

         The corporation's resident agent shall be: The Corporation Trust
Company of Nevada, 6100 Neil Rd, Reno, Nevada 89511.

                                   ARTICLE IV

         The nature of the business is to engage in any and all lawful
activities permitted under applicable law.

<PAGE>

                                    ARTICLE V

         The corporation shall have authority to issue the following:

         The number of shares of common stock which this corporation is
authorized to issue is One Thousand (1,000) shares with a par value of One Cent
($.01) per share.

                                   ARTICLE VI

         The Board of Directors shall consist of one (1) to three (3)
individuals, as determined by resolution of the Board of Directors. The initial
Board of Directors shall consist of three people, who shall serve as Director
until the annual meeting of shareholders or until his successor is elected and
qualified. The initial directors shall be:

                       Edward J. Shoen
                       2721 N. Central Avenue
                       Phoenix, Arizona 85004

                       John C. Taylor
                       2721 N. Central Avenue
                       Phoenix, Arizona 85004

                       Samuel J. Shoen
                       2721 N. Central Avenue
                       Phoenix, Arizona 85004

                                   ARTICLE VII

The name and address of the incorporator is:

                       Nancy K. Ventre
                       2721 N. Central Avenue, 11th Floor
                       Phoenix, Arizona 85003

                                       2
<PAGE>

                                  ARTICLE VIII

         The period of existence of the Corporation shall be perpetual.

                                   ARTICLE IX

         In furtherance and not in limitation of the powers conferred by
statute, the Board of Directors is expressly authorized to make, alter, amend or
repeal the Bylaws of the Corporation in accordance with the terms thereof.

                                    ARTICLE X

         The corporation shall indemnify, to the fullest extent authorized or
permitted by law, as the same exists or may hereafter be amended, any person
made, or threatened to be made, a defendant or witness to any threatened,
pending or completed action, suit, or proceeding (whether civil, criminal,
administrative, investigative or otherwise) by reason of the fact that he or
she, or his or her testator or intestate, is or was a director or officer of the
corporation or by reason of the fact that such director or officer, at the
request of the corporation, is or was serving any other corporation,
partnership, joint venture, trust, employee benefit plan, or other enterprise.
Nothing contained herein shall diminish any rights to indemnification to which
employees or agents other than directors or officers may be entitled by law, and
the corporation may indemnify such employees and agents to the fullest extent
and in the manner permitted by law. The rights to indemnification set forth in
this Article shall not be exclusive of any other rights to which any person may
be entitled under any statute, provision of the Articles of Incorporation,
Bylaw, agreement, contract, vote of shareholders or directors, or as otherwise
provided.

                                       3
<PAGE>

In furtherance and not in limitation of the powers conferred by statute:

         1. The corporation may purchase and maintain insurance on behalf of any
person who is or was a director, officer, employee or agent of the corporation,
or is serving in any capacity, at the request of the corporation, any other
corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise, against any liability or expense incurred by him or her in any such
capacity, or arising out of his or her status as such, whether or not the
corporation would have the power to indemnify him or her against such liability
or expense under the provisions of law; and

         2. The corporation may create a trust fund, grant a security interest
or lien on any assets of the corporation and/or use other means (including,
without limitation, letters of credit, guaranties, surety bonds and/or other
similar arrangements), and enter into contracts providing indemnification to the
full extent authorized or permitted by law and including as part thereof
provisions with respect to any or all of the foregoing to ensure the payment of
such amounts as may become necessary to effect indemnification as provided
therein, or elsewhere.

                                   ARTICLE XI

         No director or officer shall be personally liable to the corporation or
its stockholders for damages for breach of fiduciary duty as a director or
officer, except the liability of a director or officer shall not be limited or
eliminated for: (a) acts or omissions which involve intentional misconduct,
fraud or a knowing violation of law; or (b) the payment of distribution in
violation of Nevada Revised Statutes Section 78.300.

                                       4
<PAGE>

         IN WITNESS WHEREOF, I, the aforementioned incorporator, have signed the
Articles of Incorporation this 5th day of August, 2003.

                                       /s/ Nancy K. Ventre
                                       -------------------------------
                                       Nancy K. Ventre, Incorporator

                                       5
<PAGE>

                    CERTIFICATE OF ACCEPTANCE OF APPOINTMENT

                                BY RESIDENT AGENT

                                       FOR

                            WEB TEAM ASSOCIATES, INC.

The Corporation Trust Company of Nevada hereby accepts the appointment as
Resident Agent of the above named corporation.

         The Corporation Trust Company of Nevada, Resident Agent

By /s/ Candice L. Mallernee               Date: August 5, 2003
   --------------------------------------
   The Corporation Trust Company of Nevada
   By: Candice L. Mallernee, Asst. Secy.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.162
<SEQUENCE>161
<FILENAME>p68936exv3w162.txt
<DESCRIPTION>EXHIBIT 3.162
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.162

                                     BYLAWS
                                       OF
                            WEB TEAM ASSOCIATES, INC
                              A NEVADA CORPORATION

                                                           Dated: August 6, 2003

                                   ARTICLE I

                           LOCATION AND CORPORATE SEAL

Section 1. Home Office of the Company

         The home office of the company shall be at Phoenix, Maricopa County,
Arizona. Offices may also be maintained at such other place or places as may be
designated from time to time by the Board of Directors, where the business of
the Company may be transacted. Meetings of stockholders and of the Board of
Directors may be held at any place with the same effect as though done or held
at said Home Office.

Section 2. Corporate Seal.

         The company shall have a common seal, consisting of a circle having on
the circumference thereof "WEB TEAM ASSOCIATES, INC." and in the center
"Incorporated Nevada 2001"

                                   ARTICLE II

                                  STOCKHOLDERS

Section 1. Annual Meetings of Stockholders.

         The first annual meeting of the stockholders of the company shall be
held on or before the first business day following the expiration of two months
from and after the filing of the articles of incorporation, but succeeding
annual meetings of stockholders shall be held on the third Wednesday of August
of each year beginning in 2004 (or on the next succeeding business day if such
be a holiday), at such place as may be specified by the secretary in a notice to
be issued by him not less than thirty days before such meeting.

Section 2. Special Meetings.

         Special meetings of the stockholders may be held at any place upon call
of the Board of Directors of the president, and the secretary shall give thirty
days' notice of such meetings. Only such business as may be specified in the
notice may be transacted at special meetings.

                                        1

<PAGE>

Section 3. Quorum.

         At any meeting of the stockholders, a majority of the issued and
outstanding stock shall constitute a quorum and in the absence of a quorum, the
meeting shall be adjourned from time to time until a quorum shall be present.

Section 4. Voting.

         At any meeting of the stockholders, each stockholder shall be entitled
to one vote for each share of stock owned by him, except in the case of election
of directors, when cumulative voting shall apply. Voting may be in person or by
proxy and proxies may be given for more than one meeting.

Section 5. Waiver of Notice.

         Any meeting shall be deemed to have been validly and legally called and
held if all of the stockholders of record on the day of the meeting sign a
written waiver of notice, either before or after the meeting. No such waiver
shall be necessary in case all stockholders are actually present in person at
the meeting, in which event notice shall conclusively be deemed to have been
waived.

                                   ARTICLE III

                               BOARD OF DIRECTORS

Section 1. Number and Election.

         The Board of Directors shall consist of not less than one nor more than
nine. At succeeding annual meetings, the stockholders shall elect five directors
for one-year terms expiring at the annual meeting. Between annual meetings, the
remaining directors shall elect directors to fill vacancies occurring from any
cause, but any director so elected shall serve only until the next annual
meeting.

Section 2. Powers and Duties.

         It shall be the duty of the Board of Directors to control and manage
the property and business of the corporation, to appoint from its own membership
or otherwise the officers of the corporation who may serve under written or oral
contract at the pleasure of the Board. The Board shall have the power to enter
into written contracts with officers for terms extending beyond their own terms
of office. Generally and without limitation, the Board shall have the power and
shall operate the business of the corporation in a prudent and careful manner to
the best interests of the policyholders and stockholders.

                                        2

<PAGE>

Section 3. Regular Meetings.

         After the adjournment of the annual meeting of the stockholders of the
corporation, the newly elected Directors shall meet for the purpose of
organization, the election of officers, and the transaction of such other
business as may come before said meeting. No notice shall be required for such
meeting. The meeting may be held within or without the State of Arizona. Regular
meetings, other than annual ones, may be held at regular intervals at such times
and places as the Board of Directors may provide.

Section 4. Special Meetings.

         Special meetings of the Board of Directors may be called at any time by
the President or by any one member of the Board giving written notice thereof to
the President of said corporation, or said special meetings may be called
without notice by unanimous written consent of all the members by the presence
of all the members of said Board at any such meetings. The special meetings of
the Board of Directors may be held within or without the State of Arizona.

Section 5. Quorum.

         A majority of the membership of the Board of Directors, but not less
than five, shall constitute a quorum.

                                   ARTICLE IV

                                    OFFICERS

Section 1. Designation of Titles.

         The titles of officers of the corporation may be, but shall not be,
required to include a Chairman of the Board, a President, one or more
Vice-Presidents, a Secretary, a Treasurer, and such Assistant Secretaries,
Registrar, Assistant Treasurers and other officers as may be deemed necessary or
expedient for the proper conduct of the business of the corporation. Any two or
more of such offices, except those of President and Secretary, may be held by
the same person. The Board of Directors may leave any office vacant
indefinitely, so long as there be a President or a Vice-President and a
Secretary or an Assistant Secretary available to act.

Section 2. Selection of Officers.

         The directors shall choose the officers of the corporation, who shall
serve at the pleasure of the Board and may be removed from office at any time by
the Board, by the affirmative vote of the holders of a majority of the shares
issued and outstanding at a regular or special meeting, or by an authorization
in writing signed by the holders of a majority of the shares issued and
outstanding.

                                        3

<PAGE>

Section 3. Chairman of the Board.

         The Chairman of the Board (if one shall be selected) shall preside at
all meetings of the Board of Directors, and shall perform such other duties as
may be from time to time assigned to him. If the position of Chairman of the
Board shall be unfilled, the President shall perform the duties of the office.

Section 4. President.

         The President shall preside at all meetings of stockholders. He shall
sign all policies, all deeds and conveyances, all contracts and agreements, and
all other instruments requiring execution on behalf of the corporation, and
shall act as operating and directing head of the corporation, subject to
policies established by the Board of Directors.

Section 5. Vice-Presidents.

         There shall be as many Vice-Presidents as shall be from time to time
determined and they shall perform such duties as may be from time to time
assigned to them. Any one of the Vice-Presidents, as authorized by the Board,
shall have all the powers and perform all the duties of the President in case of
the temporary absence of the President or in case of his temporary inability to
act. In case of the permanent absence or inability of the President to act, the
office shall be declared vacant by the Board of Directors and a successor chosen
by the Board.

Section 6. Secretary.

         The Secretary shall see that the minutes of all meetings of
stockholders, of the Board of Directors and of any standing committees are kept.
He shall be the custodian of the corporate seal, and shall affix it to all
proper instruments. He shall give or cause to be given notices of all meetings
of the stockholders and of the Board of Directors. He shall have change of all
the books and records of the Company except the books of account and in general
shall perform all the duties incident to the office of Secretary of a
corporation and such other duties as may be assigned to him.

Section 7. Treasurer.

         The treasurer shall have general custody of all of the funds and
securities of the Company except such as may be required by law to be deposited
with any state official; he shall see to the deposit of the funds of the company
in such bank or banks as the Board of Directors may designate. Regular books of
account shall be kept under his direction and supervision, and he shall render
financial statements to the President, directors, policyholders and stockholders
at proper times. He shall have charge of the preparation and filing of such
reports and financial statements and returns as may be required by law. He shall
give to the Company such fidelity bonds as may be required, and the premium
therefore shall be paid for by the Company as an operating expense.

                                        4

<PAGE>

Section 8. Assistant Secretaries.

         There may be such number of Assistant Secretaries as may be from time
to time determined by the Board of Directors, and such persons shall perform
such functions as may be from time to time assigned to them.

Section 9. Assistant Treasurers.

         There may be such number of Assistant Treasurers as the Board of
Directors shall from time to time fix, and such persons shall perform such
functions as may be from time to time assigned to them.

Section 10. Registrars.

         There may be such number of Registrars as the Board of Directors shall
from time to time fix, and such persons shall perform such functions as may be
from time to time assigned to them.

                                    ARTICLE V

                                   COMMITTEES

Section 1. Executive Committee.

         At the option of the Board of Directors, there shall be an Executive
Committee, which shall consist of such persons as shall be from time to time
appointed to such committee by the Board. The Executive Committee shall have all
of the powers and perform all of the functions of the Board of Directors between
regular or special meetings of the Board of Directors.

Section 2. Additional Standing Committees.

         At the Option of the Board of Directors, there may be standing
Investment, Acquisitions, and Merger Committees and the Board of Directors shall
delegate such additional standing committees, as it may deem advisable. The
Board of Directors shall delegate to such standing committees such functions,
duties, and responsibilities as it may chose, and shall from time to time fix,
appoint, and remove the personnel of such committees.

Section 3. Special Committees.

         The Board of Directors or the President may at any time designate such
special committees as it or he may deem advisable, may fix the duties of such
committees, and appoint and remove their personnel.

Section 4. Minutes and Record of Committees.

         A record shall be kept of the proceedings and determination of all
standing committees and the reports of all Special Committees. The minutes of
the meetings of the standing

                                        5

<PAGE>

Executive, Investment, Acquisitions, and Merger committees (if such committees
shall be organized) shall be preserved in the same manner as are preserved the
minutes of all meetings of the Board of Directors.

                                   ARTICLE VI

                                   AMENDMENTS

Section 1. Repeal, alteration, or amendment.

         These bylaws may be repealed, altered, or amended, or substitute bylaws
may be adopted only by a majority of the Board of Directors at any time.

                                   ARTICLE VII

                          LIABILITY AND INDEMNIFICATION

Section 1. Personal Liability of Directors.

         No director of the corporation shall be personally liable to the
corporation or its shareholders for monetary damages for a breach of fiduciary
duty as a director; provided, however, that this Article shall not eliminate or
limit the liability of a director for (I) any breach of the director's duty of
loyalty to the corporation or its shareholders; (II) acts or omissions not in
good faith or which involve intentional conduct or a knowing violation of law;
(III) authorizing the unlawful payment of a dividend or other distribution on
the corporation's capital stock or the unlawful purchase of its capital stock;
(IV) a violation of Arizona Revised Statutes Section 10041 director conflicts of
interest; or (V) any transaction from which the director derived an improper
personal benefit.

Section 2. Corporate Indemnification Language Directors and Officers.

         The Company shall indemnify, to the fullest extent authorized or
permitted by law, as the same exists or may hereafter be amended (but, in case
of any such amendment, only to the extent that such amendment permits the
Company to provide broader indemnification rights than such law permitted the
Company to provide prior to such amendment), any person made, or threatened to
be made, a defendant or witness to any threatened, pending or completed action,
suite, or proceeding (whether civil, criminal, administrative, investigative or
otherwise) by reason of the fact that he or she, or his or her testator or
intestate, is or was a director or office of the company or by reason of the
fact that such director or officer, at the request of the Company, is or was
serving any other corporation, partnership, joint venture, trust, employee
benefit plan, or other enterprise. Nothing contained herein shall diminish any
rights to indemnification to which employees or agents other than directors or
officers may be entitled by law, and the Company may indemnify such employees
and agents to the fullest extent and in the manner permitted by law. The rights
to indemnification set forth in this Article XIV shall not be exclusive of any
other rights to which any person may be entitled under any statue, provision of

                                        6

<PAGE>

the Articles of Incorporation, bylaw, agreement, contract, vote of stockholders
or disinterested directors, or otherwise.

         In furtherance and not in limitation of the powers conferred by
statute:

         1. The Company may purchase and maintain insurance on behalf of any
person who is or was a director, officer, employee or agent of the Company, or
is serving in any capacity, at the request of the Company, any other
corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise, against any liability or expense incurred by him or her in any such
capacity, or arising out of his or her status as such, whether or not the
Company would have the power to indemnify him or her against such liability or
expense under the provisions of law; and

         2. The Company may create a trust fund, grant a security interest or
lien on any assets of the Company and/or use other means (including, without
limitation, letters of credit, guaranties, surety bonds and/or other similar
arrangements), and enter into contracts providing indemnification to the full
extent authorized or permitted by law and including as part thereof provisions
with respect to any or all of the foregoing to ensure the payment of such
amounts as may become necessary to effect indemnification as provided therein,
or elsewhere.

                                                      /s/ Samuel J. Shoen
                                                      --------------------------
                                                      Samuel J. Shoen, President

                                       7

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.163
<SEQUENCE>162
<FILENAME>p68936exv3w163.txt
<DESCRIPTION>EXHIBIT 3.163
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.163

A 234 - Certificate of Incorporation.
Business Corporation [ILLEGIBLE]                                     [ILLEGIBLE]

                         CERTIFICATE OF INCORPORATION OF
                          YONKERS PROPERTY CORPORATION

                UNDER SECTION 402 OF THE BUSINESS CORPORATION LAW

IT IS HEREBY CERTIFIED THAT:

         (1)      THE NAME OF THE PROPOSED CORPORATION IS YONKERS PROPERTY
                  CORPORATION

         (2)      THE PURPOSE OR PURPOSES FOR WHICH THIS CORPORATION IS FORMED,
                  ARE AS FOLLOWS, TO WIT:

                           To invest in and hold real property and to perform
                           any actions related there to.

         THE CORPORATION, IN FURTHERANCE OF ITS CORPORATE PURPOSES ABOVE SET
FORTH, SHALL HAVE ALL OF THE POWERS ENUMERATED IN SECTION 202 OF THE BUSINESS
CORPORATION LAW, SUBJECT TO ANY LIMITATIONS PROVIDED IN THE BUSINESS CORPORATION
LAW OR ANY OTHER STATUTE OF THE STATE OF NEW YORK.

                                       1
<PAGE>

         (3)      The office of the corporation is to be located in the No
                  office in New York (Not required as Section 102 (a) (10) of
                  the Business Corporation Law)

                  of            County of         Bronx       State of New York.

         (4)      THE AGGREGATE NUMBER OF SHARES WHICH THE CORPORATION SHALL
                  HAVE THE AUTHORITY TO ISSUE IS

                     10,000,000 at $.01 par value per share

                                       2
<PAGE>

[ILLEGIBLE] The Secretary of State is designated as agent of the corporation
upon whom process Against it may be [ILLEGIBLE]. The post office address to
which the Secretary of State shall mail a copy of any process against the
corporation served upon him is

                                C. T. Corporation System
                                1633 Broadway
                                New York, NY 10019

         The undersigned incorporator of each of them if there are more than
one; is of the age of eighteen years or over.

IN WITNESS WHEREOF, this certificate has been subscribed this 16th day of June
1994 by the undersigned who affirm(s) that the statement made herein are
true under the penalties of perjury.

         J. Scott Askew

         2721 N. Central Avenue, Phoenix, Arizona 85005

                                       3
           [ILLEGIBLE]
<PAGE>

                          CERTIFICATE OF INCORPORATION

                                       OF

                          YONKERS PROPERTY CORPORATION

                UNDER SECTION 402 OF THE BUSINESS CORPORATION LAW

                         FILED BY: J. Scott Askew

                                    Office and Post Office Address
                                    2721 N. Central Avenue
                                    P. 0. Box 21502
                                    Phoenix, Arizona 85004

                                       4

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.164
<SEQUENCE>163
<FILENAME>p68936exv3w164.txt
<DESCRIPTION>EXHIBIT 3.164
<TEXT>
<PAGE>

                                                                   EXHIBIT 3.164

                                   BY-LAWS OF

                          YONKERS PROPERTY CORPORATION

                             A NEW YORK CORPORATION

                                    ARTICLE I

                                                            DATE: August 4, 1994

SECTION 1. Offices:

The principal office of the corporation in the State of New York shall be
located at such place as the Board of Directors may from time to time select.
The corporation may have such other offices either within or without the State
of New York as the Board of Directors may designate or as the business of the
corporation may require from time to time.

                                   ARTICLE II

                                  STOCKHOLDERS

SECTION 1. Annual Meeting:

The annual meeting of the shareholders of the corporation shall be held on the
third Tuesday in May of each year, at the office of the corporation in the State
of New York or otherwise as provided in the notice of said meeting. The purpose
of said annual meeting shall be for election of directors and for the purpose of
transacting such other business as may be brought before said meeting. The Board
of Directors may change the time and place of the annual meeting providing such
change of time and place be preceded by a notice of such change to all
stockholders of record. If said day of the annual meeting is a legal holiday,
then said meeting shall be held on the next ensuing day not a holiday.

SECTION 2. Notice of Shareholders Meeting:

Written or printed notice stating the place, day and hour of the meeting and, in
case of special meeting, the purposes for which the meeting is called, shall be
delivered not less than ten or more than fifty days before the date of the
meeting, either personally or by mail, by or at the direction of the President,
the Secretary or the officer or persons calling the meeting, to each shareholder
of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail addressed to the
shareholder at his address as it appears on the stock transfer book of the
corporation, with postage thereon prepaid. Provided, however, that notice of any
meeting of shareholders whether regular or special, may be waived either before,
at or after such meeting.

                                       -1-

<PAGE>

SECTION 3. Special Meetings:

Special meetings of the shareholders may be called by the President, the Board
of Directors, or the holders of not less than one-tenth of all the shares
entitled to vote at the meeting. All meetings of the shareholders may be held
within or without the State of New York. Notice of the special meeting will be
had as provided under Section 2 of this Article.

SECTION 4. Voting:

A shareholder may vote either in person or by proxy executed in writing by the
shareholder or by his duly authorized Attorney in Fact. No proxy shall be valid
after eleven months from the date of its execution unless otherwise provided by
the proxy.

SECTION 5. Quorum Requirements:

A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at a meeting of the
shareholders. If less than a majority of the outstanding shares are represented
at a meeting, the majority of the shares so represented may adjourn the meeting
without further notice. At such adjourned meeting at which a quorum shall be
present or represented, any business may be transacted which might have been
transacted at the meeting originally called.

SECTION 6. Tellers:

At all meetings of shareholders, the Chairman may appoint three tellers who
shall act as inspectors of elections and determine the validity of the proxies
and press upon the qualifications of all persons offering to vote at each
meeting and count the ballots. The election shall be by secret ballot, or in
case there is only one nomination for a certain office, the election may be by
acclamation. Each shareholder of record shall be entitled to one vote for each
share of stock held by him.

SECTION 7. Order of Business

           1st.   All persons claiming to hold proxies shall present them to the
                  tellers for verification.

           2nd.   Proof of due notice of meeting when applicable.

           3rd.   Reading and disposal of all unapproved minutes.

           4th.   Reports of officers and committees.

           5th.   Election of Directors.

           6th.   Unfinished business.

           7th.   New business.

           8th.   Adjournment.

                                       -2-

<PAGE>

                                   ARTICLE III

                               BOARD OF DIRECTORS

SECTION 1. Number and Term of Office:

A board of one (1) or more Directors, as required by law, shall be chosen
annually by the stockholders at their annual meeting. The holders of the
majority of the outstanding shares of stock entitled to vote may at any time
pre-emptorily terminate the term of office of all or any of the Directors by a
vote at a meeting called for such purposes. Such removal shall be effective
immediately even if successors are not elected simultaneously and the vacancies
of the Board of Directors resulting therefrom shall be filled by the
stockholders, or by the Board of Directors as provided in Section 2 hereof.

SECTION 2. Vacancies:

In case of any vacancy among the Directors through death, resignation,
disqualification or other cause, the remaining Directors though less than a
quorum, shall by vote of a majority of their number elect a successor to hold
office for the unexpired portion of the term of the Director whose place shall
be vacant.

SECTION 3. Regular Meetings:

After the adjournment of the annual meeting of the stockholders of the company,
the newly elected Directors shall meet for the purpose of organization, the
election of officers, and the transaction of such other business as may come
before said meeting. No notice shall be required for such meeting. The meeting
may be held within or without the State of New York.

SECTION 4. Special Meeting:

Special meetings of the Board of Directors shall be held at the place
specifically called therefor, and notice thereof. Said special meeting of the
Board of Directors may be called at any time by the President or by any two
members of the Board giving written notice thereof to the President of said
corporation, or said special meeting may be called without notice by unanimous
written consent of all the members by the presence of all the members of said
board at any such meeting. The special meetings of the Board of Directors may be
held within or without the State of New York.

SECTION 5. Quorom:

A majority of the Board of Directors shall constitute a quorum for the
transaction of business, except where otherwise provided by statute or these
By-Laws but if any meeting of the Board be less than a quorum present, a
majority of those present may adjourn the meeting from time to time until a
quorum is obtained.

                                       -3-

<PAGE>

SECTION 6. Order of Business:

The Board of Directors may, from time to time, determine the order of business
at their meetings. The usual order of business at such meetings shall be as
follows:

           1st.   Roll call; a quorum being present.

           2nd.   Reading of minutes of preceding meeting and action thereon.

           3rd.   Consideration of communications of the Board of Directors.

           4th.   Reports of officials and committees.

           5th.   Unfinished business.

           6th.   Miscellaneous business.

           7th.   New business.

           8th.   Adjournment.

SECTION 7. Meetings By Telephone:

If all the directors consent, a director may participate in a meeting of the
board or of a committee of the board by means of such telephone or other
communications facilities as permit all persons participating in the meeting to
hear each other, and a director participating in such a meeting by such means is
deemed to be present at the meeting.

                                   ARTICLE IV

                              POWERS OF DIRECTORS

SECTION 1. Generally:

The Government in control of the corporation shall be vested in the Board of
Directors.

SECTION 2. Special Powers:

The Board of Directors shall have, in addition to its other powers, the express
right to exercise the following powers:

                                       -4-

<PAGE>

         1.       To purchase, lease, and acquire, in any lawful manner any and
                  all real or personal property including franchises, stocks,
                  bonds and debentures of other companies, business and good
                  will, patents, trademarks in contracts, and interests
                  thereunder, and other judgment may be beneficial for the
                  purpose of this corporation, and to issue shares of stock of
                  this corporation in payment of such property, and in payment
                  for services rendered to this corporation, when they deem it
                  advisable.

         2.       To fix and determine and to vary, from time to time, the
                  amount or amounts to be set aside or retained as reserve funds
                  or as working capital of this corporation.

         3.       To issue notes and other obligations or evidences of the debt
                  of this corporation, and to secure the same, if deemed
                  advisable, and endorse and guarantee notes, bonds, stocks, and
                  other obligations of other corporations with or without
                  compensation for so doing, and from time to time to sell,
                  assign, transfer or otherwise dispose of any of the property
                  of this corporation, subject, however, to the laws of the
                  State of New York governing the disposition of the entire
                  assets and business of the corporation as a going concern.

         4.       To declare and pay dividends, both in the form of money and
                  stock, but only from the surplus or from the net profit
                  arising from the business of this corporation, after deducting
                  therefrom the amounts, at the time when any dividend is
                  declared which shall have been set aside by the Directors as a
                  reserve fund or as a working fund.

                                    ARTICLE V

SECTION 1. Committees:

From time to time the Board of Directors, by affirmative vote of a majority of
the whole Board may appoint any committee or committees for any purpose or
purposes, and such committee or committees shall have and may exercise such
powers as shall be conferred or authorized by the resolution of appointment.
Provided, however, that such committee or committees shall at no time have more
power than that authorized by the statues regulating the appointment of
committees.

                                   ARTICLE VI

SECTION 1. Officers:

And the officers of the corporation shall consist of a President and Secretary,
and such other officers as shall from time to time be provided

                                       -5-

<PAGE>

for by the Board of Directors. Such officers shall be elected by ballot or
unanimous acclamation at the meeting of the Board of Directors after the annual
election of Directors. In order to hold any election there shall be a quorum
present, and any officer receiving a majority vote shall be declared elected and
shall hold office for one year and until his or her respective successor shall
have been duly elected and qualified; provided, however, that all officers,
agents and employees of the corporation shall be subject to removal from office
pre-emptorily by vote of the Board of Directors at any meeting.

SECTION 2. Powers and Duties of President:

The President shall at all times be subject to the control of the Board of
Directors. He shall have general charge of the affairs of the corporation. He
shall supervise over and direct all officers and employees of the corporation
and see that their duties are properly performed. The President, in conjunction
with the Secretary, shall sign and execute all contracts, notes, mortgages, and
all other obligations in the name of the corporation, and with the Secretary
shall sign all certificates of the shares of the capital stock of the
corporation.

The President shall preside at all meetings of the shareholders and of the Board
of Directors and by virtue of his office he shall be a member and Chairman of
the executive committee if one is appointed. The President shall each year
present an annual report of the preceding year's business to the Board of
Directors at a meeting to be held immediately preceding the annual meeting of
the shareholders, which report shall be read at the annual meeting of the
shareholders. The President shall do and perform such other duties as from time
to time may be assigned by the Board of Directors to him.

Notwithstanding any provision to the contrary contained in the By-Laws of the
corporation, the Board may at any time and from time to time direct the manner
in which any person or persons by whom any particular contract, document, note
or instrument in writing of the corporation may or shall be signed by and may
authorize any officer or officers of the corporation to sign such contracts,
documents, notes or instruments.

SECTION 3. Powers and Duties of the Secretary:

The Secretary of said corporation shall keep the minutes of all meetings of the
Board of Directors and the minutes of all meetings of the shareholders, and also
when requested by a committee, the minutes of such committee, in books provided
for the purpose. He shall attend to the giving and serving of notice of the
corporation. It shall be the duty of the Secretary to sign with the President,
in the name of the corporation, all contracts, notes, mortgages, and other
instruments and other obligations authorized by the Board of Directors, and when
so ordered by the Board of Directors, he shall affix the Seal of Corporation
thereto. The Secretary shall have charge of all books, documents, and papers
properly belonging to his office, and of such other books and papers as the
Board of Directors may direct.

                                       -6-

<PAGE>

                                   ARTICLE VII

                      STOCK AND CERTIFICATES AND TRANSFERS

SECTION 1. Stock and Certificates and Transfers:

All certificates for the shares of the capital stock of the corporation shall be
signed by the President or Vice-President, and Secretary. All certificates shall
be consecutively numbered in progression beginning with number one. Each
certificate shall show upon its face that the corporation is organized under the
laws of New York, the number and par value, if any, of each share represented by
it, the name of the person owning the shares represented thereby, with the
number of each share and the date of issue, and the stock thereby represented is
transferable only upon the books of the corporation and upon the signing of such
certificates. A stock transfer book, known as the stock register shall be kept,
in which shall be entered the number of each certificate issued and the name of
the person owning the shares thereby represented, with the number of such shares
and the date of issue. The transfer of any share or shares of stock in the
corporation may be made by surrender of the certificate issued therefore, and
the written assignment thereof by the owner or his duly authorized Attorney in
Fact. Upon such surrender and assignment, a new certificate shall be issued to
the assignee as he may be entitled, but without such surrender and assignment no
transfer of stock shall be recognized by the corporation. The Board of Directors
shall have the power concerning the issue, transfer and registration of
certificate for agents and registrars of transfer, and may require all stock
certificates to bear signatures of either or both. The stock transfer books
shall be closed ten days before each meeting of the shareholders and during such
period no stock shall be transferred.

SECTION 2. Pre-Emptive Rights:

Any issue or shares or securities of the corporation in addition to the shares
subscribed to or issued at the date of these By-Laws shall be first offered
prorate to the shareholders of record in relation to their then existing
percentage of ownership of the outstanding stock of this corporation. Such
pre-emptive rights shall apply to any original authorized but unissued stock of
this corporation.

                                  ARTICLE VIII

                                  FISCAL YEAR

SECTION 1. Fiscal Year:

The fiscal year of the corporation shall commence with the opening of business
on the first day of April of each year and shall close on the 31st day of March
of each year.

                                       -7-

<PAGE>

                                   ARTICLE IX

                              AMENDMENT OF BY-LAWS

SECTION 1. Amendment of By-Laws:

The By-Laws may be amended by a majority vote of all shareholders of this
corporation entitled to vote at a regular annual meeting. Also, said By-Laws may
be altered or amended by a majority vote of the shareholders of said corporation
at any special meeting called for that object and purpose, and provided all the
shareholders are given legal notice of the object and purpose of said meeting.

The foregoing By-Laws of Yonkers Property Corporation are hereby accepted and
adopted as the By-Laws of said corporation, and we, the undersigned, do hereby
certify that the above foregoing By-Laws are duly adopted by the Board of
Directors and that the same do now constitute the By-Laws of this corporation.

                                                      /s/ Edward J. Shoen
                                                      --------------------------
                                                      Edward J. Shoen, President

ATTEST:

/s/ Mark V. Shoen
- ------------------------
Mark V. Shoen, Secretary

(CORPORATE SEAL)

                                       -8-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.12
<SEQUENCE>164
<FILENAME>p68936exv4w12.txt
<DESCRIPTION>EX-4.12
<TEXT>
<PAGE>

                                                                    EXHIBIT 4.12

                                 PROMISSORY NOTE

Up to $58,000,000.00                                            Phoenix, Arizona
                                                                    March 1,2004

      FOR VALUE RECEIVED, SAC Holding Corporation, a Nevada corporation
("Maker"), promises to pay to the order of U-Haul International, Inc., a Nevada
corporation ("Payee"), in lawful money of the United States, the principal sum
of up to Fifty-Eight Million and no/100ths Dollars ($58,000,000.00), together
with interest at the times and at the rates specified in this Note.

      1. Interest. From the date hereof through and including the Maturity Date
(as hereinafter defined), interest ("Basic Interest") shall accrue on the
principal balance of this Note outstanding from time to time at the rate of nine
percent (9%) per m u m ("Accrual Rate"). Notwithstanding the foregoing, on the
fifteenth calendar day of each month commencing on March 15, 2004 and through
the Maturity Date (as hereinafter defined), Maker shall pay to Payee interest on
the unpaid principal balance of this Note from time to time at the rate of 2%
per m u m ("Pay Rate Interest"). The remainder of the Basic Interest ("Deferred
Interest") shall be deferred and shall bear interest at the Accrual Rate. At the
election of Payee, Deferred Interest shall accrue either in cash or in
Additional Notes (as hereinafter defined). Any accrued interest on the Deferred
Interest shall be considered part of Deferred Interest. Interest shall be
calculated on the basis of a 360- day year and the actual number of days
elapsed.

      2. Payments. Pay Rate Interest shall be paid on the fifteenth calendar day
of each month, until such time as the notes (the "Senior Notes") under the
Indenture with respect to 8.5% Senior Notes Due 2014 of SAC Holding Corporation
and SAC Holding II Corporation shall have been paid or satisfied in fill. Upon
the fill repayment or satisfaction of the Senior Notes, payments hereunder shall
continue to be made on the fifteenth calendar day of each month but shall
consist of principal and Pay Rate Interest, and such principal payments shall be
on the basis of a twenty-five year amortization. This Note shall mature on the
last day of the month that is the ten (10) year anniversary of the full
repayment or satisfaction of the Senior Notes (the "Maturity Date"). On the
Maturity Date, all outstanding principal and interest (including Deferred
Interest) shall be due and payable.

3. Prepayment. This Note may be prepaid in whole or in part, without penalty or
premium.

4. Default Interest. During the existence of a Default (as hereinafter defined),
interest will accrue on the entire loan balance at the rate of fifteen percent
(15%) per annum commencing on the date the payment was due and continuing until
the delinquent payment is received by the Payee.

5. Default and Remedies.
<PAGE>
      a. Default. The Maker will be in default under this Note if the Maker
fails, following the full repayment or satisfaction of the Senior Notes, to make
a payment of principal, interest, or other charge when due, which failure to pay
is not cured within five (5) business days after the due date therefor.

      b. Remedies. Upon a default as described in subparagraph 5.a ("Default"),
Payee shall have the right to immediately accelerate the obligations under this
Note and all sums owing with respect to this Note will immediately become due
and payable.

6. Unsecured. This Note and the obligations hereunder are unsecured.

7. Waivers. The Maker, and any endorsers or guarantors of this Note, severally
waive diligence, presentment, protest, demand and all rights of offset and also
notice of protest, demand, dishonor, acceleration, intent to accelerate, offset
and nonpayment of this Note, and expressly agree that this Note, or any payment
under this Note, may be extended from time to time in the Payee's sole
discretion without notice, and consent to the acceptance of further security or
the release of any security for this Note, all without in any way affecting the
liability of the Maker and any endorsers or guarantors of this Note. No
extension of time for the payment of this Note, or any installment hereof, made
by agreement by the Payee with any person now or hereafter liable for the
payment of this Note, will affect the original liability of the Maker under this
Note, even if that person is not a party to such agreement. The Payee may waive
its rights to require performance of or compliance with any term, covenant or
condition of this Note only by express written waiver.

8. Additional Note. At the request of Payee, Maker shall deliver to Payee
additional promissory notes (the "Additional Note") to evidence Maker's
indebtedness hereunder pursuant to the Deferred Interest. In such event, such
Deferred Interest shall be evidenced by such Additional Note and not pursuant to
the terms of this Note. Any such Additional Note shall contain economic terms
akin to those set forth herein.

9. Maximum Legal Rate of Interest. All agreements between the Payee and the
Maker whether now existing or hereafter arising, are hereby limited so that in
no event will the interest charged under this Note or agreed to be paid to the
Payee exceed the maximum amount permissible under applicable law. If interest
otherwise payable to the Payee would exceed the maximum lawful amount, the
interest payable will be reduced to the maximum amount permitted under
applicable law.

11. Miscellaneous.

      a. Costs. The Maker will pay all costs, including, without limitation,
reasonable attorneys' fees, costs and expert fees incurred by the Payee in
collecting the sums due under this Note.

      b. Modification. This Note may be modified only by a written agreement
executed by the person against whom the change, modification or waiver is to be
enforced.

                                       2
<PAGE>
      c. Law. This Note will be governed by Arizona law, without regard to the
choice of law principles thereof.

      d. Successors. The terms of this Note will inure to the benefit of and
bind the Maker and the Payee and its heirs, legal representatives and successors
and assigns.

      e. Time. Time is of the essence with respect to all matters set forth in
this Note.

      f. Destroyed Note. If this Note is destroyed, lost or stolen, the Maker
will deliver a new Note to the Payee on the same terms and conditions as this
Note with a notation of the unpaid principal and accrued and unpaid interest in
substitution of the prior Note. The Payee will furnish to the Maker reasonable
evidence that the Note was destroyed, lost or stolen and any security or
indemnity that may be reasonably required by the Maker in connection with the
replacement of this Note.

      IN WITNESS WHEREOF, the Maker has duly executed and delivered this Note to
the Payee as of the date and year first above written.

                                Maker:

                                SAC Holding Corporation, a Nevada
                                corporation

                                By:  /s/ illegible
                                    -----------------------------
                                        President

                                       3

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.13
<SEQUENCE>165
<FILENAME>p68936exv4w13.txt
<DESCRIPTION>EX-4.13
<TEXT>
<PAGE>

                                 PROMISSORY NOTE

Up to $58,000,000.00                                            Phoenix, Arizona
                                                                   March 1, 2004

         FOR VALUE RECEIVED, SAC Holding Corporation, a Nevada corporation
("Maker"), promises to pay to the order of U-Haul International, Inc., a Nevada
corporation ("Payee"), in lawful money of the United States, the principal sum
of up to Fifty-Eight Million and no/100ths Dollars ($58,000,000.00), together
with interest at the times and at the rates specified in this Note.

1.       Interest. From the date hereof through and including the Maturity Date
(as hereinafter defined), interest ("Basic Interest") shall accrue on the
principal balance of this Note outstanding from time to time at the rate of nine
percent (9%) per annum ("Accrual Rate"). Notwithstanding the foregoing, on the
fifteenth calendar day of each month commencing on March 15, 2004 and through
the Maturity Date (as hereinafter defined), Maker shall pay to Payee interest on
the unpaid principal balance of this Note from time to time at the rate of 2%
per annum ("Pay Rate Interest"). The remainder of the Basic Interest ("Deferred
Interest") shall be deferred and shall bear interest at the Accrual Rate. At the
election of Payee, Deferred Interest shall accrue either in cash or in
Additional Notes (as hereinafter defined). Any accrued interest on the Deferred
Interest shall be considered part of Deferred Interest. Interest shall be
calculated on the basis of a 360-day year and the actual number of days elapsed.

2.       Payments. Pay Rate Interest shall be paid on the fifteenth calendar day
of each month, until such time as the notes (the "Senior Notes") under the
Indenture with respect to 8.5% Senior Notes Due 2014 of SAC Holding Corporation
and SAC Holding II Corporation shall have been paid or satisfied in full. Upon
the full repayment or satisfaction of the Senior Notes, payments hereunder shall
continue to be made on the fifteenth calendar day of each month but shall
consist of principal and Pay Rate Interest, and such principal payments shall be
on the basis of a twenty-five year amortization. This Note shall mature on the
last day of the month that is the ten (10) year anniversary of the full
repayment or satisfaction of the Senior Notes (the "Maturity Date"). On the
Maturity Date, all outstanding principal and interest (including Deferred
Interest) shall be due and payable.

3.       Prepayment. This Note may be prepaid in whole or in part, without
penalty or premium.

4.       Default Interest. During the existence of a Default (as hereinafter
defined), interest will accrue on the entire loan balance at the rate of fifteen
percent (15%) per annum commencing on the date the payment was due and
continuing until the delinquent payment is received by the Payee.

5.       Default and Remedies.

<PAGE>

         a.       Default. The Maker will be in default under this Note if the
Maker fails, following the full repayment or satisfaction of the Senior Notes,
to make a payment of principal, interest, or other charge when due, which
failure to pay is not cured within five (5) business days after the due date
therefor.

         b.       Remedies. Upon a default as described in subparagraph 5.a
("Default"), Payee shall have the right to immediately accelerate the
obligations under this Note and all sums owing with respect to this Note will
immediately become due and payable.

6.       Unsecured. This Note and the obligations hereunder are unsecured.

7.       Waivers. The Maker, and any endorsers or guarantors of this Note,
severally waive diligence, presentment, protest, demand and all rights of offset
and also notice of protest, demand, dishonor, acceleration, intent to
accelerate, offset and nonpayment of this Note, and expressly agree that this
Note, or any payment under this Note, may be extended from time to time in the
Payee's sole discretion without notice, and consent to the acceptance of further
security or the release of any security for this Note, all without in any way
affecting the liability of the Maker and any endorsers or guarantors of this
Note. No extension of time for the payment of this Note, or any installment
hereof, made by agreement by the Payee with any person now or hereafter liable
for the payment of this Note, will affect the original liability of the Maker
under this Note, even if that person is not a party to such agreement. The Payee
may waive its rights to require performance of or compliance with any term,
covenant or condition of this Note only by express written waiver.

8.       Additional Note. At the request of Payee, Maker shall deliver to Payee
additional promissory notes (the "Additional Note") to evidence Maker's
indebtedness hereunder pursuant to the Deferred Interest. In such event, such
Deferred Interest shall be evidenced by such Additional Note and not pursuant to
the terms of this Note. Any such Additional Note shall contain economic terms
akin to those set forth herein.

9.       Maximum Legal Rate of Interest. All agreements between the Payee and
the Maker whether now existing or hereafter arising, are hereby limited so that
in no event will the interest charged under this Note or agreed to be paid to
the Payee exceed the maximum amount permissible under applicable law. If
interest otherwise payable to the Payee would exceed the maximum lawful amount,
the interest payable will be reduced to the maximum amount permitted under
applicable law.

11.      Miscellaneous.

         a.       Costs. The Maker will pay all costs, including, without
limitation, reasonable attorneys' fees, costs and expert fees incurred by the
Payee in collecting the sums due under this Note.

         b.       Modification. This Note may be modified only by a written
agreement executed by the person against whom the change, modification or waiver
is to be enforced.

                                       2
<PAGE>

         c.       Law. This Note will be governed by Arizona law, without regard
to the choice of law principles thereof.

         d.       Successors. The terms of this Note will inure to the benefit
of and bind the Maker and the Payee and its heirs, legal representatives and
successors and assigns.

         e.       Time. Time is of the essence with respect to all matters set
forth in this Note.

         f.       Destroyed Note. If this Note is destroyed, lost or stolen, the
Maker will deliver a new Note to the Payee on the same terms and conditions as
this Note with a notation of the unpaid principal and accrued and unpaid
interest in substitution of the prior Note. The Payee will furnish to the Maker
reasonable evidence that the Note was destroyed, lost or stolen and any security
or indemnity that may be reasonably required by the Maker in connection with the
replacement of this Note.

         IN WITNESS WHEREOF, the Maker has duly executed and delivered this Note
to the Payee as of the date and year first above written.

                                             Maker:

                                             SAC Holding Corporation, a Nevada
                                             corporation

                                             By:___________________________
                                                President

                                       3

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.14
<SEQUENCE>166
<FILENAME>p68936exv4w14.txt
<DESCRIPTION>EXHIBIT 4.14
<TEXT>
<PAGE>
                                                                    EXHIBIT 4.14

 THIS INSTRUMENT IS SUBJECT TO THAT CERTAIN SAC PARTICIPATION AND SUBORDINATION
       AGREEMENT ( THE "PSA") DATED AS OF MARCH 15, 2004 AMONG SAC HOLDING
 CORPORATION, SAC HOLDING II CORPORATION (COLLECTIVELY, "SAC HOLDING"), AMERCO,
 U-HAUL INTERNATIONAL, INC., AND LAW DEBENTURE TRUST COMPANY OF NEW YORK, INC.,
        AS TRUSTEE UNDER THAT CERTAIN INDENTURE WITH RESPECT TO THE 8.5%
                      SENIOR NOTES DUE 2014 OF SAC HOLDING

                      AMENDED AND RESTATED PROMISSORY NOTE

Maximum principal amount of up to                      Dated as of March 1, 2004
$21,000,000.00

         FOR VALUE RECEIVED, the undersigned SAC Holding Corporation, a Nevada
corporation (the "Maker" or the "undersigned"), promises to pay to the order of
U-Haul International, Inc. a Nevada corporation, ("Payee"), at the principal
office of the Payee at 2721 North Central Avenue, Phoenix, Arizona 85004 or at
such other place or places as Payee may from time to time designate in writing,
the principal sum of up to Twenty-One Million and no/100th Dollars
($21,000,000.00), or, if less, the aggregate unpaid principal amount of the Loan
made by Payee to Maker, with Interest on the principal balance outstanding from
time to time, all as hereinafter set forth.

         1.       Definitions. As used in this Note, each of the following terms
shall have the following meanings, respectively:

                  "Accrual Rate": shall mean the annual interest rate of nine
percent (9%).

                  "Additional Interest": shall mean and include both Cash Flow
Contingent Interest and Capital Proceeds Contingent Interest.

                  "Basic Interest": shall have the meaning given it in Section
2(a) below.

                  "Capital Proceeds Contingent Interest": shall have the meaning
given it in Section 2(h)(i) below.

                  "Cash Flow Contingent Interest": shall have the meaning given
it in Section 2(e) below.

                  "Catch-Up Payment": shall have the meaning given it in Section
2(d).

                  "Deferred Interest": shall have the meaning given it in
Section 2(a).

                  "GAAP": shall mean generally accepted accounting principles as
used and understood in the United States of America from time to time.

                  "Gross Receipts": shall mean, for any period all gross
receipts, revenues and income of any and every kind collected or received by or
for the benefit or account of Maker and the Property Owner during such period
arising from the ownership, rental, use, occupancy or

                                       1
<PAGE>

operation of the Real Property. Gross Receipts shall include, without
limitation, all receipts from all tenants, licensees, customers and other
occupants and users of the Real Property, including, without limitation, rents,
security deposits and the like, interest earned and paid or credited on all
Maker's or the Property Owner's deposit accounts related to the Real Property,
all proceeds of rent or business interruption insurance, and the proceeds of all
casualty insurance and eminent domain awards to the extent not applied, or
reserved and applied within six (6) months after the creation of such reserve,
to the restoration of the Real Property. Gross Receipts shall include the dealer
commission payable from U-Haul International, Inc. (or affiliate thereof) to
Maker (or affiliate thereof) for the rental of U-Haul equipment at the Real
Property; provided however that such dealer commissions payable shall not be
included in Gross Receipts until the 15th day of the month following the month
in which such rental occurred, all in accordance with the customary procedure
for the payment of dealer commissions. Gross Receipts shall not include any
capital contributed to Maker or proceeds from any loan made to Maker or proceeds
from the sale of any Real Property. Any receipt included within Gross Receipts
in one period shall not be included within Gross Receipts for any other period
(i.e., no item of revenue or receipts shall be counted twice).

                  "Highest Lawful Rate": shall mean the maximum rate of interest
which the Payee is allowed to contract for, charge, take, reserve, or receive
under applicable law after taking into account, to the extent required by
applicable law, any and all relevant payments or charges hereunder.

                  "Interest": shall mean Basic Interest and Additional Interest.

                  "Loan": shall mean the unsecured loan in the amount of up to
$21,000,000.00 made by Payee to Maker and evidenced by this Note, or up to such
amount as may have been advanced by Payee to Maker from time to time.

                  "Management Fee": shall mean the fee paid to the Property
Manager pursuant to the Property Management Agreement.

                  "Maturity Date": shall mean the first to occur of: (i) the
Stated Maturity Date; (ii) the date on which the unpaid principal balance of,
and unpaid Interest on, this Note shall become due and payable on account of
acceleration by Payee and (iii) the date on which a Triggering Event occurs.

                  "Net Capital Proceeds": shall have the meaning given it in
Section 2(h)(iv) below.

                  "Net Cash Flow": shall mean, for any period, the amount by
which the Gross Receipts for such period exceed the sum of Interest paid during
such period and Operating Expenses paid for and with respect to such period; but
Net Cash Flow for any period shall not be less than zero.

                  "Net Cash Flow Before Debt Service": shall mean, for any
period, the amount by which the Gross Receipts for such period exceed the
Operating Expenses for and with respect to such period.

                                       2
<PAGE>

                  "Note": shall mean this Amended and Restated Promissory Note
as it may be amended, modified, extended or restated from time to time, together
with all substitutions and replacements therefor.

                  "Operating Expenses": shall mean, for any period, all cash
expenditures of Maker and the Property Owner actually paid (and properly
payable) during such period for (i) real and personal property taxes on the Real
Property; (ii) principal and interest on the secured Real Property debt; (iii)
premiums for liability, property and other insurance on the Real Property; (iv)
the Management Fee; (v) sales and rental taxes relating to the Real Property;
and (vi) normal, reasonable and customary operating expenses of the Real
Property. In no event shall Operating Expenses include amounts distributed to
the partners or shareholder's of Maker or the Property Owner, any payments made
on the Loan or any other loan obtained by Maker, amounts paid out of any funded
reserve expressly approved by Payee, if any, non-cash expenses such as
depreciation, or any cost or expense related to the restoration of the Property
in the event of a casualty or eminent domain taking paid for from the proceeds
of insurance or an eminent domain award or any reserve funded by insurance
proceeds or eminent domain awards.

                  "Pay Rate": shall mean a rate per annum equal of two percent
(2.0%).

                  "Pay Rate Interest": shall mean the interest on the unpaid
principal balance of this Note from time to time outstanding at the Pay Rate.

                  "Person": shall mean any corporation, natural person, firm,
joint venture, general partnership, limited partnership, limited liability
company, trust, unincorporated organization, government or any department or
agency of any government.

                  "Property Manager": shall have the meaning given it in Section
6(f) below.

                  "Property Management Agreement": shall have the meaning given
such term in Section 6(f) below.

                  "Property Owner" means Eighteen SAC Self-Storage Corporation,
a Nevada corporation.

                  "Real Property" means the real property owned by Property
Owner from time to time.

                  "SAC Holding Senior Notes": shall mean the 8.5% Senior Notes
due 2014 of SAC Holding Corporation and SAC Holding II Corporation.

                  "SAC Notes Indenture": shall mean that certain Indenture with
respect to the SAC Holding Senior Notes.

                  "Sale": shall mean any direct or indirect sale, assignment,
transfer, conveyance,

                                       3
<PAGE>

lease or disposition of any kind whatsoever of (i) the Real Property or any
portion thereof (excluding leases and licenses in the ordinary course of
business, the granting of easements, servitudes, rights-of-way, dedications and
like interests in the ordinary course of business and conveyances pursuant to
condemnations or eminent domain) or (ii) 25% or more (in the aggregate of all
such sales, assignments, transfers, conveyances or dispositions made at any time
or from time to time, taken together) of the equity interests in Property Owner.

                  "Stated Maturity Date": shall mean the earlier of (i) January
1, 2022 and (ii) from and after April 1, 2014, on demand by Payee.

                  "Triggering Event": shall have the meaning given it in Section
2(h)(ii) below.

                  2. Interest.

                  (a) Basic Interest Rate Prior to Maturity. From the date
hereof through and including the Maturity Date, interest ("Basic Interest")
shall accrue on the principal balance of this Note outstanding from time to time
at the Accrual Rate. Notwithstanding the foregoing, on the first business day of
each month commencing on March 1, 2004 and through the Maturity Date, Maker
shall pay to Payee Pay Rate Interest on the unpaid principal balance of this
Note. The remainder of the Basic Interest ("Deferred Interest") shall be
deferred and shall bear interest at the Accrual Rate, and shall be payable as
and at the time provided in Section 2(d) below. Any accrued interest on the
Deferred Interest shall be considered part of Deferred Interest.

                  All interest hereunder shall be payable monthly in arrears, on
the first business day of each month.

                  (b) Post-Maturity Basic Interest. From and after the Maturity
Date, Basic Interest shall accrue and be payable on the outstanding principal
balance hereof until paid in full at an annual rate equal to fifteen percent
(15%) and such interest shall be payable upon demand.

                  (c) Computations. All computations of interest and fees
payable hereunder shall be based upon a year of 360 days for the actual number
of days elapsed.

                  (d) Deferred Interest. Deferred Interest shall be paid as
follows:

                           (i) On each monthly date for the payment of Basic
Interest, Maker shall pay an amount, if any (the "Catch-Up Payment"), equal to
the lesser of (i) the aggregate outstanding Deferred Interest on the last day of
the month for which such payment is being made and (ii) ninety percent (90%) of
the result of subtracting from Net Cash Flow Before Debt Service for that month
an amount equal to twice the Pay Rate Interest for such period;

                           (ii) All unpaid Deferred Interest shall be paid on
the Maturity Date; and

                           (iii) No payment of Deferred Interest may, when added
to all other payments of Interest or payments construed as interest, shall
exceed the Highest Lawful Rate.


                                       4
<PAGE>

                  (e) Cash Flow Contingent Interest. In addition to Basic
Interest and Deferred Interest, on each date on which Basic Interest is payable
hereunder, Maker shall pay to Payee interest ("Cash Flow Contingent Interest")
in an amount equal to the amount (if any) by which (i) ninety percent (90%) of
the result of subtracting from Net Cash Flow Before Debt Service for that month
an amount equal to twice the Pay Rate Interest for such period (each calculated
as of that date) exceeds (ii) the Catch-Up Payment paid on that date by Maker to
Payee.

                  (f) Statements; Adjustment of Payments. Within thirty (30)
days following the due date for each payment of Basic Interest, Maker shall,
upon the request of Payee, deliver to Payee a statement of operations of the
Real Property for the month or other period with respect to which such Basic
Interest is due, showing in reasonable detail and in a format approved by Payee
the respective amounts of, and the method of calculating Gross Receipts,
Operating Expenses, Net Cash Flow, Catch-Up Payment and Cash Flow Contingent
Interest for the preceding month, as well as (if requested by Payee) all data
reasonably necessary for the calculation of any such amounts. Maker shall keep
and maintain at all times full and accurate books of account and records
adequate to correctly reflect all such amounts. Such books and records shall be
available for at least five years after the end of the month to which they
relate. Payee shall have the right to inspect, copy and audit such books of
account and records during reasonable business hours, and upon prior reasonable
notice to Maker, for the purpose of verifying the accuracy of any payments made
on account of any interest payments made hereunder. The costs of any such audit
will be paid by Payee, except that Maker shall pay all reasonable costs and
expenses of any such audit which discloses that any amount properly payable by
Maker to Payee hereunder exceeded by five percent (5%) or more the amount
actually paid and initially reported by Maker as being payable with respect
thereto.

                  (g) Prorations of Cash Flow Contingent Interest. All interest
shall be equitably prorated on the basis of a 360-day year for any partial month
in which the term of the Loan commences or in which the Note is paid in full.

                  (h) Capital Proceeds Contingent Interest.

                           (i) Capital Proceeds Contingent Interest Defined.
Subject to Section 2(i) hereof, Maker shall pay to Payee, in addition to Pay
Rate Interest, Deferred Interest and Cash Flow Contingent Interest, at the time
or times and in the manner hereinafter described, an amount equal to ninety
percent (90%) of the Net Capital Proceeds resulting from, or determined at the
time of, any of the Triggering Events described below (collectively, "Capital
Proceeds Contingent Interest").

                           (ii) Events Triggering Payment of Net Capital
Proceeds. Subject to Section 2(i) hereof, Capital Proceeds Contingent Interest
shall be due and payable concurrently with the occurrence of each and every one
of the following events (collectively "Triggering Events", and individually, a
"Triggering Event"):

                                    (A) Property Sale or Financing. The closing
of any Sale or refinancing of the Real Property (any such event is hereinafter
collectively referred to as a "Sale or

                                       5
<PAGE>

Financing");

                                    (B) Default Occurrence. The occurrence of
any Event of Default and the acceleration of the maturity of the Loan on account
thereof (hereinafter collectively referred to as a "Default Occurrence"); and

                                    (C) Maturity Occurrence. The occurrence of
the Maturity Date (the "Maturity Occurrence").

                           (iii) Notice of Triggering Event: Time for Payment of
Capital Proceeds Contingent Interest. Maker shall notify Payee of the occurrence
of a Triggering Event, and shall pay Payee the full amount of any applicable
Capital Proceeds Contingent Interest which is payable in connection therewith,
as follows:

                                    (A) In the case of any Sale or Financing or
the Maturity Occurrence, Maker shall give Payee written notice of any such
Triggering Event not less than forty-five (45) days before the date such
Triggering Event is to occur. Any Capital Proceeds Contingent Interest due Payee
on account of any Sale or Financing or the Maturity Occurrence shall be due and
payable to Payee within ninety (90) days of the date on which such Triggering
Event occurs.

                                    (B) In the case of a Default Occurrence, no
notice of such a Triggering Event need be given by Maker. In such event, payment
of any and all Capital Proceeds Contingent Interest on account of the Default
Occurrence shall be immediately due and payable upon acceleration of the
maturity of the Loan.

                           (iv) Determination of Net Capital Proceeds. Net
Capital Proceeds resulting from a Triggering Event shall be determined as
follows:

                                    (A) Net Capital Proceeds From Sale or
Financing. Except as provided in Section 2(h)(iv)(B) below, in the event of a
Sale or Financing, "Net Capital Proceeds" shall be the amount which is equal to:
(i) the Gross Capital Proceeds (as hereinafter defined) realized from the Real
Property minus (ii) the sum of: (aa) reasonable brokerage commissions (excluding
any payments to any affiliate of Maker to the extent such payments exceed those
which would have been due as commissions to a non-affiliate broker rendering
identical services), title insurance premiums, documentary transfer or stamp
taxes, mortgage taxes, environmental report fees, escrow fees and recording
charges, appraisal fees, reasonable attorneys' fees and costs, and sales taxes,
in each case actually paid or payable by Maker (or Property Owner) in connection
with the Sale or Financing, (bb) all payments of principal, Basic Interest and
Cash Flow Contingent Interest payable to Payee on account of this Note from the
proceeds of such Sale or Financing, and (cc) an amount equal to all payments of
principal, interest and yield maintenance and/or defeasance fees and expenses
due and payable on any senior loans, if any (including, without limitation the
SAC Holding Senior Notes), made from the proceeds of such Sale or Financing. For
purposes of this Section 2(h), "Gross Capital Proceeds" shall mean the gross
proceeds of whatever form or nature payable directly or indirectly to or for the
benefit or account of Maker in connection with such Sale or Financing,
including, without limitation: cash, the outstanding balance of any

                                       6
<PAGE>

financing which will remain as a lien or encumbrance against the Real Property
or any portion thereof following such Sale or Financing (but only in the case of
a Sale, and not in the case of an encumbrance), and the cash equivalent of the
fair market value of any non-cash consideration, including the present value of
any promissory note received as part of the proceeds of such Sale or Financing
(valued at a market rate of interest).

                                    (B) Net Capital Proceeds In Connection With
a Default or Maturity Occurrence. In the event of a Default Occurrence or the
Maturity Occurrence when no Sale or Financing has occurred, the "Net Capital
Proceeds" shall equal: (i) the fair market value of the Real Property determined
as of the date of such Triggering Event in accordance with Section 2(h)(v)
below, minus (ii) the sum of (aa) the outstanding principal balance, together
with accrued but unpaid Basic Interest on this Note and (bb) the outstanding
principal balance of, and accrued but unpaid interest on, the secured Real
Property debt.

                           (v) Determination of Fair Market Value. The fair
market value of the Real Property shall be determined for purposes of this Note
as follows:

                                    (A) Partial Sale. In the event of a Sale of
a portion of the Real Property, Payee shall select an experienced and reputable
appraiser to prepare a written appraisal report of the fair market value of the
Real Property in accordance with clause (C) below, and the appraised fair market
value submitted to Payee by such appraiser shall be conclusive for purposes of
this Note.

                                    (B) Other Occurrences. In all other
circumstances the fair market value of the Real Property shall be deemed to
equal the result of dividing the Net Cash Flow Before Debt Service for the
immediately preceding fiscal year by ten percent (10%). However, if the Net Cash
Flow Before Debt Service for the immediately preceding fiscal year has been
lowered because of unusually high Operating Expenses during such fiscal year the
fair market value of the Real Property may, at the option of the Maker be
determined by dividing by ten percent (10%) the mean average of the Net Cash
Flow Before Debt Service of the Real Property for the three immediately
preceding fiscal years of the Real Property.

                                    (C) Appraisal Standards and Assumptions. In
making any determination by appraisal of fair market value, the appraiser(s)
shall assume that the improvements then located on the Real Property constitute
the highest and best use of the property. If the Triggering Event is a Sale or
Financing, the appraiser(s) shall take the sales price into account, although
such sales price shall not be determinative of fair market value. Each appraiser
selected hereunder shall be an independent MAI-designated appraiser with not
less than ten years' experience in commercial real estate appraisal in the
general geographical area where the Real Property is located.

                           (vi) Statement, Books and Records. With each payment
of Capital Proceeds Contingent Interest, Maker shall furnish to Payee a
statement setting forth Maker's calculation of Net Capital Proceeds and Capital
Proceeds Contingent Interest and shall provide a detailed breakdown of all items
necessary for such calculation. For a period of five years after each payment

                                       7
<PAGE>

of Capital Proceeds Contingent Interest, Maker shall keep and maintain full and
accurate books and records adequate to correctly reflect each such item. Said
books and records shall be available for Payee's inspection, copying and audit
during reasonable business hours following reasonable notice for the purpose of
verifying the accuracy of the payments made on account of Capital Proceeds
Contingent Interest. The costs of any such audit will be paid by Payee, except
that Maker shall pay all reasonable costs and expenses of any such audit which
discloses that any amount properly payable by Maker to Payee hereunder exceeded
by five percent (5%) or more the amount actually paid and initially reported by
maker as being payable with respect thereto.

                           (viii) Negative Capital Proceeds Contingent Interest.
Notwithstanding any other provision of this Agreement, Payee shall not be
responsible or liable in any respect to Maker or any other Person for any
reduction in the fair market value of the Real Property or for any contingency,
condition or occurrence that might result in a negative number for Capital
Proceeds Contingent Interest. If at any time it is calculated, Capital Proceeds
Contingent Interest shall be a negative amount, no Capital Proceeds Contingent
Interest shall at that time be payable to Payee, but Payee shall in no way be
liable for any such negative amount and there shall be no deduction or offset
for such negative amount at any time when Capital Proceeds Contingent Interest
shall be subsequently calculated.

                  (i) Limitation on Capital Proceeds Contingent Interest while
SAC Holding Senior Notes Remain Outstanding. Notwithstanding anything to the
contrary herein, in the event a Triggering Event takes place at any time while
all or any portion of the SAC Holding Senior Notes is outstanding, the payment
of any Capital Proceeds Contingent Interest on account of such occurrence shall
be deferred as hereinafter provided, and any amounts constituting Excess Sale
Proceeds or Excess Refinancing Proceeds under the SAC Notes Indenture related to
such occurrence shall be applied to redeem or repurchase the SAC Holding Senior
Notes, in accordance with the terms of the SAC Notes Indenture, it being agreed
that payment of Capital Proceeds Contingent Interest is subordinate to the
payment in full of the SAC Holding Senior Notes. Subject to the terms of the SAC
Notes Indenture and the PSA, Capital Proceeds Contingent Interest shall be paid
within five years of the occurrence of such Triggering Event.

         3. Usury Savings Clause. The provisions of this Section 3 shall govern
and control over any inconsistent provision contained in this Note. The Payee
hereof shall never be entitled to receive, collect, or apply as interest hereon
(for purposes of this Section 3, the word "interest" shall be deemed to include
Basic Interest, Additional Interest and any other sums treated as interest under
applicable law governing matters of usury and unlawful interest), any amount in
excess of the Highest Lawful Rate (hereinafter defined) and, in the event the
Payee ever receives, collects, or applies as interest any such excess, such
amount which would be excessive interest shall be deemed a partial prepayment of
principal and shall be treated hereunder as such; and, if the principal of this
Note is paid in full, any remaining excess shall forthwith be paid to Maker. In
determining whether or not the interest paid or payable, under any specific
contingency, exceeds the Highest Lawful Rate, Maker and the Payee shall, to the
maximum extent permitted under applicable law, (i) characterize any nonprincipal
payment as an expense, fee, or premium rather than as interest, (ii) exclude
voluntary prepayments and the effects thereof, and (iii) spread the total amount
of interest throughout the entire contemplated term of this Note; provided, that
if this Note is paid and

                                       8
<PAGE>

performed in full prior to the end of the full contemplated term hereof, and if
the interest received for the actual period of existence hereof exceeds the
Highest Lawful Rate, the Payee shall refund to Maker the amount of such excess
or credit the amount of such excess against the principal of this Note, and, in
such event, the Payee shall not be subject to any penalties provided by any laws
for contracting for, charging, or receiving interest in excess of the Highest
Lawful Rate.

         4. Payments.

                  (a) Interest. Maker promises to pay to Payee Basic Interest
and Additional Interest the respective amounts, and at the respective times
provided in Section 2 hereinabove. No principal payments shall be due hereunder
except as required at the Maturity Date. Each payment of Basic Interest
(including without limitation, Deferred Interest) and Additional Interest shall
be payable in Phoenix, Arizona (or at any other place which Payee may hereafter
designate from time to time for such purpose in a notice duly given to Maker
hereunder), not later than noon, Pacific Standard Time, on the date due thereof;
and funds received after that hour shall be deemed to have been received by the
Payee on the next following business day. Whenever any payment to be made under
this Note shall be stated to be due on a date which is not a business day, the
due date thereof shall be extended to the next succeeding business day, and
interest shall be payable at the applicable rate during such extension.

                  (b) Principal. The principal amount of this Note, together
with all accrued but unpaid Interest, shall be due and payable upon the Maturity
Date.

                  (c) Late Payment Charges. If any amount of Interest, principal
or any other charge or amount which becomes due and payable under this Note is
not paid and received by the Payee within five business days after the date it
first becomes due and payable, Maker shall pay to the Payee hereof a late
payment charge in an amount equal to five percent (5%) of the full amount of
such late payment, whether such late payment is received prior to or after the
expiration of the ten-day cure period set forth in Section 8(a). Maker
recognizes that in the event any payment hereunder (other than the principal
payment due upon Maturity Date, whether by acceleration or otherwise) is not
made when due, Payee will incur extra expenses in handling the delinquent
payment, the exact amount of which is impossible to ascertain, but that a charge
of five percent (5%) of the amount of the delinquent payment is a reasonable
estimate of the expenses reasonably anticipated to be so incurred.

                  (d) Prepayment. Maker shall have the right to prepay this
Note, without penalty, in whole or in part, at any time in Maker's discretion.

         5. Representations and Warranties of Maker. Maker represents and
warrants to Payee, as of the date hereof, that:

                  (a) Due Authorization. Maker is a corporation duly organized
and validly existing under the laws of the state of its organization, and has
the power and authority to execute and deliver this Note and consummate the
transactions contemplated hereby;

                                       9
<PAGE>

                  (b) No Violation. Maker's execution, delivery and performance
of its obligations under this Note do not and will not violate the articles of
incorporation or by-laws of Maker and will not violate, conflict with or
constitute a default under any agreement to which Maker is a party;

                  (c) Consents. No consents, approvals, filings, or notices of,
with or to any Person are required on the part of Maker in connection with
Maker's execution, delivery and performance of its obligations hereunder that
have not been duly obtained, made or given, as the case may be;

                  (d) Enforceability. The Note is valid, binding and enforceable
in accordance with its terms, except as the enforceability hereof may be limited
by bankruptcy, insolvency, moratorium, reorganization or similar laws relating
to or affecting the enforcement of creditors' rights generally.

                  (e) Place of Business. Maker's principal place of business is
located at 715 South Country Club Drive, Mesa, AZ 85210.

         6. Affirmative Covenants. Maker hereby covenants and agrees that, so
long as any indebtedness under the Note remains unpaid, Maker shall:

                  (a) Use of Proceeds. Use the proceeds of the Loan to
capitalize the Property Owner and/or for other lawful corporate purposes.

                  (b) Inspection of Property; Books and Records; Discussions.
Keep proper books of record and account in which full, true and correct entries
in conformity with GAAP shall be made of all dealings and transactions in
relation to its business and activities and, upon reasonable notice, permit
representatives of Payee to examine and make abstracts from any of its books and
records at any reasonable time and as often as may reasonably be desired by
Payee and to discuss the business, operations, properties and financial and
other conditions of Maker with officers and employees of Maker and with its
independent certified public accountants. Such books and records shall be
available for at least five (5) years after the end of the relevant calendar
month. Payee shall have the right to inspect, copy and audit such books of
account and records at Payee's expense, during reasonable business hours, and
upon reasonable notice to Maker, for the purpose of verifying the accuracy of
any principal payments made. The costs of any such audit will be paid by Payee,
except that Maker shall pay all reasonable costs and expenses of any such audit
which discloses that any amount properly payable by Maker to Payee hereunder
exceeded by five percent (5%) or more the amount actually paid and initially
reported by Maker as being payable with respect thereto.

                  (c) Notices. Give prompt written notice to Payee of (i) any
claims, proceedings or disputes (whether or not purportedly on behalf of Maker)
against, or to Maker's knowledge, threatened or affecting Maker or the Real
Property which, if adversely determined, could reasonably be expected to have a
material adverse effect on Maker (without in any way limiting the foregoing,
claims, proceedings, or disputes involving in the aggregate monetary amounts in
excess of $500,000 not fully covered by insurance shall be deemed to be
material). Additionally, Maker shall

                                       10
<PAGE>

give prompt written notice to Payee of any fact known to Maker which would
prohibit the making of any payment on or in respect of this Note, but failure to
give such notice shall not affect any subordination of this Note to the SAC
Holding Senior Notes as provided in Section 2(i) hereof or otherwise.

                  (d) Expenses. Pay all reasonable out-of-pocket expenses
(including fees and disbursements of counsel, including special local counsel)
of Payee, incident to any amendments, waivers and renewals of this Note.

                  (e) Co-operation. Execute and deliver to Payee any and all
instruments, documents and agreements, and do or cause to be done from time to
time any and all other acts, reasonably deemed necessary or desirable by Payee
to effectuate the provisions and purposes of this Note.

                  (f) Management Agreement. Cause or permit the Real Property to
be managed by subsidiaries of U-Haul International, Inc. or to be at all times
managed by a nationally recognized self-storage property management company (the
"Property Manager") approved by the Payee, which Property Manager shall be
employed pursuant to an agreement (the "Property Management Agreement") approved
by the Payee. In no event shall the fees paid (or required to be paid) to the
Property Manager exceed six percent (6%) of Gross Receipts for any time period.

         7. Negative Covenants. Maker hereby agrees that, as long as any
indebtedness under the Note remains unpaid, Maker shall not, directly or
indirectly:

                  (a) Indebtedness. Create, incur or assume any Indebtedness
except for: (i) the SAC Holding Senior Notes; (ii) the Loan; (iii) Maker's
contingent obligations under the secured Real Property debt (as the same may be
amended, extended or refinanced from time to time by mortgage loan, sale
leaseback transaction or otherwise) and the other senior mortgage loans extended
to subsidiaries or other affiliates of Maker (as the same may be amended,
extended or refinanced from time to time by mortgage loan, sale leaseback
transaction or otherwise); (iv) non-delinquent taxes; (v) unsecured debt
incurred in the ordinary course of business and (vi) other indebtedness owed to
Payee and its affiliates; provided, however, that for so long as the SAC Holding
Senior Notes are outstanding, Maker shall not incur any Indebtedness prohibited
by the terms of the SAC Notes Indenture.

                  (b) No Bankruptcy Filing. To the extent permitted by law,
without the unanimous consent of the Board of Directors of the Maker (for these
purposes such Board of Directors will not include any committee thereof)
voluntarily file any petition for bankruptcy, reorganization, assignment for the
benefit of creditors or similar proceeding.

         8. Event of Default; Remedies. Any one of the following occurrences
shall constitute an Event of Default under this Note:

                  (a) The failure by the undersigned to make any payment of
principal or Interest

                                       11
<PAGE>

upon this Note as and when the same becomes due and payable in accordance with
the provisions hereof, and the continuation of such failure for a period of ten
(10) days after receipt of notice thereof to the Maker;

                  (b) Any representation, warranty or certification made by
Maker herein or in any report delivered to the Payee under or in connection with
this Note is materially inaccurate or incomplete as of the date made; provided,
however, that such inaccurate or incomplete representation, warranty or
certification is material and cannot be cured without material prejudice to the
Payee within 30 days written notice thereof to Maker;

                  (c) The failure by Maker to perform any obligation under, or
the occurrence of any other default with respect to any provision of, this Note
other than as described in any of the other clauses of this Section 8, and the
continuation of such default for a period of 30 days after written notice
thereof to the Maker;

                  (d) (i) Maker shall file, institute or commence any case,
proceeding or other action (A) under any existing or future law of any
jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
reorganization or relief of debtors, seeking to have an order for relief entered
with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or
seeking reorganization, arrangement, adjustment, winding-up, liquidation,
dissolution, composition or other relief with respect to it or its debts, or (B)
seeking appointment of a receiver, trustee, custodian or other similar official
for it or for all or any substantial part of its assets, or Maker shall make a
general assignment for the benefit of its creditors; or (ii) there shall be
filed, instituted or commenced against Maker any case, proceeding or other
action of a nature referred to in clause (i) above which (A) results in the
entry of any order for relief or any such adjudication or appointment, or (B)
remains undismissed undischarged for a period of 60 days; or (iii) there shall
be commenced against Maker any case, proceeding or other action seeking issuance
of a warrant of attachment, execution, distraint or similar process against all
or substantially all of its assets which results in the entry of an order for
any such relief which shall not have been vacated, discharged, stayed,
satisfied, or bonded to Payee's satisfaction pending appeal, within 60 days from
the first entry thereof; or (iv) Maker shall take any action in furtherance of,
or indicating its consent to, approval of, or acquiescence in, any of the acts
described in any of the preceding clauses (i), (ii) or (iii); or (v) Maker shall
not, or shall be unable to, or shall admit in writing its inability to, pay its
debts as they become due, or shall in writing admit that it is insolvent; or

                  (f) one or more final judgments or orders that exceed $80
million in the aggregate (net of amounts bonded, covered by insurance or covered
by a binding agreement for indemnification from a third party) for the payment
of money have been entered by a court or courts of competent jurisdiction
against Maker and such judgment or judgments have not been satisfied, stayed,
annulled or rescinded within 60 days of being entered or, in the event such
judgments have been bonded to the extent required pending appeal, after the date
such judgments become non-appealable.

         Upon the occurrence of any Event of Default hereunder, the entire
unpaid principal balance of, and any unpaid Basic Interest and Additional
Interest then accrued on, this Note at the option of

                                       12
<PAGE>

the Payee and without demand or notice of any kind to the undersigned or any
other person, shall, subject to the PSA, immediately become and be due and
payable in full; and the Payee shall have and may exercise any and all rights
and remedies available at law or in equity.

         9. Offset. In addition to (and not in limitation of) any rights of
offset that the Payee hereof may have under applicable law, upon the occurrence
of any Event of Default hereunder the Payee hereof shall have the right,
immediately and without notice, to appropriate and apply to the payment of this
Note any and all balances, credits, deposits, accounts or moneys of the Maker
then or thereafter with or held by the Payee or an affiliate of Payee.

         10. Allocation of Balances or of Payments. At any and all times until
this Note and all amounts hereunder (including principal, Interest, and other
charges and amounts, if any) are paid in full, all payments (whether of
principal, Interest or other amounts) made by the undersigned or any other
person (including any guarantor) to the Payee hereof may be allocated by the
Payee to principal, Interest or other charges or amounts as the Payee may
determine in its sole, exclusive and unreviewable discretion (and without notice
to or the consent of any person).

         11. Captions. Any headings or captions in this Note are inserted for
convenience of reference only, and they shall not be deemed to constitute a part
hereof, nor shall they be used to construe or interpret the provisions of this
Note.

         12. Waiver.

                  (a) Maker, for itself and for its successors, transferees and
assigns, hereby waives diligence, presentment and demand for payment, protest,
notice of protest and nonpayment, dishonor and notice of dishonor, notice of the
intention to accelerate, notice of acceleration, and all other demands or
notices of any and every kind whatsoever (except only for any notice of default
expressly provided for in Section 8 of this Note) and the undersigned agrees
that this Note and any or all payments coming due hereunder may be extended from
time to time in the sole discretion of the Payee hereof without in any way
affecting or diminishing their liability hereunder.

                  (b) No extension of the time for the payment of this Note or
any payment becoming due or payable hereunder, which may be made by agreement
with any Person now or hereafter liable for the payment of this Note, shall
operate to release, discharge, modify, change or affect the original liability
under this Note, either in whole or in part, of the Maker if it is not a party
to such agreement.

                  (c) No delay in the exercise of any right or remedy hereunder
shall be deemed a waiver of such right or remedy, nor shall the exercise of any
right or remedy be deemed an election of remedies or a waiver of any other right
or remedy. Without limiting the generality of the foregoing, the failure of the
Payee hereof promptly after the occurrence of any Event of Default hereunder to
exercise its right to declare the indebtedness remaining unmatured hereunder to
be immediately due and payable shall not constitute a waiver of such right while
such Event of Default continues nor a waiver of such right in connection with
any future Event of Default on the part of the undersigned.

                                       13
<PAGE>

         13. Payment of Costs. The undersigned hereby expressly agrees that upon
the occurrence of any Event of Default under this Note, the undersigned will pay
to the Payee hereof, on demand, all reasonable costs of collection or
enforcement, including (but not limited to) all attorneys' fees, court costs,
and other costs and reasonable expenses incurred by the Payee hereof, on demand,
all reasonable costs of collection or enforcement, including (but not limited
to) all attorneys' fees, court costs, and other reasonable costs and expenses
incurred by the Payee hereof in connection with the protection of this Note,
whether or not any lawsuit is ever filed with respect thereto.

         14. Unsecured Note. This Note is unsecured.

         15. Notices. All notices, demands and other communications hereunder to
either party shall be made in writing and shall be deemed to have been given
when actually received or, if mailed, on the first to occur of actual receipt or
the third business day after the deposit thereof in the United States mails, by
registered or certified mail, postage prepaid, addressed as follows:

         If to the Maker:  SAC Holding Corporation
                           715 South Country Club Drive
                           Mesa, AZ 85210
                           Attention: President
                           Fax No.: 480-835-5478

         If to Payee :     U-Haul International, Inc.
                           2721 North Central Avenue
                           Phoenix, Arizona 85004
                           Attention: President

or to either party at such other address as such party may designate as its
address for the receipt of notices hereunder in a written notice duly given to
the other party.

         16. Time of the Essence. Time is hereby declared to be of the essence
of this Note and of every part hereof.

         17. Governing Law. This Note shall be governed by and construed in
accordance with the internal laws of the State of Arizona.

         18. Jurisdiction. In any controversy, dispute or question arising
hereunder, the Maker consents to the exercise of jurisdiction over its person
and property by any court of competent jurisdiction situated in the State of
Arizona (whether it be a court of the State of Arizona, or a court of the United
States of America situated in the State of Arizona), and in connection
therewith, agrees to submit to, and be bound by, the jurisdiction of such court
upon Payee's mailing of process by registered or certified mail, return receipt
requested, postage prepaid, within or without the State of Arizona, to the Maker
at its address for receipt of notices under this Note.

                                       14
<PAGE>

         19. PAYEE NOT PARTNER OF MAKER. UNDER NO CIRCUMSTANCES WHATSOEVER SHALL
THE PAYEE OF THIS NOTE BE DEEMED TO BE A PARTNER OR A CO-VENTURER WITH MAKER OR
MAKER'S SUBSIDIARIES. MAKER SHALL NOT REPRESENT TO ANY PERSON THAT THE MAKER AND
THE PAYEE HEREOF ARE PARTNERS OR CO-VENTURERS.

         20. JURY TRIAL. THE MAKER HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL
BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS
NOTE, OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR
WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR
ARISING FROM ANY RELATIONSHIP EXISTING IN CONNECTION WITH THIS NOTE, AND AGREES
THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE
A JURY.

         21. Entire Agreement. This Note constitutes the entire agreement
between Maker and Payee. No representations, warranties, undertakings, or
promises whether written or oral, expressed or implied have been made by the
Payee or its agent unless expressly stated in this Note.

                                       15
<PAGE>

         IN WITNESS WHEREOF, the undersigned has executed and delivered this
Note, pursuant to proper authority duly granted, as of the date and year first
above written.

                  SAC HOLDING CORPORATION
                  a Nevada corporation

                  By:  __________________________________

                  Its: __________________________________

                                       16

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.15
<SEQUENCE>167
<FILENAME>p68936exv4w15.txt
<DESCRIPTION>EXHIBIT 4.15
<TEXT>
<PAGE>
                                                                    EXHIBIT 4.15

 THIS INSTRUMENT IS SUBJECT TO THAT CERTAIN SAC PARTICIPATION AND SUBORDINATION
AGREEMENT (THE "PSA") DATED AS OF MARCH 15, 2004 AMONG SAC HOLDING CORPORATION,
    SAC HOLDING II CORPORATION (COLLECTIVELY, "SAC HOLDING"), AMERCO, U-HAUL
   INTERNATIONAL, INC., AND LAW DEBENTURE TRUST COMPANY OF NEW YORK, INC., AS
         TRUSTEE UNDER THAT CERTAIN INDENTURE WITH RESPECT TO THE 8.5%
                      SENIOR NOTES DUE 2014 OF SAC HOLDING

                      AMENDED AND RESTATED PROMISSORY NOTE

Maximum principal amount of up to                      Dated as of March 1, 2004
$47,500,000.00

         FOR VALUE RECEIVED, the undersigned SAC Holding Corporation, a Nevada
corporation (the "Maker" or the "undersigned"), promises to pay to the order of
U-Haul International, Inc. a Nevada corporation, ("Payee"), at the principal
office of the Payee at 2721 North Central Avenue, Phoenix, Arizona 85004 or at
such other place or places as Payee may from time to time designate in writing,
the principal sum of up to Forty-Seven Million Five Hundred Thousand and
no/100th Dollars ($47,500,000.00), or, if less, the aggregate unpaid principal
amount of the Loan made by Payee to Maker, with Interest on the principal
balance outstanding from time to time, all as hereinafter set forth.

         1. Definitions. As used in this Note, each of the following terms shall
have the following meanings, respectively:

         "Accrual Rate": shall mean the annual interest rate of nine percent
(9%).

         "Additional Interest": shall mean and include both Cash Flow Contingent
Interest and Capital Proceeds Contingent Interest.

         "Basic Interest": shall have the meaning given it in Section 2(a)
below.

         "Capital Proceeds Contingent Interest": shall have the meaning given it
in Section 2(h)(i) below.

         "Cash Flow Contingent Interest": shall have the meaning given it in
Section 2(e) below.

         "Catch-Up Payment": shall have the meaning given it in Section 2(d).

         "Deferred Interest": shall have the meaning given it in Section 2(a).

         "GAAP": shall mean generally accepted accounting principles as used and
understood in the United States of America from time to time.

         "Gross Receipts": shall mean, for any period all gross receipts,
revenues and income of any and every kind collected or received by or for the
benefit or account of Maker and the Property Owner during such period arising
from the ownership, rental, use, occupancy or operation of the Real Property.
Gross Receipts shall include, without limitation, all receipts from all tenants,

                                       1
<PAGE>

licensees, customers and other occupants and users of the Real Property,
including, without limitation, rents, security deposits and the like, interest
earned and paid or credited on all Maker's or the Property Owner's deposit
accounts related to the Real Property, all proceeds of rent or business
interruption insurance, and the proceeds of all casualty insurance and eminent
domain awards to the extent not applied, or reserved and applied within six (6)
months after the creation of such reserve, to the restoration of the Real
Property. Gross Receipts shall include the dealer commission payable from U-Haul
International, Inc. (or affiliate thereof) to Maker (or affiliate thereof) for
the rental of U-Haul equipment at the Real Property; provided however that such
dealer commissions payable shall not be included in Gross Receipts until the
15th day of the month following the month in which such rental occurred, all in
accordance with the customary procedure for the payment of dealer commissions.
Gross Receipts shall not include any capital contributed to Maker or proceeds
from any loan made to Maker or proceeds from the sale of any Real Property. Any
receipt included within Gross Receipts in one period shall not be included
within Gross Receipts for any other period (i.e., no item of revenue or receipts
shall be counted twice).

         "Highest Lawful Rate": shall mean the maximum rate of interest which
the Payee is allowed to contract for, charge, take, reserve, or receive under
applicable law after taking into account, to the extent required by applicable
law, any and all relevant payments or charges hereunder.

         "Interest": shall mean Basic Interest and Additional Interest.

         "Loan": shall mean the unsecured loan in the amount of up to
$47,500,000.00 made by Payee to Maker and evidenced by this Note, or up to such
amount as may have been advanced by Payee to Maker from time to time.

         "Management Fee": shall mean the fee paid to the Property Manager
pursuant to the Property Management Agreement.

         "Maturity Date": shall mean the first to occur of: (i) the Stated
Maturity Date; (ii) the date on which the unpaid principal balance of, and
unpaid Interest on, this Note shall become due and payable on account of
acceleration by Payee and (iii) the date on which a Triggering Event occurs.

         "Net Capital Proceeds": shall have the meaning given it in Section
2(h)(iv) below.

         "Net Cash Flow": shall mean, for any period, the amount by which the
Gross Receipts for such period exceed the sum of Interest paid during such
period and Operating Expenses paid for and with respect to such period; but Net
Cash Flow for any period shall not be less than zero.

         "Net Cash Flow Before Debt Service": shall mean, for any period, the
amount by which the Gross Receipts for such period exceed the Operating Expenses
for and with respect to such period.

         "Note": shall mean this Amended and Restated Promissory Note as it may
be amended, modified, extended or restated from time to time, together with all
substitutions and replacements therefor.

                                       2
<PAGE>

         "Operating Expenses": shall mean, for any period, all cash expenditures
of Maker and the Property Owner actually paid (and properly payable) during such
period for (i) real and personal property taxes on the Real Property; (ii)
principal and interest on the secured Real Property debt; (iii) premiums for
liability, property and other insurance on the Real Property; (iv) the
Management Fee; (v) sales and rental taxes relating to the Real Property; and
(vi) normal, reasonable and customary operating expenses of the Real Property.
In no event shall Operating Expenses include amounts distributed to the partners
or shareholder's of Maker or the Property Owner, any payments made on the Loan
or any other loan obtained by Maker, amounts paid out of any funded reserve
expressly approved by Payee, if any, non-cash expenses such as depreciation, or
any cost or expense related to the restoration of the Property in the event of a
casualty or eminent domain taking paid for from the proceeds of insurance or an
eminent domain award or any reserve funded by insurance proceeds or eminent
domain awards.

         "Pay Rate": shall mean a rate per annum equal of two percent (2.0%).

         "Pay Rate Interest": shall mean the interest on the unpaid principal
balance of this Note from time to time outstanding at the Pay Rate.

         "Person": shall mean any corporation, natural person, firm, joint
venture, general partnership, limited partnership, limited liability company,
trust, unincorporated organization, government or any department or agency of
any government.

         "Property Manager": shall have the meaning given it in Section 6(f)
below.

         "Property Management Agreement": shall have the meaning given such term
in Section 6(f) below.

         "Property Owner" means, collectively, Twenty SAC Self-Storage
Corporation, a Nevada corporation, Twenty-One SAC Self-Storage Corporation, a
Nevada corporation, Twenty-Two SAC Self-Storage Corporation, a Nevada
corporation and Twenty-Three SAC Self-Storage Corporation, a Nevada corporation.

         "Real Property" means the real property owned by Property Owner from
time to time.

         "SAC Holding Senior Notes": shall mean the 8.5% Senior Notes due 2014
of SAC Holding Corporation and SAC Holding II Corporation.

         "SAC Notes Indenture": shall mean that certain Indenture with respect
to the SAC Holding Senior Notes.

         "Sale": shall mean any direct or indirect sale, assignment, transfer,
conveyance, lease or disposition of any kind whatsoever of (i) the Real Property
or any portion thereof (excluding leases and licenses in the ordinary course of
business, the granting of easements, servitudes, rights-of-way, dedications and
like interests in the ordinary course of business and conveyances pursuant to
condemnations or eminent domain) or (ii) 25% or more (in the aggregate of all
such sales,

                                       3
<PAGE>

assignments, transfers, conveyances or dispositions made at any time or from
time to time, taken together) of the equity interests in Property Owner.

         "Stated Maturity Date": shall mean the earlier of (i) January 1, 2022
and (ii) from and after April 1, 2014, on demand by Payee.

         "Triggering Event": shall have the meaning given it in Section 2(h)(ii)
below.

         2. Interest.

                  (a) Basic Interest Rate Prior to Maturity. From the date
hereof through and including the Maturity Date, interest ("Basic Interest")
shall accrue on the principal balance of this Note outstanding from time to time
at the Accrual Rate. Notwithstanding the foregoing, on the first business day of
each month commencing on March 1, 2004 and through the Maturity Date, Maker
shall pay to Payee Pay Rate Interest on the unpaid principal balance of this
Note. The remainder of the Basic Interest ("Deferred Interest") shall be
deferred and shall bear interest at the Accrual Rate, and shall be payable as
and at the time provided in Section 2(d) below. Any accrued interest on the
Deferred Interest shall be considered part of Deferred Interest.

         All interest hereunder shall be payable monthly in arrears, on the
first business day of each month.

                  (b) Post-Maturity Basic Interest. From and after the Maturity
Date, Basic Interest shall accrue and be payable on the outstanding principal
balance hereof until paid in full at an annual rate equal to fifteen percent
(15%) and such interest shall be payable upon demand.

                  (c) Computations. All computations of interest and fees
payable hereunder shall be based upon a year of 360 days for the actual number
of days elapsed.

                  (d) Deferred Interest. Deferred Interest shall be paid as
follows:

                           (i) On each monthly date for the payment of Basic
Interest, Maker shall pay an amount, if any (the "Catch-Up Payment"), equal to
the lesser of (i) the aggregate outstanding Deferred Interest on the last day of
the month for which such payment is being made and (ii) ninety percent (90%) of
the result of subtracting from Net Cash Flow Before Debt Service for that month
an amount equal to twice the Pay Rate Interest for such period;

                           (ii) All unpaid Deferred Interest shall be paid on
the Maturity Date; and

                           (iii) No payment of Deferred Interest may, when added
to all other payments of Interest or payments construed as interest, shall
exceed the Highest Lawful Rate.

                  (e) Cash Flow Contingent Interest. In addition to Basic
Interest and Deferred Interest, on each date on which Basic Interest is payable
hereunder, Maker shall pay to Payee interest ("Cash Flow Contingent Interest")
in an amount equal to the amount (if any) by which (i)

                                       4
<PAGE>

ninety percent (90%) of the result of subtracting from Net Cash Flow Before Debt
Service for that month an amount equal to twice the Pay Rate Interest for such
period (each calculated as of that date) exceeds (ii) the Catch-Up Payment paid
on that date by Maker to Payee.

                  (f) Statements; Adjustment of Payments. Within thirty (30)
days following the due date for each payment of Basic Interest, Maker shall,
upon the request of Payee, deliver to Payee a statement of operations of the
Real Property for the month or other period with respect to which such Basic
Interest is due, showing in reasonable detail and in a format approved by Payee
the respective amounts of, and the method of calculating Gross Receipts,
Operating Expenses, Net Cash Flow, Catch-Up Payment and Cash Flow Contingent
Interest for the preceding month, as well as (if requested by Payee) all data
reasonably necessary for the calculation of any such amounts. Maker shall keep
and maintain at all times full and accurate books of account and records
adequate to correctly reflect all such amounts. Such books and records shall be
available for at least five years after the end of the month to which they
relate. Payee shall have the right to inspect, copy and audit such books of
account and records during reasonable business hours, and upon prior reasonable
notice to Maker, for the purpose of verifying the accuracy of any payments made
on account of any interest payments made hereunder. The costs of any such audit
will be paid by Payee, except that Maker shall pay all reasonable costs and
expenses of any such audit which discloses that any amount properly payable by
Maker to Payee hereunder exceeded by five percent (5%) or more the amount
actually paid and initially reported by Maker as being payable with respect
thereto.

                  (g) Prorations of Cash Flow Contingent Interest. All interest
shall be equitably prorated on the basis of a 360-day year for any partial month
in which the term of the Loan commences or in which the Note is paid in full.

                  (h) Capital Proceeds Contingent Interest.

                           (i) Capital Proceeds Contingent Interest Defined.
Subject to Section 2(i) hereof, Maker shall pay to Payee, in addition to Pay
Rate Interest, Deferred Interest and Cash Flow Contingent Interest, at the time
or times and in the manner hereinafter described, an amount equal to ninety
percent (90%) of the Net Capital Proceeds resulting from, or determined at the
time of, any of the Triggering Events described below (collectively, "Capital
Proceeds Contingent Interest").

                           (ii) Events Triggering Payment of Net Capital
Proceeds. Subject to Section 2(i) hereof, Capital Proceeds Contingent Interest
shall be due and payable concurrently with the occurrence of each and every one
of the following events (collectively "Triggering Events", and individually, a
"Triggering Event"):

                                    (A) Property Sale or Financing. The closing
of any Sale or refinancing of the Real Property (any such event is hereinafter
collectively referred to as a "Sale or Financing");

                                    (B) Default Occurrence. The occurrence of
any Event of Default and the acceleration of the maturity of the Loan on account
thereof (hereinafter collectively referred

                                       5
<PAGE>

to as a "Default Occurrence"); and

                                    (C) Maturity Occurrence. The occurrence of
the Maturity Date (the "Maturity Occurrence").

                           (iii) Notice of Triggering Event: Time for Payment of
Capital Proceeds Contingent Interest. Maker shall notify Payee of the occurrence
of a Triggering Event, and shall pay Payee the full amount of any applicable
Capital Proceeds Contingent Interest which is payable in connection therewith,
as follows:

                                    (A) In the case of any Sale or Financing or
the Maturity Occurrence, Maker shall give Payee written notice of any such
Triggering Event not less than forty-five (45) days before the date such
Triggering Event is to occur. Any Capital Proceeds Contingent Interest due Payee
on account of any Sale or Financing or the Maturity Occurrence shall be due and
payable to Payee within ninety (90) days of the date on which such Triggering
Event occurs.

                                    (B) In the case of a Default Occurrence, no
notice of such a Triggering Event need be given by Maker. In such event, payment
of any and all Capital Proceeds Contingent Interest on account of the Default
Occurrence shall be immediately due and payable upon acceleration of the
maturity of the Loan.

                           (iv) Determination of Net Capital Proceeds. Net
Capital Proceeds resulting from a Triggering Event shall be determined as
follows:

                                    (A) Net Capital Proceeds From Sale or
Financing. Except as provided in Section 2(h)(iv)(B) below, in the event of a
Sale or Financing, "Net Capital Proceeds" shall be the amount which is equal to:
(i) the Gross Capital Proceeds (as hereinafter defined) realized from the Real
Property minus (ii) the sum of: (aa) reasonable brokerage commissions (excluding
any payments to any affiliate of Maker to the extent such payments exceed those
which would have been due as commissions to a non-affiliate broker rendering
identical services), title insurance premiums, documentary transfer or stamp
taxes, mortgage taxes, environmental report fees, escrow fees and recording
charges, appraisal fees, reasonable attorneys' fees and costs, and sales taxes,
in each case actually paid or payable by Maker (or Property Owner) in connection
with the Sale or Financing, (bb) all payments of principal, Basic Interest and
Cash Flow Contingent Interest payable to Payee on account of this Note from the
proceeds of such Sale or Financing, and (cc) an amount equal to all payments of
principal, interest and yield maintenance and/or defeasance fees and expenses
due and payable on any senior loans, if any (including, without limitation the
SAC Holding Senior Notes), made from the proceeds of such Sale or Financing. For
purposes of this Section 2(h), "Gross Capital Proceeds" shall mean the gross
proceeds of whatever form or nature payable directly or indirectly to or for the
benefit or account of Maker in connection with such Sale or Financing,
including, without limitation: cash, the outstanding balance of any financing
which will remain as a lien or encumbrance against the Real Property or any
portion thereof following such Sale or Financing (but only in the case of a
Sale, and not in the case of an encumbrance), and the cash equivalent of the
fair market value of any non-cash consideration, including the present value of
any promissory note received as part of the proceeds of such Sale or

                                       6
<PAGE>

Financing (valued at a market rate of interest).

                                    (B) Net Capital Proceeds In Connection With
a Default or Maturity Occurrence. In the event of a Default Occurrence or the
Maturity Occurrence when no Sale or Financing has occurred, the "Net Capital
Proceeds" shall equal: (i) the fair market value of the Real Property determined
as of the date of such Triggering Event in accordance with Section 2(h)(v)
below, minus (ii) the sum of (aa) the outstanding principal balance, together
with accrued but unpaid Basic Interest on this Note and (bb) the outstanding
principal balance of, and accrued but unpaid interest on, the secured Real
Property debt.

                           (v) Determination of Fair Market Value. The fair
market value of the Real Property shall be determined for purposes of this Note
as follows:

                                    (A) Partial Sale. In the event of a Sale of
a portion of the Real Property, Payee shall select an experienced and reputable
appraiser to prepare a written appraisal report of the fair market value of the
Real Property in accordance with clause (C) below, and the appraised fair market
value submitted to Payee by such appraiser shall be conclusive for purposes of
this Note.

                                    (B) Other Occurrences. In all other
circumstances the fair market value of the Real Property shall be deemed to
equal the result of dividing the Net Cash Flow Before Debt Service for the
immediately preceding fiscal year by ten percent (10%). However, if the Net Cash
Flow Before Debt Service for the immediately preceding fiscal year has been
lowered because of unusually high Operating Expenses during such fiscal year the
fair market value of the Real Property may, at the option of the Maker be
determined by dividing by ten percent (10%) the mean average of the Net Cash
Flow Before Debt Service of the Real Property for the three immediately
preceding fiscal years of the Real Property.

                                    (C) Appraisal Standards and Assumptions. In
making any determination by appraisal of fair market value, the appraiser(s)
shall assume that the improvements then located on the Real Property constitute
the highest and best use of the property. If the Triggering Event is a Sale or
Financing, the appraiser(s) shall take the sales price into account, although
such sales price shall not be determinative of fair market value. Each appraiser
selected hereunder shall be an independent MAI-designated appraiser with not
less than ten years' experience in commercial real estate appraisal in the
general geographical area where the Real Property is located.

                           (vi) Statement, Books and Records. With each payment
of Capital Proceeds Contingent Interest, Maker shall furnish to Payee a
statement setting forth Maker's calculation of Net Capital Proceeds and Capital
Proceeds Contingent Interest and shall provide a detailed breakdown of all items
necessary for such calculation. For a period of five years after each payment of
Capital Proceeds Contingent Interest, Maker shall keep and maintain full and
accurate books and records adequate to correctly reflect each such item. Said
books and records shall be available for Payee's inspection, copying and audit
during reasonable business hours following reasonable notice for the purpose of
verifying the accuracy of the payments made on account of Capital Proceeds

                                       7
<PAGE>

Contingent Interest. The costs of any such audit will be paid by Payee, except
that Maker shall pay all reasonable costs and expenses of any such audit which
discloses that any amount properly payable by Maker to Payee hereunder exceeded
by five percent (5%) or more the amount actually paid and initially reported by
maker as being payable with respect thereto.

                           (viii) Negative Capital Proceeds Contingent Interest.
Notwithstanding any other provision of this Agreement, Payee shall not be
responsible or liable in any respect to Maker or any other Person for any
reduction in the fair market value of the Real Property or for any contingency,
condition or occurrence that might result in a negative number for Capital
Proceeds Contingent Interest. If at any time it is calculated, Capital Proceeds
Contingent Interest shall be a negative amount, no Capital Proceeds Contingent
Interest shall at that time be payable to Payee, but Payee shall in no way be
liable for any such negative amount and there shall be no deduction or offset
for such negative amount at any time when Capital Proceeds Contingent Interest
shall be subsequently calculated.

                  (i) Limitation on Capital Proceeds Contingent Interest while
SAC Holding Senior Notes Remain Outstanding. Notwithstanding anything to the
contrary herein, in the event a Triggering Event takes place at any time while
all or any portion of the SAC Holding Senior Notes is outstanding, the payment
of any Capital Proceeds Contingent Interest on account of such occurrence shall
be deferred as hereinafter provided, and any amounts constituting Excess Sale
Proceeds or Excess Refinancing Proceeds under the SAC Notes Indenture related to
such occurrence shall be applied to redeem or repurchase the SAC Holding Senior
Notes, in accordance with the terms of the SAC Notes Indenture, it being agreed
that payment of Capital Proceeds Contingent Interest is subordinate to the
payment in full of the SAC Holding Senior Notes. Subject to the terms of the SAC
Notes Indenture and the PSA, Capital Proceeds Contingent Interest shall be paid
within five years of the occurrence of such Triggering Event.

         3. Usury Savings Clause. The provisions of this Section 3 shall govern
and control over any inconsistent provision contained in this Note. The Payee
hereof shall never be entitled to receive, collect, or apply as interest hereon
(for purposes of this Section 3, the word "interest" shall be deemed to include
Basic Interest, Additional Interest and any other sums treated as interest under
applicable law governing matters of usury and unlawful interest), any amount in
excess of the Highest Lawful Rate (hereinafter defined) and, in the event the
Payee ever receives, collects, or applies as interest any such excess, such
amount which would be excessive interest shall be deemed a partial prepayment of
principal and shall be treated hereunder as such; and, if the principal of this
Note is paid in full, any remaining excess shall forthwith be paid to Maker. In
determining whether or not the interest paid or payable, under any specific
contingency, exceeds the Highest Lawful Rate, Maker and the Payee shall, to the
maximum extent permitted under applicable law, (i) characterize any nonprincipal
payment as an expense, fee, or premium rather than as interest, (ii) exclude
voluntary prepayments and the effects thereof, and (iii) spread the total amount
of interest throughout the entire contemplated term of this Note; provided, that
if this Note is paid and performed in full prior to the end of the full
contemplated term hereof, and if the interest received for the actual period of
existence hereof exceeds the Highest Lawful Rate, the Payee shall refund to
Maker the amount of such excess or credit the amount of such excess against the
principal of this Note, and, in such event, the Payee shall not be subject to
any penalties provided by any laws for

                                       8
<PAGE>

contracting for, charging, or receiving interest in excess of the Highest Lawful
Rate.

         4. Payments.

                  (a) Interest. Maker promises to pay to Payee Basic Interest
and Additional Interest the respective amounts, and at the respective times
provided in Section 2 hereinabove. No principal payments shall be due hereunder
except as required at the Maturity Date. Each payment of Basic Interest
(including without limitation, Deferred Interest) and Additional Interest shall
be payable in Phoenix, Arizona (or at any other place which Payee may hereafter
designate from time to time for such purpose in a notice duly given to Maker
hereunder), not later than noon, Pacific Standard Time, on the date due thereof;
and funds received after that hour shall be deemed to have been received by the
Payee on the next following business day. Whenever any payment to be made under
this Note shall be stated to be due on a date which is not a business day, the
due date thereof shall be extended to the next succeeding business day, and
interest shall be payable at the applicable rate during such extension.

                  (b) Principal. The principal amount of this Note, together
with all accrued but unpaid Interest, shall be due and payable upon the Maturity
Date.

                  (c) Late Payment Charges. If any amount of Interest, principal
or any other charge or amount which becomes due and payable under this Note is
not paid and received by the Payee within five business days after the date it
first becomes due and payable, Maker shall pay to the Payee hereof a late
payment charge in an amount equal to five percent (5%) of the full amount of
such late payment, whether such late payment is received prior to or after the
expiration of the ten-day cure period set forth in Section 8(a). Maker
recognizes that in the event any payment hereunder (other than the principal
payment due upon Maturity Date, whether by acceleration or otherwise) is not
made when due, Payee will incur extra expenses in handling the delinquent
payment, the exact amount of which is impossible to ascertain, but that a charge
of five percent (5%) of the amount of the delinquent payment is a reasonable
estimate of the expenses reasonably anticipated to be so incurred.

                  (d) Prepayment. Maker shall have the right to prepay this
Note, without penalty, in whole or in part, at any time in Maker's discretion.

         5. Representations and Warranties of Maker. Maker represents and
warrants to Payee, as of the date hereof, that:

                  (a) Due Authorization. Maker is a corporation duly organized
and validly existing under the laws of the state of its organization, and has
the power and authority to execute and deliver this Note and consummate the
transactions contemplated hereby;

                  (b) No Violation. Maker's execution, delivery and performance
of its obligations under this Note do not and will not violate the articles of
incorporation or by-laws of Maker and will not violate, conflict with or
constitute a default under any agreement to which Maker is a party;

                                       9
<PAGE>

                  (c) Consents. No consents, approvals, filings, or notices of,
with or to any Person are required on the part of Maker in connection with
Maker's execution, delivery and performance of its obligations hereunder that
have not been duly obtained, made or given, as the case may be;

                  (d) Enforceability. The Note is valid, binding and enforceable
in accordance with its terms, except as the enforceability hereof may be limited
by bankruptcy, insolvency, moratorium, reorganization or similar laws relating
to or affecting the enforcement of creditors' rights generally.

                  (e) Place of Business. Maker's principal place of business is
located at 715 South Country Club Drive, Mesa, AZ 85210.

         6. Affirmative Covenants. Maker hereby covenants and agrees that, so
long as any indebtedness under the Note remains unpaid, Maker shall:

                  (a) Use of Proceeds. Use the proceeds of the Loan to
capitalize the Property Owner and/or for other lawful corporate purposes.

                  (b) Inspection of Property; Books and Records; Discussions.
Keep proper books of record and account in which full, true and correct entries
in conformity with GAAP shall be made of all dealings and transactions in
relation to its business and activities and, upon reasonable notice, permit
representatives of Payee to examine and make abstracts from any of its books and
records at any reasonable time and as often as may reasonably be desired by
Payee and to discuss the business, operations, properties and financial and
other conditions of Maker with officers and employees of Maker and with its
independent certified public accountants. Such books and records shall be
available for at least five (5) years after the end of the relevant calendar
month. Payee shall have the right to inspect, copy and audit such books of
account and records at Payee's expense, during reasonable business hours, and
upon reasonable notice to Maker, for the purpose of verifying the accuracy of
any principal payments made. The costs of any such audit will be paid by Payee,
except that Maker shall pay all reasonable costs and expenses of any such audit
which discloses that any amount properly payable by Maker to Payee hereunder
exceeded by five percent (5%) or more the amount actually paid and initially
reported by Maker as being payable with respect thereto.

                  (c) Notices. Give prompt written notice to Payee of (i) any
claims, proceedings or disputes (whether or not purportedly on behalf of Maker)
against, or to Maker's knowledge, threatened or affecting Maker or the Real
Property which, if adversely determined, could reasonably be expected to have a
material adverse effect on Maker (without in any way limiting the foregoing,
claims, proceedings, or disputes involving in the aggregate monetary amounts in
excess of $500,000 not fully covered by insurance shall be deemed to be
material). Additionally, Maker shall give prompt written notice to Payee of any
fact known to Maker which would prohibit the making of any payment on or in
respect of this Note, but failure to give such notice shall not affect any
subordination of this Note to the SAC Holding Senior Notes as provided in
Section 2(i) hereof or otherwise.

                                       10
<PAGE>

                  (d) Expenses. Pay all reasonable out-of-pocket expenses
(including fees and disbursements of counsel, including special local counsel)
of Payee, incident to any amendments, waivers and renewals of this Note.

                  (e) Co-operation. Execute and deliver to Payee any and all
instruments, documents and agreements, and do or cause to be done from time to
time any and all other acts, reasonably deemed necessary or desirable by Payee
to effectuate the provisions and purposes of this Note.

                  (f) Management Agreement. Cause or permit the Real Property to
be managed by subsidiaries of U-Haul International, Inc. or to be at all times
managed by a nationally recognized self-storage property management company (the
"Property Manager") approved by the Payee, which Property Manager shall be
employed pursuant to an agreement (the "Property Management Agreement") approved
by the Payee. In no event shall the fees paid (or required to be paid) to the
Property Manager exceed six percent (6%) of Gross Receipts for any time period.

         7. Negative Covenants. Maker hereby agrees that, as long as any
indebtedness under the Note remains unpaid, Maker shall not, directly or
indirectly:

                  (a) Indebtedness. Create, incur or assume any Indebtedness
except for: (i) the SAC Holding Senior Notes; (ii) the Loan; (iii) Maker's
contingent obligations under the secured Real Property debt (as the same may be
amended, extended or refinanced from time to time by mortgage loan, sale
leaseback transaction or otherwise) and the other senior mortgage loans extended
to subsidiaries or other affiliates of Maker (as the same may be amended,
extended or refinanced from time to time by mortgage loan, sale leaseback
transaction or otherwise); (iv) non-delinquent taxes; (v) unsecured debt
incurred in the ordinary course of business and (vi) other indebtedness owed to
Payee and its affiliates; provided, however, that for so long as the SAC Holding
Senior Notes are outstanding, Maker shall not incur any Indebtedness prohibited
by the terms of the SAC Notes Indenture.

                  (b) No Bankruptcy Filing. To the extent permitted by law,
without the unanimous consent of the Board of Directors of the Maker (for these
purposes such Board of Directors will not include any committee thereof)
voluntarily file any petition for bankruptcy, reorganization, assignment for the
benefit of creditors or similar proceeding.

         8. Event of Default; Remedies. Any one of the following occurrences
shall constitute an Event of Default under this Note:

                  (a) The failure by the undersigned to make any payment of
principal or Interest upon this Note as and when the same becomes due and
payable in accordance with the provisions hereof, and the continuation of such
failure for a period of ten (10) days after receipt of notice thereof to the
Maker;

                  (b) Any representation, warranty or certification made by
Maker herein or in any report delivered to the Payee under or in connection with
this Note is materially inaccurate or incomplete as of the date made; provided,
however, that such inaccurate or incomplete

                                       11
<PAGE>

representation, warranty or certification is material and cannot be cured
without material prejudice to the Payee within 30 days written notice thereof to
Maker;

                  (c) The failure by Maker to perform any obligation under, or
the occurrence of any other default with respect to any provision of, this Note
other than as described in any of the other clauses of this Section 8, and the
continuation of such default for a period of 30 days after written notice
thereof to the Maker;

                  (d) (i) Maker shall file, institute or commence any case,
proceeding or other action (A) under any existing or future law of any
jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
reorganization or relief of debtors, seeking to have an order for relief entered
with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or
seeking reorganization, arrangement, adjustment, winding-up, liquidation,
dissolution, composition or other relief with respect to it or its debts, or (B)
seeking appointment of a receiver, trustee, custodian or other similar official
for it or for all or any substantial part of its assets, or Maker shall make a
general assignment for the benefit of its creditors; or (ii) there shall be
filed, instituted or commenced against Maker any case, proceeding or other
action of a nature referred to in clause (i) above which (A) results in the
entry of any order for relief or any such adjudication or appointment, or (B)
remains undismissed undischarged for a period of 60 days; or (iii) there shall
be commenced against Maker any case, proceeding or other action seeking issuance
of a warrant of attachment, execution, distraint or similar process against all
or substantially all of its assets which results in the entry of an order for
any such relief which shall not have been vacated, discharged, stayed,
satisfied, or bonded to Payee's satisfaction pending appeal, within 60 days from
the first entry thereof; or (iv) Maker shall take any action in furtherance of,
or indicating its consent to, approval of, or acquiescence in, any of the acts
described in any of the preceding clauses (i), (ii) or (iii); or (v) Maker shall
not, or shall be unable to, or shall admit in writing its inability to, pay its
debts as they become due, or shall in writing admit that it is insolvent; or

                  (f) one or more final judgments or orders that exceed $80
million in the aggregate (net of amounts bonded, covered by insurance or covered
by a binding agreement for indemnification from a third party) for the payment
of money have been entered by a court or courts of competent jurisdiction
against Maker and such judgment or judgments have not been satisfied, stayed,
annulled or rescinded within 60 days of being entered or, in the event such
judgments have been bonded to the extent required pending appeal, after the date
such judgments become non-appealable.

         Upon the occurrence of any Event of Default hereunder, the entire
unpaid principal balance of, and any unpaid Basic Interest and Additional
Interest then accrued on, this Note at the option of the Payee and without
demand or notice of any kind to the undersigned or any other person, shall,
subject to the terms of the PSA, immediately become and be due and payable in
full; and the Payee shall have and may exercise any and all rights and remedies
available at law or in equity.

         9. Offset. In addition to (and not in limitation of) any rights of
offset that the Payee hereof may have under applicable law, upon the occurrence
of any Event of Default hereunder the Payee hereof shall have the right,
immediately and without notice, to appropriate and apply to the payment

                                       12
<PAGE>

of this Note any and all balances, credits, deposits, accounts or moneys of the
Maker then or thereafter with or held by the Payee or an affilate of Payee.

         10. Allocation of Balances or of Payments. At any and all times until
this Note and all amounts hereunder (including principal, Interest, and other
charges and amounts, if any) are paid in full, all payments (whether of
principal, Interest or other amounts) made by the undersigned or any other
person (including any guarantor) to the Payee hereof may be allocated by the
Payee to principal, Interest or other charges or amounts as the Payee may
determine in its sole, exclusive and unreviewable discretion (and without notice
to or the consent of any person).

         11. Captions. Any headings or captions in this Note are inserted for
convenience of reference only, and they shall not be deemed to constitute a part
hereof, nor shall they be used to construe or interpret the provisions of this
Note.

         12. Waiver.

                  (a) Maker, for itself and for its successors, transferees and
assigns, hereby waives diligence, presentment and demand for payment, protest,
notice of protest and nonpayment, dishonor and notice of dishonor, notice of the
intention to accelerate, notice of acceleration, and all other demands or
notices of any and every kind whatsoever (except only for any notice of default
expressly provided for in Section 8 of this Note) and the undersigned agrees
that this Note and any or all payments coming due hereunder may be extended from
time to time in the sole discretion of the Payee hereof without in any way
affecting or diminishing their liability hereunder.

                  (b) No extension of the time for the payment of this Note or
any payment becoming due or payable hereunder, which may be made by agreement
with any Person now or hereafter liable for the payment of this Note, shall
operate to release, discharge, modify, change or affect the original liability
under this Note, either in whole or in part, of the Maker if it is not a party
to such agreement.

                  (c) No delay in the exercise of any right or remedy hereunder
shall be deemed a waiver of such right or remedy, nor shall the exercise of any
right or remedy be deemed an election of remedies or a waiver of any other right
or remedy. Without limiting the generality of the foregoing, the failure of the
Payee hereof promptly after the occurrence of any Event of Default hereunder to
exercise its right to declare the indebtedness remaining unmatured hereunder to
be immediately due and payable shall not constitute a waiver of such right while
such Event of Default continues nor a waiver of such right in connection with
any future Event of Default on the part of the undersigned.

         13. Payment of Costs. The undersigned hereby expressly agrees that upon
the occurrence of any Event of Default under this Note, the undersigned will pay
to the Payee hereof, on demand, all reasonable costs of collection or
enforcement, including (but not limited to) all attorneys' fees, court costs,
and other costs and reasonable expenses incurred by the Payee hereof, on demand,
all reasonable costs of collection or enforcement, including (but not limited
to) all attorneys' fees, court costs, and other reasonable costs and expenses
incurred by the Payee hereof in connection with the

                                       13
<PAGE>

protection of this Note, whether or not any lawsuit is ever filed with respect
thereto.

         14. Unsecured Note. This Note is unsecured.

         15. Notices. All notices, demands and other communications hereunder to
either party shall be made in writing and shall be deemed to have been given
when actually received or, if mailed, on the first to occur of actual receipt or
the third business day after the deposit thereof in the United States mails, by
registered or certified mail, postage prepaid, addressed as follows:

         If to the Maker:  SAC Holding Corporation
                           715 South Country Club Drive
                           Mesa, AZ 85210
                           Attention: President
                           Fax No.: 480-835-5478

         If to Payee :     U-Haul International, Inc.
                           2721 North Central Avenue
                           Phoenix, Arizona 85004
                           Attention: President

or to either party at such other address as such party may designate as its
address for the receipt of notices hereunder in a written notice duly given to
the other party.

         16. Time of the Essence. Time is hereby declared to be of the essence
of this Note and of every part hereof.

         17. Governing Law. This Note shall be governed by and construed in
accordance with the internal laws of the State of Arizona.

         18. Jurisdiction. In any controversy, dispute or question arising
hereunder, the Maker consents to the exercise of jurisdiction over its person
and property by any court of competent jurisdiction situated in the State of
Arizona (whether it be a court of the State of Arizona, or a court of the United
States of America situated in the State of Arizona), and in connection
therewith, agrees to submit to, and be bound by, the jurisdiction of such court
upon Payee's mailing of process by registered or certified mail, return receipt
requested, postage prepaid, within or without the State of Arizona, to the Maker
at its address for receipt of notices under this Note.

         19. PAYEE NOT PARTNER OF MAKER. UNDER NO CIRCUMSTANCES WHATSOEVER SHALL
THE PAYEE OF THIS NOTE BE DEEMED TO BE A PARTNER OR A CO-VENTURER WITH MAKER OR
MAKER'S SUBSIDIARIES. MAKER SHALL NOT REPRESENT TO ANY PERSON THAT THE MAKER AND
THE PAYEE HEREOF ARE PARTNERS OR CO-VENTURERS.

         20. JURY TRIAL. THE MAKER HEREBY EXPRESSLY WAIVES ANY RIGHT

                                       14
<PAGE>

TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS
UNDER THIS NOTE, OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT
DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR
THEREWITH OR ARISING FROM ANY RELATIONSHIP EXISTING IN CONNECTION WITH THIS
NOTE, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A
COURT AND NOT BEFORE A JURY.

         21. Entire Agreement. This Note constitutes the entire agreement
between Maker and Payee. No representations, warranties, undertakings, or
promises whether written or oral, expressed or implied have been made by the
Payee or its agent unless expressly stated in this Note.

                                       15
<PAGE>

         IN WITNESS WHEREOF, the undersigned has executed and delivered this
Note, pursuant to proper authority duly granted, as of the date and year first
above written.

                  SAC HOLDING CORPORATION
                  a Nevada corporation

                  By:  __________________________________

                  Its: __________________________________

                                       16

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.16
<SEQUENCE>168
<FILENAME>p68936exv4w16.txt
<DESCRIPTION>EXHIBIT 4.16
<TEXT>
<PAGE>
                                                                    EXHIBIT 4.16

 THIS INSTRUMENT IS SUBJECT TO THAT CERTAIN SAC PARTICIPATION AND SUBORDINATION
AGREEMENT (THE "PSA") DATED AS OF MARCH 15, 2004 AMONG SAC HOLDING CORPORATION,
    SAC HOLDING II CORPORATION (COLLECTIVELY, "SAC HOLDING"), AMERCO, U-HAUL
   INTERNATIONAL, INC., AND LAW DEBENTURE TRUST COMPANY OF NEW YORK, INC., AS
          TRUSTEE UNDER THAT CERTAIN INDENTURE WITH RESPECT TO THE 8.5%
                      SENIOR NOTES DUE 2014 OF SAC HOLDING

                      AMENDED AND RESTATED PROMISSORY NOTE

Maximum principal amount of up to                      Dated as of March 1, 2004
$76,000,000.00

         FOR VALUE RECEIVED, the undersigned SAC Financial Corporation, a Nevada
corporation (the "Maker" or the "undersigned"), promises to pay to the order of
U-Haul International, Inc. a Nevada corporation, ("Payee"), at the principal
office of the Payee at 2721 North Central Avenue, Phoenix, Arizona 85004 or at
such other place or places as Payee may from time to time designate in writing,
the principal sum of up to Seventy-Six Million and no/100th Dollars
($76,000,000.00), or, if less, the aggregate unpaid principal amount of the Loan
made by Payee to Maker, with Interest on the principal balance outstanding from
time to time, all as hereinafter set forth.

         1. Definitions. As used in this Note, each of the following terms shall
have the following meanings, respectively:

                  "Accrual Rate": shall mean the annual interest rate of nine
percent (9%).

                  "Additional Interest": shall mean and include both Cash Flow
Contingent Interest and Capital Proceeds Contingent Interest.

                  "Basic Interest": shall have the meaning given it in Section
2(a) below.

                  "Capital Proceeds Contingent Interest": shall have the meaning
given it in Section 2(h)(i) below.

                  "Cash Flow Contingent Interest": shall have the meaning given
it in Section 2(e) below.

                  "Catch-Up Payment": shall have the meaning given it in
Section 2(d).

                  "Deferred Interest": shall have the meaning given it in
Section 2(a).

                  "GAAP": shall mean generally accepted accounting principles as
used and understood in the United States of America from time to time.

                  "Gross Receipts": shall mean, for any period all gross
receipts, revenues and income of any and every kind collected or received by or
for the benefit or account of Maker and the Property Owner during such period
arising from the ownership, rental, use, occupancy or

                                       1
<PAGE>

operation of the Real Property. Gross Receipts shall include, without
limitation, all receipts from all tenants, licensees, customers and other
occupants and users of the Real Property, including, without limitation, rents,
security deposits and the like, interest earned and paid or credited on all
Maker's or the Property Owner's deposit accounts related to the Real Property,
all proceeds of rent or business interruption insurance, and the proceeds of all
casualty insurance and eminent domain awards to the extent not applied, or
reserved and applied within six (6) months after the creation of such reserve,
to the restoration of the Real Property. Gross Receipts shall include the dealer
commission payable from U-Haul International, Inc. (or affiliate thereof) to
Maker (or affiliate thereof) for the rental of U-Haul equipment at the Real
Property; provided however that such dealer commissions payable shall not be
included in Gross Receipts until the 15th day of the month following the month
in which such rental occurred, all in accordance with the customary procedure
for the payment of dealer commissions. Gross Receipts shall not include any
capital contributed to Maker or proceeds from any loan made to Maker or proceeds
from the sale of any Real Property. Any receipt included within Gross Receipts
in one period shall not be included within Gross Receipts for any other period
(i.e., no item of revenue or receipts shall be counted twice).

                  "Highest Lawful Rate": shall mean the maximum rate of interest
which the Payee is allowed to contract for, charge, take, reserve, or receive
under applicable law after taking into account, to the extent required by
applicable law, any and all relevant payments or charges hereunder.

                  "Interest": shall mean Basic Interest and Additional Interest.

                  "Loan": shall mean the unsecured loan in the amount of up to
$76,000,000.00 made by Payee to Maker and evidenced by this Note, or up to such
amount as may have been advanced by Payee to Maker from time to time.

                  "Management Fee": shall mean the fee paid to the Property
Manager pursuant to the Property Management Agreement.

                  "Maturity Date": shall mean the first to occur of: (i) the
Stated Maturity Date; (ii) the date on which the unpaid principal balance of,
and unpaid Interest on, this Note shall become due and payable on account of
acceleration by Payee and (iii) the date on which a Triggering Event occurs.

                  "Net Capital Proceeds": shall have the meaning given it in
Section 2(h)(iv) below.

                  "Net Cash Flow": shall mean, for any period, the amount by
which the Gross Receipts for such period exceed the sum of Interest paid during
such period and Operating Expenses paid for and with respect to such period; but
Net Cash Flow for any period shall not be less than zero.

                  "Net Cash Flow Before Debt Service": shall mean, for any
period, the amount by which the Gross Receipts for such period exceed the
Operating Expenses for and with respect to such period.

                                       2
<PAGE>

                  "Note": shall mean this Amended and Restated Promissory Note
as it may be amended, modified, extended or restated from time to time, together
with all substitutions and replacements therefor.

                  "Operating Expenses": shall mean, for any period, all cash
expenditures of Maker and the Property Owner actually paid (and properly
payable) during such period for (i) real and personal property taxes on the Real
Property; (ii) principal and interest on the secured Real Property debt; (iii)
premiums for liability, property and other insurance on the Real Property; (iv)
the Management Fee; (v) sales and rental taxes relating to the Real Property;
and (vi) normal, reasonable and customary operating expenses of the Real
Property. In no event shall Operating Expenses include amounts distributed to
the partners or shareholder's of Maker or the Property Owner, any payments made
on the Loan or any other loan obtained by Maker, amounts paid out of any funded
reserve expressly approved by Payee, if any, non-cash expenses such as
depreciation, or any cost or expense related to the restoration of the Property
in the event of a casualty or eminent domain taking paid for from the proceeds
of insurance or an eminent domain award or any reserve funded by insurance
proceeds or eminent domain awards.

                  "Pay Rate": shall mean a rate per annum equal of two percent
(2.0%).

                  "Pay Rate Interest": shall mean the interest on the unpaid
principal balance of this Note from time to time outstanding at the Pay Rate.

                  "Person": shall mean any corporation, natural person, firm,
joint venture, general partnership, limited partnership, limited liability
company, trust, unincorporated organization, government or any department or
agency of any government.

                  "Property Manager": shall have the meaning given it in Section
6(f) below.

                  "Property Management Agreement": shall have the meaning given
such term in Section 6(f) below.

                  "Property Owner" means, collectively, Twenty-Four SAC
Self-Storage Partnership, a Nevada limited partnership, Twenty-Five SAC
Self-Storage Partnership, a Nevada limited partnership, Twenty-Six SAC
Self-Storage Partnership, a Nevada limited partnership and Twenty-Seven SAC
Self-Storage Partnership, a Nevada limited partnership

                  "Real Property" means the real property owned by Property
Owner from time to time.

                  "SAC Holding Senior Notes": shall mean the 8.5% Senior Notes
due 2014 of SAC Holding Corporation and SAC Holding II Corporation.

                  "SAC Notes Indenture": shall mean that certain Indenture with
respect to the SAC Holding Senior Notes.

                                       3
<PAGE>

                  "Sale": shall mean any direct or indirect sale, assignment,
transfer, conveyance, lease or disposition of any kind whatsoever of (i) the
Real Property or any portion thereof (excluding leases and licenses in the
ordinary course of business, the granting of easements, servitudes,
rights-of-way, dedications and like interests in the ordinary course of business
and conveyances pursuant to condemnations or eminent domain) or (ii) 25% or more
(in the aggregate of all such sales, assignments, transfers, conveyances or
dispositions made at any time or from time to time, taken together) of the
equity interests in Property Owner.

                  "Stated Maturity Date": shall mean the earlier of (i) January
1, 2022 and (ii) from and after April 1, 2014, on demand by Payee.

                  "Triggering Event": shall have the meaning given it in Section
2(h)(ii) below.

         2. Interest.

                  (a) Basic Interest Rate Prior to Maturity. From the date
hereof through and including the Maturity Date, interest ("Basic Interest")
shall accrue on the principal balance of this Note outstanding from time to time
at the Accrual Rate. Notwithstanding the foregoing, on the first business day of
each month commencing on March 1, 2004 and through the Maturity Date, Maker
shall pay to Payee Pay Rate Interest on the unpaid principal balance of this
Note. The remainder of the Basic Interest ("Deferred Interest") shall be
deferred and shall bear interest at the Accrual Rate, and shall be payable as
and at the time provided in Section 2(d) below. Any accrued interest on the
Deferred Interest shall be considered part of Deferred Interest.

                  All interest hereunder shall be payable monthly in arrears, on
the first business day of each month.

                  (b) Post-Maturity Basic Interest. From and after the Maturity
Date, Basic Interest shall accrue and be payable on the outstanding principal
balance hereof until paid in full at an annual rate equal to fifteen percent
(15%) and such interest shall be payable upon demand.

                  (c) Computations. All computations of interest and fees
payable hereunder shall be based upon a year of 360 days for the actual number
of days elapsed.

                  (d) Deferred Interest. Deferred Interest shall be paid as
follows:

                           (i) On each monthly date for the payment of Basic
Interest, Maker shall pay an amount, if any (the "Catch-Up Payment"), equal to
the lesser of (i) the aggregate outstanding Deferred Interest on the last day of
the month for which such payment is being made and (ii) ninety percent (90%) of
the result of subtracting from Net Cash Flow Before Debt Service for that month
an amount equal to twice the Pay Rate Interest for such period;

                           (ii) All unpaid Deferred Interest shall be paid on
the Maturity Date; and

                                       4
<PAGE>

                           (iii) No payment of Deferred Interest may, when added
to all other payments of Interest or payments construed as interest, shall
exceed the Highest Lawful Rate.

                  (e) Cash Flow Contingent Interest. In addition to Basic
Interest and Deferred Interest, on each date on which Basic Interest is payable
hereunder, Maker shall pay to Payee interest ("Cash Flow Contingent Interest")
in an amount equal to the amount (if any) by which (i) ninety percent (90%) of
the result of subtracting from Net Cash Flow Before Debt Service for that month
an amount equal to twice the Pay Rate Interest for such period (each calculated
as of that date) exceeds (ii) the Catch-Up Payment paid on that date by Maker to
Payee.

                  (f) Statements; Adjustment of Payments. Within thirty (30)
days following the due date for each payment of Basic Interest, Maker shall,
upon the request of Payee, deliver to Payee a statement of operations of the
Real Property for the month or other period with respect to which such Basic
Interest is due, showing in reasonable detail and in a format approved by Payee
the respective amounts of, and the method of calculating Gross Receipts,
Operating Expenses, Net Cash Flow, Catch-Up Payment and Cash Flow Contingent
Interest for the preceding month, as well as (if requested by Payee) all data
reasonably necessary for the calculation of any such amounts. Maker shall keep
and maintain at all times full and accurate books of account and records
adequate to correctly reflect all such amounts. Such books and records shall be
available for at least five years after the end of the month to which they
relate. Payee shall have the right to inspect, copy and audit such books of
account and records during reasonable business hours, and upon prior reasonable
notice to Maker, for the purpose of verifying the accuracy of any payments made
on account of any interest payments made hereunder. The costs of any such audit
will be paid by Payee, except that Maker shall pay all reasonable costs and
expenses of any such audit which discloses that any amount properly payable by
Maker to Payee hereunder exceeded by five percent (5%) or more the amount
actually paid and initially reported by Maker as being payable with respect
thereto.

                  (g) Prorations of Cash Flow Contingent Interest. All interest
shall be equitably prorated on the basis of a 360-day year for any partial month
in which the term of the Loan commences or in which the Note is paid in full.

                  (h) Capital Proceeds Contingent Interest.

                           (i) Capital Proceeds Contingent Interest Defined.
Subject to Section 2(i) hereof, Maker shall pay to Payee, in addition to Pay
Rate Interest, Deferred Interest and Cash Flow Contingent Interest, at the time
or times and in the manner hereinafter described, an amount equal to ninety
percent (90%) of the Net Capital Proceeds resulting from, or determined at the
time of, any of the Triggering Events described below (collectively, "Capital
Proceeds Contingent Interest").

                           (ii) Events Triggering Payment of Net Capital
Proceeds. Subject to Section 2(i) hereof, Capital Proceeds Contingent Interest
shall be due and payable concurrently with the occurrence of each and every one
of the following events (collectively "Triggering Events", and individually, a
"Triggering Event"):

                                       5
<PAGE>

                                    (A) Property Sale or Financing. The closing
of any Sale or refinancing of the Real Property (any such event is hereinafter
collectively referred to as a "Sale or Financing");

                                    (B) Default Occurrence. The occurrence of
any Event of Default and the acceleration of the maturity of the Loan on account
thereof (hereinafter collectively referred to as a "Default Occurrence"); and

                                    (C) Maturity Occurrence. The occurrence of
the Maturity Date (the "Maturity Occurrence").

                           (iii) Notice of Triggering Event: Time for Payment of
Capital Proceeds Contingent Interest. Maker shall notify Payee of the occurrence
of a Triggering Event, and shall pay Payee the full amount of any applicable
Capital Proceeds Contingent Interest which is payable in connection therewith,
as follows:

                                    (A) In the case of any Sale or Financing or
the Maturity Occurrence, Maker shall give Payee written notice of any such
Triggering Event not less than forty-five (45) days before the date such
Triggering Event is to occur. Any Capital Proceeds Contingent Interest due Payee
on account of any Sale or Financing or the Maturity Occurrence shall be due and
payable to Payee within ninety (90) days of the date on which such Triggering
Event occurs.

                                    (B) In the case of a Default Occurrence, no
notice of such a Triggering Event need be given by Maker. In such event, payment
of any and all Capital Proceeds Contingent Interest on account of the Default
Occurrence shall be immediately due and payable upon acceleration of the
maturity of the Loan.

                           (iv) Determination of Net Capital Proceeds. Net
Capital Proceeds resulting from a Triggering Event shall be determined as
follows:

                                    (A) Net Capital Proceeds From Sale or
Financing. Except as provided in Section 2(h)(iv)(B) below, in the event of a
Sale or Financing, "Net Capital Proceeds" shall be the amount which is equal to:
(i) the Gross Capital Proceeds (as hereinafter defined) realized from the Real
Property minus (ii) the sum of: (aa) reasonable brokerage commissions (excluding
any payments to any affiliate of Maker to the extent such payments exceed those
which would have been due as commissions to a non-affiliate broker rendering
identical services), title insurance premiums, documentary transfer or stamp
taxes, mortgage taxes, environmental report fees, escrow fees and recording
charges, appraisal fees, reasonable attorneys' fees and costs, and sales taxes,
in each case actually paid or payable by Maker (or Property Owner) in connection
with the Sale or Financing, (bb) all payments of principal, Basic Interest and
Cash Flow Contingent Interest payable to Payee on account of this Note from the
proceeds of such Sale or Financing, and (cc) an amount equal to all payments of
principal, interest and yield maintenance and/or defeasance fees and expenses
due and payable on any senior loans, if any (including, without limitation the
SAC Holding Senior Notes), made from the proceeds of such Sale or Financing. For
purposes of this Section 2(h), "Gross Capital Proceeds" shall mean the gross
proceeds of whatever form or

                                       6
<PAGE>

nature payable directly or indirectly to or for the benefit or account of Maker
in connection with such Sale or Financing, including, without limitation: cash,
the outstanding balance of any financing which will remain as a lien or
encumbrance against the Real Property or any portion thereof following such Sale
or Financing (but only in the case of a Sale, and not in the case of an
encumbrance), and the cash equivalent of the fair market value of any non-cash
consideration, including the present value of any promissory note received as
part of the proceeds of such Sale or Financing (valued at a market rate of
interest).

                                    (B) Net Capital Proceeds In Connection With
a Default or Maturity Occurrence. In the event of a Default Occurrence or the
Maturity Occurrence when no Sale or Financing has occurred, the "Net Capital
Proceeds" shall equal: (i) the fair market value of the Real Property determined
as of the date of such Triggering Event in accordance with Section 2(h)(v)
below, minus (ii) the sum of (aa) the outstanding principal balance, together
with accrued but unpaid Basic Interest on this Note and (bb) the outstanding
principal balance of, and accrued but unpaid interest on, the secured Real
Property debt.

                           (v) Determination of Fair Market Value. The fair
market value of the Real Property shall be determined for purposes of this Note
as follows:

                                    (A) Partial Sale. In the event of a Sale of
a portion of the Real Property, Payee shall select an experienced and reputable
appraiser to prepare a written appraisal report of the fair market value of the
Real Property in accordance with clause (C) below, and the appraised fair market
value submitted to Payee by such appraiser shall be conclusive for purposes of
this Note.

                                    (B) Other Occurrences. In all other
circumstances the fair market value of the Real Property shall be deemed to
equal the result of dividing the Net Cash Flow Before Debt Service for the
immediately preceding fiscal year by ten percent (10%). However, if the Net Cash
Flow Before Debt Service for the immediately preceding fiscal year has been
lowered because of unusually high Operating Expenses during such fiscal year the
fair market value of the Real Property may, at the option of the Maker be
determined by dividing by ten percent (10%) the mean average of the Net Cash
Flow Before Debt Service of the Real Property for the three immediately
preceding fiscal years of the Real Property.

                                    (C) Appraisal Standards and Assumptions. In
making any determination by appraisal of fair market value, the appraiser(s)
shall assume that the improvements then located on the Real Property constitute
the highest and best use of the property. If the Triggering Event is a Sale or
Financing, the appraiser(s) shall take the sales price into account, although
such sales price shall not be determinative of fair market value. Each appraiser
selected hereunder shall be an independent MAI-designated appraiser with not
less than ten years' experience in commercial real estate appraisal in the
general geographical area where the Real Property is located.

                           (vi) Statement, Books and Records. With each payment
of Capital Proceeds Contingent Interest, Maker shall furnish to Payee a
statement setting forth Maker's calculation of

                                       7
<PAGE>

Net Capital Proceeds and Capital Proceeds Contingent Interest and shall provide
a detailed breakdown of all items necessary for such calculation. For a period
of five years after each payment of Capital Proceeds Contingent Interest, Maker
shall keep and maintain full and accurate books and records adequate to
correctly reflect each such item. Said books and records shall be available for
Payee's inspection, copying and audit during reasonable business hours following
reasonable notice for the purpose of verifying the accuracy of the payments made
on account of Capital Proceeds Contingent Interest. The costs of any such audit
will be paid by Payee, except that Maker shall pay all reasonable costs and
expenses of any such audit which discloses that any amount properly payable by
Maker to Payee hereunder exceeded by five percent (5%) or more the amount
actually paid and initially reported by maker as being payable with respect
thereto.

                           (viii) Negative Capital Proceeds Contingent Interest.
Notwithstanding any other provision of this Agreement, Payee shall not be
responsible or liable in any respect to Maker or any other Person for any
reduction in the fair market value of the Real Property or for any contingency,
condition or occurrence that might result in a negative number for Capital
Proceeds Contingent Interest. If at any time it is calculated, Capital Proceeds
Contingent Interest shall be a negative amount, no Capital Proceeds Contingent
Interest shall at that time be payable to Payee, but Payee shall in no way be
liable for any such negative amount and there shall be no deduction or offset
for such negative amount at any time when Capital Proceeds Contingent Interest
shall be subsequently calculated.

                  (i) Limitation on Capital Proceeds Contingent Interest while
SAC Holding Senior Notes Remain Outstanding. Notwithstanding anything to the
contrary herein, in the event a Triggering Event takes place at any time while
all or any portion of the SAC Holding Senior Notes is outstanding, the payment
of any Capital Proceeds Contingent Interest on account of such occurrence shall
be deferred as hereinafter provided, and any amounts constituting Excess Sale
Proceeds or Excess Refinancing Proceeds under the SAC Notes Indenture related to
such occurrence shall be applied to redeem or repurchase the SAC Holding Senior
Notes, in accordance with the terms of the SAC Notes Indenture, it being agreed
that payment of Capital Proceeds Contingent Interest is subordinate to the
payment in full of the SAC Holding Senior Notes. Subject to the terms of the SAC
Notes Indenture and the PSA, Capital Proceeds Contingent Interest shall be paid
within five years of the occurrence of such Triggering Event.

         3. Usury Savings Clause. The provisions of this Section 3 shall govern
and control over any inconsistent provision contained in this Note. The Payee
hereof shall never be entitled to receive, collect, or apply as interest hereon
(for purposes of this Section 3, the word "interest" shall be deemed to include
Basic Interest, Additional Interest and any other sums treated as interest under
applicable law governing matters of usury and unlawful interest), any amount in
excess of the Highest Lawful Rate (hereinafter defined) and, in the event the
Payee ever receives, collects, or applies as interest any such excess, such
amount which would be excessive interest shall be deemed a partial prepayment of
principal and shall be treated hereunder as such; and, if the principal of this
Note is paid in full, any remaining excess shall forthwith be paid to Maker. In
determining whether or not the interest paid or payable, under any specific
contingency, exceeds the Highest Lawful Rate, Maker and the Payee shall, to the
maximum extent permitted under applicable law, (i) characterize any nonprincipal
payment as an expense, fee, or premium rather than as interest, (ii)

                                       8
<PAGE>

exclude voluntary prepayments and the effects thereof, and (iii) spread the
total amount of interest throughout the entire contemplated term of this Note;
provided, that if this Note is paid and performed in full prior to the end of
the full contemplated term hereof, and if the interest received for the actual
period of existence hereof exceeds the Highest Lawful Rate, the Payee shall
refund to Maker the amount of such excess or credit the amount of such excess
against the principal of this Note, and, in such event, the Payee shall not be
subject to any penalties provided by any laws for contracting for, charging, or
receiving interest in excess of the Highest Lawful Rate.

         4. Payments.

                  (a) Interest. Maker promises to pay to Payee Basic Interest
and Additional Interest the respective amounts, and at the respective times
provided in Section 2 hereinabove. No principal payments shall be due hereunder
except as required at the Maturity Date. Each payment of Basic Interest
(including without limitation, Deferred Interest) and Additional Interest shall
be payable in Phoenix, Arizona (or at any other place which Payee may hereafter
designate from time to time for such purpose in a notice duly given to Maker
hereunder), not later than noon, Pacific Standard Time, on the date due thereof;
and funds received after that hour shall be deemed to have been received by the
Payee on the next following business day. Whenever any payment to be made under
this Note shall be stated to be due on a date which is not a business day, the
due date thereof shall be extended to the next succeeding business day, and
interest shall be payable at the applicable rate during such extension.

                  (b) Principal. The principal amount of this Note, together
with all accrued but unpaid Interest, shall be due and payable upon the Maturity
Date.

                  (c) Late Payment Charges. If any amount of Interest, principal
or any other charge or amount which becomes due and payable under this Note is
not paid and received by the Payee within five business days after the date it
first becomes due and payable, Maker shall pay to the Payee hereof a late
payment charge in an amount equal to five percent (5%) of the full amount of
such late payment, whether such late payment is received prior to or after the
expiration of the ten-day cure period set forth in Section 8(a). Maker
recognizes that in the event any payment hereunder (other than the principal
payment due upon Maturity Date, whether by acceleration or otherwise) is not
made when due, Payee will incur extra expenses in handling the delinquent
payment, the exact amount of which is impossible to ascertain, but that a charge
of five percent (5%) of the amount of the delinquent payment is a reasonable
estimate of the expenses reasonably anticipated to be so incurred.

                  (d) Prepayment. Maker shall have the right to prepay this
Note, without penalty, in whole or in part, at any time in Maker's discretion.

         5. Representations and Warranties of Maker. Maker represents and
warrants to Payee, as of the date hereof, that:

                  (a) Due Authorization. Maker is a corporation duly organized
and validly existing under the laws of the state of its organization, and has
the power and authority to execute and

                                       9
<PAGE>

deliver this Note and consummate the transactions contemplated hereby;

                  (b) No Violation. Maker's execution, delivery and performance
of its obligations under this Note do not and will not violate the articles of
incorporation or by-laws of Maker and will not violate, conflict with or
constitute a default under any agreement to which Maker is a party;

                  (c) Consents. No consents, approvals, filings, or notices of,
with or to any Person are required on the part of Maker in connection with
Maker's execution, delivery and performance of its obligations hereunder that
have not been duly obtained, made or given, as the case may be;

                  (d) Enforceability. The Note is valid, binding and enforceable
in accordance with its terms, except as the enforceability hereof may be limited
by bankruptcy, insolvency, moratorium, reorganization or similar laws relating
to or affecting the enforcement of creditors' rights generally.

                  (e) Place of Business. Maker's principal place of business is
located at 715 South Country Club Drive, Mesa, AZ 85210.

         6. Affirmative Covenants. Maker hereby covenants and agrees that, so
long as any indebtedness under the Note remains unpaid, Maker shall:

                  (a) Use of Proceeds. Use the proceeds of the Loan to
capitalize the Property Owner and/or for other lawful corporate purposes.

                  (b) Inspection of Property; Books and Records; Discussions.
Keep proper books of record and account in which full, true and correct entries
in conformity with GAAP shall be made of all dealings and transactions in
relation to its business and activities and, upon reasonable notice, permit
representatives of Payee to examine and make abstracts from any of its books and
records at any reasonable time and as often as may reasonably be desired by
Payee and to discuss the business, operations, properties and financial and
other conditions of Maker with officers and employees of Maker and with its
independent certified public accountants. Such books and records shall be
available for at least five (5) years after the end of the relevant calendar
month. Payee shall have the right to inspect, copy and audit such books of
account and records at Payee's expense, during reasonable business hours, and
upon reasonable notice to Maker, for the purpose of verifying the accuracy of
any principal payments made. The costs of any such audit will be paid by Payee,
except that Maker shall pay all reasonable costs and expenses of any such audit
which discloses that any amount properly payable by Maker to Payee hereunder
exceeded by five percent (5%) or more the amount actually paid and initially
reported by Maker as being payable with respect thereto.

                  (c) Notices. Give prompt written notice to Payee of (i) any
claims, proceedings or disputes (whether or not purportedly on behalf of Maker)
against, or to Maker's knowledge, threatened or affecting Maker or the Real
Property which, if adversely determined, could reasonably be expected to have a
material adverse effect on Maker (without in any way limiting the foregoing,
claims, proceedings, or disputes involving in the aggregate monetary amounts in
excess of $500,000 not fully covered by insurance shall be deemed to be
material). Additionally, Maker shall

                                       10
<PAGE>

give prompt written notice to Payee of any fact known to Maker which would
prohibit the making of any payment on or in respect of this Note, but failure to
give such notice shall not affect any subordination of this Note to the SAC
Holding Senior Notes as provided in Section 2(i) hereof or otherwise.

                  (d) Expenses. Pay all reasonable out-of-pocket expenses
(including fees and disbursements of counsel, including special local counsel)
of Payee, incident to any amendments, waivers and renewals of this Note.

                  (e) Co-operation. Execute and deliver to Payee any and all
instruments, documents and agreements, and do or cause to be done from time to
time any and all other acts, reasonably deemed necessary or desirable by Payee
to effectuate the provisions and purposes of this Note.

                  (f) Management Agreement. Cause or permit the Real Property to
be managed by subsidiaries of U-Haul International, Inc. or to be at all times
managed by a nationally recognized self-storage property management company (the
"Property Manager") approved by the Payee, which Property Manager shall be
employed pursuant to an agreement (the "Property Management Agreement") approved
by the Payee. In no event shall the fees paid (or required to be paid) to the
Property Manager exceed six percent (6%) of Gross Receipts for any time period.

         7. Negative Covenants. Maker hereby agrees that, as long as any
indebtedness under the Note remains unpaid, Maker shall not, directly or
indirectly:

                  (a) Indebtedness. Create, incur or assume any Indebtedness
except for: (i) the SAC Holding Senior Notes; (ii) the Loan; (iii) Maker's
contingent obligations under the secured Real Property debt (as the same may be
amended, extended or refinanced from time to time by mortgage loan, sale
leaseback transaction or otherwise) and the other senior mortgage loans extended
to subsidiaries or other affiliates of Maker (as the same may be amended,
extended or refinanced from time to time by mortgage loan, sale leaseback
transaction or otherwise); (iv) non-delinquent taxes; (v) unsecured debt
incurred in the ordinary course of business and (vi) other indebtedness owed to
Payee and its affiliates; provided, however, that for so long as the SAC Holding
Senior Notes are outstanding, Maker shall not incur any Indebtedness prohibited
by the terms of the SAC Notes Indenture.

                  (b) No Bankruptcy Filing. To the extent permitted by law,
without the unanimous consent of the Board of Directors of the Maker (for these
purposes such Board of Directors will not include any committee thereof)
voluntarily file any petition for bankruptcy, reorganization, assignment for the
benefit of creditors or similar proceeding.

         8. Event of Default; Remedies. Any one of the following occurrences
shall constitute an Event of Default under this Note:

                  (a) The failure by the undersigned to make any payment of
principal or Interest upon this Note as and when the same becomes due and
payable in accordance with the provisions

                                       11
<PAGE>

hereof, and the continuation of such failure for a period of ten (10) days after
receipt of notice thereof to the Maker;

                  (b) Any representation, warranty or certification made by
Maker herein or in any report delivered to the Payee under or in connection with
this Note is materially inaccurate or incomplete as of the date made; provided,
however, that such inaccurate or incomplete representation, warranty or
certification is material and cannot be cured without material prejudice to the
Payee within 30 days written notice thereof to Maker;

                  (c) The failure by Maker to perform any obligation under, or
the occurrence of any other default with respect to any provision of, this Note
other than as described in any of the other clauses of this Section 8, and the
continuation of such default for a period of 30 days after written notice
thereof to the Maker;

                  (d) (i) Maker shall file, institute or commence any case,
proceeding or other action (A) under any existing or future law of any
jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
reorganization or relief of debtors, seeking to have an order for relief entered
with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or
seeking reorganization, arrangement, adjustment, winding-up, liquidation,
dissolution, composition or other relief with respect to it or its debts, or (B)
seeking appointment of a receiver, trustee, custodian or other similar official
for it or for all or any substantial part of its assets, or Maker shall make a
general assignment for the benefit of its creditors; or (ii) there shall be
filed, instituted or commenced against Maker any case, proceeding or other
action of a nature referred to in clause (i) above which (A) results in the
entry of any order for relief or any such adjudication or appointment, or (B)
remains undismissed undischarged for a period of 60 days; or (iii) there shall
be commenced against Maker any case, proceeding or other action seeking issuance
of a warrant of attachment, execution, distraint or similar process against all
or substantially all of its assets which results in the entry of an order for
any such relief which shall not have been vacated, discharged, stayed,
satisfied, or bonded to Payee's satisfaction pending appeal, within 60 days from
the first entry thereof; or (iv) Maker shall take any action in furtherance of,
or indicating its consent to, approval of, or acquiescence in, any of the acts
described in any of the preceding clauses (i), (ii) or (iii); or (v) Maker shall
not, or shall be unable to, or shall admit in writing its inability to, pay its
debts as they become due, or shall in writing admit that it is insolvent; or

                  (f) one or more final judgments or orders that exceed $80
million in the aggregate (net of amounts bonded, covered by insurance or covered
by a binding agreement for indemnification from a third party) for the payment
of money have been entered by a court or courts of competent jurisdiction
against Maker and such judgment or judgments have not been satisfied, stayed,
annulled or rescinded within 60 days of being entered or, in the event such
judgments have been bonded to the extent required pending appeal, after the date
such judgments become non-appealable.

         Upon the occurrence of any Event of Default hereunder, the entire
unpaid principal balance of, and any unpaid Basic Interest and Additional
Interest then accrued on, this Note at the option of the Payee and without
demand or notice of any kind to the undersigned or any other person, shall,

                                       12
<PAGE>

subject to the terms of the PSA, immediately become and be due and payable in
full; and the Payee shall have and may exercise any and all rights and remedies
available at law or in equity.

         9. Offset. In addition to (and not in limitation of) any rights of
offset that the Payee hereof may have under applicable law, upon the occurrence
of any Event of Default hereunder the Payee hereof shall have the right,
immediately and without notice, to appropriate and apply to the payment of this
Note any and all balances, credits, deposits, accounts or moneys of the Maker
then or thereafter with or held by the Payee or an affilate of Payee.

         10. Allocation of Balances or of Payments. At any and all times until
this Note and all amounts hereunder (including principal, Interest, and other
charges and amounts, if any) are paid in full, all payments (whether of
principal, Interest or other amounts) made by the undersigned or any other
person (including any guarantor) to the Payee hereof may be allocated by the
Payee to principal, Interest or other charges or amounts as the Payee may
determine in its sole, exclusive and unreviewable discretion (and without notice
to or the consent of any person).

         11. Captions. Any headings or captions in this Note are inserted for
convenience of reference only, and they shall not be deemed to constitute a part
hereof, nor shall they be used to construe or interpret the provisions of this
Note.

         12. Waiver.

                  (a) Maker, for itself and for its successors, transferees and
assigns, hereby waives diligence, presentment and demand for payment, protest,
notice of protest and nonpayment, dishonor and notice of dishonor, notice of the
intention to accelerate, notice of acceleration, and all other demands or
notices of any and every kind whatsoever (except only for any notice of default
expressly provided for in Section 8 of this Note) and the undersigned agrees
that this Note and any or all payments coming due hereunder may be extended from
time to time in the sole discretion of the Payee hereof without in any way
affecting or diminishing their liability hereunder.

                  (b) No extension of the time for the payment of this Note or
any payment becoming due or payable hereunder, which may be made by agreement
with any Person now or hereafter liable for the payment of this Note, shall
operate to release, discharge, modify, change or affect the original liability
under this Note, either in whole or in part, of the Maker if it is not a party
to such agreement.

                  (c) No delay in the exercise of any right or remedy hereunder
shall be deemed a waiver of such right or remedy, nor shall the exercise of any
right or remedy be deemed an election of remedies or a waiver of any other right
or remedy. Without limiting the generality of the foregoing, the failure of the
Payee hereof promptly after the occurrence of any Event of Default hereunder to
exercise its right to declare the indebtedness remaining unmatured hereunder to
be immediately due and payable shall not constitute a waiver of such right while
such Event of Default continues nor a waiver of such right in connection with
any future Event of Default on the part of the undersigned.

                                       13
<PAGE>

         13. Payment of Costs. The undersigned hereby expressly agrees that upon
the occurrence of any Event of Default under this Note, the undersigned will pay
to the Payee hereof, on demand, all reasonable costs of collection or
enforcement, including (but not limited to) all attorneys' fees, court costs,
and other costs and reasonable expenses incurred by the Payee hereof, on demand,
all reasonable costs of collection or enforcement, including (but not limited
to) all attorneys' fees, court costs, and other reasonable costs and expenses
incurred by the Payee hereof in connection with the protection of this Note,
whether or not any lawsuit is ever filed with respect thereto.

         14. Unsecured Note. This Note is unsecured.

         15. Notices. All notices, demands and other communications hereunder to
either party shall be made in writing and shall be deemed to have been given
when actually received or, if mailed, on the first to occur of actual receipt or
the third business day after the deposit thereof in the United States mails, by
registered or certified mail, postage prepaid, addressed as follows:

         If to the Maker:  SAC Holding Corporation
                           715 South Country Club Drive
                           Mesa, AZ 85210
                           Attention: President
                           Fax No.: 480-835-5478

         If to Payee :     U-Haul International, Inc.
                           2721 North Central Avenue
                           Phoenix, Arizona 85004
                           Attention: President

or to either party at such other address as such party may designate as its
address for the receipt of notices hereunder in a written notice duly given to
the other party.

         16. Time of the Essence. Time is hereby declared to be of the essence
of this Note and of every part hereof.

         17. Governing Law. This Note shall be governed by and construed in
accordance with the internal laws of the State of Arizona.

         18. Jurisdiction. In any controversy, dispute or question arising
hereunder, the Maker consents to the exercise of jurisdiction over its person
and property by any court of competent jurisdiction situated in the State of
Arizona (whether it be a court of the State of Arizona, or a court of the United
States of America situated in the State of Arizona), and in connection
therewith, agrees to submit to, and be bound by, the jurisdiction of such court
upon Payee's mailing of process by registered or certified mail, return receipt
requested, postage prepaid, within or without the State of Arizona, to the Maker
at its address for receipt of notices under this Note.

         19. PAYEE NOT PARTNER OF MAKER. UNDER NO CIRCUMSTANCES WHATSOEVER SHALL
THE PAYEE OF THIS NOTE BE DEEMED TO BE A

                                       14
<PAGE>

PARTNER OR A CO-VENTURER WITH MAKER OR MAKER'S SUBSIDIARIES. MAKER SHALL NOT
REPRESENT TO ANY PERSON THAT THE MAKER AND THE PAYEE HEREOF ARE PARTNERS OR
CO-VENTURERS.

         20. JURY TRIAL. THE MAKER HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL
BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS
NOTE, OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR
WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR
ARISING FROM ANY RELATIONSHIP EXISTING IN CONNECTION WITH THIS NOTE, AND AGREES
THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE
A JURY.

         21. Entire Agreement. This Note constitutes the entire agreement
between Maker and Payee. No representations, warranties, undertakings, or
promises whether written or oral, expressed or implied have been made by the
Payee or its agent unless expressly stated in this Note.

                                       15
<PAGE>

         IN WITNESS WHEREOF, the undersigned has executed and delivered this
Note, pursuant to proper authority duly granted, as of the date and year first
above written.

                  SAC FINANCIAL CORPORATION
                  a Nevada corporation

                  By:  __________________________________

                  Its: __________________________________

                                       16

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>169
<FILENAME>p68936exv5w1.txt
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<PAGE>

                                                                     Exhibit 5.1

                                 March 30, 2004

AMERCO
1325 Airmotive Way
Suite 100
Reno, Nevada 89502-3239

Each of the subsidiaries of AMERCO
   listed on Schedule I attached hereto

   c/o AMERCO
   1325 Airmotive Way
   Suite 100
   Reno, Nevada 89502-3239

Ladies and Gentlemen:

         Reference is made to the Registration Statement on Form S-4, including
amendments and exhibits thereto (the "Registration Statement"), for the proposed
offer to exchange (the "Exchange Offer") by AMERCO (the "Company") and each of
the guarantor subsidiaries listed on Schedule I attached hereto (collectively,
the "Guarantors"), of up to an aggregate of $80 million in principal amount of
its 9.0% Second Lien Senior Secured Notes due 2009 (the "Exchange Notes") for an
equal principal amount of its outstanding 9.0% Second Lien Senior Secured Notes
due 2009 (the "Outstanding Notes") and the guarantees by the Guarantors of the
Exchange Notes. The Outstanding Notes were issued, and the Exchange Notes are
issuable, pursuant to an Indenture, dated March 1, 2004, by and among the
Company, the Guarantors and Wells Fargo Bank, N.A., as Trustee (the
"Indenture").

         Based on the foregoing, and subject to the qualifications and
limitations set forth herein, we advise you that:

         1.       The Exchange Notes, when issued, authenticated and delivered
by the Company and the Trustee in accordance with the terms of the Indenture,
and when issued in exchange for Outstanding Notes as contemplated in the
Registration Statement, will be legally binding and valid obligations of the
Company, entitled to the benefits of the Indenture and enforceable against the
Company in accordance with their terms.

         2.       The guarantees by the Guarantors to be endorsed on the
Exchange Notes, when the Exchange Notes are issued, authenticated and delivered
by the Company and the Trustee in accordance with the terms of the Indenture,
and when issued as contemplated in the Registration Statement, will be legally
binding and valid obligations of the Guarantors enforceable against each of them
in accordance with their terms.

         In rendering this opinion, we have reviewed and relied upon the
Indenture, the Outstanding Notes, the form of Exchange Notes and such documents,
records, and other instruments of the Company and the Guarantors as we have
deemed necessary.

         The opinions set forth above are subject to the following
qualifications:

<PAGE>

                  (i)      The opinions are subject to and may be limited by (a)
applicable bankruptcy, insolvency, liquidation, fraudulent conveyance or
transfer, moratorium, reorganization, or other similar laws affecting creditors'
rights generally; (b) general equitable principles and rules of law governing
specific performance, estoppel, waiver, injunctive relief, and other equitable
remedies (regardless of whether enforcement is sought in a proceeding at law or
in equity), and the discretion of any court before which a proceeding may be
brought; (c) duties and standards of good faith, reasonableness and fair dealing
imposed on creditors and parties to contracts; and (d) a court determination
that any fees payable pursuant to a provision requiring the payment of
attorneys' fees is reasonable.

                  (ii)     We have assumed: (a) the genuineness of the
signatures and the authenticity of documents submitted to us as originals, and
the conformity to originals of all documents submitted to us as certified or
photostatic copies; (b) that such documents accurately describe the mutual
understanding of the parties as to all matters contained therein and that no
other agreements or undertakings exist between the parties that would affect the
documents relating to the transactions contemplated by such documents and
agreements; (c) the due authorization, execution, and delivery of the documents
discussed herein by all parties thereto except the Company and the Guarantors,
that such documents will be valid and binding upon, and enforceable in
accordance with their terms against, all parties thereto except the Company and
the Guarantors, and that the execution, delivery, and performance of such
documents by parties other than the Company and the Guarantors will not violate
any provision of any charter document, law, rule, regulation, judgment, order,
decree, agreement or other document binding upon or applicable to such other
parties or their respective assets; (d) the accuracy, completeness, and
genuineness of all representations and certifications made to or obtained by us,
including those of public officials; and (e) the accuracy and completeness of
records of the Company and the Guarantors.

                  (iii)    We express no opinion regarding compliance by the
Company or any Guarantor with any financial covenants required to be maintained
by them under any agreement or document, or as to the financial ability of the
Company or any Guarantors to meet its obligations under the documents described
herein.

                  (iv)     This opinion letter is limited to the matters stated
herein and no opinion is implied or may be inferred beyond the matters expressly
stated. Without limiting the foregoing, the opinions expressed in this letter
are based upon the law and facts as we understand them in effect on the date
hereof, and we assume no obligation to revise or supplement this opinion should
such law be changed by legislative action, judicial decision, or otherwise, or
should any facts or other matters upon which we have relied be changed.

         We hereby consent to the filing of the opinion as an exhibit to the
Registration Statement and to the use of our name in the Registration Statement.

                                               Very truly yours,

                                               /s/ Snell & Wilmer L.L.P.

<PAGE>

                                   SCHEDULE I

                          LIST OF SUBSIDIARY GUARANTORS

A&M Associates, Inc.
Amerco Real Estate Company
Amerco Real Estate Company of Alabama, Inc.
Amerco Real Estate Company of Texas, Inc.
Amerco Real Estate Services, Inc.
Eight PAC Company
Eleven PAC Company
EMove, Inc.
Fifteen PAC Company
Five PAC Company
Four PAC Company
Fourteen PAC Company
Nationwide Commercial Co.
Nine PAC Company
One PAC Company
PF&F Holdings Corporation
Seven PAC Company
Seventeen PAC Company
Six PAC Company
Sixteen PAC Company
Ten PAC Company
Three PAC Company
Twelve PAC Company
Two PAC Company
U-Haul Business Consultants, Inc.
U-Haul Co. of Alabama, Inc.
U-Haul Co. of Alaska
U-Haul Co. of Arizona
U-Haul Co. of Arkansas
U-Haul Co. of California
U-Haul Co. (Canada) Ltd.
U-Haul Co. of Colorado
U-Haul Co. of Connecticut
U-Haul Co. of District of Columbia, Inc.
U-Haul Co. of Florida
U-Haul Co. of Georgia
U-Haul of Hawaii, Inc.
U-Haul Co. of Idaho, Inc.
U-Haul Co. of Illinois, Inc.
U-Haul Co. of Indiana, Inc.
U-Haul Co. of Iowa, Inc.
U-Haul Co. of Kansas, Inc.
U-Haul Co. of Kentucky
U-Haul Co. of Louisiana
U-Haul Co. of Maine, Inc.
U-Haul Co. of Maryland, Inc.
U-Haul Co. of Massachusetts and Ohio, Inc.
U-Haul Co. of Michigan
U-Haul Co. of Minnesota
U-Haul Co. of Mississippi
U-Haul Company of Missouri
U-Haul Co. of Montana, Inc.
U-Haul Co. of Nebraska
U-Haul Co. of Nevada, Inc.
U-Haul Co. of New Hampshire, Inc.
U-Haul Co. of New Jersey, Inc.
U-Haul Co. of New Mexico, Inc.
U-Haul Co. of New York, Inc.
U-Haul Co. of North Carolina
U-Haul Co. of North Dakota
U-Haul Co. of Oklahoma, Inc.
U-Haul Co. of Oregon
U-Haul Co. of Pennsylvania
U-Haul Co. of Rhode Island
U-Haul Co. of South Carolina, Inc.
U-Haul Co. of South Dakota, Inc.
U-Haul Co. of Tennessee
U-Haul Co. of Texas
U-Haul Co. of Utah, Inc.
U-Haul Co. of Virginia
U-Haul Co. of Washington
U-Haul Co. of West Virginia
U-Haul Co. of Wisconsin, Inc.
U-Haul Co. of Wyoming, Inc.
U-Haul Inspections Ltd.
U-Haul International, Inc.
U-Haul Leasing & Sales Co.
U-Haul Self-Storage Corporation
U-Haul Self-Storage Management (WPC), Inc.
Web Team Associates, Inc.
Yonkers Property Corporation

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.23
<SEQUENCE>170
<FILENAME>p68936exv10w23.txt
<DESCRIPTION>EXHIBIT 10.23
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.23

                          PROPERTY MANAGEMENT AGREEMENT

         THIS PROPERTY MANAGEMENT AGREEMENT (this "Agreement") is entered into
as of June 30, 2000 among Twelve SAC Self-Storage Corporation, a Nevada
corporation, with its principal place of business at 715 South Country Club
Drive, Mesa, AZ 85210 ("Owner"), and the property managers signatory hereto
(each such property manager is respectively referred to herein as "U-Haul").

                                    RECITALS

         A. Owner owns the real property and self-storage related improvements
thereon as identified by city, state and "U-Haul" store number specified on
Exhibit A hereto (hereinafter, collectively the "Property").

         B. Owner intends that the Property be rented on a space-by-space retail
basis to corporations, partnerships, individuals and/or other entities for use
as self-storage facilities.

         C. Owner desires that U-Haul manage the Property and U-Haul desires to
act as the property manager for the Property, all in accordance with the terms
and conditions of this Agreement and as more specifically designated on Exhibit
A hereto.

         NOW, THEREFORE, in consideration of the mutual covenants herein
contained, Owner and U-Haul hereby agree as follows.

1. Employment.

         (a) Owner hereby retains U-Haul, and U-Haul agrees to act as manager of
the Property upon the terms and conditions hereinafter set forth.

         (b) Owner acknowledges that U-Haul, and/or U-Haul affiliates, is in the
business of managing self-storage facilities, both for its own account and for
the account of others. It is hereby expressly agreed that notwithstanding this
Agreement, U-Haul and such affiliates may continue to engage in such activities,
may manage facilities other than those presently managed by U-Haul and its
affiliates (whether or not such other facilities may be in direct or indirect
competition with Owner) and may in the future engage in other business which may
compete directly or indirectly with activities of Owner.

         (c) In the performance of their respective duties under this Agreement,
each U-Haul property manager shall occupy the position of an independent
contractor with respect to Owner. Nothing contained herein shall be construed as
making the parties hereto (or any of them) partners or joint venturers, nor
(except as expressly otherwise

                                       1

<PAGE>

provided for herein) construed as making U-Haul an agent or employee of Owner or
of any other U-Haul property manager hereunder.

2. Duties and Authority of U-Haul.

         (a) GENERAL DUTIES AND AUTHORITY. Subject only to the restrictions and
limitations provided in paragraphs (o) and (p) of this Section 2 and the right
of Owner to terminate this Agreement as provided in Section 6 hereof, U-Haul
shall have the sole and exclusive authority to fully manage the Property and
supervise and direct the business and affairs associated or related to the daily
operation thereof, and, to that end on behalf of Owner, to execute such
documents and instruments as, in the sole judgment of U-Haul, are reasonably
necessary or advisable under the circumstances in order to fulfill U-Haul's
duties hereunder. Such duties and authority shall include, without limitation,
those set forth below.

         (b) RENTING OF THE PROPERTY. U-Haul shall establish policies and
procedures for the marketing activities for the Property, and may advertise the
Property through such media as U-Haul deems advisable, including, without
limitation, advertising with the Yellow Pages. U-Haul shall have the sole
discretion, which discretion shall be exercised in good faith, to establish the
terms and conditions of occupancy by the tenants of the Property, and U-Haul is
hereby authorized to enter into rental agreements on behalf and for the account
of Owner with such tenants and to collect rent from such tenants. U-Haul may
jointly advertise the Property with other properties owned or managed by U-Haul,
and in that event, U-Haul shall reasonably allocate the cost of such advertising
among such properties.

         (c) REPAIR, MAINTENANCE AND IMPROVEMENTS. U-Haul shall make, execute,
supervise and have control over the making and executing of all decisions
concerning the acquisition of furniture, fixtures and supplies for the Property,
and may purchase, lease or otherwise acquire the same on behalf of Owner. U-Haul
shall make and execute, or supervise and have control over the making and
executing of all decisions concerning the maintenance, repair, and landscaping
of the Property. U-Haul shall, on behalf of Owner, negotiate and contract for
and supervise the installation of all capital improvements related to the
Property, provided, however, that U-Haul agrees to secure the prior written
approval of Owner on all such expenditures in excess of $5,000.00 for any one
item, except monthly or recurring operating charges and/or emergency repairs if
in the opinion of U-Haul such emergency-related expenditures are necessary to
protect the Property from damage or to maintain services to the tenants as
called for in their respective leases.

         (d) PERSONNEL. U-Haul shall select all vendors, suppliers, contractors,
subcontractors and employees with respect to the Property and shall hire,
discharge and supervise all labor and employees required for the operation and
maintenance of the Property. Any employees so hired shall be employees of
U-Haul, and shall be carried on

                                       2

<PAGE>

the payroll of U-Haul. Employees may include, but will not be limited to,
on-site resident managers, on-site assistant managers, and relief managers
located, rendering services, or performing activities on the Property in
connection with its operation and management. The cost of employing such persons
shall not exceed prevailing rates for comparable persons performing the same or
similar services with respect to real estate similar to the Property.

         (e) AGREEMENTS. U-Haul shall negotiate and execute on behalf of Owner
such agreements which U-Haul deems necessary or advisable for the furnishing of
utilities, services, concessions and supplies, for the maintenance, repair and
operation of the Property and such other agreements which may benefit the
Property or be incidental to the matters for which U-Haul is responsible
hereunder.

         (f) OTHER DECISIONS. U-Haul shall make all decisions in connection with
the daily operation of the Property.

         (g) REGULATIONS AND PERMITS. U-Haul shall comply in all material
respects with any statute, ordinance, law, rule, regulation or order of any
governmental or regulatory body, having jurisdiction over the Property,
respecting the use of the Property or the maintenance or operation thereof.
U-Haul shall apply for and attempt to obtain and maintain, on behalf of Owner,
all licenses and permits required or advisable (in the sole judgment of U-Haul)
in connection with the management and operation of the Property.

         (h) RECORDS AND REPORTS OF DISBURSEMENTS AND COLLECTIONS. U-Haul shall
establish, supervise, direct and maintain the operation of a system of record
keeping and bookkeeping with respect to all receipts and disbursements in
connection with the management and operation of the Property. The books, records
and accounts shall be maintained at the U-Haul office or at such other location
as U-Haul shall determine, and shall be available and open to examination and
audit quarterly by Owner, its representatives, any mortgagee of the Property,
and such mortgagee's representative. On or before thirty (30) days after the
close of each quarter, U-Haul shall cause to be prepared and delivered to Owner,
a monthly statement of receipts, expenses and charges, together with a statement
of the disbursements made by U-Haul during such period on Owner's behalf.

         (i) [Reserved].

         (j) COLLECTION. U-Haul shall be responsible for the billing and
collection of all accounts receivable and for payment of all accounts payable
with respect to the Property and shall be responsible for establishing policies
and procedures to minimize the amount of bad debts.

                                       3

<PAGE>

         (k) LEGAL ACTIONS. U-Haul shall cause to be instituted, on behalf and
in the name of Owner, any and all legal actions or proceedings U-Haul deems
necessary or advisable to collect charges, rent or other income due to Owner
with respect to the Property and to oust or dispossess tenants or other persons
unlawfully in possession under any lease, license concession agreement or
otherwise, and to collect damages for breach thereof or default thereunder by
such tenant, licensee, concessionaire or occupant.

         (l) INSURANCE. U-Haul shall use its best efforts to assure that there
is obtained and maintained in force, fire, comprehensive liability and other
insurance policies in amounts generally carried with respect to similar
facilities. U-Haul may in its discretion obtain employee theft or similar
insurance in amounts and with such deductibles as U-Haul deems appropriate.
U-Haul shall promptly provide Owner with such certificates of insurance as Owner
may reasonably request in writing, evidencing such insurance coverage.

         (m) TAXES. During the term of this Agreement, U-Haul shall pay from
Owner's funds, prior to delinquency, all real estate taxes, personal property
taxes, and all other taxes assessed to, or levied upon, the Property. If
required by the holder of any note secured by the Property, U-Haul will set
aside, from Owner's funds, a reserve from each month's rent and other income
collected, in an amount required by said holder for purposes of payment of real
property taxes.

         (n) RESTRICTIONS. Notwithstanding anything to the contrary set forth in
this Section 2, U-Haul shall not be required to do, or cause to be done,
anything for the account of Owner (i) which may make U-Haul liable to third
parties; (ii) which may not be commenced, undertaken or completed because of
insufficient funds of Owner; or, (iii) which may not be commenced, undertaken or
completed because of acts of God, strikes, governmental regulations of laws,
acts of war or other types of events beyond the control of U-Haul, whether
similar or dissimilar to the foregoing.

         (o) LIMITATIONS ON U-HAUL AUTHORITY. Notwithstanding anything to the
contrary set forth in this Section 2, U-Haul shall not, without obtaining the
prior written consent of Owner, (i) rent storage space in the Property by
written lease or agreement for a stated term in excess of one year, (ii) alter
the building or other structures of the Property in any material manner; (iii)
make any other agreements which exceed a term of one year and are not terminable
on thirty day's notice at the will of Owner, without penalty, payment or
surcharge; (iv) act in violation of any law; or (v) act in violation of any duty
or responsibility of Owner under any mortgage loan secured by the Property.

         (p) SHARED EXPENSES. Owner acknowledges that certain economies may be
achieved with respect to certain expenses to be incurred by U-Haul on behalf of
Owner hereunder if materials, supplies, insurance or services are purchased by
U-Haul in quantity for use not only in connection with the Property but in
connection with other

                                       4

<PAGE>

properties owned or managed by U-Haul or its affiliates. U-Haul shall have the
right to purchase such materials, supplies, insurance and/or services in its own
name and charge Owner a pro rata allocable share of the cost of the foregoing;
provided, however, that the pro rata cost of such purchase to Owner shall not
result in expenses greater than would otherwise be incurred at competitive
prices and terms available in the area where the Property is located; and
provided further, U-Haul shall give Owner access to records so Owner may review
any such expenses incurred.

         (q)      DEPOSIT OF GROSS REVENUES. All Gross Revenues (as hereinafter
defined) shall be deposited into a "lock box account" maintained by U-Haul
International, Inc., parent company of U-Haul, in accordance with the terms of a
certain Cash Management Agreement dated as of the date hereof among Owner, Wells
Fargo Bank, National Association (as lender and agent) and U-Haul (the "CMA").
Borrower and U-Haul each hereby covenant and agree that they shall comply with
the terms and provisions of the CMA.

3. Duties of Owner.

         Owner hereby agrees to cooperate with U-Haul in the performance of
U-Haul's duties under this Agreement and to that end, upon the request of
U-Haul, to provide, at such rental charges, if any, as are deemed appropriate,
reasonable office space for U-Haul employees on the premises of the Property and
to give U-Haul access to all files, books and records of Owner relevant to the
Property. Owner shall not unreasonably withhold or delay any consent or
authorization to U-Haul required or appropriate under this Agreement.

4. Compensation of U-Haul.

         (a)      MANAGEMENT FEE. Owner shall pay to U-Haul as the full amount
due for the services herein provided a fee (the "Management Fee") equal to six
percent (6%) of the "Gross Revenue" derived from or connected with the Property
so managed by U-Haul hereunder. The term "Gross Revenue" shall mean all receipts
(excluding security deposits unless and until Owner recognizes the same as
income) of Owner (whether or not received by U-Haul on behalf or for the account
of Owner) arising from the operation of the Property, including without
limitation, rental payments of lessees of space in the Property, vending machine
or concessionaire revenues, maintenance charges, if any, paid by the tenants of
the Property in addition to basic rent, parking fees, if any, and all monies
whether or not otherwise described herein paid for the use of the Property.
"Gross Revenue" shall be determined on a cash basis. The Management Fee shall be
paid promptly at the end of each calendar quarter and shall be calculated on the
basis of the "Gross Revenue" of such preceding quarter. The Management Fee shall
be paid to each U-Haul property manager herein identified based on the Gross
Revenue of each respective Property for which such property manager is
responsible as set forth on Exhibit

                                       5

<PAGE>

A hereto. Each property manager agrees that its monthly Management Fee shall be
subordinate to that month's principal balance and interest payment on any first
lien position mortgage loan on the Property.

         It is understood and agreed that the Management Fee will not be reduced
by the cost to Owner of those employees and independent contractors engaged by
or for Owner, including but not limited to the categories of personnel
specifically referred to in Section 2(d). Except as provided in this Section 4,
it is further understood and agreed that U-Haul shall not be entitled to
additional compensation of any kind in connection with the performance by it of
its duties under this Agreement.

         (b)      REIMBURSEMENT OF CERTAIN EXPENSES. In addition to the
Management Fee described above, U-Haul shall be entitled to reimbursement from
Owner, on a quarterly basis, for all out-of-pocket expenses incurred by U-Haul
hereunder in connection with the management and operation of the Property,
including, without limitation, taxes, insurance, operational expenses, overhead,
litigation and dispute resolution related expenses, capital improvement
expenses, and costs of sales.

5. Use of Trademarks, Service Marks and Related Items.

         Owner acknowledges the significant value of the "U-Haul" name in the
operations of Owner's property and it is therefore understood and agreed that
the name, trademark and service mark, "U-Haul", and related marks, slogans,
caricatures, designs and other trade or service items shall be utilized for the
non-exclusive benefit of Owner in the rental and operation of the Property, and
in comparable operations elsewhere. It is further understood and agreed that
this name and all such marks, slogans, caricatures, designs and other trade or
service items shall remain and be at all times the property of U-Haul and its
affiliates, and that, except during the term hereof and as expressly provided
herein, Owner shall have no right whatsoever therein. Owner agrees that during
the term of this agreement the sign faces at the property will have the name
"U-Haul." The U-Haul sign faces will be paid for by Owner. Upon termination of
this agreement at any time for any reason, all such use by and for the benefit
of Owner of any such name, mark, slogan, caricature, design or other trade or
service item in connection with the Property shall, in any event, be terminated
and any signs bearing any of the foregoing shall be removed from view and no
longer used by Owner. In addition, upon termination of this Agreement at any
time for any reason, Owner shall not enter into any new leases of Property using
the U-Haul lease form or use other forms prepared by U-Haul. It is understood
and agreed that U-Haul will use and shall be unrestricted in its use of such
name, mark, slogan, caricature, design or other trade or service item in the
management and operation of other storage facilities both during and after the
expiration or termination of the term of this Agreement.

6. Termination.

                                       6

<PAGE>

         Owner or U-Haul may terminate this Agreement with or without cause by
giving not less than sixty days' written notice to the other party pursuant to
Section 11 hereof. In addition, if Owner fails to pay U-Haul any amounts owed
under this Agreement when due, U-Haul may terminate this Agreement by giving
Owner not less than ten days written notice pursuant to Section 11 hereof.
Notwithstanding the foregoing, however, U-Haul shall not resign as property
manager of the Property until a nationally recognized and reputable successor
property manager is available and prepared to assume property management
responsibilities with respect to the Property in question Upon termination of
this Agreement, U-Haul shall promptly return to Owner all monies, books, records
and other materials held by U-Haul for or on behalf of Owner. In addition, if
U-Haul has contracted to advertise the Property in the Yellow Pages, Owner
shall, at the option of U-Haul, continue to be responsible for the cost of such
advertisement and shall either (i) pay U-Haul the remaining amount due under
such contract in a lump sum; or (ii) pay U-Haul monthly for the amount due under
such contract.

7. Indemnification.

         Owner hereby agrees to indemnify and hold each of U-Haul, all persons
and companies affiliated with U-Haul, and all officers, shareholders, directors,
employees and agents of U-Haul and of any affiliated companies or persons
(collectively, the "Indemnified Persons") harmless from any and all costs,
expenses, attorneys' fees, suits, liabilities, judgments, damages, and claims in
connection with the management of the Property (including the loss of use
thereof following any damage, injury or destruction), arising from any cause
except for the willful misconduct or gross negligence on the part of the
Indemnified Persons. In addition, no Indemnified Person shall be liable for any
error of judgment or for any mistake of fact or law, or for anything which it
may do or refrain from doing hereafter, except in cases of willful misconduct or
gross negligence. U-Haul hereby agrees to indemnify and hold Owner harmless from
any and all costs, expenses, attorneys' fees, suits, liabilities, judgments,
damages and claims in connection with the management of the Property arising
from the willful misconduct of, gross negligence of, or breach of this Agreement
by the Indemnified Persons. In addition, U-Haul shall not be liable to Owner for
the acts or omissions of U-Haul's officers, shareholders, directors, employees,
and agents except for U-Haul's own gross negligence or willful misconduct.

8. Assignment.

         This Agreement may be assigned by Owner in connection with any mortgage
loan on the Property, whether pursuant to a conditional or unconditional,
absolute assignment. U-Haul shall have the right to assign this Agreement to an
affiliate or a wholly or majority owned subsidiary, provided, however, any such
assignee must assume all obligations of U-Haul hereunder, Owner's rights
hereunder will be enforceable against

                                       7

<PAGE>

any such assignee and U-Haul shall not be released from its liabilities
hereunder unless Owner shall expressly agree thereto in writing.

9.  Headings.

         The headings contained herein are for convenience of reference only and
are not intended to define, limit or describe the scope or intent of any
provision of this Agreement.

10. Governing Law.

         The validity of this Agreement, the construction of its terms and the
interpretation of the rights and duties of the parties shall be governed by the
internal laws of the State of Arizona.

11. Notices.

         Any notice required or permitted herein shall be in writing and shall
be personally delivered or mailed first class postage prepaid or delivered by an
overnight delivery service to the respective addresses of the parties set forth
below their signatures on the signature page thereof, or to such other address
as any party may give to the other in writing. Any notice required by this
Agreement will be deemed to have been given when personally served or one day
after delivery to an overnight delivery service or five days after deposit in
the first class mail.

12. Severability.

         Should any term or provision hereof be deemed invalid, void or
unenforceable either in its entirety or in a particular application, the
remainder of this Agreement shall nonetheless remain in full force and effect
and, if the subject term or provision is deemed to be invalid, void or
unenforceable only with respect to a particular application, such term or
provision shall remain in full force and effect with respect to all other
applications.

                                       8

<PAGE>

13. Successors.

         This Agreement shall be binding upon and inure to the benefit of the
respective parties hereto and their permitted assigns and successors in
interest.

14. Attorneys' Fees.

         If it shall become necessary for any party hereto to engage attorneys
to institute legal action for the purpose of enforcing their respective rights
hereunder or for the purpose of defending legal action brought by the other
party hereto, the party or parties prevailing in such litigation shall be
entitled to receive all costs, expenses and fees (including reasonable
attorneys' fees) incurred by it in such litigation (including appeals).

15. Counterparts.

         This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

16. Scope of Property Manager Responsibility.

         The duties, obligations and liability of each property manager
identified herein shall extend only so far as to relate to the Property for
which such property manager is managing located in the domicile state of such
property manager, as more specifically described on Exhibit A hereto, and no
individual property manager hereunder shall be liable for the acts or omissions
of any other property manager hereunder. Each property manager shall use its
best efforts to assist Owner in fulfilling Owner's obligations arising under any
loan to Owner that is secured by the Property, including but not limited to
preparing and providing financial and accounting reports, and maintaining the
Property. Each property manager agrees that it will perform its obligations
hereunder according to reasonable industry standards, in good faith, and in a
commercially reasonable manner. U-Haul agrees that, in discharging its duties
hereunder, it will not have any relationship with any of its affiliates that
would be less favorable to Owner than would reasonably be available in a
transaction with an unaffiliated party.

[Rest of page intentionally left blank]

                                       9

<PAGE>

                  IN WETNESS WHEREOF, the parties hereto execute this Agreement
         as of the date first above written.

"Owner"

Twelve SAC Self-Storage Corporation,
a Nevada corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, attorney-in-fact
    For Mark V. Shoen, President

"U-Haul"

U-Haul Co. of California, Inc.,
a California corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

U-Haul Co. of Florida, Inc.,
A Florida corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

U-Haul Co. of Texas, Inc.,
a Texas corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

U-Haul Co. of Louisiana, Inc.,
a Louisiana corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

                                       10

<PAGE>

U-Haul Co. of Oregon, Inc.,
An Oregon corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

U-Haul Co. of Arizona, Inc.,
An Arizona corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

U-Haul Co. of Georgia, Inc.,
A Georgia corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

U-Haul Co. of Pennsylvania, Inc.,
A Pennsylvania corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

                                       11

<PAGE>

                                  EXHIBIT "A"

Tigard, OR
704027

Vacaville, CA
710022

Scottsdale, AZ
723031

San Antonio, TX
744023

Slidell, LA
747073

College Park,GA
777024

Ft. Lauderdale, FL
788052

Mechaniscburg, PA
811055

                                       12

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.24
<SEQUENCE>171
<FILENAME>p68936exv10w24.txt
<DESCRIPTION>EXHIBIT 10.24
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.24

                          PROPERTY MANAGEMENT AGREEMENT

         THIS PROPERTY MANAGEMENT AGREEMENT (this "Agreement") is entered into
as of June 30, 2000 among Thirteen SAC Self-Storage Corporation, a Nevada
corporation, with its principal place of business at 715 South Country Club
Drive, Mesa, AZ 85210 ("Owner"), and the property managers signatory hereto
(each such property manager is respectively referred to herein as "U-Haul").

                                    RECITALS

         A. Owner owns the real property and self-storage related improvements
thereon as identified by city, state and "U-Haul" store number specified on
Exhibit A hereto (hereinafter, collectively the "Property").

         B. Owner intends that the Property be rented on a space-by-space retail
basis to corporations, partnerships, individuals and/or other entities for use
as self-storage facilities.

         C. Owner desires that U-Haul manage the Property and U-Haul desires to
act as the property manager for the Property, all in accordance with the terms
and conditions of this Agreement and as more specifically designated on Exhibit
A hereto.

         NOW, THEREFORE, in consideration of the mutual covenants herein
contained, Owner and U-Haul hereby agree as follows.

1. Employment.

         (a) Owner hereby retains U-Haul, and U-Haul agrees to act as manager of
the Property upon the terms and conditions hereinafter set forth.

         (b) Owner acknowledges that U-Haul, and/or U-Haul affiliates, is in the
business of managing self-storage facilities, both for its own account and for
the account of others. It is hereby expressly agreed that notwithstanding this
Agreement, U-Haul and such affiliates may continue to engage in such activities,
may manage facilities other than those presently managed by U-Haul and its
affiliates (whether or not such other facilities may be in direct or indirect
competition with Owner) and may in the future engage in other business which may
compete directly or indirectly with activities of Owner.

         (c) In the performance of their respective duties under this Agreement,
each U-Haul property manager shall occupy the position of an independent
contractor with respect to Owner. Nothing contained herein shall be construed as
making the parties hereto (or any of them) partners or joint venturors, nor
(except as expressly otherwise

                                       1

<PAGE>

provided for herein) construed as making U-Haul an agent or employee of Owner or
of any other U-Haul property manager hereunder.

2. Duties and Authority of U-Haul.

         (a) GENERAL DUTIES AND AUTHORITY. Subject only to the restrictions and
limitations provided in paragraphs (o) and (p) of this Section 2 and the right
of Owner to terminate this Agreement as provided in Section 6 hereof, U-Haul
shall have the sole and exclusive authority to fully manage the Property and
supervise and direct the business and affairs associated or related to the daily
operation thereof, and, to that end on behalf of Owner, to execute such
documents and instruments as, in the sole judgment of U-Haul, are reasonably
necessary or advisable under the circumstances in order to fulfill U-Haul's
duties hereunder. Such duties and authority shall include, without limitation,
those set forth below.

         (b) RENTING OF THE PROPERTY. U-Haul shall establish policies and
procedures for the marketing activities for the Property, and may advertise the
Property through such media as U-Haul deems advisable, including, without
limitation, advertising with the Yellow Pages. U-Haul shall have the sole
discretion, which discretion shall be exercised in good faith, to establish the
terms and conditions of occupancy by the tenants of the Property, and U-Haul is
hereby authorized to enter into rental agreements on behalf and for the account
of Owner with such tenants and to collect rent from such tenants. U-Haul may
jointly advertise the Property with other properties owned or managed by U-Haul,
and in that event, U-Haul shall reasonably allocate the cost of such advertising
among such properties.

         (c) REPAIR, MAINTENANCE AND IMPROVEMENTS. U-Haul shall make, execute,
supervise and have control over the making and executing of all decisions
concerning the acquisition of furniture, fixtures and supplies for the Property,
and may purchase, lease or otherwise acquire the same on behalf of Owner. U-Haul
shall make and execute, or supervise and have control over the making and
executing of all decisions concerning the maintenance, repair, and landscaping
of the Property. U-Haul shall, on behalf of Owner, negotiate and contract for
and supervise the installation of all capital improvements related to the
Property; provided, however, that U-Haul agrees to secure the prior written
approval of Owner on all such expenditures in excess of $5,000.00 for any one
item, except monthly or recurring operating charges and/or emergency repairs if
in the opinion of U-Haul such emergency-related expenditures are necessary to
protect the Property from damage or to maintain services to the tenants as
called for in their respective leases.

         (d) PERSONNEL. U-Haul shall select all vendors, suppliers, contractors,
subcontractors and employees with respect to the Property and shall hire,
discharge and supervise all labor and employees required for the operation and
maintenance of the Property. Any employees so hired shall be employees of
U-Haul, and shall be carried on

                                       2

<PAGE>

the payroll of U-Haul. Employees may include, but will not be limited to,
on-site resident managers, on-site assistant managers, and relief managers
located, rendering services, or performing activities on the Property in
connection with its operation and management. The cost of employing such persons
shall not exceed prevailing rates for comparable persons performing the same or
similar services with respect to real estate similar to the Property.

         (e) AGREEMENTS. U-Haul shall negotiate and execute on behalf of Owner
such agreements which U-Haul deems necessary or advisable for the furnishing of
utilities, services, concessions and supplies, for the maintenance, repair and
operation of the Property and such other agreements which may benefit the
Property or be incidental to the matters for which U-Haul is responsible
hereunder.

         (f) OTHER DECISIONS. U-Haul shall make all decisions in connection with
the daily operation of the Property.

         (g) REGULATIONS AND PERMITS. U-Haul shall comply in all material
respects with any statute, ordinance, law, rule, regulation or order of any
governmental or regulatory body, having jurisdiction over the Property,
respecting the use of the Property or the maintenance or operation thereof.
U-Haul shall apply for and attempt to obtain and maintain, on behalf of Owner,
all licenses and permits required or advisable (in the sole judgment of U-Haul)
in connection with the management and operation of the Property.

         (h) RECORDS AND REPORTS OF DISBURSEMENTS AND COLLECTIONS. U-Haul shall
establish, supervise, direct and maintain the operation of a system of record
keeping and bookkeeping with respect to all receipts and disbursements in
connection with the management and operation of the Property. The books, records
and accounts shall be maintained at the U-Haul office or at such other location
as U-Haul shall determine, and shall be available and open to examination and
audit quarterly by Owner, its representatives, any mortgagee of the Property,
and such mortgagee's representative. On or before thirty (30) days after the
close of each quarter, U-Haul shall cause to be prepared and delivered to Owner,
a monthly statement of receipts, expenses and charges, together with a statement
of the disbursements made by U-Haul during such period on Owner's behalf.

         (i) [Reserved].

         (j) COLLECTION. U-Haul shall be responsible for the billing and
collection of all accounts receivable and for payment of all accounts payable
with respect to the Property and shall be responsible for establishing policies
and procedures to minimize the amount of bad debts.

                                       3

<PAGE>

         (k) LEGAL ACTIONS. U-Haul shall cause to be instituted, on behalf and
in the name of Owner, any and all legal actions or proceedings U-Haul deems
necessary or advisable to collect charges, rent or other income due to Owner
with respect to the Property and to oust or dispossess tenants or other persons
unlawfully in possession under any lease, license concession agreement or
otherwise, and to collect damages for breach thereof or default thereunder by
such tenant, licensee, concessionaire or occupant.

         (l) INSURANCE. U-Haul shall use its best efforts to assure that there
is obtained and maintained in force, fire, comprehensive liability and other
insurance policies in amounts generally carried with respect to similar
facilities. U-Haul may in its discretion obtain employee theft or similar
insurance in amounts and with such deductibles as U-Haul deems appropriate.
U-Haul shall promptly provide Owner with such certificates of insurance as Owner
may reasonably request in writing, evidencing such insurance coverage.

         (m) TAXES. During the term of this Agreement, U-Haul shall pay from
Owner's funds, prior to delinquency, all real estate taxes, personal property
taxes, and all other taxes assessed to, or levied upon, the Property. If
required by the holder of any note secured by the Property, U-Haul will set
aside, from Owner's funds, a reserve from each month's rent and other income
collected, in an amount required by said holder for purposes of payment of real
property taxes.

         (n) RESTRICTIONS. Notwithstanding anything to the contrary set forth in
this Section 2, U-Haul shall not be required to do, or cause to be done,
anything for the account of Owner (i) which may make U-Haul liable to third
parties; (ii) which may not be commenced, undertaken or completed because of
insufficient funds of Owner; or, (iii) which may not be commenced, undertaken or
completed because of acts of God, strikes, governmental regulations of laws,
acts of war or other types of events beyond the control of U-Haul, whether
similar or dissimilar to the foregoing.

         (o) LIMITATIONS ON U-HAUL AUTHORITY. Notwithstanding anything to the
contrary set forth in this Section 2, U-Haul shall not, without obtaining the
prior written consent of Owner, (i) rent storage space in the Property by
written lease or agreement for a stated term in excess of one year, (ii) alter
the building or other structures of the Property in any material manner; (iii)
make any other agreements which exceed a term of one year and are not terminable
on thirty day's notice at the will of Owner, without penalty, payment or
surcharge; (iv) act in violation of any law; or (v) act in violation of any duty
or responsibility of Owner under any mortgage loan secured by the Property.

         (p) SHARED EXPENSES. Owner acknowledges that certain economies may be
achieved with respect to certain expenses to be incurred by U-Haul on behalf of
Owner hereunder if materials, supplies, insurance or services are purchased by
U-Haul in quantity for use not only in connection with the Property but in
connection with other

                                       4

<PAGE>

properties owned or managed by U-Haul or its affiliates. U-Haul shall have the
right to purchase such materials, supplies, insurance and/or services in its own
name and charge Owner a pro rata allocable share of the cost of the foregoing;
provided, however, that the pro rata cost of such purchase to Owner shall not
result in expenses greater than would otherwise be incurred at competitive
prices and terms available in the area where the Property is located; and
provided further, U-Haul shall give Owner access to records so Owner may review
any such expenses incurred.

         (q)      DEPOSIT OF GROSS REVENUES. All Gross Revenues (as hereinafter
defined) shall be deposited into a "lock box account" maintained by U-Haul
International, Inc., parent company of U-Haul, in accordance with the terms of a
certain Cash Management Agreement dated as of the date hereof among Owner, Wells
Fargo Bank, National Association (as lender and agent) and U-Haul (the "CMA").
Borrower and U-Haul each hereby covenant and agree that they shall comply with
the terms and provisions of the CMA.

3. Duties of Owner.

         Owner hereby agrees to cooperate with U-Haul in the performance of
U-Haul's duties under this Agreement and to that end, upon the request of
U-Haul, to provide, at such rental charges, if any, as are deemed appropriate,
reasonable office space for U-Haul employees on the premises of the Property and
to give U-Haul access to all files, books and records of Owner relevant to the
Property. Owner shall not unreasonably withhold or delay any consent or
authorization to U-Haul required or appropriate under this Agreement.

4. Compensation of U-Haul.

         (a)      MANAGEMENT FEE. Owner shall pay to U-Haul as the full amount
due for the services herein provided a fee (the "Management Fee") equal to six
percent (6%) of the "Gross Revenue" derived from or connected with the Property
so managed by U-Haul hereunder. The term "Gross Revenue" shall mean all receipts
(excluding security deposits unless and until Owner recognizes the same as
income) of Owner (whether or not received by U-Haul on behalf or for the account
of Owner) arising from the operation of the Property, including without
limitation, rental payments of lessees of space in the Property, vending machine
or concessionaire revenues, maintenance charges, if any, paid by the tenants of
the Property in addition to basic rent, parking fees, if any, and all monies
whether or not otherwise described herein paid for the use of the Property.
"Gross Revenue" shall be determined on a cash basis. The Management Fee shall be
paid promptly at the end of each calendar quarter and shall be calculated on the
basis of the "Gross Revenue" of such preceding quarter. The Management Fee shall
be paid to each U-Haul property manager herein identified based on the Gross
Revenue of each respective Property for which such property manager is
responsible as set forth on Exhibit

                                       5

<PAGE>

A hereto. Each property manager agrees that its monthly Management Fee shall be
subordinate to that month's principal balance and interest payment on any first
lien position mortgage loan on the Property.

         It is understood and agreed that the Management Fee will not be reduced
by the cost to Owner of those employees and independent contractors engaged by
or for Owner, including but not limited to the categories of personnel
specifically referred to in Section 2(d). Except as provided in this Section 4,
it is further understood and agreed that U-Haul shall not be entitled to
additional compensation of any kind in connection with the performance by it of
its duties under this Agreement.

         (b)      REIMBURSEMENT OF CERTAIN EXPENSES. In addition to the
Management Fee described above, U-Haul shall be entitled to reimbursement from
Owner, on a quarterly basis, for all out-of-pocket expenses incurred by U-Haul
hereunder in connection with the management and operation of the Property,
including, without limitation, taxes, insurance, operational expenses, overhead,
litigation and dispute resolution related expenses, capital improvement
expenses, and costs of sales.

5. Use of Trademarks, Service Marks and Related Items.

         Owner acknowledges the significant value of the "U-Haul" name in the
operations of Owner's property and it is therefore understood and agreed that
the name, trademark and service mark, "U-Haul", and related marks, slogans,
caricatures, designs and other trade or service items shall be utilized for the
non-exclusive benefit of Owner in the rental and operation of the Property, and
in comparable operations elsewhere. It is further understood and agreed that
this name and all such marks, slogans, caricatures, designs and other trade or
service items shall remain and be at all times the property of U-Haul and its
affiliates, and that, except during the term hereof and as expressly provided
herein, Owner shall have no right whatsoever therein. Owner agrees that during
the term of this agreement the sign faces at the property will have the name
"U-Haul." The U-Haul sign faces will be paid for by Owner. Upon termination of
this agreement at any time for any reason, all such use by and for the benefit
of Owner of any such name, mark, slogan, caricature, design or other trade or
service item in connection with the Property shall, in any event, be terminated
and any signs bearing any of the foregoing shall be removed from view and no
longer used by Owner. In addition, upon termination of this Agreement at any
time for any reason, Owner shall not enter into any new leases of Property using
the U-Haul lease form or use other forms prepared by U-Haul. It is understood
and agreed that U-Haul will use and shall be unrestricted in its use of such
name, mark, slogan, caricature, design or other trade or service item in the
management and operation of other storage facilities both during and after the
expiration or termination of the term of this Agreement.

6. Termination.

                                       6

<PAGE>

         Owner or U-Haul may terminate this Agreement with or without cause by
giving not less than sixty days' written notice to the other party pursuant to
Section 11 hereof. In addition, if Owner fails to pay U-Haul any amounts owed
under this Agreement when due, U-Haul may terminate this Agreement by giving
Owner not less than ten days written notice pursuant to Section 11 hereof.
Notwithstanding the foregoing, however, U-Haul shall not resign as property
manager of the Property until a nationally recognized and reputable successor
property manager is available and prepared to assume property management
responsibilities with respect to the Property in question Upon termination of
this Agreement, U-Haul shall promptly return to Owner all monies, books, records
and other materials held by U-Haul for or on behalf of Owner. In addition, if
U-Haul has contracted to advertise the Property in the Yellow Pages, Owner
shall, at the option of U-Haul, continue to be responsible for the cost of such
advertisement and shall either (i) pay U-Haul the remaining amount due under
such contract in a lump sum; or (ii) pay U-Haul monthly for the amount due under
such contract.

7. Indemnification.

         Owner hereby agrees to indemnify and hold each of U-Haul, all persons
and companies affiliated with U-Haul, and all officers, shareholders, directors,
employees and agents of U-Haul and of any affiliated companies or persons
(collectively, the "Indemnified Persons") harmless from any and all costs,
expenses, attorneys' fees, suits, liabilities, judgments, damages, and claims in
connection with the management of the Property (including the loss of use
thereof following any damage, injury or destruction), arising from any cause
except for the willful misconduct or gross negligence on the part of the.
Indemnified Persons. In addition, no Indemnified Person shall be liable for any
error of judgment or for any mistake of fact or law, or for anything which it
may do or refrain from doing hereafter, except in cases of willful misconduct or
gross negligence. U-Haul hereby agrees to indemnify and hold Owner harmless from
any and all costs, expenses, attorneys' fees, suits, liabilities, judgments,
damages and claims in connection with the management of the Property arising
from the willful misconduct of, gross negligence of, or breach of this Agreement
by the Indemnified Persons. In addition, U-Haul shall not be liable to Owner for
the acts or omissions of U-Haul's officers, shareholders, directors, employees,
and agents except for U-Haul's own gross negligence or willful misconduct.

8. Assignment.

         This Agreement may be assigned by Owner in connection with any mortgage
loan on the Property, whether pursuant to a conditional or unconditional,
absolute assignment. U-Haul shall have the right to assign this Agreement to an
affiliate or a wholly or majority owned subsidiary; provided, however, any such
assignee must assume all obligations of U-Haul hereunder, Owner's rights
hereunder will be enforceable against

                                       7

<PAGE>

any such assignee and U-Haul shall not be released from its liabilities
hereunder unless Owner shall expressly agree thereto in writing.

9. Headings.

         The headings contained herein are for convenience of reference only and
are not intended to define, limit or describe the scope or intent of any
provision of this Agreement.

10. Governing Law.

         The validity of this Agreement, the construction of its terms and the
interpretation of the rights and duties of the parties shall be governed by the
internal laws of the State of Arizona.

11. Notices.

         Any notice required or permitted herein shall be in writing and shall
be personally delivered or mailed first class postage prepaid or delivered by an
overnight delivery service to the respective addresses of the parties set forth
below their signatures on the signature page thereof, or to such other address
as any party may give to the other in writing. Any notice required by this
Agreement will be deemed to have been given when personally served or one day
after delivery to an overnight delivery service or five days after deposit in
the first class mail.

12. Severability.

         Should any term or provision hereof be deemed invalid, void or
unenforceable either in its entirety or in a particular application, the
remainder of this Agreement shall nonetheless remain in full force and effect
and, if the subject term or provision is deemed to be invalid, void or
unenforceable only with respect to a particular application, such term or
provision shall remain in full force and effect with respect to all other
applications.

                                       8

<PAGE>

13. Successors.

         This Agreement shall be binding upon and inure to the benefit of the
respective parties hereto and their permitted assigns and successors in
interest.

14. Attorneys' Fees.

         If it shall become necessary for any party hereto to engage attorneys
to institute legal action for the purpose of enforcing their respective rights
hereunder or for the purpose of defending legal action brought by the other
party hereto, the party or parties prevailing in such litigation shall be
entitled to receive all costs, expenses and fees (including reasonable
attorneys' fees) incurred by it in such litigation (including appeals).

15. Counterparts.

         This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

16. Scope of Property Manager Responsibility.

         The duties, obligations and liability of each property manager
identified herein shall extend only so far as to relate to the Property for
which such property manager is managing located in the domicile state of such
property manager, as more specifically described on Exhibit A hereto, and no
individual property manager hereunder shall be liable for the acts or omissions
of any other property manager hereunder. Each property manager shall use its
best efforts to assist Owner in fulfilling Owner's obligations arising under any
loan to Owner that is secured by the Property, including but not limited to
preparing and providing financial and accounting reports, and maintaining the
Property. Each property manager agrees that it will perform its obligations
hereunder according to reasonable industry standards, in good faith, and in a
commercially reasonable manner. U-Haul agrees that, in discharging its duties
hereunder, it will not have any relationship with any of its affiliates that
would be less favorable to Owner than would reasonably be available in a
transaction with an unaffiliated party.

[Rest of page intentionally left blank]

                                       9

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto execute this Agreement
         as of the date first above written.

"Owner"

Thirteen SAC Self-Storage Corporation,
a Nevada corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, attorney-in-
    Fact for Mark V. Shoen, President

"U-Haul"

U-Haul Co. of California, Inc.,
a California corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

U-Haul Co. of Florida, Inc.,
A Florida corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

U-Haul Co. of Texas, Inc.,
a Texas corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

U-Haul Co. of Louisiana, Inc.,
a Louisiana corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

                                       10

<PAGE>

U-Haul Co. of Massachusetts, Inc.,
a Massachusetts corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

U-Haul Co. of Georgia, Inc.,
a Georgia corporation

By: /s/ Donald W. Murney
    ----------------------------------
    Donald W. Murney, Treasurer

                                       11

<PAGE>

                                   EXHIBIT A

Covina, CA
713059

La Habra, CA
715059

Houston, TX
745045

New Orleans, LA
747055

Savanah, GA
779069

Orlando, FL
785053

Hyannis, MA
796067

N. Richland, TX
836042

Worcester, MA
884085

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.25
<SEQUENCE>172
<FILENAME>p68936exv10w25.txt
<DESCRIPTION>EXHIBIT 10.25
<TEXT>
<PAGE>
                                                                   Exhibit 10.25


                          PROPERTY MANAGEMENT AGREEMENT

         THIS PROPERTY MANAGEMENT AGREEMENT (this "Agreement") is entered into
as of June 8, 2001 among Fourteen SAC Self-storage Corporation, a Nevada
corporation, with its principal place of business at 715 South Country Club
Drive, Mesa, AZ 85210 ("Owner"), and the property managers identified on Exhibit
A attached hereto and incorporated herein by reference (each such property
manager is respectively referred to herein as "U-Haul").

                                    RECITALS

         A. Owner owns the real property and self-storage related improvements
thereon located at the street addresses identified on Exhibit A hereto
(hereinafter, collectively the "Property").

         B. Owner intends that the Property be rented on a space-by-space retail
basis to corporations, partnerships, individuals and/or other entities for use
as self-storage facilities.

         C. Owner desires that U-Haul manage the Property and U-Haul desires to
act as the property manager for the Property, all in accordance with the terms
and conditions of this Agreement and as more specifically designated on Exhibit
A hereto.

         NOW, THEREFORE, in consideration of the mutual covenants herein
contained, Owner and U-Haul hereby agree as follows.

1. Employment.

         (a) Owner hereby retains U-Haul, and U-Haul agrees to act as manager of
the Property upon the terms and conditions hereinafter set forth.

         (b) Owner acknowledges that U-Haul, and or U-Haul affiliates, is in the
business of managing self-storage facilities, both for its own account and for
the account of others. It is hereby expressly agreed that notwithstanding this
Agreement, U-Haul and such affiliates may continue to engage in such activities,
may manage facilities other than those presently managed by U-Haul and its
affiliates (whether or not such other facilities may be in direct or indirect
competition with Owner) and may in the future engage in other business which may
compete directly or indirectly with activities of Owner.

         (c) In the performance of their respective duties under this Agreement,
each U-Haul property manager shall occupy the position of an independent
contractor with respect to Owner. Nothing contained herein shall be construed as
making the parties

                                       1
<PAGE>
hereto (or any of them) partners or joint venturors, nor (except as expressly
otherwise provided for herein) construed as making U-Haul an agent or employee
of Owner or of any other U-Haul property manager hereunder.

2. Duties and Authority of U-Haul.

         (a) GENERAL DUTIES AND AUTHORITY. Subject only to the restrictions and
limitations provided in paragraphs (o)and (p) of this Section 2 and the right of
Owner to terminate this Agreement as provided in Section 6 hereof, U-Haul shall
have the sole and exclusive authority to fully manage the Property and supervise
and direct the business and affairs associated or related to the daily operation
thereof, and, to that end on behalf of Owner, to execute such documents and
instruments as, in the sole judgment of U-Haul, are reasonably necessary or
advisable under the circumstances in order to fulfill U-Haul's duties hereunder.
Such duties and authority shall include, without limitation, those set forth
below.

         (b) RENTING OF THE PROPERTY. U-Haul shall establish policies and
procedures for the marketing activities for the Property, and may advertise the
Property through such media as U-Haul deems advisable, including, without
limitation, advertising with the Yellow Pages. U-Haul shall have the sole
discretion, which discretion shall be exercised in good faith, to establish the
terms and conditions of occupancy by the tenants of the Property, and U-Haul is
hereby authorized to enter into rental agreements on behalf and for the account
of Owner with such tenants and to collect rent from such tenants. U-Haul may
jointly advertise the Property with other properties owned or managed by U-Haul,
and in that event, U-Haul shall reasonably allocate the cost of such advertising
among such properties.

         (c) REPAIR, MAINTENANCE AND IMPROVEMENTS. U-Haul shall make, execute,
supervise and have control over the making and executing of all decisions
concerning the acquisition of furniture, fixtures and supplies for the Property,
and may purchase, lease or otherwise acquire the same on behalf of Owner. U-Haul
shall make and execute, or supervise and have control over the making and
executing of all decisions concerning the maintenance, repair, and landscaping
of the Property. U-Haul shall, on behalf of Owner, negotiate and contract for
and supervise the installation of all capital improvements related to the
Property; provided, however, that U-Haul agrees to secure the prior written
approval of Owner on all such expenditures in excess of $5,000.00 for any one
item, except monthly or recurring operating charges and/or emergency repairs if
in the opinion of U-Haul such emergency-related expenditures are necessary to
protect the Property from damage or to maintain services to the tenants as
called for in their respective leases.

         (d) PERSONNEL. U-Haul shall select all vendors, suppliers, contractors,
subcontractors and employees with respect to the Property and shall hire,
discharge and supervise all labor and employees required for the operation and
maintenance of the

                                       2
<PAGE>
Property. Any employees so hired shall be employees of U-Haul, and shall be
carried on the payroll of U-Haul. Employees may include, but will not be limited
to, on-site resident managers, on-site assistant managers, and relief managers
located, rendering services, or performing activities on the Property in
connection with its operation and management. The cost of employing such persons
shall not exceed prevailing rates for comparable persons performing the same or
similar services with respect to real estate similar to the Property.

         (e) AGREEMENTS. U-Haul shall negotiate and execute on behalf of Owner
such agreements which U-Haul deems necessary or advisable for the furnishing of
utilities, services, concessions and supplies, for the maintenance, repair and
operation of the Property and such other agreements which may benefit the
Property or be incidental to the matters for which U-Haul is responsible
hereunder.

         (f) OTHER DECISIONS. U-Haul shall make all decisions in connection with
the daily operation of the Property.

         (g) REGULATIONS AND PERMITS. U-Haul shall comply in all material
respects with any statute, ordinance, law, rule, regulation or order of any
governmental or regulatory body, having jurisdiction over the Property,
respecting the use of the Property or the maintenance or operation thereof.
U-Haul shall apply for and attempt to obtain and maintain, on behalf of Owner,
all licenses and permits required or advisable (in the sole judgment of U-Haul)
in connection with the management and operation of the Property.

         (h) RECORDS AND REPORTS OF DISBURSEMENTS AND COLLECTIONS. U-Haul shall
establish, supervise, direct and maintain the operation of a system of record
keeping and bookkeeping with respect to all receipts and disbursements in
connection with the management and operation of the Property. The books, records
and accounts shall be maintained at the U-Haul office or at such other location
as U-Haul shall determine, and shall be available and open to examination and
audit quarterly by Owner, its representatives, any mortgagee of the Property,
and such mortgagee's representative. On or before thirty (30) days after the
close of each quarter, U-Haul shall cause to be prepared and delivered to Owner,
a monthly statement of receipts, expenses and charges, together with a statement
of the disbursements made by U-Haul during such period on Owner's behalf.

         (i) [Reserved].

         (j) COLLECTION. U-Haul shall be responsible for the billing and
collection of all accounts receivable and for payment of all accounts payable
with respect to the Property and shall be responsible for establishing policies
and procedures to minimize the amount of bad debts.

                                       3
<PAGE>
         (k) LEGAL ACTIONS. U-Haul shall cause to be instituted, on behalf and
in the name of Owner, any and all legal actions or proceedings U-Haul deems
necessary or advisable to collect charges, rent or other income due to Owner
with respect to the Property and to oust or dispossess tenants or other persons
unlawfully in possession under any lease, license concession agreement or
otherwise, and to collect damages for breach thereof or default thereunder by
such tenant, licensee, concessionaire or occupant.

         (1) INSURANCE. U-Haul shall use its best efforts to assure that there
is obtained and maintained in force, fire, comprehensive liability and other
insurance policies in amounts generally carried with respect to similar
facilities. U-Haul may in its discretion obtain employee theft or similar
insurance in amounts and with such deductibles as U-Haul deems appropriate.
U-Haul shall promptly provide Owner with such certificates of insurance as Owner
may reasonably request in writing, evidencing such insurance coverage.

         (m) TAXES. During the term of this Agreement, U-Haul shall pay from
Owner's funds, prior to delinquency, all real estate taxes, personal property
taxes, and all other taxes assessed to, or levied upon, the Property. If
required by the holder of any note secured by the Property, U-Haul will set
aside, from Owner's funds, a reserve from each month's rent and other income
collected, in an amount required by said holder for purposes of payment of real
property taxes.

         (n) [RESERVED].

         (o) LIMITATIONS ON U-HAUL AUTHORITY. Notwithstanding anything to the
contrary set forth in this Section 2, U-Haul shall not, without obtaining the
prior written consent of Owner, (i) rent storage space in the Property by
written lease OR agreement for a stated term in excess of one year, (ii) alter
the building or other structures of the Property in any material manner; (iii)
make any other agreements which exceed a term of one year and are not terminable
on thirty day's notice at the will of Owner, without penalty, payment or
surcharge; (iv) act in violation of any law; or (v) act in violation of any duty
or responsibility of Owner under any mortgage loan secured by the Property.

         (p) SHARED EXPENSES. Owner acknowledges that certain economies may be
achieved with respect to certain expenses to be incurred by U-Haul on behalf of
Owner hereunder if materials, supplies, insurance or services are purchased by
U-Haul in quantity for use not only in connection with the Property but in
connection with other properties owned or managed by U-Haul or its affiliates.
U-Haul shall have the right to purchase such materials, supplies, insurance
and/or services in its own name and charge Owner a pro rata allocable share of
the cost of the foregoing; provided, however, that the pro rata cost of such
purchase to Owner shall not result in expenses greater than would otherwise be
incurred at competitive prices and terms available in the area where the

                                       4
<PAGE>
Property is located; and provided further, U-Haul shall give Owner access to
records so Owner may review any such expenses incurred.

         (q) DEPOSIT OF GROSS REVENUES. All Gross Revenues (as hereinafter
defined) shall be remitted by U-Haul (or its parent company) on a daily basis to
a bank account maintained by UBS Warburg Real Estate Investments Inc. ("Lender")
(or an affiliate thereof) and the funds therein shall be applied in the manner
specified in that Cash Management Agreement dated the date hereof among Owner,
U-Haul and Lender. U-Haul shall maintain such records and systems as are
necessary or appropriate to enable U-Haul to clearly identify the amount of
Gross Revenue generated by each Property on a daily basis.

3. Duties of Owner.

         Owner hereby agrees to cooperate with U-Haul in the performance of
U-Haul's duties under this Agreement and to that end, upon the request of
U-Haul, to provide, at such rental charges, if any, as are deemed appropriate,
reasonable office space for U-Haul employees on the premises of the Property and
to give U-Haul access to all files, books and records of Owner relevant to the
Property. Owner shall not unreasonably withhold or delay any consent or
authorization to U-Haul required or appropriate under this Agreement.

4. Compensation of U-Haul.

         (a) MANAGEMENT FEE. Owner shall pay to U-Haul as the full amount due
for the services herein provided a fee (the "Management Fee") equal to six
percent (6%) of the "Gross Revenue" derived from or connected with the Property
so managed by U-Haul hereunder. The term "Gross Revenue" shall mean all receipts
(excluding security deposits unless and until Owner recognizes the same as
income) of Owner (whether or not received by U-Haul on behalf or for the account
of Owner) arising from the operation of the Property, including without
limitation, rental payments of lessees of space in the Property, vending machine
or concessionaire revenues, maintenance charges, if any, paid by the tenants of
the Property in addition to basic rent, parking fees, if any, and all monies
whether or not otherwise described herein paid for the use of the Property.
"Gross Revenue" shall be determined on a cash basis. The Management Fee shall be
paid promptly at the end of each calendar quarter and shall be calculated on the
basis of the "Gross Revenue" of such preceding quarter. The Management Fee shall
be paid to each U-Haul property manager herein identified based on the Gross
Revenue of each respective Property for which such property manager is
responsible as set forth on Exhibit-A hereto. Each property manager agrees that
its monthly Management Fee shall be subordinate to that month's principal
balance and interest payment on any first lien position mortgage loan on the
Property.

                                       5
<PAGE>
         It is understood and agreed that the Management Fee will not be reduced
by the cost to Owner of those employees and independent contractors engaged by
or for Owner, including but not limited to the categories of personnel
specifically referred to in Section 2(d). Except as provided in this Section 4,
it is further understood and agreed that U-Haul shall not be entitled to
additional compensation of any kind in connection with the performance by it of
its duties under this Agreement.

         (B) REIMBURSEMENT OF CERTAIN EXPENSES. In addition to the Management
Fee described above, U-Haul shall be entitled to reimbursement from Owner, on a
quarterly basis, for all out-of-pocket expenses incurred by U-Haul hereunder in
connection with the management and operation of the Property, including, without
limitation, taxes, insurance, operational expenses, overhead, litigation and
dispute resolution related expenses, capital improvement expenses, and costs of
sales.

5. Use of Trademarks, Service Marks and Related Items.

         Owner acknowledges the significant value of the "U-Haul" name in the
operations of Owner's property and it is therefore understood and agreed that
the name, trademark and service mark, "U-Haul", and related marks, slogans,
caricatures, designs and other trade or service items shall be utilized for the
non-exclusive benefit of Owner in the rental and operation of the Property, and
in comparable operations elsewhere. It is further understood and agreed that
this name and all such marks, slogans, caricatures, designs and other trade or
service items shall remain and be at all times the property of U-Haul and its
affiliates, and that, except during the term hereof and as expressly provided
herein, Owner shall have no right whatsoever therein. Owner agrees that during
the term of this agreement the sign faces at the property will have the name
"U-Haul." The U-Haul sign faces will be paid for by Owner. Upon termination of
this agreement at any time for any reason, all such use by and for the benefit
of Owner of any such name, mark, slogan, caricature, design or other trade or
service item in connection with the Property shall, in any event, be terminated
and any signs bearing any of the foregoing shall be removed from view and no
longer used by Owner. In addition, upon termination of this Agreement at any
time for any reason, Owner shall not enter into any new leases of Property using
the U-Haul lease form or use other forms prepared by U-Haul. It is understood
and agreed that U-Haul will use and shall be unrestricted in its use of such
name, mark, slogan, caricature, design or other trade or service item in the
management and operation of other storage facilities both during and after the
expiration or termination of the term of this Agreement.

                                       6
<PAGE>
6. Termination.

         Owner or U-Haul may terminate this Agreement with or without cause by
giving not less than thirty days' written notice to the other party pursuant to
Section 11 hereof. In addition, if Owner fails to pay U-Haul any amounts owed
under this Agreement when due, U-Haul may terminate this Agreement by giving
Owner not less than ten days written notice pursuant to Section 11 hereof.
Notwithstanding the foregoing, however, U- Haul shall not resign as property
manager of the Property until a nationally recognized and reputable successor
property manager is available and prepared to assume property management
responsibilities with respect to the Property in question. Upon termination of
this Agreement, U-Haul shall promptly return to Owner all monies, books, records
and other materials held by U-Haul for or on behalf of Owner. In addition, if
U-Haul has contracted to advertise the Property in the Yellow Pages, Owner
shall, at the option of U- Haul, continue to be responsible for the cost of such
advertisement and shall either (i) pay U-Haul the remaining amount due under
such contract in a lump sum; or (ii) pay U-Haul monthly for the amount due under
such contract.

7. Indemnification.

         Owner hereby agrees to indemnify and hold each of U-Haul, all persons
and companies affiliated with U-Haul, and all officers, shareholders, directors,
employees and agents of U-Haul and of any affiliated companies or persons
(collectively, the "Indemnified Persons") harmless from any and all costs,
expenses, attorneys' fees, suits, liabilities, judgments, damages, and claims in
connection with the management of the Property (including the loss of use
thereof following any damage, injury or destruction), arising from any cause
except for the willful misconduct or gross negligence on the part of the
Indemnified Persons. In addition, no Indemnified Person shall be liable for any
error of judgment or for any mistake of fact or law, or for anything which it
may do or refrain from doing hereafter, except in cases of willful misconduct or
gross negligence. U-Haul hereby agrees to indemnify and hold Owner harmless from
any and all costs, expenses, attorneys' fees, suits, liabilities, judgments,
damages and claims in connection with the management of the Property arising
from the willful misconduct of, gross negligence of, or breach of this Agreement
by the Indemnified Persons. In addition, U- Haul shall not be liable to Owner
for the acts or omissions of U-Haul's officers, shareholders, directors,
employees, and agents except for U-Haul's own gross negligence or willful
misconduct.

8. Assignment.

         This Agreement may be assigned by Owner in connection with any mortgage
loan on the Property, whether pursuant to a conditional or unconditional,
absolute assignment. U-Haul shall have the right to assign this Agreement to an
affiliate or a wholly or

                                       7
<PAGE>
majority owned subsidiary; provided, however, any such assignee must assume all
obligations of U-Haul hereunder, Owner's rights hereunder will be enforceable
against any such assignee and U-Haul shall not be released from its liabilities
hereunder unless Owner shall expressly agree thereto in writing.

9. Headings.

         The headings contained herein are for convenience of reference only and
are not intended to define, limit or describe the scope or intent of any
provision of this Agreement.

10. Governing Law.

         The validity of this Agreement, the construction of its terms and the
interpretation of the rights and duties of the parties shall be governed by the
internal laws of the State of Arizona.

11. Notices.

         Any notice required or permitted herein shall be in writing and shall
be personally delivered or mailed first class postage prepaid or delivered by an
overnight delivery service to the respective addresses of the parties set forth
below their signatures on the signature page thereof, or to such other address
as any party may give to the other in writing. Any notice required by this
Agreement will be deemed to have been given when personally served or one day
after delivery to an overnight delivery service or five days after deposit in
the first class mail.

12. Severability.

         Should any term or provision hereof be deemed invalid, void or
unenforceable either in its entirety or in a particular application, the
remainder of this Agreement shall nonetheless remain in full force and effect
and, if the subject term or provision is deemed to be invalid, void or
unenforceable only with respect to a particular application, such term or
provision shall remain in full force and effect with respect to all other
applications.

13. Successors.

         This Agreement shall be binding upon and inure to the benefit of the
respective parties hereto and their permitted assigns and successors in
interest.

                                       8
<PAGE>
14. Attorneys' Fees.

         If it shall become necessary for any party hereto to engage attorneys
to institute legal action for the purpose of enforcing their respective rights
hereunder or for the purpose of defending legal action brought by the other
party hereto, the party or parties prevailing in such litigation shall be
entitled to receive all costs, expenses and fees (including reasonable
attorneys' fees) incurred by it in such litigation (including appeals).

15. Counterparts.

         This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

16. Scope of Property Manager Responsibility.

         The duties, obligations and liability of each property manager
identified herein shall extend only so far as to relate to the Property for
which such property manager is managing located in the domicile state of such
property manager, as more specifically described on Exhibit A hereto, and no
individual property manager hereunder shall be liable for the acts or omissions
of any other property manager hereunder. Each property manager shall use its
best efforts to assist Owner in fulfilling Owner's obligations arising under any
loan to Owner that is secured by the Property, including but not limited to
preparing and providing financial and accounting reports, and maintaining the
Property. Each property manager agrees that it will perform its obligations
hereunder according to reasonable industry standards, in good faith, and in a
commercially reasonable manner. U-Haul agrees that, in discharging its duties
hereunder, it will not have any relationship with any of its affiliates that
would be less favorable to Owner than would reasonably be available in a
transaction with an unaffiliated party.

[Rest of page intentionally left blank]

                                       9
<PAGE>
         IN WITNESS WHEREOF, the parties hereto execute this Agreement as of the
date first above written.

 "Owner":

Fourteen SAC Self-Storage Corporation,
a Nevada corporation

By:   /s/ Illegible
      --------------------------------------------
Its:  President


 "U -Haul":

U-Haul Co. of New York, Inc.

By:   /s/ Donald Wm. Murney, Treasurer
      --------------------------------------------
      Donald Wm. Murney, Treasurer

U-Haul Co. of Texas, Inc.

By:   /s/ Donald Wm. Murney, Treasurer
      --------------------------------------------
      Donald Wm. Murney, Treasurer

U-Haul Co. of Kansas, Inc.

By:   /s/ Donald Wm. Murney, Treasurer
      --------------------------------------------
      Donald Wm. Murney, Treasurer

U-Haul Co. of Illinois, Inc.

By:   /s/ Donald Wm. Murney, Treasurer
      --------------------------------------------
      Donald Wm. Murney, Treasurer

U-Haul Co. of Nevada, Inc.

By:   /s/ Donald Wm. Murney, Treasurer
      --------------------------------------------
      Donald Wm. Murney, Treasurer

                                       10
<PAGE>
                                    EXHIBIT A

<TABLE>
<CAPTION>
ENTITY #        NAME                               CITY                   ST           NAME OF PROPERTY MANAGER
<S>             <C>                                <C>                    <C>          <C>
734025          U-Haul Center of Olathe            Olathe                 KS           U-Haul Co. of Kansas, Inc.
737037          U-Haul CTR College Station         College Station        TX           U-Haul Co. of Texas, Inc.
758059          U-Haul Center New-Town             Chicago North          IL           U-Haul Co. of Illinois, Inc.
800057          U-Haul CTR Albany                  Albany                 NY           U-Haul Co. of New York, Inc.
806056          U-Haul Five Towns                  lnwood                 NY           U-Haul Co. of New York, Inc.
838054          U-Haul Center North Ranch          LasVegas               NV           U-Haul Co. of Nevada, Inc.
</TABLE>

                                       11


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.43A
<SEQUENCE>173
<FILENAME>p68936exv10w43a.txt
<DESCRIPTION>EXHIBIT 10.43A
<TEXT>
<PAGE>

                                                                  EXHIBIT 10.43a

                    AMENDMENT AND ADDENDUM TO PROMISSORY NOTE

         FOR VALUE RECEIVED, the undersigned, SAC Holding Corporation, a Nevada
corporation ("Maker"), hereby amends that certain Promissory Note (the "Note")
dated as of May 7, 1999 in the original principal amount of $10,000,000 payable
to the order of Oxford Life Insurance Company. ("Payee"), as follows.
Capitalized words used herein and not otherwise defined herein have the meaning
ascribed to such words in the Note.

         Section 2(a) of the Note is hereby amended to provide that effective as
of April 1, 2002, Basic Interest (which, for clarity, includes Pay Rate Interest
and Deferred Interest) is payable on a monthly basis, in arrears, on the first
business day of each month throughout the term of the Note.

         In addition, Section 2(e) of the Note is hereby amended to provide that
effective as of April 1, 2002, Cash Flow Contingent Interest is payable on a
monthly basis, in arrears, on the first business day of the month throughout the
term of the Note.

         The Note remains in full force and effect and is not amended in any
respect, except as expressly provided herein.

         IN WITNESS WHEREOF, the undersigned executes this Amendment and
Addendum to Promissory Note as of April 16, 2002.

                                               SAC Holding Corporation

                                               By: /s/ Bruce Brockhagen
                                                   -----------------------------
                                                   Bruce Brockhagen, Secretary

         Payee hereby agrees and consents to the above-described amendment to
the Note this 16th day of April, 2002.

                                               Oxford Life Insurance Company

                                               By: /s/ Mark Haydukovich
                                                   ---------------------------
                                                   Mark Haydukovich, President

<PAGE>

                                 PROMISSORY NOTE

Maximum principal amount of                              dated as of May 7, 1999
$10,000,000

     FOR VALUE RECEIVED, the undersigned SAC Holding Corporation, a Nevada
corporation (the "Maker" or the "undersigned"), promises to pay to the order of
Oxford Life Insurance Company, an Arizona corporation, ("Payee"), at the
principal office of the Payee at 2721 North Central Avenue, Phoenix, Arizona
85004 or at such other place or places as the holder hereof may from time to
time designate in writing, the principal sum of up to Ten Million Dollars
($10,000,000), or, if less, the aggregate unpaid principal amount of the Loan
made by Payee to Maker, with Interest on the principal balance outstanding from
time to time, all as hereinafter set forth.

         1.       Definitions. As used in this Note, each of the following terms
shall have the following meanings, respectively:

                  "Accrual Rate": shall mean the annual interest rate of eight
         and one-half percent (8.5%).

                  "Additional Interest": shall mean and include both Cash Flow
         Contingent Interest and Capital Proceeds Contingent Interest.

                  "Adjusted Operating Expenses": shall mean Operating Expenses
         (i) to account for all actual or required Operating Expenses as opposed
         to escrowed or estimated payments made pursuant to the Senior Loans and
         (ii) such other adjustments to Operating Expenses to adjust for
         seasonal, extraordinary or non-customary expenses and costs and other
         abnormalities.

                  "Affiliate": of any specified Person shall mean (i) any other
         Person controlling or controlled by or under common control with such
         specified Person and (ii) any limited partner of such Person if such
         Person is a limited partnership, any shareholder of such Person if such
         Person is a corporation, or any member of such Person if such Person is
         a limited liability company. For the purposes of this definition,
         "control," when used with respect to any specified Person, means the
         power to direct the management and policies of such person, directly or
         indirectly, whether through the ownership of voting securities, by
         contract, or otherwise; and the terms "controlling" and "controlled"
         have meanings correlative to the foregoing.

                  "Basic Interest": shall have the meaning given it in Section
         2(a) and 2(b) below.

                  "Borrowers": collectively, are the following: Six-A SAC
         Self-Storage Corporation, Six-B SAC Self-Storage Corporation, Six-C SAC
         Self-Storage Corporation, Eight SAC Self-Storage Corporation, Nine SAC
         Self-Storage
<PAGE>

         Corporation, Ten SAC Self-Storage Corporation and Eleven SAC
         Self-Storage Corporation, each Nevada corporations.

                  "Capital Proceeds Contingent Interest": shall have the meaning
         given it in Section 2(h)(i) below.

                  "Cash Flow Contingent Interest": shall have the meaning given
         it in Section 2(e) below.

                  "Catch-Up Payment": shall have the meaning given it in Section
         2(d).

                  "Debt Papers": shall mean the documents and instruments
         included within the definition of the term "Debt Papers" as provided in
         Section 14 below.

                  "Deferred Interest": shall have the meaning given it in
         Section 2(a).

                  "GAAP": shall mean generally accepted accounting principles as
         used and understood in the United States of America from time to time.

                  "Gross Income": shall equal Gross Receipts for the applicable
         twelve (12) month period less (i) sale tax and other similar taxes,
         (ii) condemnation awards, (iii) casualty or other insurance proceeds,
         (iv) proceeds of any borrowing, (v) proceeds of any or sale of any
         Mortgaged Properties, (vi) proceeds of any sale of assets outside the
         ordinary course of business, (vii) revenues relating to equipment or
         vehicle rentals and (vii) any revenue generated other than in
         connection with the use of the Mortgaged Properties.

                  "Gross Receipts": shall mean, for any period all gross
         receipts, revenues and income of any and every kind collected or
         received by or for the benefit or account of Maker and the Borrower
         during such period arising from the ownership, rental, use, occupancy
         or operation of the Project or any portion thereof. Gross Receipts
         shall include, without limitation, all receipts from all tenants,
         licensees and other occupants and users of the Project or any portion
         thereof, including, without limitation, rents, security deposits and
         the like, interest earned and paid or credited on all Maker's or the
         Borrowers' deposit accounts related to the Project, all proceeds of
         rent or business interruption insurance, and the proceeds of all
         casualty insurance or eminent domain awards to the extent not (i)
         applied, or reserved and applied within six (6) months after the
         creation of such reserve, to the restoration of the Project in
         accordance with the Mortgage, (ii) paid to Holder to reduce the
         principal amount of the Loan or (iii) paid to reduce the principal
         amount of the Senior Loans. Gross Receipts shall include the net
         commission payable from U-Haul International, Inc. for the rental of
         its equipment (whether or not such equipment is owned by the Owner of
         the Mortgaged Property) at any Mortgaged Property; provided however
         that such net commissions payable shall not be included in Gross
         Receipts until the 15th day of the month following the month in which
         such rental occurred, all in accordance with the customary procedure
         for the payment of net commission. Gross

                                       2
<PAGE>

         Receipts shall not include any capital contributed to Maker, whether in
         the form of a loan or equity, or any proceeds from any loan made to
         Maker. For the purpose of calculating the permitted Management Fee and
         the Capital Expenditure Reserve Deposit, Gross Receipts shall also
         exclude sales taxes collected by the Maker in connection with the
         operation of the Project and held in trust for payment to the taxing
         authorities. Further, in calculating the Management Fee, Gross Receipts
         shall be further modified as provided for in the Property Management
         Agreement. Any receipt included within Gross Receipts in one period
         shall not be included within Gross Receipts for any other period (i.e.,
         no item of revenue or receipts shall be counted twice).

                  "Highest Lawful Rate": shall mean the maximum rate of interest
         which the Holder is allowed to contract for, charge, take, reserve, or
         receive under applicable law after taking into account, to the extent
         required by applicable law, any and all relevant payments or charges
         hereunder.

                  "Holder": shall mean at any particular time, the Person which
         is then the holder of this Note.

                  "Interest": shall mean Additional Interest, Basic Interest and
         Deferred Interest.

                  "Loan": shall mean the mortgage loan in the amount of up to
         $10,000,000.00 made by Payee to Maker and evidenced by the Note or up
         to such amount as may have been advanced by Payee to Maker from time to
         time.

                  "Loan Year": shall mean a year commencing on the date of this
         Note, or an anniversary thereof, and ending 365 days (or 366 days in a
         leap year) thereafter.

                  "Management Fee": shall mean the fee paid to the Project
         Manager pursuant to the Property Management Agreement which fee shall
         in no event exceed six percent (6.0%) of Gross Receipts.

                  "Material Adverse Effect": shall mean the likely inability or
         reasonably anticipated inability of Maker to pay the Loan and perform
         its other obligations in compliance with the terms of the Debt Papers.

                  "Maturity Date": shall mean the first to occur of the Stated
         Maturity Date and the earlier date (if any) on which the unpaid
         principal balance of, and unpaid Interest on, this Note shall become
         due and payable on account of acceleration by the Holder hereof.

                  "Mortgage": shall mean collectively the Deeds of Trust (and
         Mortgages, and Deeds to Secure Debt), Assignment of Leases and Rents,
         Security Agreement and Financing Statement securing the promissory note
         representing the Senior Loans, as the same may be amended, modified or
         restated from time to time and together with

                                       3
<PAGE>

         all replacements and substitutions therefor. The Mortgage is more fully
         identified in Section 14 below.

                  "Mortgaged Properties": shall mean the properties of the
         Borrowers encumbered by the Senior Loan Documents.

                  "Net Capital Proceeds": shall have the meaning given it in
         Section 2(h)(iv) below.

                  "Net Cash Flow": shall mean, for any period, the amount by
         which the Gross Receipts for such period exceed the sum of Interest
         paid during such period, Operating Expenses paid for and with respect
         to such period, and interest paid under and on account of the Senior
         Loans during such period; but Net Cash Flow for any period shall not be
         less than zero.

                  "Net Cash Flow Before Debt Service": shall mean, for any
         period, the amount by which the Gross Receipts for such period exceed
         the Operating Expenses for and with respect to such period.

                  "Net Operating Income": shall mean the "Gross Income"
         generated by the Project less Adjusted Operating Expenses, adjusted to
         reflect a ninety-five (95%) percent occupancy on a per Mortgaged
         Property basis for of the Project.

                  "Note": shall mean this Promissory Note as it may be amended,
         modified, extended or restated from time to time, together with all
         substitutions and replacements therefor.

                  "Operating Expenses": shall mean, for any period, all cash
         expenditures of Maker or the Borrowers actually paid (and properly
         payable) during such period for (i) payments into escrow pursuant to
         the Debt Papers for real and personal property taxes; (ii) real and
         personal property taxes on the Project (except to the extent paid from
         escrowed funds); (iii) premiums for liability, property and other
         insurance on the Project; (iv) the Capital Expenditure Reserve Deposit;
         (v) the Management Fee; (vi) sales and rental taxes relating to the
         Project (except to the extent paid from the Tax and Insurance Escrow
         Account); and (vii) normal, reasonable and customary operating expenses
         of the Project. In no event shall Operating Expenses include amounts
         distributed to the partners or shareholder's of Maker or the Borrowers,
         payments to Affiliates not permitted under Section 7(c) below, any
         payments made on the Loan or any other loan obtained by Maker, amounts
         paid out of any funded reserve expressly approved by Holder, non-cash
         expenses such as depreciation, or any cost or expense related to the
         restoration of the Project in the event of a casualty or eminent domain
         taking paid for from the proceeds of insurance or an eminent domain
         award or any reserve funded by insurance proceeds or eminent domain
         awards.

                  "Pay Rate": shall mean the annual interest rate of two percent
         (2.0%).

                                       4
<PAGE>

                  "Pay Rate Interest": shall mean for any period the amount of
         Basic Interest payable for such period less the amount of Deferred
         Interest which accrued during such period.

                  "Person": shall mean any corporation, natural person, firm,
         joint venture, general partnership, limited partnership, limited
         liability company, trust, unincorporated organization, government or
         any department or agency of any government.

                  "Present Value": shall have the meaning given such term in
         Section 4(c) below.

                  "Project": shall mean the real estate, the improvements and
         the personal property encumbered pursuant to the Senior Loan Documents,
         taken together collectively.

                  "Project Manager": shall have the meaning given it in Section
         6(j) below.

                  "Property Management Agreement": shall have the meaning given
         such term in Section 6(j) below.

                  "Requirements of Law": shall mean, as to any Person,
         requirements as set out in the provisions of such Person's Articles of
         Incorporation and Bylaws (in the case of a corporation) partnership
         agreement and certificate or statement of partnership (in the case of a
         partnership) or other organizational or governing documents, or as set
         out in any law, treaty, rule or regulation, or final and binding
         determination of an arbitrator, or determination of a court or other
         federal, state or local governmental agency, authority or subdivision
         applicable to or binding upon such Person or any of its property or to
         which such Person or any of its property is subject, or in any private
         covenant, condition or restriction applicable to or binding upon such
         Person or any of its property or to which such Person or any of its
         property is subject.

                  "Sale": shall mean any direct or indirect sale, assignment,
         transfer, conveyance, lease (except for leases of terms not exceeding 1
         year to tenants in the ordinary course of business complying with
         standards and in a form approved by Payee) or disposition of any kind
         whatsoever of the Project, or of any portion thereof or interest
         (whether legal, beneficial or otherwise) or 25% or more (in the
         aggregate of all such sales, transfers, assignments, etc., made at any
         time or from time to time, taken together) of all equity interests in
         Maker.

                  "Security Documents": shall mean the documents and instruments
         included within the definition of the term "Security Documents" as
         provided in Section 14 below.

                                       5
<PAGE>

                  "Senior Loan Documents": shall mean and include, at any time,
         all promissory notes, mortgages and other documents and instruments
         which create, evidence or secure all or any part of the Senior Loans.

                  "Senior Lender" shall mean Wells Fargo Bank, N.A. ("Wells"),
         GE Capital Corporation ("GE") and/or First Union National Bank, N.A.
         ("First Union"), as the context may so require, in their respective
         capacities as the lenders under the Senior Loans.

                  "Senior Loans": shall mean, collectively, (i) that certain
         loan in the amount of $32,100,000.00 made by the Wells to the Eleven
         SAC Self Storage Corporation; (ii) that certain loan in the amount of
         $9,626,000.00 made by the GE to the Eight SAC Self Storage Corporation;
         (iii) that certain loan in the amount of $8,945,000.00 made by the GE
         to the Nine SAC Self Storage Corporation; (iv) that certain loan in the
         amount of $10,272,000.00 made by the GE to the Ten SAC Self Storage
         Corporation; (v) that certain loan in the amount of $9,675,000.00 made
         by the First Union to the Six-A SAC Self Storage Corporation; (vi) that
         certain loan in the amount of $9,423,000.00 made by the First Union to
         the Six-B SAC Self Storage Corporation; and (vii) that certain loan in
         the amount of $10,513,000.00 made by the First Union to the Six-C SAC
         Self Storage Corporation.

                  "Stated Maturity Date": shall mean May 7, 2019, or the date on
         which all of the Property Management Agreements are terminated in
         accordance with Section 6 thereof, or on demand by Payee.

                  "Tax and Insurance Escrow Account": shall mean any impound
         account established pursuant to the Senior Loans, or any of them.

                  "Triggering Event": shall have the meaning given it hi Section
         2(h)(ii) below.

                  "Yield Maintenance Premium": shall have the meaning given such
         term in Section 4(b) below.

         2. Interest.

                  (a) Basic Interest Rate Prior to Maturity. Prior to the
         Maturity Date, interest ("Basic Interest") shall accrue on the
         principal balance of the Note outstanding from time to time at the
         Accrual Rate. Such interest shall be paid as follows: quarterly in
         arrears, on the first day of each calendar quarter. Maker shall pay to
         Holder an amount calculated by applying the Pay Rate to the principal
         balance outstanding hereunder; and, the remainder of the Basic Interest
         accrued hereunder at the Accrual Rate during such quarter through the
         last day of such quarter ("Deferred Interest") shall be deferred, shall
         be payable as and at the time provided in Section 2(d) below, and
         commencing on the day payment of Basic Interest at the Pay Rate is due
         for

                                       6
<PAGE>

         such quarter, interest shall accrue on such Deferred Interest at the
         Accrual Rate (and any accrued interest thereon, shall be considered
         part of Deferred Interest).

                  (b) Post-Maturity Basic Interest. From and after the Maturity
         Date interest ("Post Maturity Basic Interest") shall accrue and be
         payable on the outstanding principal balance hereof until paid in full
         at an annual rate equal to fifteen percent (15%) and such Post Maturity
         Basic Interest shall be payable upon demand.

                  (c) Computations. All computations of interest and fees
         payable hereunder shall be based upon a year of 360 days for the actual
         number of days elapsed.

                  (d) Deferred Interest. Deferred Interest shall be paid as
         follows:

                  (i) On each quarterly date for the payment of Basic Interest,
                  Maker shall pay an amount (the "Catch-Up Payment") equal to
                  the lesser of (i) the aggregate outstanding Deferred Interest
                  on the last day of the quarter for which such payment is being
                  made and (ii) ninety percent (90%) of the result of
                  subtracting from Net Cash Flow Before Debt Service for that
                  quarter the sum of principal and interest paid on the Senior
                  Loans by the borrowers thereunder for such period plus an
                  additional amount equal to twice the Pay Rate Interest for
                  such period;

                  (ii) All unpaid Deferred Interest shall be paid on the
                  Maturity Date; and

                  (iii) No payment of Deferred Interest may, when added to all
                  other payments of interest or payments construed as interest,
                  shall exceed the Highest Lawful Rate.

                  (e) Cash Flow Contingent Interest. In addition to Basic
         Interest and Deferred Interest, on each date on which Basic Interest is
         payable hereunder, Maker shall pay to Holder interest ("Cash Flow
         Contingent Interest") in an amount equal to the amount (if any) by
         which ninety percent (90%) of the result of subtracting from Net Cash
         Flow Before Debt Service for that quarter the sum of principal and
         interest paid on the Senior Loans for such period plus an additional
         amount equal to twice the Pay Rate Interest for such period each
         calculated as of that date exceeds the Catch-Up Payment paid on that
         date by Maker to Holder. Additionally, at the time of the closing of
         any impound accounts established pursuant to the Senior Loan Documents,
         deposits into which are considered Operating Expenses, Cash Flow
         Contingent Interest shall be due to the Holder on the balances in those
         accounts except to the extent such balances are paid to the Senior
         Lender.

                  (f)Quarterly Statements; Adjustment of Payments. On the due
         date for each payment of Basic Interest, Maker shall deliver to Holder
         a certified statement of operations of the Project for the calendar
         quarter or other period with respect to which such Basic Interest is
         due, showing in reasonable detail and in a format approved by Holder
         respective amounts of, and the method of calculating, the Gross

                                       7
<PAGE>

         Receipts, Gross Income, Operating Expenses, Net Cash Flow, Catch-Up
         Amount and Cash Flow Contingent Interest for the preceding calendar
         quarter, as well as (if requested by Holder) all data necessary for the
         calculation of any such amounts. Maker shall keep and maintain at all
         times full and accurate books of account and records adequate to
         correctly reflect all such amounts. Such books and records shall be
         available for at least five years after the end of the calendar quarter
         to which they relate. Holder shall have the right to inspect, copy and
         audit such books of account and records during reasonable business
         hours, and upon reasonable notice to Maker, for the purpose of
         verifying the accuracy of any payments made on account of Cash Flow
         Contingent Interest. The costs of any such audit will be paid by
         Holder, except that Maker shall pay all reasonable costs and expenses
         of any such audit which discloses that any amount properly payable by
         maker to Holder hereunder exceeded by five percent (5%) or more the
         amount actually paid and initially reported by maker as being payable
         with respect thereto.

                  (g) Prorations of Cash Flow Contingent Interest. Cash Flow
         Contingent Interest shall be equitably prorated on the basis of a
         365-day year for any partial calendar quarter in which the term of the
         Loan commences or in which the Note is paid in full. If the payment of
         Cash Flow Contingent Interest due on the Maturity Date is made before
         the delivery to Holder of the quarterly statement for the then current
         calendar quarter, then Maker shall pay to Holder on Maturity Date an
         estimate of such amount. Maker shall subsequently deliver to Holder an
         operating statement as required by Section 2(f) for the quarter in
         which the Maturity Date occurred, and an appropriate adjustment of the
         estimated amount previously paid by Maker shall be made by the parties
         within ten (10) days after the operating statement for such final
         quarter is delivered to Holder.

                  (h) Capital Proceeds Contingent Interest.

                           (i) Capital Proceeds Contingent Interest Defined.
         Maker shall pay to Holder, in addition to Basic Interest, Deferred
         Interest and Cash Flow Contingent Interest, at the time or times and in
         the manner hereinafter described, an amount equal to ninety percent
         (90%) of the Net Capital Proceeds resulting from, or determined at the
         time of, any of the Triggering Events described below (collectively,
         "Capital Proceeds Contingent Interest").

                           (ii) Events Triggering Payment of Net Capital
         Proceeds. Capital Proceeds Contingent Interest shall be due and payable
         concurrently with the occurrence of each and every one of the following
         events (collectively "Triggering Events", and individually, a
         "Triggering Event"):

                                    (A) Project Sale or Financing. The closing
         of any Sale of the Project (any such event is hereinafter collectively
         referred to as a "Sale or Financing"):

                                       8
<PAGE>

                                    (B) Default Occurrence. The occurrence of
         any Event of Default which is not fully cured within the period of
         time, if any, expressly provided for cure herein, and the acceleration
         of the maturity of the Loan on account thereof (hereinafter
         collectively referred to as a "Default Occurrence"); and

                                    (C) Maturity Occurrence. The occurrence of
         the Maturity Date or the prepayment by Maker (if permitted hereunder)
         of all principal and accrued Basic Interest (including, without
         limitation, Deferred Interest) and Cash Flow Contingent Interest
         outstanding on the Loan (the "Maturity Occurrence").

                           (iii)    Notice of Triggering Event: Time for Payment
         of Capital Proceeds Contingent Interest. Maker shall notify Holder of
         the occurrence of a Triggering Event, and shall pay Holder the full
         amount of any applicable Capital Proceeds Contingent Interest which is
         payable in connection therewith, as follows:

                                    (A) In the case of any Sale or Financing or
         the Maturity Occurrence, Maker shall give Holder written notice of any
         such Triggering Event not less than seventy five (75) days before the
         date such Triggering Event is to occur. Any Capital Proceeds Contingent
         Interest due Holder on account of any Sale or Financing or the Maturity
         Occurrence shall be paid to Holder on the date such Triggering Event
         occurs.

                                    (B) In the case of a Default Occurrence, no
         notice of such a Triggering Event need be given by Maker. In such
         event, payment of any and all Capital Proceeds Contingent Interest on
         account of the Default Occurrence shall be immediately due and payable
         upon acceleration of the maturity of the Loan.

                           (iv) Determination of Net Capital Proceeds. Prior to
         the occurrence of a Triggering Event (or, in the event of a Default
         Occurrence, within a reasonable time thereafter), the "Net Capital
         Proceeds" resulting from such Triggering Event shall be determined as
         follows:

                                    (A) Net Capital Proceeds From Sale or
         Financing. Except as provided in Section 2(h)(iv)(B) below, in the
         event of a Sale or Financing, "Net Capital Proceeds" shall be the
         amount which is equal to: (I) either (x) the Gross Capital Proceeds (as
         hereinafter defined) realized from the Project, or (y) the fair market
         value of the Project determined pursuant to Section 2(h)(v) below, if
         Holder in its discretion requires such a determination, minus (II) the
         sum of: (aa) reasonable brokerage commissions (excluding any payments
         to any Affiliate of Maker to the extent such payments exceed those
         which would have been due as commissions to a non-Affiliate broker
         rendering identical services), title insurance premiums, documentary
         transfer taxes, escrow fees and recording charges, appraisal fees,
         reasonable attorneys' fees and costs, and sales taxes (if any), in each
         case actually paid or payable by Maker in connection with the Sale or
         Financing, plus (bb) all payments of principal and Deferred Interest
         paid to Holder an account of this Note from the proceeds of such Sale
         or Financing, plus (cc) an amount equal to all

                                       9
<PAGE>

         payments of principal and interest on the Senior Loans made from the
         proceeds of such Sale or Financing, plus (dd) any amount paid as Yield
         Maintenance Premium as a result of such Sale or Financing. For purposes
         of this Section 2(h), "Gross Capital Proceeds" shall mean the gross
         proceeds of whatever form or nature payable directly or indirectly to
         or for the benefit or account of Maker in connection with such Sale or
         Financing, including, without limitation: cash; the outstanding balance
         of any financing which will remain as a lien or encumbrance against the
         Project or any portion thereof following such Sale or Financing (but
         only in the case of a Sale, and not in the case of an encumbrance); and
         the cash equivalent of the fair market value of any non-cash
         consideration, including the present value of any promissory note
         received as part of the proceeds of such Sale or Financing (valued at a
         market rate of interest, as determined by an independent investment
         banker designated by Holder).

                                    (B) Net Capital Proceeds In Connection With
         a Default or Maturity Occurrence. In the event of a Default Occurrence
         or the Maturity Occurrence when no Sale or Financing has occurred, the
         "Net Capital Proceeds" shall equal: (I) the fair market value of the
         Project determined as of the date of such Triggering Event in
         accordance with Section 2(h)(v) below, minus (II) the sum of (aa) the
         outstanding principal balance plus Deferred Merest on the Note plus
         (bb) the outstanding principal balance of, and accrued but unpaid
         interest on, the Senior Loans.

                           (v) Determination of Fair Market Value. The fair
         market value of the Project shall be determined for purposes of this
         Note as follows:

                                    (A) Partial Sale. In the event of a Sale of
         a portion of the Project, Holder shall select an experienced and
         reputable appraiser to prepare a written appraisal report of the fair
         market value of the Project in accordance with clause (C) below, and
         the appraised fair market value submitted to Holder by such appraiser
         shall be conclusive for purposes of this Note.

                                    (B) Other Occurrences. In all other
         circumstances the fair market value of the Project shall be deemed to
         equal the result of dividing the Net Cash Flow Before Debt Service for
         the immediately preceding fiscal year by ten percent (10%). However, if
         the Net Cash Flow Before Debt Service for the immediately preceding
         fiscal year has been lowered because of unusually high Operating
         Expenses during such fiscal year the fair market value of the Project
         may, at the option of the Maker be determined by dividing by ten
         percent (10%) the mean average of the Net Cash Flow Before Debt
         Service of the Project for the 3 immediately preceding fiscal years of
         the Project.

                                    (C) Appraisal Standards and Assumptions. In
         making any determination by appraisal of fair market value, the
         appraiser(s) shall assume that the improvements then located on the
         Project constitute the highest and best use of the property. If the
         Triggering Event is a Sale or Financing, the appraiser(s) shall take
         (A)

                                       10
<PAGE>

         the sales price into account, although such sales price shall not be
         determinative of fair market value. Each appraiser selected hereunder
         shall be an independent MAI-designated appraiser with not less than ten
         years' experience in commercial real estate appraisal in the general
         geographical area where the Project is located.

                           (vi) Effect on Holder's Approval Rights. Nothing
         contained in this Section 2(h) shall be deemed or construed to waive,
         restrict, impair, or in any manner affect Holder's rights hereunder or
         under any provisions of the Debt Papers to consent (or withhold its
         consent) to: any prepayment of the Loan in whole or in part; sales or
         other transfers of all or any portion of the Project or any interest
         therein; sales or other transfers of any ownership interests in Maker;
         any refinancing of all or any portion of the Loan; any junior
         financing; or, any other matters which require Holder's consent.

                           (vii) Statement, Books and Records. With each payment
         of Capital Proceeds Contingent Interest, Maker shall furnish to Holder
         a statement setting forth Maker's proposed calculation of Net Capital
         Proceeds and Capital Proceeds Contingent Interest and shall provide a
         detailed breakdown of all items necessary for such calculation. For a
         period of five years after each payment of Capital Proceeds Contingent
         Interest, Maker shall keep and maintain full and accurate books and
         records adequate to correctly reflect each such item. Said books and
         records shall be available for Holder's inspection, copying and audit
         during reasonable business hours following reasonable notice for the
         purpose of verifying the accuracy of the payments made on account of
         Capital Proceeds Contingent Interest. The costs of any such audit will
         be paid by Holder, except that Maker shall pay all reasonable costs and
         expenses of any such audit which discloses that any amount properly
         payable by Maker to Holder hereunder exceeded by five percent (5%) or
         more the amount actually paid and initially reported by maker as being
         payable with respect thereto.

                           (viii) Negative Capital Proceeds Contingent Interest.
         Notwithstanding any other provision of this Agreement, Holder shall
         not be responsible or liable in any respect to Maker or any other
         Person for any reduction in the fair market value of the Project or for
         any contingency, condition or occurrence that might result in a
         negative number for Capital Proceeds Contingent Interest. If at any
         time it is calculated, Capital Proceeds Contingent Interest shall be a
         negative amount, no Capital Proceeds Contingent Interest shall at that
         time be payable to Holder, but Holder shall in no way be liable for any
         such negative amount and there shall be no deduction or offset for such
         negative amount at any time when Capital Proceeds Contingent Interest
         shall be subsequently calculated.

                           (ix) No payment of Capital Proceeds Contingent
         Interest may, when added to all other payments of interest or payments
         construed as interest, shall exceed the Highest Lawful Rate.

                                       11
<PAGE>

         3. Usury Savings Clause. The provisions of this Section 3 shall govern
and control over any irreconcilably inconsistent provision contained in this
Note or in any other document evidencing or securing the indebtedness evidenced
hereby. The Holder hereof shall never be entitled to receive, collect, or apply
as interest hereon (for purposes of this Section 3. the word "interest" shall be
deemed to include Basic Interest, Additional Interest and any other sums treated
as interest under applicable law governing matters of usury and unlawful
interest), any amount in excess of the Highest Lawful Rate (hereinafter defined)
and, in the event the Holder ever receives, collects, or applies as interest any
such excess, such amount which would be excessive interest shall be deemed a
partial prepayment of principal and shall be treated hereunder as such; and, if
the principal of this Note is paid in full, any remaining excess shall forthwith
be paid to Maker. In determining whether or not the interest paid or payable,
under any specific contingency, exceeds the Highest Lawful Rate, Maker and the
Holder shall, to the maximum extent permitted under applicable law, (i)
characterize any nonprincipal payment as an expense, fee, or premium rather than
as interest, (ii) exclude voluntary prepayments and the effects thereof, and
(iii) spread the total amount of interest throughout the entire contemplated
term of this Note; provided, that if this Note is paid and performed in full
prior to the end of the full contemplated term hereof, and if the interest
received for the actual period of existence hereof exceeds the Highest Lawful
Rate, the Holder shall refund to Maker the amount of such excess or credit the
amount of such excess against the principal of this Note, and, in such event,
the Holder shall not be subject to any penalties provided by any laws for
contracting for, charging, or receiving interest in excess of the Highest Lawful
Rate.

         4. Payments.

                  (a) Interest and Principal. Maker promises to pay to the
         Holder hereof Basic Interest, Deferred Interest and Additional Interest
         as, in the respective amounts, and at the respective times provided in
         Section 2 hereinabove. Each payment of Basic Interest (including
         without limitation, Deferred Interest), and Additional Interest on, or
         any other amounts of any kind with respect to, this Note shall be made
         by the Maker to the Holder hereof at its office in Phoenix, Arizona (or
         at any other place which the Holder may hereafter designate for such
         purpose in a notice duly given to the Maker hereunder), not later than
         noon, Eastern Standard Time, on the date due thereof; and funds
         received after that hour shall be deemed to have been received by the
         Holder on the next following business day. Whenever any payment to be
         made under this Note shall be stated to be due on a date which is not a
         business day, the due date thereof shall be extended to the next
         succeeding business day, and interest shall be payable at the
         applicable rate during such extension.

                  (b) Late Payment Charges. If any amount of Interest, principal
         or any other charge or amount which becomes due and payable under this
         Note is not paid and received by the Holder within five business days
         after the date it first becomes due and payable, Maker shall pay to the
         Holder hereof a late payment charge in an amount equal to five percent
         (5%) of the full amount of such late payment, whether such late payment
         is received prior to or after the expiration of the ten-day cure period
         set forth in Section 8(a). Maker recognizes that in the event any
         payment secured hereby (other than the principal payment due upon
         maturity of the Note,

                                       12
<PAGE>

         whether by acceleration or otherwise) is not made when due, Holder will
         incur extra expenses in handling the delinquent payment, the exact
         amount of which is impossible to ascertain, but that a charge of five
         percent (5%) of the amount of the delinquent payment would be a
         reasonable estimate of the expenses so incurred. Therefore, if any such
         payment is not received when due and payable, Maker shall without
         prejudicing or affecting any other rights or remedies of the trustee
         under those certain Junior Deeds of Trust (or Junior Mortgages, or
         Junior Deeds to Secure Debt), Assignment of Leases and Rents, Security
         Agreement, Financing Statement and Fixture Filing of even date herewith
         or Holder pay to Holder to cover expenses incurred in handling the
         delinquent payment, an amount calculated at five percent (5%) of the
         amount of the delinquent payment.

                  (c) No Prepayment. Maker shall have the right to prepay this
         Note at any time, but only subject to the requirements and conditions
         set forth below. If under any circumstances whatsoever (other than
         pursuant to Section 3 above) this Note is paid in whole or in part,
         whether voluntarily, following acceleration after the occurrence of an
         Event of Default, with the consent of Holder, by Holder's application
         of any condemnation or insurance proceeds to amounts due under the
         Note, by operation of law or otherwise, and whether or not such payment
         prior to the Stated Maturity Date results from the Holder's exercise of
         its rights to accelerate the indebtedness evidenced hereby, then Maker
         shall pay to the Holder the Yield Maintenance Premium (defined
         hereinbelow) in addition to paying the entire unpaid principal balance
         of this Note and all Interest which has accrued but is unpaid except
         with the written consent of the Holder.

                  A Yield Maintenance Premium in an amount equal to the grater
         of (A) one percent (1.0%) of the principal amount being prepaid, and
         (B) the positive excess of (1) the present value ("PV") of all future
         installments of principal and interest due pursuant to Section 4(a) of
         this Note absent any such prepayment including the principal amount due
         at the Stated Maturity Date (collectively, "All Future Payments"),
         discounted at an interest rate per annum equal to the sum of (a) the
         Treasury Constant Maturity Yield Index published during the second full
         week preceding the date on which such Yield Maintenance Premium is
         payable for instruments having a maturity coterminous with the
         remaining term of this Note, and (b) One Hundred Forty (140) basis
         points, over (2) the then outstanding principal balance hereof
         immediately before such prepayment [(PV of All Future Payments)
         (Principal balance at the time of prepayment) = Yield Maintenance
         Premium]. "Treasury Constant Maturity Yield Index" shall mean the
         average yield for "This Week" as reported by the Federal Reserve Board
         in Federal Reserve Statistical Release H.15 (519). If there is no
         Treasury Constant Maturity Yield Index for instruments having a
         maturity coterminous with the remaining term of this Note, then the
         index shall be equal to the weighted average yield to maturity of the
         Treasury Constant Maturity Yield Indices with maturities next longer
         and shorter than such remaining average life to the maturity,
         calculated by averaging (and rounding upward to the nearest 1/100 of 1%
         per annum, if the average is not such a multiple) the yields of the
         relevant Treasury Constant Maturity Yield Indices

                                       13
<PAGE>

         (rounded, if necessary, to the nearest 1/100 of 1% with any figure of
         1/200 of 1% or above rounded upward). In the event that any Yield
         Maintenance Premium is due hereunder, Holder shall deliver to Maker a
         statement setting forth the amount and determination of the Yield
         Maintenance Premium and, provided that Holder shall have in good faith
         applied the formula described above, Maker shall not have the right to
         challenge the calculation or the method of calculation set forth in any
         such statement in the absence of manifest error, which calculation may
         be made by Holder on any day during the thirty (30) day period
         preceding the date of such prepayment. Holder shall not be obligated or
         required to have actually reinvested the prepaid principal balance at
         the Treasury Constant Maturity Yield Index or otherwise as a condition
         to receiving the Yield Maintenance Premium. No Yield Maintenance
         Premium or premium shall be due or payable in connection with any
         prepayment of the indebtedness evidenced by this Note made on or after
         any date after June 1, 2005. In addition to the aforesaid Yield
         Maintenance Premium if, upon any such prepayment (whether prior to or
         after any date that is after June 1, 2005, the aforesaid prior written
         notice has not been received by Holder, the Yield Maintenance Premium
         shall be increased by an amount equal to the lesser of (i) thirty (30)
         days' unearned interest computed in the outstanding principal balance
         of this Note, so prepaid and (ii) unearned interest computed on the
         outstanding principal balance of this Note so prepaid for the period
         from, and including, the date of prepayment through the otherwise
         Stated Maturity Date of this Note.

                  Without limiting the scope of the foregoing provisions, the
         provisions of this paragraph shall constitute, within the meaning of
         any applicable state statute, both a waiver of any right Maker may have
         to prepay the Note, in whole or in part, without premium or charge,
         upon acceleration of the maturity of the Note, or otherwise, and an
         agreement by Maker to pay the prepayment charge described in this Note,
         whether such prepayment is voluntary or upon or following any
         acceleration of this Note, or otherwise, and for such purpose Maker has
         separately initialed this provision in the space provided below, and
         Maker hereby declares that Holder's agreement to make the Loan to Maker
         at the interest rate and for the term set forth in the Note constitutes
         adequate consideration, of individual weight, for this waiver and
         agreement by Maker.

         Notwithstanding the foregoing, or anything else in this Note to the
         contrary, it is agreed that in the event this Note becomes due and
         payable as a result of the termination of all of the Property
         Management Agreements, Maker shall not be subject to the Yield
         Maintenance Premiums or other prepayment premiums contemplated herein
         and Maker shall only be required to repay the outstanding principal
         balance of this Note and accrued but unpaid Basic Interest and Deferred
         Interest through the date of such prepayment, it being agreed that in
         such event, Maker shall not be required to pay any Capital Proceeds
         Contingent Interest or Cash Flow Contingent Interest.

                      Maker's Initials: [ILLEGIBLE]

                                       14
<PAGE>

         5. Representations and Warranties of Maker. Maker represents and
warrants to Payee, as of the date hereof, that:

                  (a) Due Authorization. Maker is a corporation duly organized
         under the laws of the state of its organization, with the authority to
         own the Project and enter into the Debt Papers and consummate the
         transactions contemplated thereby;

                  (b) No Violation. Maker's execution, delivery and performance
         of its obligations under the Debt Papers do not and will not violate
         the articles of incorporation or by-laws of Maker and will not violate,
         conflict with or constitute a default under any agreement to which
         Maker is a party or by which the Project is bound or encumbered, or
         violate any Requirements of Law to which Maker or the Project is
         subject;

                  (c) Consents. No consents, approvals, filings, or notices of,
         with or to any Person are required on the part of Maker in connection
         with Maker's execution, delivery and performance of its obligations
         under the Debt Papers that have not been duly obtained, made or given,
         as the case may be;

                  (d) Enforceability. The Debt Papers are valid, binding and
         enforceable in accordance with their terms, except as the
         enforceability thereof may be limited by bankruptcy, insolvency,
         moratorium, reorganization or similar laws relating to or affecting the
         enforcement of creditors' rights generally.

                  (e) Compliance with Laws. Each Mortgaged Property is in
         compliance in all material respects with all applicable Requirements of
         Law;

                  (f)Zoning and Other Laws. The Project and the use thereof as a
         self-storage facility, separate and apart from any other properties,
         constitutes a legal and conforming use under applicable zoning
         regulations and each such Project is in compliance in all material
         respects with all applicable Requirements of Law;

                  (g) Litigation. No litigation, investigation or proceeding or
         notice thereof before any arbitrator or governmental authority, agency
         or subdivision is pending or, to Maker's best knowledge, threatened,
         against Maker or the Project;

                  (h) Utilities; Licenses. All utilities required by
         Requirements of Law or by the normal and intended use of the Project
         are installed to the property line and connected by valid permits and
         the Maker possesses, or will possess as and when necessary, all
         patents, patent rights or licenses, trademarks, trade names, trade name
         right, service marks, copyrights, licenses, permits and consents (or
         rights thereto) which are required to conduct its business as it is now
         conducted or as it is presently proposed to be conducted, or which are
         required by any governmental entity or agency;

                                       15
<PAGE>

                  (i) Easements. Maker has obtained and has encumbered in favor
         of Holder pursuant to the Mortgage all easements, appurtenances and
         rights of way necessary for access to and the normal uses of the
         Project; and

                  (i) Place of Business. Maker's principal place of business is
         located at 715 South Country Club Drive, Mesa, AZ 85210, and that
         address is its only place of business or its chief executive office.

         6. Affirmative Covenants. Maker hereby covenants and agrees that, so
long as any indebtedness under the Note remains unpaid, Maker shall:

                  (a) Use of Proceeds. Use the proceeds of the Loan to repay
         certain indebtedness presently outstanding against the Project and held
         by Payee.

                  (b) Financial Statements. Deliver or cause to be delivered to
         Holder:

                           (i) As soon as available and in any event within 90
                  days after the end of each calendar year, annual financial
                  reports on the Project showing all income and expenses
                  certified to be accurate and complete by an officer of the
                  Maker; and

                           (ii) As soon as available and in any event within 45
                  days after the end of each of the first three calendar
                  quarters of each year, (1) a detailed comparative earnings
                  statement for such quarter and for the period commencing at
                  the end of the previous fiscal year and ending with the end of
                  such quarter, and (2) financial reports on the Project showing
                  all income and expenses, certified to be accurate and complete
                  by an officer of the managing general partner of Maker (or, if
                  Maker is a corporation, of Maker); and

                           (iii) Promptly, such additional financial and other
                  information (including, without limitation, information
                  regarding the Project) as Holder may from time to time
                  reasonably request.

                  (c) Inspection of Property; Books and Records; Discussions.
         Keep proper books of record and account in which full, true and correct
         entries in conformity with GAAP and all Requirements of Law shall be
         made of all dealings and transactions in relation to its business and
         activities and, upon reasonable notice, permit representatives of
         Holder to examine and make abstracts from any of its books and records
         at any reasonable time and as often as may reasonably be desired by
         Holder and to discuss the business, operations, properties and
         financial and other conditions of Maker with officers and employees of
         Maker and with its independent certified public accountants. In
         addition, on the last day of each calendar month on which an Interest
         payment is due, Maker shall furnish to Holder a certified statement of
         operations of the Project for the calendar month in which such Interest
         payment is due, showing in reasonable detail and in a format approved
         by Holder the Gross Receipts, Operating Expenses, and Net Cash Flow, as
         well as (if required by Holder)

                                       16
<PAGE>

         all data necessary for the calculation of any such amounts. Maker shall
         keep and maintain at all times full and accurate books of account and
         records adequate to correctly reflect all such amounts. Such books and
         records shall be available for at least five (5) years after the end of
         the relevant calendar month. Holder shall have the right to inspect,
         copy and audit such books of account and records at Holder's expense,
         during reasonable business hours, and upon reasonable notice to Maker,
         for the purpose of verifying the accuracy of any principal payments
         made. The costs of any such audit will be paid by Holder, except that
         Maker shall pay all reasonable costs and expenses of any such audit
         which discloses that any amount properly payable by Maker to Holder
         hereunder exceeded by five percent (5%) or more the amount actually
         paid and initially reported by Maker as being payable with respect
         thereto.

                  (d) Notices. Give prompt written notice to Holder of (a) any
         claims, proceedings or disputes (whether or not purportedly on behalf
         of Maker) against, or to Maker's knowledge, threatened or affecting
         Maker or the Project which, if adversely determined, could reasonably
         be expected to have a Material Adverse Effect (without in any way
         limiting the foregoing, claims, proceedings, or disputes involving in
         the aggregate monetary amounts in excess of $15,000 not fully covered
         by insurance shall be deemed to be material, exclusive of deductibles
         in an amount not to exceed $1,000), or (b) any proposal by any public
         authority to acquire the Project or any portion thereof.

                  (e) Expenses. Pay all reasonable out-of-pocket expenses
         (including fees and disbursements of counsel, including special local
         counsel) of Holder, incident to any amendments, waivers and renewals
         relating to the Debt Papers and the protection of the rights of Holder
         under the Debt Papers whether by judicial proceedings or otherwise,
         including, without limitation, in connection with bankruptcy,
         insolvency, liquidation, reorganization, moratorium or other similar
         proceedings involving Maker or a "workout" of the Loan. The obligations
         of Maker under this Section 6(e) shall survive repayment of the Loan.

                  (f) Debt Papers. Comply with and observe all terms and
         conditions of the Debt Papers.

                  (g) INDEMNIFICATION. INDEMNIFY AND HOLD HARMLESS HOLDER AND
         ITS DIRECTORS, OFFICERS, EMPLOYEES, ATTORNEYS AND AGENTS (THE
         "INDEMNIFIED PARTIES") FROM AND AGAINST ALL DAMAGES AND LIABILITIES
         (COLLECTIVELY AND SEVERALLY, "LOSSES") ASSESSED AGAINST ANY OF THEM
         RESULTING FROM THE CLAIMS OF ANY PARTY RELATING TO OR ARISING OUT OF
         THE DEBT PAPERS OR THE TRANSACTIONS CONTEMPLATED THEREBY, EXCEPT FOR
         LOSSES CAUSED BY THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH
         INDEMNIFIED PARTY, AND REIMBURSE EACH INDEMNIFIED PARTY FOR ANY
         EXPENSES (INCLUDING THE FEES AND DISBURSEMENTS

                                       17
<PAGE>

         OF LEGAL COUNSEL) REASONABLY INCURRED IN CONNECTION WITH THE
         INVESTIGATION OF, PREPARATION FOR OR DEFENSE OF ANY ACTUAL OR
         THREATENED CLAIM, ACTION OR PROCEEDING ARISING THEREFROM (INCLUDING ANY
         SUCH COSTS OF RESPONDING TO DISCOVERY REQUEST OR SUBPOENAS), REGARDLESS
         OF WHETHER HOLDER OR SUCH OTHER INDEMNIFIED PERSON IS A PARTY THERETO.
         WITHOUT DEROGATING THE PROVISIONS OF SECTION 20 BELOW, IT IS
         ACKNOWLEDGED AND AGREED BY MAKER THAT THE INDEMNIFICATION RIGHTS OF THE
         INDEMNIFIED PARTIES HEREUNDER ARE IN ADDITION TO AND CUMULATIVE WITH
         ALL OTHER RIGHTS OF THE INDEMNIFIED PARTIES. WITH REFERENCE TO THE
         PROVISIONS SET FORTH ABOVE IN THIS SECTION 6(g) FOR PAYMENT BY MAKER OF
         ATTORNEYS' FEES INCURRED BY THE INDEMNIFIED PARTIES IN ANY ACTION OR
         CLAIM BROUGHT BY A THIRD PARTY, MAKER SHALL, IF IT ADMITS LIABILITY
         HEREUNDER TO ANY INDEMNIFIED PARTY, DILIGENTLY DEFEND SUCH INDEMNIFIED
         PARTY AND DILIGENTLY CONDUCT THE DEFENSE. IF HOLDER OR ANY OTHER SUCH
         INDEMNIFIED PARTY DESIRES TO ENGAGE SEPARATE COUNSEL, IT MAY DO SO AT
         ITS OWN EXPENSE; PROVIDED, HOWEVER, THAT SUCH LIMITATION ON THE
         OBLIGATION OF MAKER TO PAY THE FEES OF SEPARATE COUNSEL FOR SUCH
         INDEMNIFIED PARTY SHALL NOT APPLY IF SUCH INDEMNIFIED PARTY HAS
         RETAINED SAID SEPARATE COUNSEL BECAUSE OF A REASONABLE BELIEF THAT
         MAKER IS NOT DILIGENTLY DEFENDING IT AND/OR NOT DILIGENTLY CONDUCTING
         THE DEFENSE AND SO NOTIFIES MAKER. THE OBLIGATIONS OF MAKER UNDER THIS
         SECTION 6(g) SHALL SURVIVE REPAYMENT IN FULL OF THE INDEBTEDNESS
         EVIDENCED HEREBY. EXCEPT AS OTHERWISE PROVIDED, IT IS THE INTENT OF
         THIS SECTION 6(g) THAT THE MAKER SHALL INDEMNIFY AND HOLD HARMLESS THE
         INDEMNIFIED PARTIES FROM LOSSES OCCASIONED BY THE ACTS OR OMISSIONS,
         INCLUDING, WITHOUT LIMITATION, NEGLIGENCE, OF THE INDEMNIFIED PARTIES.

                       MAKER'S INITIALS [ILLEGIBLE]

                  (g) Co-operation. Execute and deliver to Holder any and all
         instruments, documents and agreements, and do or cause to be done from
         time to time any and all other acts, reasonably deemed necessary or
         desirable by Holder to effectuate the provisions and purposes of the
         Debt Papers.

                  (h) Requirements of Law. Comply at all times with all
         Requirements of Law.

                                       18
<PAGE>

                  (i) Management Agreement. Cause or permit the Project to be
         initially managed by a subsidiary of U-Haul International, Inc. and to
         be at all times managed by a nationally recognized self-storage
         property management company (the "Project Manager") approved by the
         Holder, which Project Manager shall be employed pursuant to an
         agreement (the "Property Management Agreement") approved by the Holder.
         In no event shall the fees paid (or required to be paid) to the Project
         Manager exceed six percent (6%) of Gross Receipts for any time period.
         The Maker agrees, upon request of the Holder, to exercise its right to
         terminate any Project Manager upon the occurrence and continuance of
         (i) an Event of Default, (ii) a Sale of U-Haul International, Inc. or
         such Project Manager, (iii) a breach by such Project Manager of its
         respective Property Management Agreement, or (iv) the Net Cash Flow
         prior to subtracting Interest shall fall twenty percent (20%) or more
         for one complete Loan Year.

         7. Negative Covenants. Maker hereby agrees that, as long as any
indebtedness under the Note remains unpaid, Maker shall not, directly or
indirectly:

                  (a) Indebtedness. Create, incur or assume any Indebtedness
         except for: (i) the Loan; (ii) Maker's contingent obligations under the
         Senior Loans; (iii) for non-delinquent taxes; and (iv) unsecured debt
         incurred in the ordinary course of business.

                  (b) Consolidation and Merger. Liquidate or dissolve or enter
         into any consolidation, merger, partnership, joint venture, syndicate
         or other combination (except for a merger or consolidation for the
         purpose of, and having the effect of changing Maker's jurisdiction of
         organization).

                  (c) Transactions with Affiliates. Purchase, acquire or lease
         any property from, or sell, transfer or lease any property to, or lend
         or advance any money to, or borrow any money from, or guarantee any
         obligation of, or acquire any stock, obligations or securities of, or
         enter into any merger or consolidation agreement, or any management or
         similar agreement with, any Affiliate, or enter into any other
         transaction or arrangement or make any payment to (including, without
         limitation, on account of any management fees, service fees, office
         charges, consulting fees, technical services charges or tax sharing
         charges) or otherwise deal with, in the ordinary course of business or
         otherwise, any Affiliate on terms which are unreasonably burdensome or
         unfair, except (i) transactions relating to the sharing of overhead
         expenses, including, without limitation, managerial, payroll and
         accounting and legal expenses, for which charges assessed against Maker
         are not greater than would be incurred by Maker in similar transactions
         with non-Affiliates, or (ii) fair and reasonable transactions between
         Maker and U-Haul International, Inc. and its related companies.

                  (d) Sale of Interests in the Project or in the Maker. Without
         obtaining the prior written consent of Holder (which Holder may
         withhold or condition in its sole and absolute discretion), cause,
         permit or acquiesce in any Sale or Financing.

                                       19
<PAGE>

                  (e) Distributions. Notwithstanding anything to the contrary
         contained in this Note or the Debt Papers, Maker shall not make any
         distributions to any of its partners, except for distributions of
         amounts not in excess of (i) the Catch-Up Amount for any quarter, (ii)
         any Net Cash Flow for any quarter remaining after the payment to Holder
         of all Interest and the Catch-Up Amount payable for and with respect to
         such quarter, and (iii) upon the Sale or Financing any Net Sale or
         Financing proceeds remaining after payment to Holder of the amounts to
         which Holder is entitled hereunder in connection therewith.

                  (f) Business. Engage, directly or indirectly, in any business
         other than that arising out of the issuance of this Note, entering into
         the Debt Papers, taking the actions required to be performed under the
         Debt Papers and operating the Mortgaged Properties.

                  (g) No Bankruptcy Filing. To the extent permitted by law,
         without the unanimous consent of the Board of Directors of the Maker
         (for these purposes such Board of Directors will not include any
         committee thereof) voluntarily file any petition for bankruptcy,
         reorganization, assignment for the benefit of creditors or similar
         proceeding.

                  (h) No Joint Venture. Engage in a joint venture or become a
         partner with any other Person.

         8. Event of Default; Remedies. Any one of the following occurrences
shall constitute an Event of Default under this Note:

                  (a) The failure by the undersigned to make any payment of
         principal, Interest or Yield Maintenance Premium upon this Note as and
         when the same becomes due and payable in accordance with the provisions
         hereof, and the continuation of such failure for a period of ten (10)
         days after notice thereof to the Maker;

                  (b) The failure by the Maker to deposit in any account
         established and maintained pursuant to the Collection Account Agreement
         any amount required to be deposited in such account within 2 days of
         when required pursuant to the terms of the Collection Account
         Agreement;

                  (c) Any representation, warranty or certification made by
         Maker under any Debt Paper or in any report, certificate or financial
         statement delivered to the Holder under or in connection with any Debt
         Paper is materially inaccurate or incomplete as of the date made;
         provided, however, that such inaccurate or incomplete representation,
         warranty or certification is material and cannot be cured without
         material prejudice to the Holder within 30 days written notice thereof
         to the Maker;

                  (d) The failure by Maker to perform any obligation under, or
         the occurrence of any other default with respect to any provision of,
         this Note other than as

                                       20
<PAGE>

         described in any of the other clauses of this Section 8, and the
         continuation of such default for a period of 30 days after written
         notice thereof to the Maker;

                  (e) The occurrence of any Default under the Mortgage, under
         the Security Agreement and Assignment (Management Agreement), or under
         any of the other Debt Papers;

                  (f) (i) Maker shall file, institute or commence any case,
         proceeding or other action (A) under any existing or future law of any
         jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
         reorganization or relief of debtors, seeking to have an order for
         relief entered with respect to it, or seeking to adjudicate it a
         bankrupt or insolvent, or seeking reorganization, arrangement,
         adjustment, winding- up, liquidation, dissolution, composition or other
         relief [ILLEGIBLE] it or its debts, or (B) seeking appointment of a
         receiver, trustee, custodian or other similar official for it or for
         all or any substantial part of its assets, or Maker shall make a
         general assignment for the benefit of its creditors; or (ii) there
         shall be filed, instituted or commenced against Maker any case,
         proceeding or other action of a nature referred to in clause (i) above
         which (A) results in the entry of any order for relief or any such
         adjudication or appointment, or (B) remains undismissed undischarged
         for a period of 60 days; or (iii) there shall be commenced against
         Maker any case, proceeding or other action seeking issuance of a
         warrant of attachment, execution, distraint or similar process against
         all or substantially all of its assets which results in the entry of an
         order for any such relief which shall not have been vacated,
         discharged, stayed, satisfied, or bonded to Holder's satisfaction
         pending appeal, within 60 days from the first entry thereof; or (iv)
         Maker shall take any action in furtherance of, or indicating its
         consent to, approval of, or acquiescence in, any of the acts described
         in any of the preceding clauses (i), (ii) or (iii); or (v) Maker shall
         not, or shall be unable to, or shall admit in writing its inability to,
         pay its debts as they become due, or shall in writing admit that it is
         insolvent;

                  (g) One or more judgments or decrees in an aggregate amount
         exceeding $1,000,000.00 shall be entered against Maker and all such
         judgments or decrees shall not have been vacated, discharged, stayed,
         satisfied, or bonded to Holder's satisfaction pending appeal within 60
         days from the first entry thereof; or

                  (h) The occurrence of a Event of Default under the Promissory
         Notes evidencing the Senior Loans.

Upon the occurrence of any Event of Default hereunder: the entire unpaid
principal balance of, and any unpaid Basic Interest and Additional Interest then
accrued on, this Note together with the Yield Maintenance Premium, if any, and
other charges payable pursuant to the Debt Papers shall, at the option of the
Holder hereof and without demand or notice of any kind to the undersigned or any
other person, immediately become and be due and payable in full (except that
such acceleration shall occur automatically upon the occurrence of any Event of
Default described in the preceding clause (e) of this Section 8, without further
action or decision by Holder); and the Holder shall have and may exercise any
and all rights

                                       21
<PAGE>

and remedies available at law or in equity and also any and all rights and
remedies provided in the Mortgage and any of the other Security Documents.

         9. Offset. In addition to (and not in limitation of) any rights of
offset that the Holder hereof may have under applicable law, upon the occurrence
of any Event of Default hereunder the Holder hereof shall have the right,
immediately and without notice, to appropriate and apply to the payment of this
Note any and all balances, credits, deposits, accounts or moneys of the Maker
then or thereafter with or held by the Holder hereof.

         10. Allocation of Balances or of Payments. At any and all times until
this Note and all amounts hereunder (including principal, Interest, and other
charges and amounts, if any) are paid in full, all payments (whether of
principal, Interest or other amounts) made by the undersigned or any other
person (including any guarantor) to the Holder hereof may be allocated by the
Holder to principal, Interest or other charges or amounts as the Holder may
determine in its sole, exclusive and unreviewable discretion (and without notice
to or the consent of any person).

         11. Captions. Any headings or captions in this Note are inserted for
convenience of reference only, and they shall not be deemed to constitute a part
hereof, nor shall they be used to construe or interpret the provisions of this
Note.

         12. Waiver.

                  (a) Maker, for itself and for its successors, transferees and
         assigns and all guarantors and endorsers, hereby waives diligence,
         presentment and demand for payment, protest, notice of protest and
         nonpayment, dishonor and notice of dishonor, notice of the intention to
         accelerate, notice of acceleration, and all other demands or notices of
         any and every kind whatsoever (except only for any notice of default
         expressly provided for in Section 8 of this Note or in the Security
         Documents) and the undersigned agrees that this Note and any or all
         payments coming due hereunder may be extended from time to time in the
         sole discretion of the Holder hereof without in any way affecting or
         diminishing their liability hereunder.

                  (b) No extension of the time for the payment of this Note or
         any payment becoming due or payable hereunder, which may be made by
         agreement with any Person now or hereafter liable for the payment of
         this Note, shall operate to release, discharge, modify, change or
         affect the original liability under this Note, either in whole or in
         part, of the Maker if it is not a party to such agreement.

                  (c) No delay in the exercise of any right or remedy hereunder
         shall be deemed a waiver of such right or remedy, nor shall the
         exercise of any right or remedy be deemed an election of remedies or a
         waiver of any other right or remedy. Without limiting the generality of
         the foregoing, the failure of the Holder hereof promptly after the
         occurrence of any Event of Default hereunder to exercise its right to
         declare the indebtedness remaining unmatured hereunder to be
         immediately due and payable shall not constitute a waiver of such right
         while such Event of Default

                                       22
<PAGE>

         continues nor a waiver of such right in connection with any future
         Event of Default on the part of the undersigned.

         13. Payment of Costs. The undersigned hereby expressly agrees that upon
the occurrence of any Event of Default under this Note, the undersigned will pay
to the Holder hereof, on demand, all costs of collection or enforcement of every
kind, including (but not limited to) all attorneys' fees, court costs, and other
costs and expenses of every kind incurred by the Holder hereof, on demand, all
costs of collection or enforcement of every kind, including (but not limited to)
all attorneys' fees, court costs, and other costs and expenses of every kind
incurred by the Holder hereof in connection with the protection or realization
of any or all of the security for this Note, whether or not any lawsuit is ever
filed with respect thereto.

         14. The Debt Papers. This Note is unsecured. The Senior Loans are
secured by, inter alia, certain Deeds of Trust (and Mortgages, and Deeds to
Secure Debt), Assignment of Leases and Rents, Security Agreement and Financing
Statement, made and granted by subsidiaries of Maker to or for the benefit of
the Senior Holders, respectively, which create liens on real estate in the
Project and which also creates a security interest in personal property located
thereat or utilized in connection therewith, and each and every additional
document or instrument which may at any time be delivered to the Senior Holders
as security under the Senior Loans, as any of the same may at any time or from
time to time be amended, modified or restated, and together with all
substitutions and replacements therefor, are sometimes referred to collectively
herein as the "Security Documents"). Reference should be made to the Mortgage
and the other Security Documents for a description of the property encumbered
thereby and the nature and extent of the security thereof. This Note, the
Security Documents and all other documents executed in connection with the Note
and the Security Documents are sometimes referred to collectively herein as the
"Debt Papers". This Note, the Mortgage, and the other Debt Papers (if any) are
hereby incorporated by reference into this Note in their entirety, as though the
complete text of each of them were set out in full here in the body of this
Note. Notwithstanding anything to the contrary set forth herein, this Note is
not indebtedness of, and is not secured, whether directly or indirectly, by any
collateral or property owned or operated by the Borrowers, or any of them.

         15. Notices. All notices, demands and other communications hereunder to
either party shall be made in writing and shall be deemed to have been given
when actually received or, if mailed, on the first to occur of actual receipt or
the third business day after the deposit thereof in the United States mails, by
registered or certified mail, postage prepaid, addressed as follows:

         If to the Maker:  SAC Holding Corporation
                           715 South Country Club Drive
                           Mesa, AZ 85210

         If to the Holder: Oxford Life Insurance Company
                           2721 North Central Avenue
                           Phoenix, Arizona 85004
                           Attention: Treasurer

                                       23
<PAGE>

or to either party at such other address as such party may designate as its
address for the receipt of notices hereunder in a written notice duly given to
the other party.

         16. Time of the Essence. Time is hereby declared to be of the essence
of this Note and of every part hereof.

         17. Governing Law. This Note shall be governed by and construed in
accordance with the internal laws of the State of Arizona.

         18. Jurisdiction. In any controversy, dispute or question arising
hereunder or under the other Debt Papers, the Maker consents to the exercise of
jurisdiction over its person and property by any court of competent jurisdiction
situated in the State of Arizona (whether it be a court of the State of Arizona,
or a court of the United States of America situated in the State of Arizona),
and in connection therewith, agrees to submit to, and be bound by, the
jurisdiction of such court upon the Holder's mailing of process by registered or
certified mail, return receipt requested, postage prepaid, within or without the
State of Arizona, to the Maker at its address for receipt of notices under this
Note.

         19. HOLDER NOT PARTNER OF MAKER. UNDER NO CIRCUMSTANCES WHATSOEVER
SHALL THE HOLDER OF THIS NOTE BE DEEMED TO BE A PARTNER OR A CO-VENTURER WITH
MAKER OR WITH ANY OTHER PERSON. MAKER SHALL NOT REPRESENT TO ANY PERSON THAT THE
MAKER AND THE HOLDER HEREOF ARE PARTNERS OR CO-VENTURERS. ANY AND ALL ACTIONS
BY THE HOLDER HEREOF IN EXERCISING ANY RIGHTS, REMEDIES OR PRIVILEGES HEREOF OR
IN ENFORCING THIS NOTE OR THE OTHER DEBT PAPERS WILL BE EXERCISED BY THE HOLDER
SOLELY IN FURTHERANCE OF ITS ROLE AS A SECURED LENDER.

         20. Limitation of Personal Liability. Except for fraud or knowing
misrepresentations, neither Maker nor any partner in Maker shall be liable
personally to pay this Note or the indebtedness evidenced hereby, and the Holder
shall not seek any personal or deficiency judgment on this Note except for fraud
or knowing misrepresentations, and the sole remedy of the Holder hereunder or
under any of the other Debt Papers shall (except for fraud, misappropriation of
funds or knowing misrepresentations) be under the Security Documents for
enforcement thereof or shall otherwise be against the Collateral (defined for
purposes hereof as defined in the Mortgage) and any other property at any time
securing any or all of the Liabilities (defined for purposes hereof as defined
in the Mortgage); provided, however, that the foregoing shall not in any way
diminish or affect (i) any rights the Holder may have (as a secured party or
otherwise) to, against or with respect to the Collateral or any other property
at any time securing any of the liabilities, (ii) any rights of the Holder
against the Maker with respect to any fraud, misappropriation of funds or
knowing misrepresentation, or (iii) any rights of the Holder under or with
respect to any guaranty at any time furnished to the Holder relating to or
concerning any of the Liabilities.

                                       24
<PAGE>

         21. JURY TRIAL. THE MAKER HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL
BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS
NOTE OR ANY DEBT PAPERS TO WHICH IT IS A PARTY, OR UNDER ANY AMENDMENT,
INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE
DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY RELATIONSHIP
EXISTING IN CONNECTION WITH THIS NOTE OR ANY DEBT PAPERS, AND AGREES THAT ANY
SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

         22. Entire Agreement. This Note and the other Security Documents
constitute the entire agreement between Maker and Payee. No representations,
warranties, undertakings, or promises whether written or oral, expressed or
implied have been made by the Payee or its agent unless expressly stated in this
Note or the Security Documents.

                      [THIS SPACE INTENTIONALLY LEFT BLANK]

                                       25
<PAGE>

         IN WITNESS WHEREOF, the undersigned has executed and delivered this
Note, pursuant to proper authority duly granted, as of the date and year first
above written.

                     SAC HOLDING CORPORATION
                     a Nevada corporation

                     By: /s/ [ILLEGIBLE]
                     -----------------------------
                     Its: SECRETARY

                                       26

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>174
<FILENAME>p68936exv12w1.txt
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
<PAGE>
                                                                               .
                                                                               .
                                                                               .

                                                                    EXHIBIT 12.1

<TABLE>
<CAPTION>
                                                                    Year Ended March 31,
                                              --------------------------------------------------------------   Nine Months Ended
(in thousands and unaudited)                     2003         2002         2001         2000         1999      December 31, 2003
                                              ----------   ----------   ----------   ----------   ----------   -----------------
<S>                                           <C>          <C>          <C>          <C>          <C>          <C>
Earnings:
   Income (loss) from continuing
        operations before provision for
        income taxes                          $  (38,921)  $  (67,331)  $  (64,654)  $   54,841   $   60,587   $          80,681
   Adjustments for certain expense items:
      Interest expense                           148,131      109,465      111,878       97,187       85,611              92,839
      Estimate of Interest within rental
        expense (1)                               59,881       58,221       58,487       43,650       39,581              37,353
                                              ----------   ----------   ----------   ----------   ----------   -----------------
                                                 169,091      100,355      105,711      195,678      185,779             210,873
                                              ==========   ==========   ==========   ==========   ==========   =================
Fixed Charges:
   Interest expense                              148,131      109,465      111,878       97,187       85,611              92,839
   Interest capitalized                              732        2,000        2,450        1,359          909                 230
   Estimate of interest within rental
      expense (1)                                 59,881       58,221       58,487       43,650       39,581              37,353
   Preferred stock dividends (2)                  20,193       18,398       19,903       21,085       27,881              15,660
                                              ----------   ----------   ----------   ----------   ----------   -----------------
                                              $  228,937   $  188,084   $  192,718   $  163,281   $  153,982   $         146,082
                                              ==========   ==========   ==========   ==========   ==========   =================
Ratio of earnings to fixed charges                  0.74         0.53         0.55         1.20         1.21                1.44
                                              ==========   ==========   ==========   ==========   ==========   =================
Deficiency                                    $   59,846   $   87,729   $   87,007   $       --   $       --   $              --
                                              ==========   ==========   ==========   ==========   ==========   =================
</TABLE>

(1) Estimated lease interest is approximately one-third of net lease expense for
each reporting period.

(2) Preferred stock dividends have been adjusted to a pre-income-tax basis to
make the amounts comparable to other components.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>175
<FILENAME>p68936exv21.txt
<DESCRIPTION>EXHIBIT 21
<TEXT>
<PAGE>
                                                                    Exhibit 21
                                 AMERCO (NEVADA)
                            CONSOLIDATED SUBSIDIARIES



Republic Western Insurance Company                                       AZ
         Republic Claims Service Company                                 AZ
         Republic Western Syndicate, Inc.                                NY
         North American Fire and Casualty Insurance Company              LA
         RWIC Investments, Inc.                                          AZ
                  Republic Western Specialty Underwriters, Inc.          AZ
                  Ponderosa Insurance Agency, Inc.                       AZ

Oxford Life Insurance Company                                            AZ
         Oxford Life Insurance Agency, Inc.                              AZ
         Christian Fidelity Life Insurance Company                       TX
         Encore Financial, Inc.                                          WI
                  North American Insurance Company                       WI
                  Encore Agency, Inc.                                    LA
                           Community Health, Inc.                        WI
                           Community Health Partners, Inc.               IL

Amerco Real Estate Company                                               NV
         Amerco Real Estate Company of Alabama, Inc.                     AL
         Amerco Real Estate Company of Texas, Inc.                       TX
         Amerco Real Estate Services, Inc.                               NV
         One PAC Company                                                 NV
         Two PAC Company                                                 NV
         Three PAC Company                                               NV
         Four PAC Company                                                NV
         Five PAC Company                                                NV
         Six PAC Company                                                 NV
         Seven PAC Company                                               NV
         Eight PAC Company                                               NV
         Nine PAC Company                                                NV
         Ten PAC Company                                                 NV
         Eleven PAC Company                                              NV
         Twelve PAC Company                                              NV
         Sixteen PAC Company                                             NV
         Seventeen PAC Company                                           NV
         Nationwide Commercial Company                                   AZ
                  Yonkers Property Corporation                           NY
         PF&F Holdings Corporation                                       DE
                  Fourteen PAC Company                                   NV
                  Fifteen PAC Company                                    NV


<PAGE>




U-Haul International, Inc.                                               NV
United States:
         INW Company                                                     WA
         A & M Associates, Inc                                           AZ
         EMove, Inc.                                                     NV
         U-Haul Business Consultants, Inc                                AZ
         U-Haul Leasing & Sales Co.                                      NV
         U-Haul Self-Storage Corporation                                 NV
         U-Haul Co. of Alaska                                            AK
         U-Haul Co. of Alabama, Inc.                                     AL
         U-Haul Co. of Arkansas                                          AR
         U-Haul Co. of Arizona                                           AZ
         U-Haul Co. of California                                        CA
         U-Haul Co. of Colorado                                          CO
         U-Haul Co. of Connecticut                                       CT
         U-Haul Co. of District of Columbia, Inc.                        DC
         U-Haul Co. of Florida                                           FL
         U-Haul Co. of Georgia                                           GA
         U-Haul of Hawaii, Inc.                                          HI
         U-Haul Co. of Iowa, Inc.                                        IA
         U-Haul Co. of Idaho, Inc.                                       ID
         U-Haul Co. of Illinois, Inc.                                    IL
         U-Haul Co. of Indiana, Inc.                                     IN
         U-Haul Co. of Kansas, Inc.                                      KS
         U-Haul Co. of Kentucky                                          KY
         U-Haul Co. of Louisiana                                         LA
         U-Haul Co. of Massachusetts and Ohio, Inc.                      MA
         U-Haul Co. of Maryland, Inc.                                    MD
         U-Haul Co. of Maine, Inc.                                       ME
         U-Haul Co. of Michigan                                          MI
         U-Haul Co. of Minnesota                                         MN
         U-Haul Company of Missouri                                      MO
         U-Haul Co. of Mississippi                                       MS
         U-Haul Co. of Montana, Inc.                                     MT
         U-Haul Co. of North Carolina                                    NC
         U-Haul Co. of North Dakota                                      ND
         U-Haul Co. of Nebraska                                          NE
         U-Haul Co. of New Hampshire, Inc.                               NH
         U-Haul Co. of New Jersey, Inc.                                  NJ
         U-Haul Co. of New Mexico, Inc.                                  NM
         U-Haul Co. of Nevada, Inc.                                      NV
         U-Haul Co. of New York, Inc.                                    NY
         U-Haul Co. of Oklahoma, Inc.                                    OK
         U-Haul Co. of Oregon                                            OR
         U-Haul Co. of Pennsylvania                                      PA
         U-Haul Co. of Rhode Island                                      RI
         U-Haul Co. of South Carolina, Inc.                              SC
         U-Haul Co. of South Dakota, Inc.                                SD
         U-Haul Co. of Tennessee                                         TN
         U-Haul Co. of Texas                                             TX
         U-Haul Co. of Utah, Inc.                                        UT



<PAGE>


         U-Haul Co. of Virginia                                          VA
         U-Haul Co. of Washington                                        WA
         U-Haul Co. of Wisconsin, Inc.                                   WI
         U-Haul Co. of West Virginia                                     WV
         U-Haul Co. of Wyoming, Inc.                                     WY
         Storage Realty LLC                                              NV

Canada:
         U-Haul Co. (Canada) Ltd.                                        Ontario
                  U-Haul Inspections, Ltd.                               B.C.




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>176
<FILENAME>p68936exv23w1.txt
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<PAGE>

                                                                    Exhibit 23.1

AMERCO
Reno, Nevada

We hereby consent to the incorporation in this Registration Statement of our
report dated August 18, 2003 except for Notes 23 and 24 which are as of March
30, 2004, relating to the consolidated financial statements of AMERCO appearing
in the Company's Annual Report on Form 10-K for the year ended March 31, 2003.



/s/ BDO Seidman, LLP
Los Angeles, California

March 30, 2004

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>177
<FILENAME>p68936exv25w1.txt
<DESCRIPTION>EXHIBIT 25.1
<TEXT>
<PAGE>
                                                                    Exhibit 25.1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                           -------------------------

                                    FORM T-1

                            STATEMENT OF ELIGIBILITY
                   UNDER THE TRUST INDENTURE ACT OF 1939 OF A
                    CORPORATION DESIGNATED TO ACT AS TRUSTEE

                           -------------------------

  __ CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO
                               SECTION 305(b)(2)

                     WELLS FARGO BANK, NATIONAL ASSOCIATION
              (Exact name of trustee as specified in its charter)

A NATIONAL BANKING ASSOCIATION                               94-1347393
(Jurisdiction of incorporation or                            (I.R.S. Employer
organization if not a U.S. national                          Identification No.)
bank)

101 NORTH PHILLIPS AVENUE
SIOUX FALLS, SOUTH DAKOTA                                    57104
(Address of principal executive offices)                     (Zip code)

                             WELLS FARGO & COMPANY
                         LAW DEPARTMENT, TRUST SECTION
                                 MAC N9305-175
                 SIXTH STREET AND MARQUETTE AVENUE, 17TH FLOOR
                          MINNEAPOLIS, MINNESOTA 55479
                                 (612) 667-4608
           (Name, address and telephone number of agent for service)

                            ------------------------

                                     AMERCO
              (Exact name of obligor as specified in its charter)

NEVADA                                                       88-0106815
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                               Identification No.)

1325 AIRMOTIVE WAY, SUITE 100                                89502
RENO, NEVADA                                                 (Zip code)
(Address of principal executive offices)

                           -------------------------

                 9.0% SECOND LIEN SENIOR SECURED NOTES DUE 2009
                      (Title of the indenture securities)

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
Item 1. General Information. Furnish the following information as to the
trustee:

          (a)  Name and address of each examining or supervising authority to
               which it is subject.

               Comptroller of the Currency
               Treasury Department
               Washington, D.C.

               Federal Deposit Insurance Corporation
               Washington, D.C.

               Federal Reserve Bank of San Francisco
               San Francisco, California 94120

          (b)  Whether it is authorized to exercise corporate trust powers.

               The trustee is authorized to exercise corporate trust powers.

Item 2. Affiliations with Obligor.  If the obligor is an affiliate of the
        trustee, describe each such affiliation.

          None with respect to the trustee.

No responses are included for Items 3-14 of this Form T-1 because the obligor is
not in default as provided under Item 13.

Item 15. Foreign Trustee.     Not applicable.

Item 16. List of Exhibits.    List below all exhibits filed as a part of this
                              Statement of Eligibility.

     Exhibit 1.     A copy of the Articles of Association of the trustee now in
                    effect.*

     Exhibit 2.     A copy of the Comptroller of the Currency Certificate of
                    Corporate Existence and Fiduciary Powers for Wells Fargo
                    Bank, National Association, dated February 4, 2004.**

     Exhibit 3.     See Exhibit 2

     Exhibit 4.     Copy of By-laws of the trustee as now in effect.***

     Exhibit 5.     Not applicable.

     Exhibit 6.     The consent of the trustee required by Section 321(b) of the
                    Act.

     Exhibit 7.     A copy of the latest report of condition of the trustee
                    published pursuant to law or the requirements of its
                    supervising or examining authority.****

     Exhibit 8.     Not applicable.

     Exhibit 9.     Not applicable.
<PAGE>
* Incorporated by reference to the exhibit of the same number to the trustee's
Form T-1 filed as exhibit 25 to the Form T-3 dated March 3, 2004 of Trans-Lux
Corporation file number 022-28721.

** Incorporated by reference to the exhibit of the same number to the trustee's
Form T-1 filed as exhibit 25 to the Form T-3 dated March 3, 2004 of Trans-Lux
Corporation file number 022-28721.

*** Incorporated by reference to the exhibit of the same number to the
trustee's Form T-1 filed as exhibit 25 to the Form T-3 dated March 3, 2004 of
Trans-Lux Corporation file number 022-28721.

****Wells Fargo Bank Minnesota, National Association was consolidated into
Wells Fargo Bank, National Association effective February 20, 2004.
<PAGE>
                                   SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the
trustee, Wells Fargo Bank, National Association, a national banking association
organized and existing under the laws of the United States of America, has duly
caused this statement of eligibility to be signed on its behalf by the
undersigned, thereunto duly authorized, all in the City of Minneapolis and State
of Minnesota on the 23rd day of March 2004.





                                       WELLS FARGO BANK, NATIONAL ASSOCIATION

                                       /s/ Timothy P. Mowdy
                                       --------------------------------
                                        Timothy P. Mowdy
                                        Assistant Vice President
<PAGE>
                                   EXHIBIT 6


March 23, 2004



Securities and Exchange Commission
Washington, D.C. 20549

Gentlemen:

In accordance with Section 321(b) of the Trust Indenture Act of 1939, as
amended, the undersigned hereby consents that reports of examination of the
undersigned made by Federal, State, Territorial, or District authorities
authorized to make such examination may be furnished by such authorities to the
Securities and Exchange Commission upon its request therefor.




                                          Very truly yours,

                                          WELLS FARGO BANK, NATIONAL ASSOCIATION

                                          /s/ Timothy P. Mowdy
                                          ________________________
                                          Timothy P. Mowdy
                                          Assistant Vice President
<PAGE>
                                   Exhibit 7

                      Consolidated Report of Condition of

                Wells Fargo Bank Minnesota, National Association
          of Sixth Street and Marquette Avenue, Minneapolis, MN 55479
                     And Foreign and Domestic Subsidiaries,
                  at the close of business December 31, 2003,
        filed in accordance with 12 U.S.C. Section 161 for National Banks.

<TABLE>
<CAPTION>
                                                                                Dollar Amounts
                                                                                  In Millions
                                                                                --------------
<S>                                                                 <C>         <C>
ASSETS
Cash and balances due from depository institutions:
 Noninterest-bearing balances and currency and coin                                $ 1,322
 Interest-bearing balances                                                             127

Securities:
 Held-to-maturity securities                                                             0
 Available-for-sale securities                                                       2,568

Federal funds sold and securities purchased
 under agreements to resell:
 Federal funds sold in domestic offices                                              1,053
 Securities purchased under agreements to resell                                         0

Loans and lease financing receivables:
 Loans and leases held for sale                                                     14,457
 Loans and leases, net of unearned income                           27,715
 LESS: Allowance for loan and lease losses                             284
 Loans and leases, net of unearned income and allowance                             27,431

Trading Assets                                                                          49
Premises and fixed assets (including capitalized leases)                               180
Other real estate owned                                                                 12
Investments in unconsolidated subsidiaries
 and associated companies                                                                0
Customers' liability to this bank on acceptances outstanding                            22
Intangible assets
 Goodwill                                                                              291
 Other intangible assets                                                                 9

Other assets                                                                         1,281
                                                                                   -------
Total assets                                                                       $48,802
                                                                                   =======

LIABILITIES

Deposits:
 In domestic offices                                                               $29,890
  Noninterest-bearing                                               17,097
  Interest-bearing                                                  12,793

 In foreign offices, Edge and Agreement subsidiaries,
  and IBFs                                                                               4
  Noninterest-bearing                                                    0
  Interest-bearing                                                       4

Federal funds purchased and securities sold under
 agreements to repurchase:
 Federal funds purchased in domestic offices                                         9,295
 Securities sold under agreements to repurchase                                        237


</TABLE>
<PAGE>
                                   Exhibit 7

                      Consolidated Report of Condition of

                     Wells Fargo Bank National Association
               of 420 Montgomery Street, San Francisco, CA 94163
                     And Foreign and Domestic Subsidiaries,
      at the close of business December 31, 2003, filed in accordance with
                   12 U.S.C. Section 161 for National Banks.

<Table>
<Caption>

                                                                                                  Dollar Amounts
                                                                                                     In Millions
                                                                                                 ---------------
<S>                                                                                   <C>              <C>
ASSETS
Cash and balances due from depository institutions:
     Noninterest-bearing balances and currency and coin.............................                    $ 11,411
     Interest-bearing balances......................................................                       3,845
Securities:
     Held-to-maturity securities....................................................                           0
     Available-for-sale securities..................................................                      17,052
Federal funds sold and securities purchased under agreements to resell:
     Federal funds sold in domestic offices.........................................                         516
     Securities purchased under agreements to resell................................                         109
Loans and lease financing receivables:
     Loans and leases held for sale.................................................                      14,571
     Loans and leases, net of unearned income.......................................   172,511
     LESS: Allowance for loan and lease losses......................................     1,554
     Loans and leases, net of unearned income and allowance.........................                     170,957
Trading Assets......................................................................                       6,255
Premises and fixed assets (including capitalized leases)............................                       2,067
Other real estate owned.............................................................                         144
Investments in unconsolidated subsidiaries and associated companies.................                         306
Customers' liability to this bank on acceptances outstanding........................                          68
Intangible assets
     Goodwill.......................................................................                       6,814
     Other intangible assets........................................................                       7,501
Other assets........................................................................                       8,858
                                                                                                        --------
Total assets........................................................................                    $250,474
                                                                                                        ========
LIABILITIES
Deposits:
     In domestic offices............................................................                    $157,695
          Noninterest-bearing.......................................................      44,315
          Interest-bearing..........................................................     113,380
     In foreign offices, Edge and Agreement subsidiaries, and IBFs..................                      16,249
          Noninterest-bearing.......................................................           6
          Interest-bearing..........................................................      16,243
Federal funds purchased and securities sold under agreements to repurchase:
     Federal funds purchased in domestic offices....................................                      14,685
     Securities sold under agreements to repurchase.................................                       1,613

</Table>
<PAGE>
<Table>
<Caption>
                                                                  DOLLAR AMOUNTS
                                                                   IN MILLIONS
                                                                  --------------

<S>                                                              <C>

Trading liabilities                                                     4,277
Other borrowed money
   (includes mortgage indebtedness and obligations under
    capitalized leases)                                                18,212
Bank's liability on acceptances executed and outstanding                   68
Subordinated notes and debentures                                       6,742
Other liabilities                                                       7,358
                                                                     --------
Total liabilities                                                    $226,899

Minority interest in consolidated subsidiaries                             60

EQUITY CAPITAL
Perpetual preferred stock and related surplus                               0
Common stock                                                              520
Surplus (exclude all surplus related to preferred stock)               17,709
Retained earnings                                                       4,920
Accumulated other comprehensive income                                    366
Other equity capital components                                             0
                                                                     --------
Total equity capital                                                   23,515
                                                                     --------
Total liabilities, minority interest, and equity capital             $250,474
                                                                     ========

</Table>


I, James E. Hanson, Vice President of the above-named bank do hereby declare
that this Report of Condition has been prepared in conformance with the
instructions issued by the appropriate Federal regulatory authority and is
true to the best of my knowledge and belief.

                                                                 James E. Hanson
                                                                  Vice President

We, the undersigned directors, attest to the correctness of this Report of
Condition and declare that it has been examined by us and to the best of our
knowledge and belief has been prepared in conformance with the instructions
issued by the appropriate Federal regulatory authority and is true and correct.

Carrie L. Tolstedt
Howard Atkins                    Directors
John Stumpf




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>178
<FILENAME>p68936exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right">
<B><FONT size="2">EXHIBIT 99.1</FONT></B>

<P align="center">
<B>LETTER OF TRANSMITTAL</B>

<P align="center">
<B>To Tender for Exchange</B>

<DIV align="center">
<B>9.0% Second Lien Senior Secured Notes Due 2009</B>
</DIV>

<P align="center">
<B>of</B>

<P align="center">
<B><FONT size="4">AMERCO</FONT></B>

<P align="center">
<B>Pursuant to</B>

<DIV align="center">
<B>Prospectus
dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004</B>
</DIV>

<P align="center">
<B>THE EXCHANGE OFFER WILL EXPIRE AT 5:00 P.M., NEW YORK CITY
TIME ON</B>

<DIV align="center">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004, UNLESS EXTENDED.</B>
</DIV>

<P align="center">
<I><FONT size="2">The Exchange Agent for the Exchange Offer
is:</FONT></I>

<P align="center">
<B>Wells Fargo Bank Minnesota, National Association</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <I><FONT size="2">By Registered or Certified Mail</FONT></I></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">In Person by Hand Only:</FONT></I></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Wells Fargo Bank Minnesota, NA
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Wells Fargo Bank Minnesota, NA
    </FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">MAC# N9303-121
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">608 Second Avenue South
    </FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Corporate Trust Operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Corporate Trust Operations, 12th Floor
    </FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">P.O. Box 1517
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Minneapolis, MN 55402
    </FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Minneapolis, Minnesota 55480-1517
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <I><FONT size="2">Regular Mail &#38; Overnight
    Courier:</FONT></I></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">By Facsimile:</FONT></I></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Wells Fargo Bank Minnesota, NA
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">(Eligible Institutions Only)</FONT></I></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">MAC# N9303-121
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Wells Fargo Bank Minnesota, NA
    </FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Corporate Trust Operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">(612) 667-4927
    </FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6th &#38; Marquette Avenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Confirm by telephone: (800) 344-5128
    </FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Minneapolis, MN 55479
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<B><FONT size="2">PLEASE READ THIS ENTIRE LETTER OF
TRANSMITTAL</FONT></B>

<DIV align="center">
<B><FONT size="2">CAREFULLY BEFORE CHECKING ANY BOX
BELOW</FONT></B>
</DIV>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="center">
<B><FONT size="2">DESCRIPTION OF OUTSTANDING NOTES
TENDERED</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="44%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="15%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="18%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Total Principal Amount</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Total Principal Amount</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">of Outstanding Notes</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Names(s) and Address(es) of Holder(s)</FONT></B></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Represented by</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Tendered (Must be in</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">(Please Fill in, if Blank, Exactly as</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Certificate</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Certificate(s) (If</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Integral Multiples of</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name(s) Appear(s) on Outstanding Notes)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Number(s)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Enclosing Certificates)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">$1(a)</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">Total
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(a)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Unless indicated in the column labeled
    &#147;Total Principal Amount of Outstanding Notes
    Tendered,&#148; any tendering Holder of Outstanding Notes will
    be deemed to have tendered the entire aggregate principal amount
    represented by the column labeled &#147;Total Principal Amount
    Represented by Certificate(s).&#148;
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the space provided above is inadequate, list
the certificate numbers and principal amounts on a separate
signed schedule and affix the list to this Letter of Transmittal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The minimum permitted is $1 in principal amount
of Outstanding Notes. All other tenders must be integral
multiples of&nbsp;$1.
</FONT>

<P align="center">

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">The undersigned acknowledges receipt of the
Prospectus,
dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,2004
(the &#147;Prospectus&#148;), of Amerco, a Nevada corporation
(the &#147;Company&#148;), relating to the offer (the
&#147;Exchange Offer&#148;) of the Company, upon the terms and
subject to the conditions set forth in the Prospectus and herein
and the instructions hereto, to exchange its registered 9.0%
Second Lien Senior Secured Notes due 2009 (the &#147;Exchange
Notes&#148;) for its outstanding unregistered 9.0% Second Lien
Senior Secured Notes due 2009 (the &#147;Outstanding
Notes&#148;), of which $80&nbsp;million aggregate principal
amount is outstanding. The minimum permitted tender is $1
principal amount of outstanding notes, and all other tenders
must be in integral multiples of $1.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">DELIVERY OF THIS LETTER OF TRANSMITTAL TO AN
ADDRESS, OR TRANSMISSION BY FACSIMILE, OTHER THAN AS SET FORTH
ABOVE WILL NOT CONSTITUTE A VALID DELIVERY. THE INSTRUCTIONS
ACCOMPANYING THIS LETTER OF TRANSMITTAL SHOULD BE READ CAREFULLY
BEFORE THIS LETTER OF TRANSMITTAL IS COMPLETED.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Exchange Offer will expire at 5:00 p.m., New
York City time,
on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004 (the &#147;Expiration Date&#148;), unless extended.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">HOLDERS WHO WISH TO BE ELIGIBLE TO RECEIVE
EXCHANGE NOTES PURSUANT TO THE EXCHANGE OFFER MUST VALIDLY
TENDER THEIR OUTSTANDING NOTES TO THE EXCHANGE AGENT PRIOR TO
5:00&nbsp;P.M. ON THE EXPIRATION DATE.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This Letter of Transmittal should be used only to
exchange the Outstanding Notes, pursuant to the Exchange Offer
as set forth in the Prospectus.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This Letter of Transmittal is to be used:
(a)&nbsp;if Outstanding Notes are to be physically delivered to
the Exchange Agent or and (b)&nbsp;delivery of Outstanding Notes
is to be made according to the guaranteed delivery procedures
set forth in the prospectus under the caption &#147;The Exchange
Offer&nbsp;&#151; Guaranteed Delivery Procedures&#148;.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders whose Outstanding Notes are not available
or who cannot deliver their Outstanding Notes and all other
documents required hereby to the Exchange Agent by
5:00&nbsp;p.m. on the Expiration Date nevertheless may tender
their Outstanding Notes in accordance with the guaranteed
delivery procedures set forth in the Prospectus under the
caption &#147;The Exchange Offer&nbsp;&#151; Guaranteed Delivery
Procedures&#148;.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All capitalized terms used herein and not defined
herein shall have the meanings ascribed to them in the
Prospectus.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">HOLDERS WHO WISH TO EXCHANGE THEIR OUTSTANDING
NOTES MUST COMPLETE ALL THE COLUMNS IN THE BOX ENTITLED
&#147;DESCRIPTION OF OUTSTANDING NOTES TENDERED&#148; ON THE
PRIOR PAGE, COMPLETE THE BOX BELOW ENTITLED &#147;METHOD OF
DELIVERY&#148; AND SIGN WHERE INDICATED BELOW.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">THE UNDERSIGNED, BY COMPLETING THE BOX
ENTITLED &#147;DESCRIPTION OF OUTSTANDING NOTES TENDERED&#148;
AND SIGNING THIS LETTER OF TRANSMITTAL, WILL BE DEEMED TO HAVE
TENDERED THE OUTSTANDING NOTES AND MADE CERTAIN REPRESENTATIONS
DESCRIBED IN THE PROSPECTUS AND HEREIN.</FONT></B>

<P align="center"><FONT size="2">2
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">METHOD OF DELIVERY</FONT></B>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="28%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="28%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left" valign="top">
    <B><FONT size="2">CHECK HERE IF CERTIFICATES FOR TENDERED
    OUTSTANDING NOTES ARE ENCLOSED HEREWITH.</FONT></B></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="21%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left" valign="top">
    <B><FONT size="2">CHECK HERE IF TENDERED OUTSTANDING NOTES ARE
    BEING DELIVERED PURSUANT TO A NOTICE OF GUARANTEED DELIVERY
    PREVIOUSLY SENT TO THE EXCHANGE AGENT AND COMPLETE THE FOLLOWING
    (SEE INSTRUCTIONS 1 AND 4):</FONT></B></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left" valign="top">
    <FONT size="2">Name(s) of Registered
    Holder(s):&nbsp;<HR size="1" noshade>Window Ticket Number (if
    any):&nbsp;<HR size="1" noshade>Date of Execution of Notice of
    Guaranteed Delivery:&nbsp;<HR size="1" noshade>Name of Eligible
    Institution which Guaranteed Delivery:&nbsp;<HR size="1" noshade>
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<B><FONT size="2">FOR PARTICIPATING BROKER-DEALERS
ONLY</FONT></B>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><B><FONT size="2">CHECK HERE AND PROVIDE THE INFORMATION REQUESTED BELOW IF YOU ARE A PARTICIPATING BROKER-DEALER AND WISH TO RECEIVE ADDITIONAL COPIES OF THE PROSPECTUS AND COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO, AS WELL AS ANY NOTICES FROM THE COMPANY TO SUSPEND AND RESUME USE OF THE PROSPECTUS. BY TENDERING ITS OUTSTANDING NOTES AND EXECUTING THIS LETTER OF TRANSMITTAL, EACH PARTICIPATING BROKER-DEALER AGREES TO USE ITS REASONABLE BEST EFFORTS TO NOTIFY THE COMPANY OR THE EXCHANGE AGENT WHEN IT HAS SOLD ALL OF ITS EXCHANGE NOTES. (if no Participating Broker-Dealers check this box, or if all Participating Broker-Dealers who have checked this box subsequently notify the Company or the Exchange Agent that all their Exchange Notes have been sold, the Company will not be required to maintain the effectiveness of the Exchange Offer Registration Statement or to update the Prospectus and will not provide any notices to any Holders to suspend or resume use of 
the Prospectus.)</FONT></B></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="2">Name:&nbsp;<HR size="1" noshade>Address:&nbsp;<HR size="1" noshade>Telephone No.:&nbsp;<HR size="1" noshade>Facsimile No.:&nbsp;<HR size="1" noshade></FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="center">
<B><FONT size="2">NOTE: SIGNATURES MUST BE PROVIDED
BELOW</FONT></B>

<DIV align="center">
<B><FONT size="2">PLEASE READ THE ACCOMPANYING INSTRUCTIONS
CAREFULLY</FONT></B>
</DIV>

<P align="center"><FONT size="2">3
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">
<FONT size="2">Ladies and Gentlemen:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon the terms and subject to the conditions of
the Exchange Offer, the undersigned hereby tenders to the
Company the principal amount of Outstanding Notes indicated in
the box entitled &#147;Description of Outstanding Notes
Tendered.&#148; Subject to, and effective upon, the acceptance
for exchange of the Outstanding Notes tendered hereby, the
undersigned hereby irrevocably sells, assigns and transfers to
or upon the order of the Company all right, title and interest
in and to such Outstanding Notes, and hereby irrevocably
constitutes and appoints the Exchange Agent the true and lawful
agent and attorney-in-fact of the undersigned (with full
knowledge that said Exchange Agent also acts as the agent of the
Company and as Trustee under the indenture governing the
Outstanding Notes and the Exchange Notes) with respect to such
Outstanding Notes, with full power of substitution (such power
of attorney being deemed to be an irrevocable power coupled with
an interest) to (a)&nbsp;receive all benefits and otherwise to
exercise all rights of beneficial ownership of such Outstanding
Notes, all in accordance with the terms of the Exchange Offer,
and (b)&nbsp;present such Outstanding Notes for transfer on the
books of the Company or the trustee under the Indenture (the
&#147;Trustee&#148;) for such Outstanding Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned acknowledges that prior to this
Exchange Offer, there has been no public market for the
Outstanding Notes or the Exchange Notes. If a market for the
Exchange Notes should develop, the Exchange Notes could trade at
a discount from their principal amount. The undersigned is aware
that the Company does not intend to list the Exchange Notes on a
national securities exchange and that there can be no assurance
that an active market for the Exchange Notes will develop.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">THE EXCHANGE OFFER IS NOT BEING MADE TO ANY
BROKER-DEALER WHO PURCHASED OUTSTANDING NOTES DIRECTLY FROM THE
COMPANY FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES
ACT OR ANY PERSON THAT IS AN &#147;AFFILIATE&#148; OF THE
COMPANY WITHIN THE MEANING OF RULE 405 UNDER THE SECURITIES ACT.
THE EXCHANGE OFFER IS NOT BEING MADE TO, NOR WILL TENDERS BE
ACCEPTED FROM OR ON BEHALF OF, HOLDERS OF THE OUTSTANDING NOTES
IN ANY JURISDICTION IN WHICH THE MAKING OF THE OFFER OR
ACCEPTANCE THEREOF WOULD NOT BE IN COMPLIANCE WITH THE LAWS OF
SUCH JURISDICTION OR WOULD OTHERWISE NOT BE IN COMPLIANCE WITH
ANY PROVISION OF ANY APPLICABLE SECURITY LAW.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned represents that (a)&nbsp;it is
not an &#147;affiliate,&#148; as defined under Rule&nbsp;405 of
the Securities Act, of the Company or any of the Guarantors (as
defined in the Prospectus), (b)&nbsp;it does not have an
arrangement or understanding with any person to participate in a
distribution of the Exchange Notes, (c)&nbsp;it is not a
broker-dealer that owns Outstanding Notes acquired directly from
the Company or an affiliate of the Company; (d)&nbsp;it is
acquiring the Exchange Notes in the ordinary course of its
business, and (e)&nbsp;it is not acting on behalf of any other
person that could not truthfully make the representations set
forth herein. In addition, if the undersigned is participating
in the Exchange Offer for the purpose of distributing the
Exchange Notes it cannot rely on the interpretations of the
staff of the Commission discussed under the caption &#147;The
Exchange Offer&nbsp;&#151; Purposes and Effects&#148; and may
only sell the Exchange Notes acquired by it pursuant to a
registration statement containing the selling security holder
information required by Item 507 or 508 of Regulation&nbsp;S-K
under the Securities Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the undersigned is a broker-dealer that will
receive Exchange Notes for its own account in exchange for
Outstanding Notes that were acquired as a result of
market-making activities or other trading activities, it
acknowledges that it will deliver a prospectus in connection
with any resale of such Exchange Notes; however, by so
acknowledging and by delivering a prospectus, the undersigned
will not be deemed to admit that it is an
&#147;underwriter&#148; within the meaning of the Securities Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each broker-dealer making the representations
contained in the above paragraph (a &#147;Participating
Broker-Dealer&#148;), by tendering the Outstanding Notes and
executing this Letter of Transmittal, agrees that, upon receipt
of notice from the Company of the occurrence of any event or the
discovery of any fact which makes any statement contained or
incorporated by reference in the Prospectus untrue in any
material respect or which causes the
</FONT>

<P align="center"><FONT size="2">4
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">Prospectus to omit to state a material fact
necessary in order to make the statements contained or
incorporated by reference therein, in light of the circumstances
under which they were made, not misleading or of the occurrence
of certain other events specified in the Registration Rights
Agreement, such Participating Broker-Dealer will suspend the
sale of Exchange Notes pursuant to the Prospectus until the
Company has amended or supplemented the Prospectus to correct
such misstatement or omission and has furnished copies of the
amended or supplemented Prospectus to the Participating
Broker-Dealer or the Company has given notice that the sale of
the Exchange Notes may be resumed, as the case may be.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each Participating Broker-Dealer should check the
box herein under the caption &#147;For Participating
Broker-Dealers Only&#148; in order to receive additional copies
of the Prospectus, and any amendments and supplements thereto,
for use in connection with resales of the Exchange Notes, as
well as any notices from the Company to suspend and resume use
of the Prospectus. By tendering its Outstanding Notes and
executing this Letter of Transmittal, each Participating
Broker-Dealer agrees to use its reasonable best efforts to
notify the Company or the Exchange Agent when it has sold all of
its Exchange Notes. If no Participating Broker-Dealers check
such box, or if all Participating Broker-Dealers who have
checked such box with subsequently notify the Company or the
Exchange Agent that all their Exchange Notes have been sold, the
Company will not be required to maintain the effectiveness of
the Exchange Offer Registration Statement or to update the
Prospectus and will not provide any Holders with any notices to
suspend or resume use of the Prospectus.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned understands and acknowledges that
the Company reserves the right, in its sole discretion, to
purchase or make offers for any Outstanding Notes that remain
outstanding subsequent to the Expiration Date or to terminate
the Exchange Offer and, to the extent permitted by applicable
law, purchase Outstanding Notes in the open market, in privately
negotiated transactions or otherwise. The terms of any such
purchases or offers may differ from the terms of the Exchange
Offer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned hereby represents and warrants
that (a)&nbsp;the undersigned accepts the terms and conditions
of the Exchange Offer, (b)&nbsp;the undersigned has a net long
position within the meaning of Rule&nbsp;14e-4 under the
Exchange Act (&#147;Rule&nbsp;14e-4&#148;) equal to or greater
than the principal amount of Outstanding Notes tendered hereby,
(c)&nbsp;the tender of such Outstanding Notes complies with
Rule&nbsp;14e-4 (to the extent that Rule&nbsp;14e-4 is
applicable to such exchange), (d)&nbsp;the undersigned has full
power and authority to tender, exchange, assign and transfer the
Outstanding Notes tendered hereby, and (e)&nbsp;when the same
are accepted for exchange by the Company, the Company will
acquire good and unencumbered title thereto, free and clear of
all liens, restrictions, charges and encumbrances and not
subject to any adverse claim or right. The undersigned will,
upon request, execute and deliver any additional documents
deemed by the Exchange Agent or the Company to be necessary or
desirable to complete the sale, assignment and transfer of the
Outstanding Notes tendered hereby.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned understands that tenders of the
Outstanding Notes pursuant to any one of the procedures
described in the Prospectus under the caption &#147;The Exchange
Offer&nbsp;&#151; Procedures for Tendering&#148; and in the
instructions hereto will constitute a binding agreement between
the undersigned and the Company in accordance with the terms and
subject to the conditions of the Exchange Offer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned agrees that all authority
conferred or agreed to be conferred by this Letter of
Transmittal and every obligation of the undersigned hereunder
shall be binding upon the successors, assigns, heirs, executors,
administrators, trustees in bankruptcy and legal representatives
of the undersigned and shall not be affected by, and shall
survive, the death or incapacity of the undersigned. The
undersigned also agrees that, except as stated in the
Prospectus, the Outstanding Notes tendered hereby cannot be
withdrawn.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned understands that by tendering
Outstanding Notes pursuant to one of the procedures described in
the Prospectus and the instructions thereto, the tendering
holder will be deemed to have waived the right to receive any
payment in respect of interest on the Outstanding Notes accrued
up to the date of issuance of the Exchange Notes.
</FONT>

<P align="center"><FONT size="2">5
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned recognizes that, under certain
circumstances set forth in the Prospectus, the Company may not
be required to accept for exchange any of the Outstanding Notes
tendered. Outstanding Notes not accepted for exchange or
withdrawn will be returned to the undersigned at the address set
forth below unless otherwise indicated under the box entitled
&#147;Special Delivery Instructions&#148; below.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unless otherwise indicated under the box entitled
&#147;Special Delivery Instructions&#148; below, Exchange Notes,
and Outstanding Notes not validly tendered or accepted for
exchange, will be returned to the undersigned at the address
shown below the signature of the undersigned.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned understands that the delivery and
surrender of the Outstanding Notes is not effective, and the
risk of loss of the Outstanding Notes does not pass to the
Exchange Agent, until receipt by the Exchange Agent of this
Letter of Transmittal, or facsimile hereof, properly completed
and duly executed, with any required signature guarantees,
together with all accompanying evidences of authority and any
other required documents in form satisfactory to the Company.
All questions as to the validity, form, eligibility (including
time of receipt), and withdrawal of the tendered Outstanding
Notes will be determined by the Company in its sole discretion,
which determination will be final and binding. The Company
reserves the absolute right to reject any and all Outstanding
Notes not properly tendered or any Outstanding Notes the
Company&#146;s acceptance of which would, in the opinion of
counsel for the Company, be unlawful. The Company also reserves
the right to waive any irregularities or conditions of tender as
to particular Outstanding Notes. The Company&#146;s
interpretation of the terms and conditions of the Exchange Offer
(including the instructions in this Letter of Transmittal) will
be final and binding. Unless waived, any defects or
irregularities in connection with tenders of Outstanding Notes
must be cured within such time as the Company shall determine.
Neither the Company, the Exchange Agent nor any other person
shall be under any duty to give notification of defects or
irregularities with respect to tenders of Outstanding Notes, nor
shall any of them incur any liability for failure to give such
notification. Tenders of Outstanding Notes will not be deemed to
have been made until such irregularities have been cured or
waived. Any Outstanding Notes received by the Exchange Agent
that are not properly tendered and as to which the defects or
irregularities have not been cured or waived will be returned
without cost to such holder by the Exchange Agent to the
tendering holders of Outstanding Notes, unless otherwise
provided in this Letter of Transmittal, as soon as practicable
following the Expiration Date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In order to complete this Letter of Transmittal
properly, a Holder must (i)&nbsp;complete the box entitled
&#147;Description of Outstanding Notes Tendered,&#148;
(ii)&nbsp;complete the box entitled &#147;Method of
Delivery&#148; by checking one of the four boxes therein and
supplying the appropriate information, (iii)&nbsp;if such Holder
is a Participating Broker-Dealer and wishes to receive
additional copies of the Prospectus for delivery in connection
with resales of Exchange Notes, complete the box entitled
&#147;For Participating Broker-Dealers Only,&#148;
(iv)&nbsp;sign this Letter of Transmittal by completing the box
entitled &#147;Please Sign Here,&#148; (v)&nbsp;if appropriate,
check and complete the boxes relating to the &#147;Special
Issuance Instructions&#148; and &#147;Special Delivery
Instructions&#148; and (vi)&nbsp;complete the Substitute
Form&nbsp;W-9. Each Holder should carefully read the detailed
Instructions below prior to the completing this Letter of
Transmittal. See &#147;The Exchange Offer&nbsp;&#151; Procedures
for Tendering&#148; in the Prospectus.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Your bank or broker can assist you in completing
this form. The instructions included with this Letter of
Transmittal must be followed. Questions and requests for
assistance or for additional copies of the Prospectus, this
Letter of Transmittal and the Notice of Guaranteed Delivery may
be directed to the Exchange Agent, whose address and telephone
number appear on the front cover of this Letter of Transmittal.
</FONT>

<P align="center"><FONT size="2">4
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center">
<FONT size="2"> <B>PLEASE SIGN HERE</B>
</FONT>
</DIV>

<DIV align="center">
<B><FONT size="2">(To Be Completed By All Tendering
Holders)</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="56%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="41%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">X&nbsp;<HR size="1" noshade></FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <B><FONT size="2">------------------------------------&nbsp;,&nbsp;2004</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">X&nbsp;</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <B><FONT size="2">------------------------------------&nbsp;,&nbsp;2004</FONT></B></TD>
</TR>

<TR>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">(Signature(s) of Owner)</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">Date</FONT></B></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">Area code and Telephone
Number&nbsp;<HR size="1" width="100%" align="left" noshade>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Holder is
tendering any Outstanding Notes, this Letter must be signed by
the registered Holder(s) as the name(s) appear(s) on the
certificate(s) for the Outstanding Notes or by any person(s)
authorized to become registered Holder(s) by endorsements and
documents transmitted herewith. If signature is by a trustee,
executor, administrator, guardian, officer or other person
acting in a fiduciary or representative capacity, please set
forth full title. See Instruction&nbsp;3.
</FONT>

<P align="left">
<FONT size="2">Name(s):&nbsp;<HR size="1" width="100%" align="left" noshade>
</FONT>

<P align="center">
<HR size="1" width="100%" align="center" noshade>

<DIV align="center">
<B><FONT size="2">(Please type or print)</FONT></B>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">Capacity:&nbsp;</FONT></TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

</TABLE>

<P align="left">
<HR size="1" width="100%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">Address:&nbsp;</FONT></TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

</TABLE>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="center">
<B><FONT size="2">(Including Zip Code)</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">SIGNATURE GUARANTEE</FONT></B>

<DIV align="center">
<B><FONT size="2">(If Required By Instruction 3)</FONT></B>
</DIV>

<P align="left">
<FONT size="2">Signature(s) Guaranteed by an Eligible
Institution:&nbsp;<HR size="1" width="80%" align="left" noshade>
</FONT>

<DIV align="right">
<B><FONT size="2">(Authorized
Signature)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="100%" align="center" noshade>

<DIV align="center">
<B><FONT size="2">(Title)</FONT></B>
</DIV>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="center">
<B><FONT size="2">(Name and Firm)</FONT></B>
</DIV>

<P align="left">
<FONT size="2">Dated: ____________________________________ , 2004
</FONT>

<P align="center"><FONT size="2">5
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV align="center">
<B><FONT size="2">SPECIAL DELIVERY INSTRUCTIONS</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(See Instructions 3, 4 and 6)</FONT></B>
</DIV>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT size="2">To
be completed ONLY if certificates for Outstanding Notes in a
principal amount not exchanged and/or certificates for Exchange
Notes are to be sent to someone other than undersigned at an
address other than that shown above.
</FONT>

<P align="left">
<FONT size="2">Deliver (check appropriate box)
</FONT>

<P align="left">
<FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;Exchange
Notes to:
</FONT>

<DIV align="left">
<FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;Outstanding
Notes to:
</FONT>
</DIV>

<P align="left">
<FONT size="2">Name:&nbsp;<HR size="1" width="100%" align="left" noshade>
</FONT>

<DIV align="center">
<B><FONT size="2">(Please Print)</FONT></B>
</DIV>

<P align="left">
<FONT size="2">Address:&nbsp;<HR size="1" width="100%" align="left" noshade>
</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV align="center">
<B><FONT size="2">(Zip Code)</FONT></B>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV align="center">
<B><FONT size="2">(Taxpayer Identification Number)</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">(You must also complete Substitute Form W-9
below.)</FONT></B>

<P align="center"><FONT size="2">6
</FONT>

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<P align="center">
<B><FONT size="2">INSTRUCTIONS FORMING PART OF THE TERMS AND
CONDITIONS OF THE OFFER</FONT></B>

<DIV align="center">
<B><FONT size="2">AND THE SOLICITATION</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">1.&nbsp;&nbsp;Delivery of This Letter of
Transmittal and Certificates; Guaranteed Delivery
Procedures.</FONT></B><FONT size="2"> To be effectively tendered
pursuant to the Exchange Offer, the Outstanding Notes, together
with a properly completed Letter of Transmittal (or facsimile
thereof), duly executed by the registered holder thereof, and
any other documents required by this Letter of Transmittal, must
be received by the Exchange Agent at one of its addresses set
forth on the first page of this Letter of Transmittal. If the
beneficial owner of any Outstanding Notes is not the registered
holder, then such person may validly tender his or her
Outstanding Notes only by obtaining and submitting to the
Exchange Agent a properly completed Letter of Transmittal from
the registered holder. <B>OUTSTANDING NOTES SHOULD BE DELIVERED
ONLY TO THE EXCHANGE AGENT AND NOT TO THE COMPANY OR TO ANY
OTHER PERSON.</B>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">THE METHOD OF DELIVERY OF OUTSTANDING NOTES
AND ALL OTHER REQUIRED DOCUMENTS TO THE EXCHANGE AGENT IS AT THE
ELECTION AND RISK OF THE HOLDER. IF SUCH DELIVERY IS MADE BY
MAIL, IT IS SUGGESTED THAT THE HOLDER USE PROPERLY INSURED,
REGISTERED MAIL WITH RETURN RECEIPT REQUESTED AND THAT
SUFFICIENT TIME SHOULD BE ALLOWED TO ASSURE TIMELY DELIVERY. NO
ALTERNATIVE, CONDITIONAL OR CONTINGENT TENDERS OF OLD NOTES WILL
BE ACCEPTED.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">SUFFICIENT TIME SHOULD BE ALLOWED TO ASSURE
TIMELY DELIVERY TO THE EXCHANGE AGENT BY 5:00&nbsp;P.M., NEW
YORK CITY TIME, ON THE EXPIRATION DATE.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If a holder desires to tender Outstanding Notes
and such holder&#146;s Outstanding Notes are not immediately
available or time will not permit such holder&#146;s Letter of
Transmittal, Outstanding Notes or other required documents to
reach the Exchange Agent on or before the Expiration Date, such
holder&#146;s tender may be effected if:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(a)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the tender is made through an Eligible
    Institution (as defined herein);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(b)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">prior to the Expiration Date, the Exchange Agent
    receives from such Eligible Institution a properly completed and
    duly executed Notice of Guaranteed Delivery (by facsimile
    transmission, mail or hand delivery) setting forth the name and
    address of the holder of the Outstanding Notes, the certificate
    number or numbers of such Outstanding Notes and the principal
    amount of Outstanding Notes tendered, stating that the tender is
    being made thereby, and guaranteeing that, within three business
    days after the Expiration Date, the Letter of Transmittal (or
    facsimile thereof) together with the certificate(s) representing
    the Outstanding Notes to be tendered in proper form for transfer
    and any other documents required by the Letter of Transmittal
    will be deposited by the Eligible Institution with the Exchange
    Agent; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(c)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">such properly completed and executed Letter of
    Transmittal (or facsimile thereof), properly completed and
    validly executed with any required signature guarantees, an
    Agent&#146;s Message, together with the certificate(s)
    representing all tendered Outstanding Notes in proper form for
    transfer and all other documents required by the Letter of
    Transmittal are received by the Exchange Agent within three
    business days after the Expiration Date.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">2.&nbsp;&nbsp;Withdrawal of
Tenders.</FONT></B><FONT size="2"> Tendered Outstanding Notes
may be withdrawn at any time prior to 5:00&nbsp;p.m., New York
City time, on the Expiration Date, unless previously accepted
for exchange.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To be effective, a written or facsimile
transmission notice of withdrawal must (a)&nbsp;be received by
the Exchange Agent at one of its addresses set forth on the
first page of this Letter of Transmittal prior to
5:00&nbsp;p.m., New York City time, on the Expiration Date,
unless previously accepted for exchange, (b)&nbsp;specify the
name of the person who tendered the Outstanding Notes,
(c)&nbsp;contain the description of the Outstanding Notes to be
withdrawn, the certificate numbers shown on the particular
certificates evidencing such Outstanding Notes and the aggregate
principal amount represented by such Outstanding Notes and
(d)&nbsp;be signed by the holder of such Outstanding Notes in
the same manner as the original signature appears on this Letter
of Transmittal (including any required signature guarantees) or
be accompanied by evidence sufficient to have the Trustee with
respect to the Outstanding Notes register the transfer of such
Outstanding Notes into the name of the holder withdrawing the
tender. The signature(s) on the notice of withdrawal must be
guaranteed by an Eligible Institution unless such Outstanding
Notes have been tendered
</FONT>

<P align="center"><FONT size="2">7
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">(a)&nbsp;by a registered holder of Outstanding
Notes who has not completed the box entitled &#147;Special
Delivery Instructions&#148; on this Letter of Transmittal or
(b)&nbsp;for the account of an Eligible Institution. All
questions as to the validity, form and eligibility (including
time of receipt) of such withdrawal notices shall be determined
by the Company, whose determination shall be final and binding
on all parties. If the Outstanding Notes to be withdrawn have
been delivered or otherwise identified to the Exchange Agent, a
signed notice of withdrawal is effective immediately upon
receipt by the Exchange Agent of a written or facsimile
transmission notice of withdrawal even if physical release is
not yet effected. In addition, such notice must specify, in the
case of Outstanding Notes tendered by delivery of certificates
for such Outstanding Notes, the name of the registered holder
(if different from that of the tendering holder) to be credited
with the withdrawn Outstanding Notes. Withdrawals may not be
rescinded, and any Outstanding Notes withdrawn will thereafter
be deemed not validly tendered for purposes of the Exchange
Offer. However, properly withdrawn Outstanding Notes may be
retendered by following one of the procedures described under
&#147;The Exchange Offer&nbsp;&#151; Procedures for
Tendering&#148; in the Prospectus at any time on or prior to the
applicable Expiration Date.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">3.&nbsp;&nbsp;Signatures on This Letter of
Transmittal, Bond Powers and Endorsements; Guarantee of
Signatures.</FONT></B><FONT size="2"> If this Letter of
Transmittal is signed by the registered holder(s) of the
Outstanding Notes tendered hereby, the signature must correspond
exactly with the name(s) as written on the face of the
certificates without any change whatsoever.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any Outstanding Notes tendered hereby are
owned of record by two or more joint owners, all such owners
must sign this Letter of Transmittal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any Outstanding Notes tendered hereby are
registered in different names on several certificates, it will
be necessary to complete, sign and submit as many separate
copies of this Letter of Transmittal as there are different
registrations of certificates.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">When this Letter of Transmittal is signed by the
registered holder or holders specified herein and tendered
hereby, no endorsements of certificates or separate bond powers
are required unless Exchange Notes are to be issued, or
certificates for any untendered principal amount of Outstanding
Notes are to be reissued, to a person other than the registered
holder.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If this Letter of Transmittal is signed by a
person other than the registered holder(s) of any certificate(s)
specified herein, such certificates(s) must be endorsed or
accompanied by appropriate bond powers, in either case signed
exactly as the name(s) of the registered holder(s) appear(s) on
the certificate(s).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If this Letter of Transmittal or a Notice of
Guaranteed Delivery or any certificates or bond powers are
signed by trustees, executors, administrators, guardians,
attorneys-in-fact, officers of corporations or others acting in
a fiduciary or representative capacity, such persons should so
indicate when signing, and unless waived by the Company,
evidence satisfactory to the Company of their authority so to
act must be submitted with this Letter of Transmittal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except as described below, signatures on this
Letter of Transmittal or a notice of withdrawal, as the case may
be, must be guaranteed by an Eligible Institution. Signatures on
this Letter of Transmittal or a notice of withdrawal, as the
case may be, need not be guaranteed if the Outstanding Notes
tendered pursuant hereto are tendered (a)&nbsp;by a registered
holder of Outstanding Notes who has not completed the box
entitled &#147;Special Delivery Instructions&#148; on this
Letter of Transmittal or (b)&nbsp;for the account of an Eligible
Institution. In the event that signatures on this Letter of
Transmittal or a notice of withdrawal, as the case may be, are
required to be guaranteed, such guarantee must be by a firm
which is a member of a registered national securities exchange
or a member of the National Association of Securities Dealers,
Inc. or by a commercial bank or trust company having an office
or correspondent in the United States (each as &#147;Eligible
Institutions&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">IF THIS LETTER OF TRANSMITTAL IS EXECUTED BY A
PERSON OR ENTITY WHO IS NOT THE REGISTERED HOLDER, THEN THE
REGISTERED HOLDER MUST SIGN A VALID BOND POWER WITH THE
SIGNATURE OF SUCH REGISTERED HOLDER GUARANTEED BY A PARTICIPANT
IN A RECOGNIZED MEDALLION SIGNATURE PROGRAM (A &#147;MEDALLION
SIGNATURE GUARANTOR&#148;).</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">4.&nbsp;&nbsp;Special Delivery
Instructions.</FONT></B><FONT size="2"> Tendering holders should
indicate in the box the name and address to which certificates
for Exchange Notes and/or substitute certificates evidencing
Outstanding Notes for the principal amounts
</FONT>

<P align="center"><FONT size="2">8
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">not exchanged are to be issued or sent, if
different from the name and address of the person signing this
Letter of Transmittal. In the case of issuance in a different
name, the employer identification or social security number of
the person named must also be indicated. If no such instructions
are given, any Outstanding Notes not exchanged will be returned
to the name and address of the person signing this Letter of
Transmittal.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">5.&nbsp;&nbsp;Tax Identification Number
Withholding.</FONT></B><FONT size="2"> Federal income tax law of
the United States requires that a holder of Outstanding Notes
whose Outstanding Notes are accepted for exchange provide the
Company with the holder&#146;s correct taxpayer identification
number, which, in the case of a holder who is an individual, is
his or her social security number, or otherwise establish an
exemption from backup withholding. If the Company is not
provided with the correct taxpayer identification number, the
exchanging holder of Outstanding Notes may be subject to a $50
penalty imposed by the Internal Revenue Service (the
&#147;IRS&#148;). In addition, interest on the Exchange Notes
acquired pursuant to the Exchange Offer may be subject to backup
withholding in an amount up to 28% of any interest payment. If
withholding occurs and results in an overpayment of taxes, a
refund may be obtained.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To prevent backup withholding, an exchanging
holder of Outstanding Notes must provide his correct taxpayer
identification number by completing the Substitute Form&nbsp;W-9
provided in this Letter of Transmittal, certifying that the
taxpayer identification number provided is correct (or that the
exchanging holder of Outstanding Notes is awaiting a taxpayer
identification number) and that either (a)&nbsp;the exchanging
holder has not yet been notified by the IRS that such holder is
subject to backup withholding as a result of failure to report
all interest or dividends or (b)&nbsp;the IRS has notified the
exchanging holder that such holder is no longer subject to
backup withholding.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certain exchanging holders of Outstanding Notes
(including, among others, all corporations and certain foreign
individuals) are not subject to these backup withholding
requirements. A foreign individual and other exempt holders
other than foreign individuals (e.g., corporations) should
certify, in accordance with the enclosed &#147;Guidelines for
Certification of Taxpayer Identification Number on Substitute
Form&nbsp;W-9,&#148; to such exempt status on the Substitute
Form&nbsp;W-9 provided in this Letter of Transmittal. Foreign
individuals should complete and provide Form&nbsp;W-8 to
indicate their foreign status.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">6.&nbsp;&nbsp;Transfer
Taxes.</FONT></B><FONT size="2"> Holders tendering pursuant to
the Exchange Offer will not be obligated to pay brokerage
commissions or fees or to pay transfer taxes with respect to
their exchange under the Exchange Offer unless the Exchange
Notes are to be issued to any person other than the holder of
the Outstanding Notes tendered for exchange. The Company will
pay all other charges or expenses in connection with the
Exchange Offer. If holders tender Outstanding Notes for exchange
and the Exchange Offer is not consummated, certificates
representing the Outstanding Notes will be returned to the
holders at the Company&#146;s expense. If a transfer tax is
imposed for any reason other than the exchange of Outstanding
Notes pursuant to the Exchange Offer, then the amount of any
transfer taxes (whether imposed on the registered Holder or any
other persons) will be payable by the tendering Holder. If
satisfactory evidence of payment of such taxes or exemption
therefrom is not submitted herewith the amount of taxes will be
billed directly to such tendering Holder.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except as provided in this Instruction 6, it will
not be necessary for transfer tax stamps to be affixed to the
certificate(s) specified in this Letter of Transmittal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">7.&nbsp;&nbsp;Inadequate
Space.</FONT></B><FONT size="2"> If the space provided herein is
inadequate, the aggregate principal amount of the Outstanding
Notes being tendered and the certificate numbers (if available)
should be listed on a separate schedule attached hereto and
separately signed by all parties required to sign this Letter of
Transmittal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">8.&nbsp;&nbsp;Partial
Tenders.</FONT></B><FONT size="2"> Tenders of Outstanding Notes
will be accepted only in integral multiples of $1. If tenders
are to be made with respect to less than the entire principal
amount of any Outstanding Notes, fill in the total principal
amount of Outstanding Notes which are tendered in the
appropriate box on the cover entitled &#147;Description of
Outstanding Notes Tendered.&#148; In the case of partial
tenders, new certificates representing the Outstanding Notes in
fully registered form for the remainder of the principal amount
of the Outstanding Notes will be sent to the person(s) signing
this Letter of Transmittal, unless otherwise indicated in the
appropriate place on this Letter of Transmittal, as promptly as
practicable after the expiration or termination of the Exchange
Offer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">9.&nbsp;&nbsp;Mutilated, Lost, Stolen or
Destroyed Outstanding Notes.</FONT></B><FONT size="2"> Any
holder whose Outstanding Notes have been mutilated, lost, stolen
or destroyed should contact the Exchange Agent at the address
indicated above for further instructions.
</FONT>

<P align="center"><FONT size="2">9
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">10.&nbsp;&nbsp;Request for Assistance or
Additional Copies.</FONT></B><FONT size="2"> Requests for
assistance or additional copies of the Prospectus or this Letter
of Transmittal may be obtained from the Exchange Agent at its
telephone number set forth on the first page of this Letter of
Transmittal.
</FONT>

<P align="center">
<B><FONT size="2">IMPORTANT TAX INFORMATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under federal income tax law, the Exchange Agent
may be required to withhold, at the relevant withholding rate
which is currently 28%, a portion of certain payments made to
Holders of the Exchange Notes. To prevent backup withholding on
reportable payments made with respect to Exchange Notes received
pursuant to the Exchange Offer, a tendering Holder is required
to provide the Exchange Agent with (i)&nbsp;the Holder&#146;s
correct TIN by completing the form below, certifying that the
TIN provided on the Substitute Form&nbsp;W-9 is correct (or that
such Holder is awaiting a TIN) and that (A)&nbsp;such Holder is
exempt from backup withholding, (B)&nbsp;the Holder has not been
notified by the Internal Revenue Service (&#147;IRS&#148;) that
the Holder is subject to backup withholding as a result of
failure to report all interest or dividends or (C)&nbsp;the IRS
has notified the Holder that the Holder is no longer subject to
backup withholding, or (ii)&nbsp;if applicable, an adequate
basis for exemption. If such Holder is an individual, the TIN is
his or her social security number. If the Exchange Agent is not
provided with the correct TIN, a $50 penalty may be imposed by
the IRS and payments, including any Exchange Notes, made to such
Holder with respect to Exchange Notes received pursuant to the
Exchange Offer may be subject to backup withholding.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For purposes of backup withholding, the relevant
withholding rate is currently 28% for reportable payments made
in the remainder of 2004 and thereafter. Certain Holders
(including, among others, all corporations and certain foreign
persons) are not subject to these backup withholding and
reporting requirements but may be subject to other withholding
requirements. Exempt Holders should indicate their exempt status
on the Substitute Form&nbsp;W-9. A foreign person may qualify as
an exempt recipient by submitting to the Exchange Agent a
properly completed IRS Form&nbsp;W-8 signed under penalties of
perjury, attesting to that Holder&#146;s exempt status. A
Form&nbsp;W-8 can be obtained from the Exchange Agent. See the
enclosed &#147;Guidelines for Certification of Taxpayer
Identification Number on Substitute Form&nbsp;W-9&#148; for
additional instructions. Holders are urged to consult their own
tax advisors to determine whether they are exempt.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If backup withholding applies, the Exchange Agent
is required to withhold, at the relevant withholding rate, a
portion of any reportable payments made to the holder of the
Exchange Notes or other payee. Backup withholding is not an
additional Federal income tax. Rather, the Federal income tax
liability of persons subject to backup withholding will be
reduced by the amount of tax withheld. If withholding results in
an overpayment of taxes, a refund may be obtained from the IRS.
</FONT>

<P align="center">
<B><FONT size="2">WHAT NUMBER TO GIVE THE EXCHANGE
AGENT</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Holder is required to give the Exchange Agent
the TIN (e.g., social security number or employer identification
number) of the registered holder of the Exchange Notes. If the
Exchange Notes will be held in more than one name or are held
not in the name of the actual owner, consult the enclosed
&#147;Guidelines for Certification of Taxpayer Identification
Number on Substitute Form&nbsp;W-9&#148; for additional guidance
on which number to report.
</FONT>

<P align="center"><FONT size="2">10
</FONT>
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<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="24%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="34%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="36%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5" align="center" valign="top">
    <HR size="1" noshade><B><FONT size="2">PAYER&#146;S NAME:
    Meritage Corporation*</FONT></B></TD>
</TR>

<TR>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">SUBSTITUTE<BR>
    Form W-9</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">Part 1</FONT></B><FONT size="2">&nbsp;&#151;
    PLEASE PROVIDE YOUR TIN IN THE BOX AT RIGHT AND CERTIFY BY
    SIGNING AND DATING BELOW.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <HR size="1" noshade><FONT size="2">Social Security Number<BR>
    <BR>
    OR<BR>
    <BR>
    <HR size="1" noshade>TIN
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left"><HR size="1" noshade></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <B><FONT size="2">Department of the Treasury<BR>
    Internal Revenue Service<BR>
    <BR>
    Payer&#146;s Request for<BR>
    Taxpayer Identification<BR>
    Number (TIN)</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">Part 2&nbsp;&#151;
    Certification</FONT></B><FONT size="2">&nbsp;&#151; Under
    penalties of perjury, I certify that:<BR>
    (1)&nbsp;The number shown on this form is my correct Taxpayer
    Identification Number (or I am waiting for a number to be issued
    to me), and<BR>
    <BR>
    (2)&nbsp;I am not subject to backup withholding because
    (a)&nbsp;I am exempt from backup withholding, or (b)&nbsp;I have
    not been notified by the Internal Revenue Service (the
    &#147;IRS&#148;) that I am subject to backup as a result of
    failure to report all interest or dividends, or (c)&nbsp;the IRS
    has notified me that I am no longer subject to backup
    withholding, and<BR>
    <BR>
    (3)&nbsp;I am a U.S.&nbsp;person (including a U.S.&nbsp;resident
    alien).
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <BR>
    <B><FONT size="2">Part
    3</FONT></B><FONT size="2">&nbsp;&#151;<BR>
    Awaiting TIN<BR>
    <BR>
    <FONT face="wingdings">&#111;</FONT><BR>
    <BR>
    <HR size="1" noshade><BR>
     <B>Part 4</B>&nbsp;&#151;<BR>
    Exempt<BR>
    <BR>
    <FONT face="wingdings">&#111;</FONT>
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <B><FONT size="2">Certification
    Instructions</FONT></B><FONT size="2">&nbsp;&#151; You must
    cross out item (2)&nbsp;in Part 2 above if you have been
    notified by the IRS that you are subject to backup withholding
    because you have failed to report all interest or dividends on
    your tax return. If you are exempt from backup withholding,
    check the box in Part 4 above.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="5" align="center" valign="top">
    <BR>
    <FONT size="2">Signature&nbsp;------------------------------------------------------------------------------------------&nbsp;Date&nbsp;--------------------&nbsp;,
    2004<BR>
    <HR size="1" noshade> <B>Name (Please print)</B>
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">*&nbsp;See Instruction&nbsp;5.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">NOTE:&nbsp;</FONT></B></TD>
    <TD align="left">
    <B><FONT size="2">FAILURE TO COMPLETE AND RETURN THIS FORM MAY
    RESULT IN BACKUP WITHHOLDING OF UP TO 28% OF ANY PAYMENTS MADE
    TO YOU PURSUANT TO THE EXCHANGE OFFER AND THE SOLICITATION
    PLEASE REVIEW THE ENCLOSED GUIDELINES FOR CERTIFICATION OF
    TAXPAYER IDENTIFICATION NUMBER ON SUBSTITUTE FORM&nbsp;W-9 FOR
    ADDITIONAL DETAILS.</FONT></B></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF
YOU CHECKED THE BOX IN PART&nbsp;II OF THE SUBSTITUTE
FORM&nbsp;W-9.</FONT></B>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">YOU MUST COMPLETE THE FOLLOWING
CERTIFICATE</FONT></B>

<DIV align="center">
<B><FONT size="2">IF YOU CHECKED THE BOX IN PART 3 OF SUBSTITUTE
FORM W-9</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">CERTIFICATE OF TAXPAYER AWAITING TAXPAYER
IDENTIFICATION NUMBER</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">I certify under penalty of perjury that a
taxpayer identification number has not been issued to me, and
either (a)&nbsp;I have mailed or delivered an application to
receive a taxpayer identification number to the appropriate
Internal Revenue Service Center or Social Security
Administration Office or (b)&nbsp;I intend to mail or deliver an
application in the near future. I understand that if I do not
provide a taxpayer identification number to the payor, a portion
of payments made to me pursuant to the Exchange Offer shall be
retained until I provide a taxpayer identification number to the
payor and that, if I do not provide my taxpayer identification
number within sixty (60)&nbsp;days, such retained amounts shall
be remitted to the Internal Revenue Service as a backup
withholding and all reportable payments made to me thereafter
will be subject to backup withholding until I provide a number.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="56%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="16%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Signature
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Date
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">, 2004
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="9" align="center" valign="top">
    <B><FONT size="2">Name (Please Print)</FONT></B></TD>
</TR>

</TABLE>
</CENTER>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>179
<FILENAME>p68936exv99w2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="right">
<FONT size="2"> <B>&nbsp;</B>
</FONT>
</DIV>

<P align="center">
<B>NOTICE OF GUARANTEED DELIVERY</B>

<P align="center">
<B>To Tender for Exchange</B>

<DIV align="center">
<B>9.0% Second Lien Senior Secured Notes Due 2009</B>
</DIV>

<P align="center">
<B>of</B>

<P align="center">
<B><FONT size="4">AMERCO</FONT></B>

<P align="center">
<B>Pursuant to</B>

<DIV align="center">
<B>Prospectus
dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This Notice of Guaranteed Delivery or a form
substantially equivalent hereto must be used to accept the offer
(the &#147;Exchange Offer&#148;) of AMERCO, a Nevada corporation
(the &#147;Company&#148;), to exchange $1 principal amount of
its registered 9.0% Second Lien Senior Secured Notes due 2009
(the &#147;Exchange Notes&#148;) for each $1 principal amount of
its outstanding unregistered 9.0% Second Lien Senior Secured
Notes due 2009 (the &#147;Outstanding Notes&#148;) if
(a)&nbsp;certificates representing the Outstanding Notes are not
immediately available or (b)&nbsp;time will not permit the
Outstanding Notes and all other required documents to reach the
Exchange Agent on or prior to the Expiration Date. This form may
be delivered by an Eligible Institution (as defined) by mail or
hand delivery, or transmitted via facsimile, telegram or telex,
to the Exchange Agent as set forth below. All capitalized terms
used herein but not defined herein shall have the meanings
ascribed to them in the Prospectus
dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004 (the &#147;Prospectus&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">THE EXCHANGE OFFER IS NOT BEING MADE TO (NOR WILL
THE SURRENDER OF OUTSTANDING NOTES BE ACCEPTED FROM OR ON BEHALF
OF) HOLDERS OF OUTSTANDING NOTES IN ANY JURISDICTION IN WHICH
THE MAKING OR ACCEPTANCE OF THE EXCHANGE OFFER WOULD NOT BE IN
COMPLIANCE WITH THE LAWS OF SUCH JURISDICTION.
</FONT>

<P align="left">
<B><FONT size="2">THE EXCHANGE OFFER WILL EXPIRE AT
5:00&nbsp;P.M., NEW YORK CITY TIME
ON &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004 UNLESS EXTENDED. TENDERS OF 9.0% SECOND LIEN SENIOR SECURED
NOTES DUE 2009 MAY ONLY BE WITHDRAWN UNDER THE CIRCUMSTANCES
DESCRIBED IN THE PROSPECTUS AND THE LETTER OF
TRANSMITTAL.</FONT></B>

<P align="center">
<I><FONT size="2">The Exchange Agent for the Exchange
Offer:</FONT></I>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <I><FONT size="2">By Registered or Certified Mail; Overnight
    Courier or Hand Delivery:<BR>
    <BR>
    </FONT></I><FONT size="2">Wells Fargo Bank, N.A.<BR>
    MAC# N9303-121<BR>
    Corporate Trust Operations<BR>
    P.O.&nbsp;Box&nbsp;1517<BR>
    Minneapolis, Minnesota 55480-1517
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">By Facsimile:<BR>
     (Eligible Institutions Only)<BR>
    <BR>
    </FONT></I><FONT size="2">Wells Fargo Bank Minnesota, NA<BR>
    (612) 667-4927<BR>
    Confirm by Telephone: (800) 344-5128
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY
TO AN ADDRESS, OR TRANSMISSION VIA FACSIMILE, TELEGRAM OR TELEX,
OTHER THAN AS SET FORTH ABOVE, WILL NOT CONSTITUTE A VALID
DELIVERY.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This form is not to be used to guarantee
signatures. If a signature on the Letter of Transmittal is
required to be guaranteed by an &#147;Eligible Institution&#148;
under the instructions thereto, such signature guarantee must
appear in the applicable space provided in the signature box on
the Letter of Transmittal.
</FONT>

<P align="center">
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">
<FONT size="2">Ladies and Gentlemen:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned hereby tender(s) to the Company,
upon the terms and subject to the conditions set forth in the
Prospectus, receipt of which is hereby acknowledged, the
principal amount of Outstanding Notes set forth below, pursuant
to the guaranteed delivery procedures set forth in the
Prospectus under the caption &#147;The Exchange
Offer&nbsp;&#151; Guaranteed Delivery Procedures.&#148; By so
tendering, the undersigned does hereby make, at and as of the
date hereof, the representations and warranties of a tendering
Holder of Outstanding Notes set forth in the Letter of
Transmittal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Subject to and effective upon acceptance for
exchange of the Outstanding Notes tendered herewith, the
undersigned hereby sells, assigns and transfers to or upon the
order of the Company all right, title and interest in and to,
and any and all claims in respect of or arising or having arisen
as a result of the undersigned&#146;s status as a holder of, all
Outstanding Notes tendered hereby. In the event of a termination
of the Exchange Offer, the Outstanding Notes tendered pursuant
thereto will be returned promptly to the tendering Outstanding
Note holder.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned hereby represents and warrants
that the undersigned accepts the terms and conditions of the
Prospectus and the Letter of Transmittal, has full power and
authority to tender, sell, assign and transfer the Outstanding
Notes tendered hereby and that the Company will acquire good and
unencumbered title thereto, free and clear of all liens,
restrictions, charges and encumbrances and not subject to any
adverse claim. The undersigned will, upon request, execute and
deliver any additional documents deemed by the Exchange Agent or
the Company to be necessary or desirable to complete the sale,
assignment and transfer of the Outstanding Notes tendered.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All authority herein conferred or agreed to be
conferred by this Notice of Guaranteed Delivery shall survive
the death or incapacity of the undersigned and every obligation
of the undersigned under this Notice of Guaranteed Delivery
shall be binding upon the heirs, personal representatives,
executors, administrators, successors, assigns, trustees in
bankruptcy and other legal representatives of the undersigned.
</FONT>

<P align="center"><FONT size="2">2
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">PLEASE SIGN AND COMPLETE</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <FONT size="2">Signature(s) of Registered Holder(s) or
    Authorized Signatory:<BR>
    <BR>
    <HR size="1" noshade><BR>
    <HR size="1" noshade>Name(s) of Registered Holder(s):<BR>
    <BR>
    <HR size="1" noshade><BR>
    <HR size="1" noshade>Principal Amount of Outstanding Notes
    Tendered:<BR>
    <BR>
    <HR size="1" noshade>Certificate No(s). of Outstanding Notes (if
    available):
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Address(es):&nbsp;<HR size="1" noshade><BR>
    <HR size="1" noshade><BR>
    <HR size="1" noshade><BR>
    <HR size="1" noshade><BR>
    Area Code and Telephone No.:<HR size="1" noshade>
    </FONT></TD>
</TR>

<TR>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">This Notice of Guaranteed Delivery must be signed
by the registered holder(s) of Outstanding Notes exactly as
their name(s) appear(s) on the Outstanding Notes or by person(s)
authorized to become registered holder(s) by endorsements and
documents transmitted with this Notice of Guaranteed Delivery.
If signature is by a trustee, guardian, attorney-in-fact,
officer of a corporation, executor, administrator, agent or
other representative, such person must provide the following
information:
</FONT>

<P align="center">
<B><FONT size="2">Please print name(s) and address(es)</FONT></B>

<DIV align="left">
<FONT size="2">Name(s):&nbsp;<HR size="1" width="100%" align="left" noshade>
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Capacity:&nbsp;<HR size="1" width="100%" align="left" noshade>
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Address(es):&nbsp;<HR size="1" width="100%" align="left" noshade>
</FONT>
</DIV>

<P align="center"><FONT size="2">3
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">GUARANTEE</FONT></B>

<DIV align="center">
<B><FONT size="2">(Not to be used for signature
guarantee)</FONT></B>
</DIV>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT size="2">The
undersigned, a member of a registered national securities
exchange or a member of the National Association of Securities
Dealers, Inc. or a commercial bank or trust company having an
office or correspondent in the United States (each, an
&#147;Eligible Institution&#148;), hereby guarantees that,
within three business days from the date of this Notice of
Guaranteed Delivery, a properly completed and validly executed
Letter of Transmittal (or a facsimile thereof), together with
Outstanding Notes tendered hereby in proper form for transfer
and all other required documents will be deposited by the
undersigned with the Exchange Agent at one of its addresses set
forth above.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Name of Firm:&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">Authorized Signature</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Address:&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Name:&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Title:&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <FONT size="2">Area Code and<BR>
    Telephone Number:&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Date:&nbsp;<HR size="1" noshade>
    </FONT></TD>
</TR>

<TR>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<B><FONT size="2">DO NOT SEND OUTSTANDING NOTES WITH THIS FORM.
ACTUAL SURRENDER OF OUTSTANDING NOTES MUST BE MADE PURSUANT TO,
AND BE ACCOMPANIED BY, A PROPERLY COMPLETED AND VALIDLY EXECUTED
LETTER OF TRANSMITTAL AND ANY OTHER REQUIRED
DOCUMENTS.</FONT></B>

<P align="center"><FONT size="2">4
</FONT>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>180
<FILENAME>p68936exv99w3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="right">
<FONT size="2"> <B>&nbsp;</B>
</FONT>
</DIV>

<DIV align="center">
<B><FONT size="4">AMERCO</FONT></B>
</DIV>

<P align="center">
<B>Offer to Exchange</B>

<P align="center">
<B>Registered 9.0% Second Lien Senior Secured Notes due 2009</B>

<DIV align="center">
<B>for Any and All Outstanding Unregistered</B>
</DIV>

<DIV align="center">
<B>9.0% Second Lien Senior Secured Notes due 2009</B>
</DIV>

<P align="center">
<B>THE EXCHANGE OFFER WILL EXPIRE AT 5:00 P.M., NEW YORK CITY
TIME
ON &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004, UNLESS EXTENDED. TENDERS OF 9.0% SECOND LIEN SENIOR
SECURED NOTES DUE 2009 MAY ONLY BE WITHDRAWN UNDER THE
CIRCUMSTANCES DESCRIBED IN THE PROSPECTUS AND THE LETTER OF
TRANSMITTAL.</B>

<P align="center">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004
</FONT>

<P align="left">
<FONT size="2">To Our Clients:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Enclosed for your consideration is the Prospectus
dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004 (the &#147;Prospectus&#148;) and the related Letter of
Transmittal and instructions thereto (the &#147;Letter of
Transmittal&#148;) in connection with the offer (the
&#147;Exchange Offer&#148;) of AMERCO, a Nevada corporation
(&#147;the Company&#148;), to exchange $1 principal amount of
its registered 9.0% Second Lien Senior Secured Notes due 2009
(the &#147;Exchange Notes&#148;) for each $1 principal amount of
its outstanding unregistered 9.0% Second Lien Senior Secured
Notes due 2009 (the &#147;Outstanding Notes&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Consummation of the Exchange Offer is subject to
certain conditions described in the Prospectus. Capitalized
terms used herein but not defined shall have the meanings
ascribed to them in the Prospectus.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">WE ARE THE REGISTERED HOLDER OF OUTSTANDING NOTES
HELD BY US FOR YOUR ACCOUNT. A TENDER OF ANY SUCH OUTSTANDING
NOTES CAN BE MADE ONLY BY US AS THE REGISTERED HOLDER AND
PURSUANT TO YOUR INSTRUCTIONS. THE LETTER OF TRANSMITTAL IS
FURNISHED TO YOU FOR YOUR INFORMATION ONLY AND CANNOT BE USED BY
YOU TO TENDER OUTSTANDING NOTES HELD BY US FOR YOUR ACCOUNT.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Accordingly, we request instructions as to
whether you wish us to tender any or all such Outstanding Notes
held by us for your account pursuant to the terms and conditions
set forth in the Prospectus and the Letter of Transmittal. We
urge you to read carefully the Prospectus and the Letter of
Transmittal before instructing us to tender your Outstanding
Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Your instructions to us should be forwarded as
promptly as possible in order to permit us to tender Outstanding
Notes on your behalf in accordance with the provisions of the
Exchange Offer. THE EXCHANGE OFFER WILL EXPIRE AT
5:00&nbsp;P.M., NEW YORK CITY TIME
ON &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004 (THE &#147;EXPIRATION DATE&#148;), UNLESS EXTENDED.
Outstanding Notes tendered pursuant to the Exchange Offer may
only be withdrawn under the circumstances described in the
Prospectus and the Letter of Transmittal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Your attention is directed to the following:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">1.&nbsp;&nbsp;The Exchange Offer is for the
    entire aggregate principal amount of Outstanding Notes.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">2.&nbsp;&nbsp;Consummation of the Exchange Offer
    is conditioned upon the conditions set forth in the Prospectus
    under the caption &#147;The Exchange Offer&nbsp;&#151;
    Conditions of the Exchange Offer.&#148;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">3.&nbsp;&nbsp;The Exchange offer and withdrawal
    rights will expire at 5:00&nbsp;p.m., New York City time
    on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2004, unless extended. Tendering holders may withdraw their
    tender at any time until 5:00&nbsp;p.m., New York City time, on
    the Expiration Date.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">4.&nbsp;&nbsp;Any transfer taxes incident to the
    transfer of Outstanding Notes from the tendering holder to the
    Company will be paid by the Company, except as provided in the
    Prospectus and the instructions to the Letter of Transmittal.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">5.&nbsp;&nbsp;The Exchange Offer is not being
    made to (nor will the surrender of Outstanding Notes for
    exchange be accepted from or on behalf of) holders of
    Outstanding Notes in any jurisdiction in which the making or
    acceptance of the Exchange Offer would not be in compliance with
    the laws of such jurisdiction.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">6.&nbsp;&nbsp;The acceptance for exchange of
    Outstanding Notes validly tendered and not validly withdrawn and
    the issuance of Exchange Notes will be made as promptly as
    practicable after the Expiration Date. However, subject to rules
    promulgated pursuant to the Securities Exchange Act of 1934, as
    amended (the &#147;Exchange Act&#148;), the Company expressly
    reserves the right to delay acceptance of any of the Outstanding
    Notes or to terminate the Exchange Offer and not accept for
    purchase any Outstanding Notes not theretofore accepted if any
    of the conditions set forth in the Prospectus under the caption
    &#147;The Exchange Offer&nbsp;&#151; Conditions of the Exchange
    Offer&#148; shall not have been satisfied or waived by the
    Company.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">7.&nbsp;&nbsp;The Company expressly reserves the
    right, in its sole discretion, (i)&nbsp;to delay accepting any
    Outstanding Notes, (ii)&nbsp;to extend the Exchange Offer,
    (iii)&nbsp;to amend the terms of the Exchange Offer or
    (iv)&nbsp;to terminate the Exchange Offer. Any delay, extension,
    amendment or termination will be followed as promptly as
    practicable by oral or written notice to the Exchange Agent and
    the Company will mail to the registered holders an announcement
    thereof, each prior to 9:00&nbsp;a.m., New York City time, on
    the next business day after the previously scheduled Expiration
    Date. Except as otherwise provided in the Prospectus, withdrawal
    rights with respect to Outstanding Notes tendered pursuant to
    the Exchange Offer will not be extended or reinstated as a
    result of an extension or amendment of the Exchange Offer.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">8.&nbsp;&nbsp;Consummation of the Exchange Offer
    may have adverse consequences to non-tendering Outstanding Note
    holders, including that the reduced amount of Outstanding Notes
    as a result of the Exchange Offer may adversely affect the
    trading market, liquidity and market price of the Outstanding
    Notes.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you wish to have us tender any or all of the
Outstanding Notes held by us for your account, please so
instruct us by completing, executing and returning to us the
instruction form that follows. IF YOU DO NOT INSTRUCT US TO
TENDER YOUR OUTSTANDING NOTES, THEY WILL NOT BE TENDERED.
</FONT>

<P align="center"><FONT size="2">2
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="4">AMERCO</FONT></B>

<P align="center">
<B>Instructions Regarding the Exchange</B>

<DIV align="center">
<B>Offer with Respect to the</B>
</DIV>

<DIV align="center">
<B>9.0% Second Lien Senior Secured Notes Due 2009</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">THE UNDERSIGNED ACKNOWLEDGE(S) RECEIPT OF YOUR
LETTER AND THE ENCLOSED DOCUMENTS REFERRED TO THEREIN RELATING
TO THE EXCHANGE OFFER OF THE COMPANY.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">THIS WILL INSTRUCT YOU WHETHER TO TENDER THE
PRINCIPAL AMOUNT OF OUTSTANDING NOTES INDICATED BELOW HELD BY
YOU FOR THE ACCOUNT OF THE UNDERSIGNED PURSUANT TO THE TERMS OF
AND CONDITIONS SET FORTH IN THE PROSPECTUS AND THE LETTER OF
TRANSMITTAL.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">Box 1 <FONT face="wingdings">&#111;</FONT></FONT></TD>
    <TD align="left">
    <FONT size="2">Please tender the Outstanding Notes held by you
    for my account, as indicated below.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">Box 2 <FONT face="wingdings">&#111;</FONT></FONT></TD>
    <TD align="left">
    <FONT size="2">Please do not tender any Outstanding Notes held
    by you for my account.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Date:
_______________________________________________________________,
2004
</FONT>

<P align="left">
<FONT size="2">Principal Amount of Outstanding Notes to be
Tendered:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">$&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">*&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">(must be in the principal amount of 1 or an
integral multiple thereof)
</FONT>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="center">
<FONT size="2">Signature(s)
</FONT>
</DIV>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="center">
<FONT size="2">Please print name(s) here
</FONT>
</DIV>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="center">
<FONT size="2">Please type or print address
</FONT>
</DIV>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="center">
<FONT size="2">Area Code and Telephone Number
</FONT>
</DIV>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="center">
<FONT size="2">Taxpayer Identification or Social Security Number
</FONT>
</DIV>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="center">
<FONT size="2">My Account Number with You
</FONT>
</DIV>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">UNLESS OTHERWISE INDICATED, SIGNATURE(S) HEREON
    BY BENEFICIAL OWNER(S) SHALL CONSTITUTE AN INSTRUCTION TO THE
    NOMINEE TO TENDER ALL OUTSTANDING NOTES OF SUCH BENEFICIAL
    OWNER(S).
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">3
</FONT>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>181
<FILENAME>p68936exv99w4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right">
<B><FONT size="2">&nbsp;</FONT></B>

<P align="center">
<B><FONT size="4">AMERCO</FONT></B>

<P align="center">
<B>Offer to Exchange</B>

<P align="center">
<B>Registered 9.0% Second Lien Senior Secured Notes due 2009</B>

<DIV align="center">
<B>for Any and All Outstanding Unregistered</B>
</DIV>

<DIV align="center">
<B>9.0% Second Lien Senior Secured Notes due 2009</B>
</DIV>

<P align="center">
<B>THE EXCHANGE OFFER WILL EXPIRE AT 5:00&nbsp;P.M., NEW YORK
CITY TIME
ON &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004, UNLESS EXTENDED. TENDERS OF 9.0% SECOND LIEN SENIOR
SECURED NOTES DUE 2009 MAY ONLY BE WITHDRAWN UNDER THE
CIRCUMSTANCES DESCRIBED IN THE PROSPECTUS AND THE LETTER OF
TRANSMITTAL.</B>

<P align="left">
<FONT size="2">To Brokers, Dealers, Commercial Banks, Trust
Companies and other Nominees:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have been appointed by AMERCO, a Nevada
corporation (the &#147;Company&#148;), to act as the Exchange
Agent in connection with the offer (the &#147;Exchange
Offer&#148;) of the Company to exchange $1 principal amount of
its registered 9.0% Second Lien Senior Secured Notes due 2009
(the &#147;Exchange Notes&#148;) for each $1 principal amount of
its unregistered 9.0% Second Lien Senior Secured Notes due 2009
(the &#147;Outstanding Notes&#148;), upon the terms and subject
to the conditions set forth in the Prospectus dated
November&nbsp;6, 2003 (the &#147;Prospectus&#148;) and in the
related Letter of Transmittal and the instructions thereto (the
&#147;Letter of Transmittal&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Enclosed herewith are copies of the following
documents:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">1.&nbsp;The Prospectus;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">2.&nbsp;The Letter of Transmittal for your use
    and for the information of clients, together with guidelines of
    the Internal Revenue Service for Certification of Taxpayer
    Identification Number on Substitute Form&nbsp;W-9 providing
    information relating to backup federal income tax withholding;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">3.&nbsp;Notice of Guaranteed Delivery to be used
    to accept the Exchange Offer if the Notes and all other required
    documents cannot be delivered to the Exchange Agent on or prior
    to the Expiration Date (as defined);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">4.&nbsp;A form of letter which may be sent to
    your clients for whose account you hold the Notes in your name
    or in the name of a nominee, with space provided for obtaining
    such clients&#146; instructions with regard to the Exchange
    Offer; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">5.&nbsp;A return envelope addressed to the
    Exchange Agent.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">PLEASE NOTE THAT THE EXCHANGE OFFER WILL EXPIRE
AT 5:00&nbsp;P.M., NEW YORK CITY TIME
ON &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004 (THE &#147;EXPIRATION DATE&#148;), UNLESS EXTENDED. WE URGE
YOU TO CONTACT YOUR CLIENTS AS PROMPTLY AS POSSIBLE.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company will not pay any fees or commission
to any broker or dealer or other person (other than to the
Exchange Agent) for soliciting tenders of the Notes pursuant to
the Exchange Offer. You will be reimbursed for customary mailing
and handling expenses incurred by you in forwarding the enclosed
materials to your clients.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Additional copies of the enclosed materials may
be obtained by contacting the Exchange Agent as provided in the
enclosed Letter of Transmittal.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="42%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Very truly yours,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Wells Fargo Bank, Minnesota, NA
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">NOTHING CONTAINED HEREIN OR IN THE ENCLOSED
DOCUMENTS SHALL CONSTITUTE YOU OR ANY OTHER PERSON THE AGENT OF
THE COMPANY OR THE EXCHANGE AGENT OR AUTHORIZE YOU OR ANY OTHER
PERSON TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATION ON
BEHALF OF ANY OF THEM WITH RESPECT TO THE EXCHANGE OFFER NOT
CONTAINED IN THE PROSPECTUS OR THE LETTER OF
TRANSMITTAL.</FONT></B>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>182
<FILENAME>p68936exv99w5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">GUIDELINES FOR CERTIFICATION OF TAXPAYER
IDENTIFICATION</FONT></B>

<DIV align="center">
<B><FONT size="2">NUMBER ON SUBSTITUTE FORM W-9</FONT></B>
</DIV>

<P align="left">
<B><FONT size="2">A.&nbsp;TIN&nbsp;</FONT></B><FONT size="2">&#151;&nbsp;The
Taxpayer Identification Number for most individuals is their
social security number. Refer to the following chart to
determine the appropriate number:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="59%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
</TR>

<TR>
    <TD colspan="5" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Give the</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">SOCIAL SECURITY</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">number or</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">EMPLOYER</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">IDENTIFICATION</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">For this type of account:</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">number of:</FONT></B></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">1.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Individual
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The individual
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Two or more individuals (joint account)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The actual owner of the account or, if combined
    funds, the first individual on the account(1)
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">3.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Custodian account of a minor (Uniform Gift to
    Minors Act)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The minor(2)
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">4.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">a.&nbsp;Revocable savings trust (grantor is also
    trustee)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The grantor-trustee(1)
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">b.&nbsp;So-called trust account that is not a
    legal or valid trust under State law
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The actual owner(1)
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">5.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Sole proprietorship
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The owner(3)
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">A valid trust, estate or pension trust
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Legal entity(4)
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">7.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Corporate
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The corporation
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">8.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Association, club, religious, charitable,
    educational or other tax exempt organization
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The organization
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">9.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Partnership
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The partnership
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">10.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">A broker or registered nominee
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The broker or nominee
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">11.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Account with the Department of Agriculture in the
    name of a public entity that receives agricultural program
    payments.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">The public entity
    </FONT></TD>
</TR>

<TR>
    <TD colspan="5" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">List first and circle the name of the person
    whose number you furnish.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Circle the minor&#146;s name and furnish the
    minor&#146;s name and social security number.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Show the individual&#146;s name. You may use
    either your Social Security number or your employer
    identification number.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">List first and circle the name of the legal
    trust, estate, or pension trust. Do not furnish the identifying
    number of the personal representative or trustee unless the
    legal entity itself is not designated in the account title.
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">NOTE:</FONT></B></TD>
    <TD align="left">
    <FONT size="2">If no name is circled when there is more than one
    name, the number will be considered to be that of the first name
    listed.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">B.&nbsp;Exempt
Payees&nbsp;&#151;</FONT></B><FONT size="2">&nbsp;The following
lists exempt payees. If you are exempt, you must nonetheless
complete the form and provide your TIN in order to establish
that you are exempt. Check the box in Part II of the form, sign
and date the form.
</FONT>

<P align="left">
<FONT size="2">For this purpose, Exempt Payees include:
(1)&nbsp;a corporation; (2)&nbsp;an organization exempt from tax
under section 501(a), or an individual retirement plan
(IRA)&nbsp;or a custodial account under section 403(b)(7);
(3)&nbsp;the United States or any of its agencies or
instrumentalities; (4)&nbsp;a state, the District of Columbia, a
possession of the United States, or any of their political
subdivisions, or instrumentalities; (5)&nbsp;a foreign
government or any of its political subdivisions, agencies or
instrumentalities; (6)&nbsp;an international organization or any
of its agencies or instrumentalities; (7)&nbsp;a foreign central
bank of issue; (8)&nbsp;a dealer in securities or commodities
required to register in the U.S. or a possession of the U.S.;
(9)&nbsp;a real estate investment trust; (10)&nbsp;an entity or
person registered at all times during the tax year under the
Investment Company Act of 1940; (11)&nbsp;a common trust fund
operated by a bank under section 584(a); (12)&nbsp;a financial
institution; (13)&nbsp;a trust exempt from tax under section 664
or described in section 4947; (14)&nbsp;a futures commission
merchant registered with the Commodity Futures Trading
Commission; and (15)&nbsp;a middleman known in the investment
community as a nominee or custodian.
</FONT>

<P align="left">
<B><FONT size="2">C.&nbsp;Obtaining a
Number&nbsp;&#151;</FONT></B><FONT size="2">&nbsp;If you do not
have a taxpayer identification number or you do not know your
number, obtain Form&nbsp;SS-5, application for a Social Security
Number, or Form&nbsp;SS-4, Application for Employer
Identification Number, at the local office of the Social
Security Administration or the Internal Revenue Service and
apply for a number.
</FONT>

<P align="left">
<B><FONT size="2">D.&nbsp;Privacy Act
Notice&nbsp;&#151;</FONT></B><FONT size="2">&nbsp;Section&nbsp;6109
requires most recipients of dividend, interest or other payments
to give taxpayer identification numbers to payors who must
report the payments to the IRS. The IRS uses the numbers for
identification purposes.
</FONT>

<P align="left">
<FONT size="2">Payors must be given the numbers whether or not
payees are required to file tax returns. Payors must generally
withhold, at a maximum rate of 31%, a portion of taxable
interest, dividend and certain other payments to a payee who
does not furnish a taxpayer identification number. Certain
penalties may also apply.
</FONT>

<P align="left">
<B><FONT size="2">E. Penalties&nbsp;&#151;</FONT></B>

<P align="left">
<B><FONT size="2">(1)&nbsp;Penalty for Failure to Furnish
Taxpayer Identification Number.</FONT></B><FONT size="2"> If you
fail to furnish your taxpayer identification number to a payor,
you are subject to a penalty of $50 for each such failure unless
your failure is due to reasonable cause and not willful neglect.
</FONT>

<P align="left">
<B><FONT size="2">(2)&nbsp;Civil Penalty for False Information
with Respect to Withholding.</FONT></B><FONT size="2"> If you
make a false statement with no reasonable basis which results in
no imposition of backup withholding, you are subject to a
penalty of $500.
</FONT>

<P align="left">
<B><FONT size="2">(3)&nbsp;Criminal Penalty for Falsifying
Information.</FONT></B><FONT size="2"> Falsifying certifications
or affirmations may subject you to criminal penalties including
fines and/or imprisonment.
</FONT>

<P align="center">
<FONT size="2">FOR ADDITIONAL INFORMATION CONTACT YOUR TAX
CONSULTANT OR THE INTERNAL REVENUE SERVICE.
</FONT>
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